Poseidon Concepts Corp. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reiterates Earnings Guidance for the Fiscal 2012; Provides Dividends Payable on April 30, 2012, May 31, 2012, June 29, 2012
March 21, 2012
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Poseidon Concepts Corp. reported earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net income from continuing operations was $18,702,000 or $0.27 per basic and diluted share on revenue of $33,824,000 against net income from continuing operations was $1,940,000 or $0.04 per basic and diluted share on revenue of $3,891,000 a year ago. EBITDA was $28,419,000 or $0.41 per basic and diluted share compared to EBITDA was $3,108,000 or $0.06 per basic and diluted share a year ago.
For the year, the company reported net income from continuing operations was $45,000,000 or $0.73 per basic and diluted share on revenue of $78,767,000 against net income from continuing operations was $2,721,000 or $0.05 per basic and diluted share on revenue of $5,549,000 a year ago. EBITDA was $64,621,000 or $1.05 per basic and diluted share compared to EBITDA was $4,698,000 or $0.09 per basic and diluted share a year ago. Net debt as at December 31, 2011 was $26,600,000.
The company reiterates its 2012 guidance which was issued on January 11, 2012: $170 million EBITDA (an upward revision from the $130 million forecast issued in September 2011); $60 million capital expenditures; and growth in the tank fleet to 400 units by June 30, 2012. The company's 2012 priorities are to: Ensure the sustainability of its monthly dividend of $0.09 per share; Continue growing the fleet and increasing market penetration; Allocate appropriate resources to designing, testing and evaluating potential new product developments; and Continue to achieve field execution and safety.
The company is also pleased to announce that its Board of Directors has declared the dividend amount of $0.09 per common share payable on April 30, 2012, May 31, 2012, June 29, 2012 with the ex-dividend date on April 26, 2012, May 29, 2012, June 27, 2012 on record dates May 15, 2012, June 15, 2012, July 16, 2012, respectively.
Poseidon Concepts Corp. (Poseidon), formerly Open Range Energy Corp., is an oil and natural gas service and supply company. Poseidon had 170 tanks deployed across North America as of September 2011. Its modular fracturing fluid tanks are deployed at unconventional oil and natural gas plays across North America, from the Eagle Ford in Texas to the Bakken in North Dakota to the Montney in northeast British Columbia. Its products include Atlantis, Poseidon and Triton. Its Triton, Poseidon and Atlantis hold up to 41,000 barrels of fracturing and flowback fluid. Atlantis consists of 15 insulated panels (12 feet x 33 feet) and has a holding capacity of 6,500 cubic meters / 41,220 United States barrels of fluid. Poseidon consists of 10 insulated panels (12 feet x 33 feet) and has a holding capacity of 2,900 cubic meters / 18,240 United States barrels of fluid. Triton consists of seven insulated panels and has a holding capacity of 1,440 cubic meters / 9,057 barrels of fluid.
Poseidon Concepts Corp. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reiterates Earnings Guidance for the Fiscal 2012; Provides Dividends Payable on April 30, 2012, May 31, 2012, June 29, 2012