Mr. Garnet Amundson reports
ESSENTIAL ENERGY SERVICES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS AND
DECLARES QUARTERLY DIVIDEND
Essential Energy Services Ltd. has released its fourth-quarter and year-end results.
"Two thousand fourteen was generally a strong year for Essential; however, we saw a drop-off in activity in December," said Garnet Amundson, president and chief executive officer. "[Earnings before interest, taxes, depreciation and amortization, and stock-based compensation] for the fourth quarter was $22.0-million, which is higher than the prior-year quarter of $20.7-million. The increase reflects stronger demand for our masted coil tubing operations, and our downhole tools and rentals business. For the year, EBITDAS was $67.6-million, ahead of $66.1-million in 2013.
"Demand for our services in the first quarter of 2015 has fallen off, reflecting the impact that low commodity prices are having on the oil field services sector. Industry-wide activity is widely anticipated to be much weaker in 2015 than in 2014. Our focus quickly turned to cost management and preservation of our balance sheet. We have taken a hard look at our costs and have implemented a number of cost-cutting initiatives. In January we announced a significantly lower capital spending budget for 2015.
"Unfortunately, downturns are an inherent part of the oil and gas industry. They usually come as a surprise and are never easy to live through as difficult decisions and actions are required. The implications are felt by all of our stakeholders -- our shareholders, our employees, our customers and our suppliers. Fortunately, we have a reasonably low level of debt going into this period. Our management team and board successfully navigated through the last downturn, and we are drawing on that experience as we go through this downturn," concluded Mr. Amundson.
Net income and earnings per share reflect an impairment charge in the fourth quarter 2014, consisting of $43.9-million on goodwill and $3.3-million on intangible assets in the well servicing segment. The impairment reflects the near-term impact that management expects the low oil price may have on Essential's activity. Management does not believe it is a statement on the quality of Essential as a business or Essential's long-term prospects.
Quarterly dividend
The cash dividend for the period Jan. 1, 2015, to March 31, 2015, has been set at three cents per share. The dividend will be paid on April 15, 2015, to shareholders of record on March 31, 2015. The ex dividend date is March 27, 2015. This dividend is an eligible dividend for Canadian income tax purposes.
SELECTED INFORMATION
(in thousands of dollars, except per-share, percentages and fleet data)
Three months ended
Dec. 31, Years ended Dec. 31,
2014 2013 2014 2013 2012
Revenue $98,854 $92,823 $351,472 $336,269 $348,580
Gross margin 27,330 25,332 87,394 83,268 90,695
Gross margin % 28% 27% 25% 25% 26%
EBITDAS (1) from continuing
operations 21,992 20,705 67,596 66,092 74,342
EBITDAS% (1) 22% 22% 19% 20% 21%
Net income (loss) (2)
attributable to shareholders
of Essential (38,323) 11,126 (22,822) 22,095 22,308
Per share -- basic (0.30) 0.09 (0.18) 0.18 0.18
Per share -- diluted (0.30) 0.09 (0.18) 0.17 0.18
Total assets 397,351 423,963 397,351 423,963 406,853
Total long-term debt 55,253 39,027 55,253 39,027 35,563
Utilization
Masted coil tubing rigs 104% 107% 89% 97% 96%
Service rigs 49% 53% 49% 50% 50%
Equipment fleet -- end of
period
Masted coil tubing rigs 19 15 19 15 16
Service rigs 54 55 54 55 55
(1) Refer to non-international financial reporting standards measures.
(2) The quarter and year ended Dec. 31, 2014, include an impairment loss
on goodwill and intangible assets of $47.2-million.
Highlights for the fourth quarter 2014
Revenue for the fourth quarter of 2014 was $98.9-million, $6.0-million or 6 per cent higher than the fourth quarter of 2013. Activity was strong for the first two months of the quarter, but weaker in December as lower oil prices impacted customer activity.
-
Coil well service: Coil well service revenue increased $5.3-million or
15 per cent from the fourth quarter of 2013. The increase was due to incremental
revenue from the new masted coil tubing rigs, and higher utilization of
the fluid and nitrogen pumper fleet.
-
Service rigs: Service rig revenue decreased $3.6-million or 14 per cent from
the fourth quarter of 2013 due to the sale of Essential's rod rig assets
and lower activity in Northern Alberta. Service rig utilization was 49 per cent
for the quarter, compared with the Canadian Association of Oil Drilling
Contractors (CAODC) service rig industry utilization of 47 per cent.
