CALGARY, ALBERTA — (Marketwired) — 05/09/13 — Logan International Inc. (TSX: LII) (“Logan” or the “Company”) today announced the financial results for its first quarter of 2013. Revenues for the quarter were $49.2 million as compared to revenues of $40.9 for the last year–s first quarter. Net earnings were $5.2 million, or $ 0.16 per diluted share, as compared to $2.8 million, or $0.08 per diluted share, in last year–s first quarter. Modified EBITDA, as defined in the financial table below, increased to $12.1 million in this year–s first quarter from $8.5 million in last year–s first quarter.
The Company completed the acquisition of Xtend Energy Services Inc. (“Xtend”) effective March 1, 2012. Therefore, the first quarter report for 2012 includes Xtend–s operating results from the acquisition date.
Gerald Hage, Chief Executive Officer, stated, “We are pleased with the Company–s quarterly financial results. We are especially pleased with the increase in Modified EBITDA because this is the metric we use most often to evaluate our operating performance. In addition, each of our operating units contributed to the positive comparison, except Logan Completion Systems (“LCS”). Despite a slight industry slowing, we increased both revenues and Modified EBITDA. Logan Oil Tools– increase in sales was produced, in part, by the increase in plant capacity which was completed in 2012. Xtend improved its operating results as a result of increased U.S. rental revenues. Increased international sales to Algeria and Russia boosted Dennis Tool–s quarterly operating results. Kline Oilfield Equipment and Scope Production Developments continued to report consistent sales and operating profits. Finally, the slow startup of Canadian oilfield operations caused LCS–s first quarter financial results to lag last year–s; however, we expect LCS to rebound in the second quarter as sales into China and planned projects in the U.S. and Mexico will counterbalance the “Spring Breakup” effect in Canada.”
Recent highlights include:
Logan manufactures and sells a complete line of quality fishing and intervention products including retrieving, surface, stroking and remedial tools for a variety of well work-over, intervention, drilling and completion activities (Logan Oil Tools, Inc.); provides proprietary multi-zonal completion technology and conventional completion products and services (Logan Completion Systems Inc.); manufactures and sells high performance polycrystalline diamond compact cutters and bearings (Dennis Tool Company); manufactures and sells packers, bridge plugs and other completion products (Kline Oilfield Equipment, Inc.); provides proprietary and patented products and services that are focused on production optimization in sand laden heavy oil wells (Scope Production Development Ltd.); provides proprietary tools that enhance the effectiveness of horizontal drilling (Xtend Energy Services Inc.); and rents drilling jars in North America (Logan Jars, LLC). The common shares of Logan are traded on the Toronto Stock Exchange under the ticker symbol “LII”.
Forward-Looking Statements
This press release contains forward-looking statements. These statements relate to future events or future performance of Logan. When used in this press release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “propose”, “expect”, “potential”, “continue”, and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan–s current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan–s actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan–s Annual Information Form for the year ended December 31, 2012 filed on which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
For more information about Logan International Inc. please visit our website at .
Contacts:
Logan International Inc.
Gerald Hage
Chief Executive Officer
403-930-6810 Calgary
832-386-2575 Houston
Logan International Inc.
Larry Keister
Chief Financial Officer
403-930-6810 Calgary
832-386-2534 Houston