High Arctic has 20% jump in dividend

High Arctic Energy Services Inc. (TSX: HWO) has announced a 20 per cent increase in its monthly dividend, to 1.5 cents per share, effective April 14.

High Arctic Energy Services Inc. (TSX: HWO) has announced a 20 per cent increase in its monthly dividend, to 1.5 cents per share, effective April 14.

“The increase in the dividend rewards our shareholders for the strong financial results of 2013 and reflects our expectations for a solid 2014,” said Michael Binnion, chairman of the Red Deer-based company’s board of directors.

High Arctic released its 2013 financial results last Friday. These showed a four per cent increase in revenues, to $152.7 million from $146.2 million in 2012.

Net earnings were $24.6 million, down 15 per cent from $28.8 million the previous year; and earnings per basic share slipped to 51 cents from 62 cents.

For the final quarter of 2013, the company’s revenues were up slightly from the same three-month period in 2012, to $38.7 million from $38.6 million.

Net earnings rose eight per cent to $6.4 million from $5.9 million, while earnings per share were 13 cent, unchanged from the three months ended Dec. 31, 2012.

“High Arctic posted another strong performance in 2013, led by our continued growth on PNG (Papua New Guinea),” said Dennis Sykora, High Arctic’s CEO, in a release.

“We are excited by the opportunities ahead in PNG with the country’s first LNG (liquefied natural gas) facility scheduled to come on stream this year.”

The release noted that High Arctic’s growth in revenue during 2013 was driven by increased activity in Papua New Guinea, mainly due to a second active drilling rig there operating for a longer period, and having a larger fleet of rental equipment.

High Arctic provides specialized oilfield equipment and services. It has operations throughout Western Canada and in Papua New Guinea.

Just Posted

Optimism remains for Red Deer hospital expansion

Red Deer’s incoming UCP MLAs both have been strong supporters of expansion

Sport of axe throwing growing in Red Deer

True North Axe Throwing wants sport to be ‘Canadian version of darts’

RDC cancels championship-winning golf program due to tight finances

Short season, small number of student golfers were also considerations

Fire investigators comb through industrial fire wreckage looking for answers

Industrial building in north Red Deer was completely gutted in Wednesday morning fire

WATCH: An ‘Eggstemely Fun Easter’ at Bower Place in Red Deer

Bower Place mall made sure Red Deer families were able to have… Continue reading

Dozens hurt in collapse of deck during wedding celebration in Langley, B.C.

LANGLEY, B.C. — Police say dozens of people were injured, some critically,… Continue reading

No winning ticket for Friday night’s $25 million Lotto Max jackpot

TORONTO — No winning ticket was sold for the $25.5 million jackpot… Continue reading

Uber driver charged in two sexual assault investigations: Toronto police

Toronto police say an Uber driver is facing sexual assault charges in… Continue reading

PEI Green party candidate Josh Underhay and son killed in canoeing accident

CHARLOTTETOWN — With only a few days before voters were to go… Continue reading

Egyptians vote on changes that would extend el-Sissi’s rule

CAIRO — Egyptians cast their ballots Saturday on the first of three… Continue reading

Ex-Marine arrested in North Korea embassy attack in Madrid

WASHINGTON — A man suspected of involvement in a mysterious dissident group’s… Continue reading

New bout of heavy fighting in Yemen kills dozens

SANAA, Yemen — Yemeni officials say heavy fighting in Yemen’s southern Dhale… Continue reading

Most Read