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.