Lonestar pleased with 2013 results

Sylvan Lake-based Lonestar West Inc. (TSX-V: LSI) is reporting record results for its 2013 fiscal year.

Sylvan Lake-based Lonestar West Inc. (TSX-V: LSI) is reporting record results for its 2013 fiscal year.

The company, which operates hydrovac and vacuum trucks in Western Canada, California and Oklahoma, announced on Monday that it had net earnings of $1.4 million for the 12 months ended June 30. That was an increase of 10.5 per cent over the $1.3 million it earned in its previous fiscal year.

Lonestar’s revenues for the year were $27.9 million, up nearly 50 per cent from $18.6 million.

The company’s 2013 earnings and revenues were both records.

“Lonestar management is extremely pleased with our achievements in fiscal 2013” said James Horvath, CEO and president of Lonestar.

In its final quarter of 2013, Lonestar recorded a net loss of $456,000, as compared with a net loss of $198,000 for the same period in 2012.

Revenues for the quarter were $6.2 million, a 40 per cent improvement over the $4.4 million generated a year earlier.

The company said in a release that it grew its fleet and market presence in the fourth quarter, with new bases in California, Oklahoma, Alberta and Manitoba, as well as additional staff. This impacted earnings in the quarter, it said, but was an essential part of its growth strategy.

Also affecting the fourth quarter numbers was lower utilization rates as a result of the annual spring breakup and challenging weather conditions, said the company.

Since June, Lonestar has added nine units to its fleet to bring the total to 62. Another 13 are expected by the end of this calendar year.

Just Posted

Alberta to face mild recession in 2019, bounce back in 2020

The Canadian economy is showing improvement, but Alberta economy is doing the… Continue reading

Vandal(s) smash front doors of Red Deer museum

Facility was closed briefly until repairs were done

Memorial plaques stolen from benches in downtown Red Deer parks

City staff found at least 25 metal plaques disappeared last weekend

No representation from supervised consumption service on new panel concerning: Turning Point in Red Deer

The executive director of Turning Point says she’s “a bit disappointed” in… Continue reading

Red Deer seeking further public input on transit network improvements

Proposed new routes, improved frequency, connectivity and accessibility are all part of… Continue reading

Your community calendar

Thursday The Red Deer and District Garden Club hosts its annual Flower… Continue reading

MLS awards expansion franchise to St. Louis for 2022 debut

The prospects of a Major League Soccer franchise ever calling St. Louis… Continue reading

A look at five prominent doping incidents involving Canadian athletes

Canoeist Laurence Vincent Lapointe is the latest Canadian Olympic medal hopeful to… Continue reading

Vancouver Canucks general manager Jim Benning signs three-year extension

VANCOUER, B.C. — Despite five seasons of mediocre on-ice results, Vancouver Canucks… Continue reading

Henderson back to defend CP Women’s Open title, 12-year-old Liu also in field

AURORA, Ont. — Brooke Henderson remembers being rather star-struck when she made… Continue reading

Alberta to limit oil production to end of 2020 as pipeline delays persist

CALGARY — The Alberta government says some oil companies may have to… Continue reading

Canadian banks to report ‘solid’ quarter amid trade tensions, strong employment

TORONTO — Trade uncertainty may weigh on the Canadian banks’ upcoming financial… Continue reading

Manufacturing sales beat forecasts in June despite falling 1.2%, says StatCan

Canadian factory activity beat expectations in June as manufacturing sales fell 1.2… Continue reading

Most Read