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Horizon North Logistics Inc. Announces Results for the Quarter Ended September 30, 2017
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PR Newswire
CALGARY, Nov. 1, 2017
TSX Symbol: HNL
CALGARY, Nov. 1, 2017 /PRNewswire/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") reported its financial and operating results for the three and nine months ended September 30, 2017 and 2016.
Third Quarter Highlights
- Revenues strengthened in Q3 2017 compared to Q3 2016 driven by higher activity levels across all of the operations;
- EBITDAS softened compared to Q3 2016 as a result of a difference in contract mix and reduced pricing primarily in the Industrial Services operations;
- The Modular Solutions business continued to build momentum through Q3 2017, exiting the quarter with $30.2 million of backlog;
- Underpinned by the recent focus by all levels of government to rapidly advance social infrastructure and affordable housing projects, Modular Solutions now has a high probability line of sight to an additional $132.0 million of projects;
- Capital spending in Q3 2017 was primarily focused on supporting contract awards announced late in Q2 2017 with the associated revenues and EBITDAS anticipated to begin in Q4 2017; and
- Operating earnings decreased compared to Q3 2016 mainly due to an impairment charge on specific fleet equipment held for sale.
Third Quarter Financial Summary
| | | | |||||||||
| | Three months ended September 30 | Nine months ended September 30 | |||||||||
| (000's except per share amounts) | 2017 | 2016 | % | 2017 | 2016 | % | |||||
| Revenue | $ | 79,283 | $ | 60,097 | 32 | $ | 241,418 | $ | 190,515 | 27 | |
| EBITDAS(1) | 6,434 | 7,126 | (10) | 23,259 | 24,052 | (3) | |||||
| EBITDAS as a % of revenue | 8% | 12% | | 10% | 13% | | |||||
| Operating (loss) earnings | (7,514) | (4,721) | 59 | (1,861) | (13,900) | (87) | |||||
| Operating (loss) earnings as a % of revenue | (9%) | (8%) | | (1%) | (7%) | | |||||
| Total (loss) profit | (6,149) | (4,863) | 26 | (3,958) | (13,101) | (70) | |||||
| Total comprehensive (loss) income | (6,144) | (4,860) | 26 | (3,954) | (13,169) | (70) | |||||
| Earnings (loss) per share | | | | | | | | | | | |
| | Basic | $ | (0.04) | $ | (0.04) | | $ | (0.03) | $ | (0.10) | |
| | Diluted | $ | (0.04) | $ | (0.04) | | $ | (0.03) | $ | (0.10) | |
| Total assets | $ | 464,946 | 488,535 | (5) | $ | 464,946 | $ | 488,535 | (5) | ||
| Total Long-term loans and borrowings | 56,714 | 73,044 | (22) | 56,714 | 73,044 | (22) Werbung Mehr Nachrichten zur Dexterra Group Aktie kostenlos abonnieren
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