Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

Ridgeline Reports Second Quarter Fiscal Year 2013 Financial Results

65% Revenue Increase

CALGARY, Nov. 26, 2012 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) an energy services and water treatment technology company, today announced the financial results for its second quarter of fiscal year 2013 ending September 30, 2012.

Tony Ker, CEO of Ridgeline Energy Services Inc. "We are pleased to announce a 65% increase in second quarter revenues for 2013 ($5.3 million) compared to second quarter 2012 ($3.4 million). Compared with the first quarter revenues of 2013 ($3.4 million) the second quarter revenue is up 56% ($5.3 million). Furthermore, the first quarter 2013 loss of $2.98 million has been reduced by $1.43 million to $1.55 million for the second quarter 2013. This compares with a loss of $0.03 per share in the first quarter 2013 to a $0.01 per share loss in the second quarter 2013.

Moreover, included in the net loss of $1.55 million for the second quarter of fiscal year 2013 are non-cash charges of approximately $0.93 million pertaining to the amortization of intangible assets and property, plant, and equipment, and $0.24 million pertaining to non-cash stock based compensation expense. These non-cash expenses total $1.17 million. Cash used in operations before the effect of working capital changes is $0.38 million

I am very proud to report that all of our operating divisions are now cash flow positive, and our water division has doubled revenues, quarter over quarter.

The Company has continued to invest in water treatment facilities, manufacturing capacity, and installation capability. We are now at a stage where all the components necessary to grow the company are in place. Our business continues its rapid growth by focusing daily on execution. Our annual revenue run rate of our waste water treatment facilities continues to grow and is now approaching a $10 million run rate. Our Santa Fe Springs property continues its aggressive growth and we look for growth in our oil and gas segment, with long term contracts now in place."

"Excitement is building in our oil and gas segment due to the signing of a five year contract by our long time major oil and gas customer in Texas. Our contract calls for minimums of 2,500 barrels per day, and our Leonard Shale location will greatly exceed that minimum. We also look to launch systems in the Red Hills Texas area and in Western Pennsylvania in the coming year. Our continued research is showing that the oil and gas industry as a whole is slowly tipping in favor of broad based water recycling. While slowly developing, our long term view is for higher demand and higher prices for Ridgeline water systems, and water management, which includes significant storage opportunities."

Ridgeline Environment is on track for over $11.0 million dollars of revenue in 2013 and improved profitability. Ridgeline GreenFill will have added another treatment site at Youngstown in Alberta and is expected to grow steadily. The GreenFill wet waste water treatment capability pioneered at Red Cliff will add significant growth to GreenFill revenues for each of the now 5 GreenFill sites.

Balance Sheet

The Company's balance sheet was highlighted by an increase in its cash balance to $7.8 million, compared to $4.6 million at the beginning of the year. Total equity also increased to $41.6 million from $34.6 million at the beginning of the year.

Outlook

Ridgeline expects the third quarter of fiscal year 2013 revenues to be in the range of $6 million to $6.5 million, an increase of 10% to 20% from the third quarter of the previous fiscal year.  Continued increases in revenues are also expected in the fourth quarter. The growth in revenues is expected to be largely driven by the Company's water treatment segment, specifically operations at its Santa Fe Springs, California waste water treatment facility.

Conference Call

The Company will be conducting a conference call at 8:30 a.m. ET on Tuesday, November 27, 2012. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789, or listen via a live Internet webcast on the Company's website at www.ridgelinecanada.com.  A teleconference replay of the conference call will be available by dialing (877) 344-7529 or (412) 317-0088, confirmation code 10021452, through November 30, 2012. A webcast replay of the conference call will be accessible on the Company's website at www.ridgelinecanada.com for 90 days.

About Ridgeline Energy Services Inc.

Ridgeline Energy Services Inc. is an energy services and water treatment technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry.  The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".

