SYLVAN LAKE, ALBERTA — (Marketwired) — 05/29/13 — Lonestar West Inc. (TSX VENTURE: LSI) announced today that the Company revenues rose to new highs in the third quarter and nine-month reporting period for Fiscal 2013. The record revenues were driven by growth in its HVAC and Vacuum fleet as well as continued expansion into the United States.
Highlights for the third quarter and nine months of Fiscal 2013 (March 31) include:
Quarterly:
Nine Months:
The expansion program resulted in a 48.5% increase in fleet size as the Company grew from 33 units available for work at the end of the third quarter of fiscal 2012 to 49 units available for work at the end of the third quarter of fiscal 2013. As of the date of this report the total units available for work is 51.
Management estimates that approximately 4 HVACs will be added in the fourth fiscal quarter and anticipates selling 1 HVAC unit, thereby resulting in approximately 54 units in the fleet by the end of the fiscal year.
During the quarter the Company continued its expansion into the United States through the purchase of all outstanding units in PLJ Enterprises LLC, an Oklahoma based HVAC and Vacuum services Company. The acquisition will help mitigate the seasonality that the company experiences in its Canadian operations and is in line with management–s growth strategy.
President and CEO James Horvath commented “Lonestar West Inc. has continued the growth trend with increased revenues and EBITDA over the prior year quarters. Management–s focus on managing costs and strategically growing our fleet and operations both organically and through acquisition has had a positive impact on our earnings. We are continuing our strategy of reducing the seasonality of our operations through expansion to the U.S. and growing our fleet and expect this growth rate will continue into the future.”
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 51 HVAC and Vacuum trucks throughout Western Canada and has recently expanded into California and Oklahoma. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.
For more information please visit the Lonestar West website at
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Contacts:
Lonestar West Inc.
James Horvath
President & CEO
403-887-2074
The Howard Group Inc.
Investor Relations
Jeff Walker
(888) 221-0915 or (403) 221-0915