Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. In addition to other material factors, expectations and assumptions which may be identified in this press release and other continuous disclosure documents of the Company referenced herein, assumptions have been made in respect of such forward-looking statements and information regarding, among other things: the Company will continue to conduct its operations in a manner consistent with past operations; the general continuance of current industry conditions; anticipated financial performance, business prospects, impact of competition, strategies, the general stability of the economic and political environment in which the Company operates; exchange and interest rates; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services and the adequacy of cash flow; debt and ability to obtain financing on acceptable terms to fund its planned expenditures, which are subject to change based on commodity prices; market conditions and future oil and natural gas prices; and potential timing delays. Although Management considers these material factors, expectations and assumptions to be reasonable based on information currently available to it, no assurance can be given that they will prove to be correct.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with the Canadian Securities Regulatory Authorities and may be accessed through the SEDAR website (www.sedar.com) or at the Company's website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SECOND QUARTER EARNINGS CONFERENCE CALL
Strad Energy Services Ltd. has scheduled a conference call to begin promptly at 8:00 a.m. MT (10:00 a.m. ET) on Thursday, August 10th 2017.
The conference call dial in number is 1-844-388-0561, followed by Conference ID code 60318967
The conference call will also be accessible via webcast at www.stradenergy.com
A replay of the call will be available approximately one hour after the conference call ends until Thursday, August 17th, 2017, at 1:00pm ET. To access the replay, call 1-855-859-2056, followed by pass code 60318967.
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Strad Energy Services Ltd.
Interim Consolidated Statement of Financial Position
(Unaudited)
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Liabilities Current liabilities Bank indebtedness - 1,478 Accounts payable and accrued liabilities 13,133 13,893 Current portion of obligations under finance lease 729 845 ------------------------------ 13,862 16,216 Non-current liabilities Long-term debt 20,951 26,501 Obligations under finance lease 328 201 Deferred income tax liabilities 11,700 10,321 ------------------------------ 46,841 53,239 Equity Share capital 154,750 135,935 Contributed surplus 12,530 12,243 Accumulated other comprehensive income 24,624 26,963 Deficit (47,571) (43,059) ------------------------------ Total equity 144,333 132,082 ------------------------------ Total liabilities and equity 191,174 185,321 ------------------------------ ------------------------------
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Strad Energy Services Ltd.
Interim Consolidated Statement of Loss and Comprehensive Loss
For the three and six months ended June 30, 2017 and 2016
(Unaudited)
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Other comprehensive loss Items that may be reclassified subsequently to net loss Cumulative translation adjustment (1,704) 168 (2,339) (5,622) ----------------------------------------------------- Total comprehensive loss for the period (3,867) (6,790) (6,851) (15,574) ----------------------------------------------------- -----------------------------------------------------
Loss per share: Basic ($0.04) ($0.19) ($0.08) ($0.27) Diluted ($0.04) ($0.19) ($0.08) ($0.27)
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Strad Energy Services Ltd.
Interim Consolidated Statement of Cash Flow
For the six months ended June 30, 2017 and 2016
(Unaudited)
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Cash flow provided by (used in) $ $
Operating activities Loss for the period (4,512) (9,952) Adjustments for items not affecting cash: Depreciation and amortization 13,955 9,665 Deferred income tax expense 14 238 Share-based payments 287 119 Interest expense and finance fees 1,002 495 Unrealized foreign exchange gain (264) (437) Gain on disposal of property, plant and equipment (227) (461) Book value of used fleet sales in operating activities 1,348 1,309 Changes in items of non-cash working capital (5,031) 8,705 ------------------------------ Net cash generated from operating activities 6,572 9,681 ------------------------------
Investing activities Purchase of property, plant and equipment (9,734) (591) Proceeds from sale of property, plant and equipment 627 1,281 Purchase of intangible assets - (65) Cash paid on business acquisition (2,750) - Cash assumed on business acquisition 322 - Changes in items of non-cash working capital (361) 8 ------------------------------ Net cash (used in) generated from investing activities (11,896) 633 ------------------------------
Financing activities Proceeds on issuance of long-term debt 5,307 3,000 Repayment of long-term debt (10,857) (9,500) Repayment of finance lease obligations (net) (548) (273) Issuance of shareholder loan (net of repayments) - (22) Interest expense and finance fees (1,002) (495) Issuance of common shares 15,000 - Share issue costs (1,025) - Changes in items of non-cash working capital (28) 10 ------------------------------ Net cash generated from (used in) financing activities 6,847 (7,280) ------------------------------ Effect of exchange rate changes on cash and cash equivalents 862 (682) ------------------------------ Increase in cash and cash equivalents 2,385 2,352 ------------------------------
Cash and cash equivalents - beginning of year (1,109) (2,874) ------------------------------ Cash and cash equivalents - end of period 1,276 (522) ------------------------------ ------------------------------
Cash paid for income tax - - Cash paid for interest 509 412 ------------------------------
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