-
Downhole tools and rentals: Essential's downhole tools and rentals revenue
increased $4.4-million or 14 per cent from the fourth quarter of 2013 due to
increased rental revenue, demand for Tryton multistage fracturing
system (MSFS) products and growth in Essential's U.S. downhole tool
revenue.
EBITDAS for the fourth quarter of 2014 was $22.0-million, an improvement of $1.3-million or 6 per cent from the fourth quarter of 2013 due to the increase in revenue.
At Dec. 31, 2014, Essential had $55.3-million of debt outstanding, a decrease of $9.7-million from Sept. 30, 2014, primarily due to the proceeds from the sale of Essential's rod rig assets. At March 4, 2015, Essential had $44.0-million of debt outstanding.
Highlights for the year 2014
For the year ended Dec. 31, 2014, Essential focused on expanding:
-
Its masted coil tubing fleet through the addition of two generation III
and two generation IV rigs. These rigs have the capability to work on
long-reach horizontal wells and are well suited to work in deep, high-pressure basins;
-
Its downhole tools operation into the U.S. through organic growth and
the complementary acquisition of Sam's Packers & Supply on April 30,
2014, for $5.6-million (U.S.).
Revenue for the year ended Dec. 31, 2014, was $351.5-million, $15.2-million or 5 per cent higher than 2013. EBITDAS for 2014 was $67.6-million or 2 per cent higher than 2013. Well servicing revenue increased over 2013 as Essential realized incremental revenue from the deployment of the new masted coil tubing rigs, and increased fluid and nitrogen pumper utilization. Operating costs as a percentage of revenue were higher in 2014 due to higher fuel expenses and logistics costs associated with the introduction of the new masted coil tubing rigs. Downhole tools and rentals revenue exceeded 2013 due to greater contributions from Essential's rental operation and higher revenue from Essential's U.S. downhole tool operation.
Industry overview
Industry activity in 2014 was relatively consistent with the prior year, as exploration and production (E&P) companies had better access to capital markets and benefited from stronger commodity prices during the first half of the year. Oil prices started to decline midyear, and fell sharply following the Nov. 27, 2014, announcement from the Organization of the Petroleum Exporting Countries that it was leaving its oil production level unchanged, impacting industry activity toward the end of the year.
During the fourth quarter of 2014, drilling rig utilization and the number of wells drilled were higher than the fourth quarter of 2013, while well completions were lower. Compared with the fourth quarter of 2013, drilling rig utilization increased two percentage points, the number of wells drilled increased 2 per cent, while well completion count decreased by 2 per cent.
For the year, drilling rig utilization increased five percentage points, the number of wells drilled increased 2 per cent, and well completion counts were flat. Drilling rig utilization, wells drilled and completion activity are all indicators of overall oil field activity in the Western Canadian sedimentary basin (WCSB).
SEGMENT RESULTS -- WELL SERVICING
(in thousands of dollars, except percentages, fleet and hours)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Revenue
Coil well service (1) $41,426 $36,150 $139,556 $128,241
Service rigs 22,034 25,593 93,075 97,751
Total revenue 63,460 61,743 232,631 225,992
Operating expenses 45,929 45,269 179,888 171,992
Gross margin $17,531 $16,474 $52,743 $54,000
Gross margin% 28% 27% 23% 24%
Utilization (2)
Masted coil tubing rigs
Utilization 104% 107% 89% 97%
Operating hours 17,469 14,699 54,399 50,580
Service rigs
Utilization 49% 53% 49% 50%
Operating hours 24,394 26,557 97,914 100,239
Equipment fleet (3)
Masted coil tubing rigs 19 15 19 15
Service rigs 54 55 54 55
(1) Includes revenue from coil tubing rigs, nitrogen and fluid pumpers, and
other ancillary equipment.
(2) Utilization is calculated using a 10-hour day.
(3) Fleet data represent the number of units at the end of the period.
Coil well service revenue was $5.3-million or 15 per cent higher than the fourth quarter of 2013. Masted coil tubing utilization was lower, but operating hours were 19 per cent higher, reflecting the increased fleet size with the addition of the new masted coil tubing rigs. Revenue growth in the quarter was the result of operating a larger masted coil tubing fleet, and increased revenue from Essential's fluid and nitrogen pumper fleet, which supports masted coil operations.
