Poseidon Concepts Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Revised Earnings Guidance for the Fourth Quarter of 2012 and First Quarter of 2013; Appoints Jim Mckee as Director; Provides Monthly Dividend Guidance
November 14, 2012 at 05:54 pm
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Poseidon Concepts Corp. reported earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported revenue of $41,116,000 against $23,969,000 a year ago. EBITDA was $26,589,000 or $0.32 per diluted share against $20,120,000 or $0.32 per diluted share a year ago. Net income from continuing operations was $7,832,000 or $0.10 per diluted share against $14,298,000 or $0.22 per diluted share a year ago.
For the nine months, the company reported revenue of $148,120,000 against $44,943,000 a year ago. EBITDA was $116,300,000 or $1.43 per diluted share against $36,202,000 or $0.60 per diluted share a year ago. Net income from continuing operations was $68,654,000 or $0.85 per diluted share against $25,360,000 or $0.42 per diluted share a year ago.
The company's outlook for the fourth quarter, anticipating flat activity quarter-over-quarter, and a cautiously optimistic outlook for the first quarter of 2013. Due to the lower activity in some of core operating regions, the pause in E&P spending heading into year end, and a somewhat uncertain commodity price environment, company reducing 2012 EBITDA guidance to a range of $140 million to $150 million, coupled with a reduction of 42% in capital expenditures to $35 million. The ability to quickly curtail capital expenditures demonstrates the flexibility of business model, as are able to scale back or halt tank construction with minimal notice and without a costly stream of parts or components in the supply chain.
The company's monthly dividend of $0.09 per share is unchanged.
The company announced the appointment of Jim McKee, CA, to its board of directors. Mr. McKee brings with him over 30 years of experience in investment banking, global oilfield services and public accounting. Mr. McKee is the Senior Vice President and Chief Financial Officer of Saxon Energy Services Inc. Mr. McKee will be a valuable addition to Poseidon's Board and Audit Committee, providing ongoing strategic direction as the company broadens its product and service offerings in the fluid management space and positions itself in new and emerging markets.
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 Third Quarter and Nine Months Ended September 30, 2012; Revised Earnings Guidance for the Fourth Quarter of 2012 and First Quarter of 2013; Appoints Jim Mckee as Director; Provides Monthly Dividend Guidance