CALGARY, April 27 /PRNewswire-FirstCall/ - Flint Energy Services Ltd. (Flint, the Company) announced today that operations in the first quarter were negatively impacted by significant weather and project delays experienced in the Production Services segment, as well as the expected trough in major construction projects in the Facility Infrastructure segment.
Production Services in both Canada and the United States experienced significant quarter over quarter declines in both revenue and EBITDA. The combination of lower revenues and EBITDA in the Production Services and Facility Infrastructure segments was somewhat offset by increased revenues and EBITDA in the Oilfield Services segment and increased EBITDA in the Maintenance Services segment. Both segments experienced quarter over quarter improvements. However, resulting revenue and EBITDA for the Company were below 2010 levels and a net loss will be reported for the first quarter. Flint expects fully diluted loss per share to be within a range of ($0.08) and ($0.14).
W. J. (Bill) Lingard, President and CEO, stated, "A very weak January and first half of February resulted in midstream activity levels below that typically expected in the first quarter. We did see gradual improvements through the back half of the quarter and this positive trend is expected to continue and provide improving results for 2011 in spite of the slow start to the year."
During the management conference call for the first quarter, W. J. (Bill) Lingard, President and CEO, and Paul M. Boechler, Executive Vice President and CFO, will discuss the quarter over quarter trends, major project bid status, delays in the Production Services work, one-time items, and the outlook for the balance of 2011.
The Company will release its first quarter 2011 financial results after markets close on Monday, May 9, 2011. A conference call has been scheduled for Tuesday, May 10, 2011 at 8:00 AM, Mountain Time (10:00 AM Eastern Time).
Details on how to access the conference call are listed below and will also be posted on the Company's website.
Live Participant Numbers:
Toll Free (Canada or USA): 1-888-231-8191
Calgary: (403) 451-9838
Toronto or International: (647) 427-7450
Replay Participant Numbers: (Available until May 17, 2011)
Encore Toll Free: 1-800-642-1687 Encore Local (Calgary or Toronto): (403) 451-9481 or (416) 849-0833 Encore Password: 63019940
English Event URL: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3502180
French Event URL: http://www.cnw.ca/fr/webcast/viewEvent.cgi?eventID=3502180
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; infrastructure construction; oilfield transportation; and maintenance services. Flint provides this unique breadth of products and services through over 65 locations in the active oil and gas producing areas of western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector.
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Flint regarding future events or Flint's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Flint believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.
SOURCE Flint Energy Services Ltd.