Fourth-quarter service rig revenue decreased $3.6-million or 14 per cent compared with the fourth quarter of 2013 due to the sale of Essential's rod rig assets on Oct. 8, 2014, and lower activity in Northern Alberta. Service rig utilization for the fourth quarter was 49 per cent, higher than the Canadian Association of Oilwell Drilling Contractors (CAODC) utilization of 47 per cent, but lower than Essential's service rig utilization of 53 per cent in the fourth quarter of 2013. Total proceeds from the sale of the rod rig assets were $6.1-million.
Gross margin increased over the fourth quarter of 2013 due to higher revenue and reduced labour costs in coil well service. Compared with 2013, labour costs as a percentage of revenue were lower due to labour efficiencies realized from better crew management, as the new masted coil tubing rigs were put into service. Revenue per hour in the fourth quarter for coil well service and service rigs was consistent with the prior year.
Year over year, well servicing revenue increased $6.6-million or 3 per cent, as Essential generated incremental revenue from the deployment of the new masted coil tubing rigs, and increased fluid and nitrogen pumper utilization. Gross margin for the year ended Dec. 31, 2014, was negatively impacted by higher fuel costs in the first half of the year and logistics costs associated with the introduction of the new masted coil tubing rigs. Revenue per hour for coil well service and service rigs was consistent with the prior year.
SEGMENT RESULTS -- DOWNHOLE TOOLS AND RENTALS
(in thousands of dollars, except percentages)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Revenue $35,921 $31,560 $120,989 $111,339
Operating expenses 24,701 20,907 81,051 75,446
Gross margin $11,220 $10,653 $39,938 $35,893
Gross margin% 31% 34% 33% 32%
Downhole tools and rentals revenue --
% of revenue
Tryton MSFS 51% 55% 45% 55%
Conventional tools and rentals 49% 45% 55% 45%
Downhole tools and rentals' fourth-quarter revenue increased $4.4-million or 14 per cent from the same quarter of 2013. Tryton MSFS revenue increased due to demand, primarily for the ball and seat products as well as the new MSFS tools that were introduced earlier in the year. Conventional tools revenue increased due to growth in U.S. operations. Rental revenue increased largely from capital investments in specialty drill pipe targeted toward long-reach horizontal wells and pressure control equipment.
Gross margin as a percentage of revenue in the fourth quarter decreased to 31 per cent compared with 34 per cent for the fourth quarter of 2013 due to year-end inventory adjustments. The adjustments reflect a second-half transition to new inventory processes and systems. As a percentage of revenue, gross margin for U.S. operations improved over the same quarter in prior year, as 2013 margins were impacted by initial start-up costs. Rentals gross margin as a percentage of revenue was consistent compared with the same quarter in the prior year.
For 2014, downhole tools and rentals revenue and gross margin exceeded prior year due to increased activity from Essential's higher-margin rentals business and improved performance from U.S. operations. On April 30, 2014, Essential acquired all of the issued and outstanding shares of Sam's Packer & Supply LLC for $5.6-million (U.S.).
GENERAL AND ADMINISTRATIVE
(in thousands of dollars, except percentages)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
General and administrative expenses $5,338 $4,627 $19,798 $17,176
As a % of revenue 5% 5% 6% 5%
General and administrative expenses comprise wages, professional fees, office space, and other administrative costs incurred at corporate and operational levels. General and administrative expense for the fourth quarter and year ended Dec. 31, 2014, increased due to employee costs, facility costs, litigation and professional fees.
OTHER EXPENSE
(in thousands of dollars)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Loss (gain) on disposal of assets $(55) $1,008 $831 $1,322
Writedown of assets 1,958 - 2,755 -
Foreign exchange gain (370) (154) (1,123) (176)
Forfeited deposits - - - 3,567
Other loss (gain) 55 (15) 123 (328)
Other expense $1,588 $839 $2,586 $4,385
Writedown of assets in the fourth quarter of 2014 included $2.0-million to reduce the carrying value of Essential's conventional coil tubing equipment to its estimated net realizable value. Forfeited deposits in the prior year related to deposits on two coil tubing rigs as the supplier was placed into receivership in September, 2013.
IMPAIRMENT LOSS
(in thousands of dollars)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Impairment loss $47,164 $- $47,164 $-
International financial reporting standards (IFRS) require Essential to annually assess the carrying value of assets in the cash-generating units (CGUs) containing goodwill. As a direct result of the recent falling price of oil, which has reduced Essential's expectation of future activity and cash flow, the impairment assessment determined that a portion of Essential's goodwill and intangible assets no longer have an economic useful life. The company recognized an impairment charge in the fourth quarter of 2014, consisting of $43.9-million on goodwill and $3.3-million on intangible assets in the well servicing segment.
