|By PR Newswire||
|November 26, 2012 10:55 PM EST||
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.
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.
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.
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, 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)
|Trade and other receivables||3,299,314||2,835,225|
|Prepaid expenses and other current assets||1,332,858||575,350|
|Total current assets||13,597,538||8,873,922|
|Property, plant and equipment, net||9,146,041||8,038,728|
|Deferred tax asset||362,750||362,750|
|Liabilities and Equity|
|Trade and other payables||$||3,051,603||$||2,353,806|
|Income tax payable||732,834||676,391|
|Current portion of note payable||179,567||126,323|
|Current portion of obligations under finance lease||81,102||21,906|
|Total current liabilities||4,045,106||3,178,426|
|Note payable, non-current||92,982||179,272|
|Obligations under finance lease, non-current||296,440||3,509|
|Deferred tax liability||130,106||130,106|
|Asset retirement obligations||43,466||41,674|
|Accumulated other comprehensive income||(161,122)||-|
|Total liabilities and equity||$||46,246,534||$||38,138,712|
RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN CANADIAN DOLLARS)
Three Months Ended
Six Months Ended
|Cost of revenue:|
|Total cost of revenue||3,038,049||2,184,368||6,174,274||4,161,121|
|General and administrative||2,809,998||1,396,894||5,127,429||2,043,749|
|Share-based payment expense||241,828||138,485||519,187||247,818|
|Total operating expenses||3,797,121||1,573,840||7,034,736||2,359,777|
|Income (loss) from operations||(1,503,999)||(527,974)||(4,474,970)||227,732|
|Other income (expense):|
|Finance and other income||47,585||-||47,585||-|
|Total other income (expense)||27,781||(11,646)||9,590||(23,546)|
|Income (loss) before tax||(1,476,218)||(539,620)||(4,465,380)||204,186|
|Income tax expense (recovery)||72,821||(56,124)||72,821||139,876|
|Net income (loss)||$||(1,549,039)||$||(483,496)||$||(4,538,201)||$||64,310|
|Ridgeline Energy Services Inc.||$||(1,549,039)||$||(278,557)||$||(4,538,201)||$||(750,231)|
Basic and diluted loss per share attributable to
Ridgeline Energy Services Inc.
Weighted average number of
common shares outstanding
SOURCE Ridgeline Energy Services Inc.
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...
Jul. 31, 2016 05:00 AM EDT Reads: 2,599
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. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 31, 2016 03:15 AM EDT Reads: 1,702
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 31, 2016 02:30 AM EDT Reads: 1,223
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Jul. 31, 2016 01:30 AM EDT Reads: 1,030
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...
Jul. 31, 2016 12:45 AM EDT Reads: 2,044
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 30, 2016 11:30 PM EDT Reads: 1,347
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...
Jul. 30, 2016 10:30 PM EDT Reads: 1,949
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 09:45 PM EDT Reads: 1,506
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 30, 2016 07:30 PM EDT Reads: 1,330
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 30, 2016 07:00 PM EDT Reads: 2,781
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 30, 2016 05:00 PM EDT Reads: 1,315
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 30, 2016 04:30 PM EDT Reads: 1,129
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 04:30 PM EDT Reads: 2,287
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 30, 2016 01:30 PM EDT Reads: 999
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 30, 2016 11:30 AM EDT Reads: 1,426
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,156
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 30, 2016 10:15 AM EDT Reads: 1,538
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 30, 2016 10:00 AM EDT Reads: 578
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...
Jul. 30, 2016 10:00 AM EDT Reads: 2,194
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 30, 2016 09:15 AM EDT Reads: 1,675