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
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
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.
We seek Safe Harbor.