Financial resources and liquidity
FUNDS FLOW FROM OPERATIONS
(in thousands of dollars, except per-share amounts)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Net cash provided by operating
activities $24,602 $15,759 $44,842 $47,276
Add
Changes in non-cash working
capital (5,416) (975) 15,228 8,761
Funds flow provided by operations $19,186 $14,784 $60,070 $56,037
Per share -- basic $0.15 $0.12 $0.48 $0.45
Per share -- diluted $0.15 $0.12 $0.48 $0.44
Working capital typically grows through the first, third and fourth quarters of the year when industry activity is stronger. Essential uses its revolving credit facility to meet the variable nature of its working capital needs, as collection periods for accounts receivable are longer than payment cycles to vendors and employees. In periods of higher activity, debt initially tends to increase, and in periods of lower activity, debt initially declines.
EQUIPMENT EXPENDITURES AND FLEET ADDITIONS
(in thousands of dollars)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Well servicing $10,248 $13,539 $32,034 $41,227
Downhole tools and rentals 5,278 1,460 12,289 3,785
Corporate 489 643 1,501 1,588
Total equipment expenditures 16,015 15,642 45,824 46,600
Less proceeds on disposal of
property and equipment (6,622) (1,056) (9,674) (2,657)
Net equipment expenditures $9,393 $14,586 $36,150 $43,943
Essential classifies its equipment expenditures as growth capital and maintenance capital.
GROWTH CAPITAL AND MAINTENANCE CAPITAL
(in thousands of dollars)
Three months ended Years ended
Dec. 31, Dec. 31,
2014 2013 2014 2013
Growth capital $10,995 $10,251 $31,747 $31,650
Maintenance capital 5,020 5,391 14,077 14,950
Total equipment expenditures $16,015 $15,642 $45,824 $46,600
Two thousand fourteen growth capital spending related primarily to progress payments on the masted coil tubing build program. The following equipment was added to the fleet during 2014:
-
Two generation III masted coil tubing rigs;
-
Two generation IV masted coil tubing rigs;
-
One quintiplex fluid pumper;
-
Rental equipment, primarily specialty drill pipe.
In the fourth quarter, Essential retired 12 conventional coil tubing rigs, including five shallow, five intermediate and two deep rigs. These older rigs have shallower-depth capacity and have historically operated at a much lower utilization than the masted coil tubing rigs. On Oct. 8, 2014, Essential sold its rod rigs for proceeds of $6.1-million, which is included in the associated table in proceeds on disposal of property and equipment.
Essential's 2015 capital budget of $21-million, announced on Jan. 6, 2015, comprises $13-million growth capital and $8-million maintenance capital. Essential's 2015 growth capital consists primarily of four generation IV masted coil tubing rigs, two of which are expected to be in service in 2015 and two in the first half of 2016.
Essential's long-term capital build program is aimed at increasing the size and depth capacity of the masted coil tubing fleet. To date, the company has added three generation III and two generation IV masted coil tubing rigs. Essential reduced its expected spend on this program from $63-million to approximately $48-million by deferring the build of one generation III and two generation IV rigs in early 2015. Upon completion of the $48-million spending program in 2016, Essential will have three generation III and six generation IV masted coil tubing rigs. At Dec. 31, 2014, Essential had spent approximately $37-million on this capital program. The generation III and generation IV rigs have the capability to work on long-reach horizontal wells, and are well suited to work in deep, high-pressure basins including the Montney, Bakken, Duvernay and Horn River. With a coil diameter of 2-3/8 inches, the generation III rigs can reach 6,300 metres, and the generation IV rigs can reach 7,900 metres.
The attached table shows the expected in-service dates of the major equipment as at March 4, 2015.
Capital Rigs Expected
build program in service in-service dates
Masted coil tubing rigs
Generation III 3 3
Generation IV 6 2 Q3 2015, Q4 2015, 2016 (2)
Outlook
Sector activity continued to be strong in October and November as E&P customers completed their 2014 capital spending budgets. However, the impact of lower oil prices became apparent in the last month of 2014 and the start of 2015 as activity slowed considerably. The CAODC reported drilling rig and service rig utilization in January, 2015, of 48 per cent and 38 per cent, respectively. In January, 2014, CAODC drilling rig utilization was 69 per cent, and service rig utilization was 54 per cent. The low price of oil is widely anticipated to keep activity in the WCSB slower throughout the year. In January, 2015, the Canadian Association of Petroleum Producers projected E&P spending in 2015 will be 33 per cent lower, decreasing from $69-billion in 2014 to $46-billion in 2015. Since then, further capital spending cuts have been announced. Lower E&P spending decreases demand for oil field services and puts pricing pressure on those services.
