Sylvan Lake-based Lonestar West Inc. (TSXV: LSI) has reported strong growth in its 2012 fiscal year.
The company, which operates a fleet of 36 hydrovac and vacuum trucks, posted net earnings of $1.3 million for the year ended June 30. That’s an improvement from $514,000 in its 2011 operating year. Revenues were $18.6 million, up from $11.1 million, and basic earnings per share were nine cents, up from four cents.
In its fourth quarter, ended June 30, Lonestar had a net loss of $198,000 on revenues of $4.4 million, and a loss per basic share of one cent. A year ago, the company had a net loss of $343,000 on revenues of $2.7 million, and a loss of three cents per basic share.
“We have had another remarkable year in fiscal 2012, resulting in increases in both revenue and EBITDAC over the prior fiscal year,” said president and CEO James Horvath. “The utilization rates of our VAC and HVAC fleets have increased substantially during fiscal 2012, which had a direct impact on our profits.”
Lonestar’s fleet grew by nearly one third during the year, going from 25 units to 33. It’s added four more units since the end of the year, and also incorporated two subsidiaries in the United States.