Additional information is available on the Company's website at: www.ridgelinecanada.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Tony Ker"

Tony Ker, CEO

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information.  Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN CANADIAN DOLLARS)
       
  September 30,
2012
  March 31,
2012
Assets          
Current assets:          
  Cash $ 7,812,938    $ 4,565,281
  Trade and other receivables   3,299,314     2,835,225
  Accrued revenue   1,152,428     898,066
  Prepaid expenses and other current assets   1,332,858     575,350
           
  Total current assets   13,597,538     8,873,922
           
Restricted cash   158,360     78,360
Property, plant and equipment, net   9,146,041     8,038,728
Loan receivable   -     177,001
Intangible assets   19,143,897     18,723,430
Goodwill   1,832,202     1,832,202
Deferred tax asset   362,750     362,750
Other assets   2,005,746     52,319
           
Total assets $ 46,246,534   $ 38,138,712
           
Liabilities and Equity          
Current liabilities:          
  Trade and other payables $ 3,051,603   $ 2,353,806
  Income tax payable   732,834     676,391
  Current portion of note payable   179,567     126,323
  Current portion of obligations under finance lease   81,102     21,906
           
  Total current liabilities   4,045,106     3,178,426
           
Note payable, non-current   92,982     179,272
Obligations under finance lease, non-current   296,440     3,509
Deferred tax liability   130,106     130,106
Asset retirement obligations   43,466     41,674
           
  Total liabilities   4,608,100     3,532,987
           
Commitments          
           
Equity:          
  Share capital   62,011,335     50,323,292
  Warrants   1,514,697     1,794,102
  Contributed surplus   1,604,198     1,103,803
  Accumulated other comprehensive income   (161,122)     -
  Accumulated deficit   (23,330,674)     (18,615,472)
           
Total equity   41,638,434     34,605,725
           
Total liabilities and equity $ 46,246,534   $ 38,138,712

 

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN CANADIAN DOLLARS)
                 
    Three Months Ended
September 30, 
  Six Months Ended
September 30, 
    2012   2011   2012   2011
                         
Revenue   $ 5,331,171   $ 3,230,234   $ 8,734,040   $ 6,748,630
Cost of revenue:                        
  Direct expenses     2,851,166     2,089,239     5,802,310     4,065,992
  Amortization     186,883     95,129     371,964     95,129
Total cost of revenue     3,038,049     2,184,368     6,174,274     4,161,121
Gross profit     2,293,122     1,045,866     2,559,766     2,587,509
Operating expenses:                        
  General and administrative     2,809,998     1,396,894     5,127,429     2,043,749
  Share-based payment expense     241,828     138,485     519,187     247,818
  Amortization     745,295     38,461     1,388,120     68,210
Total operating expenses     3,797,121     1,573,840     7,034,736     2,359,777
Income (loss) from operations     (1,503,999)     (527,974)     (4,474,970)     227,732
Other income (expense):                        
  Finance costs     (19,804)     (11,646)     (37,995)     (23,546)
  Finance and other income     47,585     -     47,585     -
                         
Total other income (expense)     27,781     (11,646)     9,590     (23,546)
Income (loss) before tax     (1,476,218)     (539,620)     (4,465,380)     204,186
Income tax expense (recovery)     72,821     (56,124)     72,821     139,876
Net income (loss)   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Attributable to:                        
  Ridgeline Energy Services Inc.   $ (1,549,039)   $ (278,557)   $ (4,538,201)   $ (750,231)
  Non-controlling interests     -     (204,939)     -     814,541
                         
  Total   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Basic and diluted loss per share attributable to
      Ridgeline Energy Services Inc.
  $ (0.01)   $ -   $ (0.04)   $ (0.01)
                         
Weighted average number of
      common shares outstanding
    129,856,925     61,538,261     122,054,162     56,807,199

 

 

 

 

 

SOURCE Ridgeline Energy Services Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
UAS, drones or unmanned aircraft, no matter what you call them — this was their week. Our news stream was flooded with updates on the newly announced rules and regulations for commercial UAS from the FAA. So, naturally we have dedicated this week’s top news round up to highlight some of our favorite UAS stories.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...