Given the circumstances, Essential is taking pro-active steps to manage costs and spending. Compensation reductions have been implemented in March, 2015, including a 20-per-cent cash compensation decrease for the board of directors and 20-per-cent salary rollback for executives. In addition, Essential has suspended various benefit and incentive programs. The compensation reductions will remain in place pending clarity on the duration and extent of the industry downturn. Discretionary spending is under review in all areas including consulting costs, advertising, promotion and administrative costs. Essential anticipates annualized fixed cost savings from these initiatives of approximately $10-million. Unfortunately, despite these cost-reduction initiatives, the slowdown has necessitated the need for employee layoffs, which are expected to be completed prior to the end of the first quarter.
On Jan. 6, 2015, Essential announced a $21-million capital spending budget, well below the $46-million spent in 2014. As detailed in January, Essential has deferred three of the masted coil tubing rigs that are part of the long-term capital build program. The delivery profile and deferral of the new masted coil tubing rigs are appropriate for the industry slowdown. These rigs have the capability to work on long-reach horizontal wells, and are well suited to work in deep, high-pressure basins including the Montney, Bakken, Duvernay and Horn River, and should see demand for their services if work continues in these regions.
The cost-cutting efforts and conservative capital spending will help to preserve the strength of Essential's balance sheet. At March 4, 2015, Essential had $44-million of debt and reported debt to EBITDAS of 0.8 times at year-end.
The management's discussion and analysis, and financial statements are available on Essential's website and on SEDAR.
Summary of quarterly data
Essential operates primarily in Western Canada, where activity levels of the company are directly impacted by seasonality. Activity is traditionally higher in the first, third and fourth quarters of the year, and lower in the second quarter. With the onset of spring, melting snow renders many roadways incapable of supporting heavy equipment. In addition, certain areas in Canada are typically only accessible during the winter months. The associated table provides the company's quarterly information for the past eight quarters.
SUMMARY OF QUARTERLY DATA
(in thousands of dollars, except per share amounts, percentages and fleet data)
Dec. 31, Sept. 30, June 30, March 31,
2014 2014 2014 2014
Well servicing
Coil well service $ 41,426 $ 39,233 $ 17,398 $ 41,499
Service rigs 22,034 22,105 16,437 32,499
Total well servicing 63,460 61,338 33,835 73,998
Downhole tools and rentals 35,921 35,261 19,521 30,286
Intersegment eliminations (527) (463) (604) (554)
Total revenue 98,854 96,136 52,752 103,730
Gross margin 27,330 27,515 5,222 27,327
Gross margin % 28% 29% 10% 26%
EBITDAS (1) 21,992 22,657 440 22,507
EBITDAS % (1) 22% 24% 1% 22%
Net income (loss) (1) attributable
to shareholders of Essential (38,323) 10,777 (5,425) 10,149
Per share -- basic (0.30) 0.09 (0.04) 0.08
Per share -- diluted (0.30) 0.08 (0.04) 0.08
Total assets 397,351 454,745 408,964 439,745
Long-term debt 55,253 65,043 38,433 50,821
Utilization (2)
Masted coil tubing rigs 104% 105% 42% 109%
Pumpers (3) 72% 66% 34% 69%
Service rigs 49% 48% 34% 66%
Operating hours
Masted coil tubing rigs 17,469 15,524 6,094 15,312
Pumpers (3) 20,885 19,397 9,861 19,995
Conventional coil tubing rigs 3,951 4,426 2,942 6,959
Service rigs 24,394 23,997 16,907 32,616
Downhole tools and rentals -- % of
revenue
Tryton MSFS 51% 53% 25% 39%
Conventional tools and rentals 49% 47% 75% 61%
Equipment fleet (4)
Masted coil tubing rigs 19 17 17 16
Fluid pumpers 18 18 18 18
Nitrogen pumpers 14 14 14 14
Conventional coil tubing rigs 17 29 30 30
Service rigs 54 54 55 55
Dec. 31, Sept. 30, June 30, March 31,
2013 2013 2013 2013
Well servicing
Coil well service 36,150 33,037 9,433 49,621
Service rigs 25,593 23,870 14,732 33,556
Total well servicing 61,743 56,907 24,165 83,177
