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20:26:40 EST Thu 27 Nov 2014
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Lonestar West Inc
Symbol C : LSI
Shares Issued 17,797,575
Close 2013-02-25 C$ 2.10
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Lonestar earns $624,321 before taxes in Q2 fiscal 2013

2013-02-25 20:58 ET - News Release

Mr. James Horvath reports

LONESTAR REPORTS 2013 QUARTER TWO FINANCIAL RESULTS

Lonestar West Inc. is providing its business performance for the second quarter of fiscal 2013. Lonestar experienced another great quarter, which included record gross revenues, growth in fleet size and expansion into the United States.

Highlights for the second quarter of fiscal year 2013 include:

Revenues increased 48.8 per cent to $6,750,036 from $4,535,173 in the previous-year equivalent quarter. Earnings before interest, taxes, depreciation and amortization increased 44.5 per cent to $1,145,576 compared with $794,747 in the previous-year equivalent quarter. EBITDA per share rose 26.8 per cent to seven cents from five cents in the previous-year equivalent quarter. Net income before taxes of $624,321 in comparison with the $521,937 net income before taxes in the previous-year equivalent quarter.

The fleet expansion program resulted in a 37.9-per-cent increase in fleet size as the company went from 29 units available for work at the end of the second quarter of fiscal 2012 to 40 units available for work at the end of the second quarter of fiscal 2013.

Management estimates that approximately seven HVACs will be added in the third quarter, and approximately 10 will be added in the fourth quarter, thereby resulting in approximately 57 units in the fleet by the end of the fiscal year.

During the quarter, the company began operations into the United States and generated revenues of $293,152. Management views this expansion as an integral part of its growth strategy and is confident that operations in the United States will contribute to the diversification of the company's business.

President and chief executive officer, James Horvath, commented: "Lonestar West Inc. has continued the growth trend with increased revenues and EBITDA over the prior-year quarters. Management's ability to manage costs and the expansion of our operations within North America have had a direct impact on our net income. Our current strategy of growing our fleet and diversifying our operational locations has resulted in a strong quarter with expectations for additional growth for Lonestar in the future."

As always, Lonestar is committed to customer service, safety and the company's employees enabling the company to continue to grow into a major multinational HVAC competitor. For complete details on the Dec. 31, 2012, interim and June 30, 2012, year-end audited financial statements, as well as the related management's discussion and analysis, please refer to SEDAR.

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