Lonestar West Inc. (TSX.V: LSI) has reported a 50 per cent jump in revenues for its third quarter.
The Sylvan Lake company, which operates a fleet of 51 hydro-vac and vacuum trucks in Western Canada, California and Oklahoma, said it had $8.8 million in revenues for the three months ended March 31. That was up from $5.8 million for the same period of 2012.
The company’s net earnings for the quarter were $762,218, up 14 per cent from $666,566 a year earlier.
Earnings per diluted share were unchanged at four cents. For the year to date, Lonestar had accumulated revenues of $21.7 million, up 53 per cent.
Net earnings were up 25 per cent, to $1.9 million; while earniungs per diluted share were 11 cents, up one cent.
“Management’s focus on managing costs and strategically growing our fleet and operations both organically and through acquisition has had a positive impact on our earnings,” said Lonestar president and CEO James Horvath.
“We are continuing our strategy of reducing the seasonality of our operations through expansion to the U.S. and growing our fleet and expect this growth rate will continue into the future.”