Downhole tools and rentals 31,560 28,185 14,252 37,342
Intersegment eliminations (480) (582) - -
Total revenue 92,823 84,510 38,417 120,519
Gross margin 25,332 21,414 (1,310) 37,832
Gross margin % 27% 25% (3)% 31%
EBITDAS (1) 20,705 17,132 (5,171) 33,426
EBITDAS % (1) 22% 20% (13)% 28%
Net income (loss) (1) attributable
to shareholders of Essential 11,126 3,843 (11,501) 18,627
Per share -- basic 0.09 0.03 (0.09) 0.15
Per share -- diluted 0.09 0.03 (0.09) 0.15
Total assets 423,963 409,613 380,728 436,301
Long-term debt 39,027 40,484 14,592 35,603
Utilization (2)
Masted coil tubing rigs 107% 112% 19% 148%
Pumpers (3) 55% 47% 14% 73%
Service rigs 53% 50% 28% 69%
Operating hours
Masted coil tubing rigs 14,699 14,738 2,477 18,666
Pumpers (3) 16,612 14,418 4,241 20,481
Conventional coil tubing rigs 6,612 5,002 2,832 8,609
Service rigs 26,557 25,084 14,234 34,364
Downhole tools and rentals -- % of
revenue
Tryton MSFS 55% 55% 40% 60%
Conventional tools and rentals 45% 45% 60% 40%
Equipment fleet (4)
Masted coil tubing rigs 15 15 14 14
Fluid pumpers 18 18 18 18
Nitrogen pumpers 14 15 15 13
Conventional coil tubing rigs 30 30 30 30
Service rigs 55 54 56 56
(1) The quarter ended Dec. 31, 2014, includes an impairment loss on
goodwill and intangible assets of $47.2-million.
(2) Utilization is calculated using a 10-hour day.
(3) Pumpers include both fluid and nitrogen pumpers.
(4) Fleet data represent the number of units at the end of the period.
CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(in thousands of dollars, except per-share amounts)
For the years ended
Dec. 31,
2014 2013
Revenue $ 351,472 $ 336,269
Operating expenses 264,078 253,001
Gross margin 87,394 83,268
General and administrative expenses 19,798 17,176
67,596 66,092
Depreciation and amortization 27,042 26,710
Share-based compensation 1,589 2,038
Impairment loss 47,164 -
Other expenses 2,586 4,385
Operating profit (loss) from continuing operations (10,785) 32,959
Finance costs 1,812 1,634
Income (loss) before income taxes from continuing
operations (12,597) 31,325
Current income tax expense 8,276 10,508
Deferred income tax expense (recovery) 1,949 (3,200)
Total income tax expense 10,225 7,308
Net income (loss) from continuing operations $ (22,822) $ 24,017
(Loss) from discontinued operations, net of tax - (2,110)
Net income (loss) $ (22,822) $ 21,907
Unrealized foreign exchange gain (loss) from
continuing operations 61 (54)
Unrealized foreign exchange (loss) from discontinued
operations - (224)
Reclassification of foreign exchange from discontinued
operations - (664)
Other comprehensive income (loss) 61 (942)
Comprehensive income (loss) $ (22,761) $ 20,965
Net income (loss) attributable to
Shareholders of Essential $ (22,822) $ 22,095
Non-controlling interest - (188)
$ (22,822) $ 21,907
Comprehensive income (loss) attributable to
Shareholders of Essential $ (22,761) $ 21,153
Non-controlling interest - (188)
$ (22,761) $ 20,965
Net income (loss) per share from continuing operations
Basic and diluted, attributable to shareholders of
Essential $ (0.18) $ 0.19
Net income (loss) per share
Basic, attributable to shareholders of Essential $ (0.18) $ 0.18
Diluted, attributable to shareholders of Essential $ (0.18) $ 0.17
Comprehensive income (loss) per share
Basic and diluted, attributable to shareholders of
Essential $ (0.18) $ 0.17
2014 fourth-quarter and year-end earnings conference call and webcast
Essential has scheduled a conference call and webcast at 10 a.m. MT (12 p.m. ET) on March 5, 2015.
The conference call dial-in numbers are 416-340-2217 or 866-696-5910, passcode 2698381.
An archived recording of the conference call will be available approximately one hour after completion of the call until March 23, 2015, by dialling 905-694-9451 or 800-408-3053, passcode 1020303.
A live webcast of the conference call will be accessible on Essential's website by selecting investors, and events and presentations. Shortly after the live webcast, an archived version will be available for approximately 30 days.
We seek Safe Harbor.
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