Strong Q1 for Lonestar West

Lonestar West Inc. (TSXV: LSI) has reported a strong first quarter, with revenues and income both up from the same period last year.

Lonestar West Inc. (TSXV: LSI) has reported a strong first quarter, with revenues and income both up from the same period last year.

The Sylvan Lake-based company, which operates 89 hydrovac and vacuum trucks in Western Canada, California, Oklahoma, Texas and Kansas, generated $11.5 million in revenues during the three months ended March 31. That was up 31 per cent from the same period in 2013, when revenues were $8.8 million.

Net income for the quarter was $835,000, a 9.5 per cent improvement over the $762,000 earned a year earlier.

“We had a strong first quarter and are pleased with our growth in revenues and EBITDAC (earnings before interest, taxes, depreciation, amortization and stock-based compensation expense),” said James Horvath, CEO and president of Lonestar West. “We are beginning to see the benefits of our fleet and base expansion and believe that we will see improved economics as critical mass is achieved in our United States operations.”

The company said that subsequent to March 31 it entered into a letter of intent to purchase an oilfield services company in Western Canada. The purchase price is $9.2 million, to be paid through a combination of common shares in Lonestar West, cash and a promissory note. The deal is conditional upon board and regulatory approvals, among other things.

Lonestar recently changed its financial year-end from June 30 to Dec. 31. The March 31 results are the first quarter reported since the change.

Just Posted

Eager-beaver cannabis entrepreneurs already waiting outside Red Deer City Hall

Appications will be accepted on a first-come basis starting on Tuesday

Like father like son: Red Deer area Dreeshen family dedicates life to public service

There are three jobs that could be considered the Dreeshen family business:… Continue reading

Restaurant owner concerned about Gasoline Alley road changes

Nearly 20 trucks were lined up on the service road in front… Continue reading

Preliminary hearings set for two men charged in weapons and drugs bust

A Red Deer man and Sylvan Lake man are facing 80 charges

Eight dogs found in Innisfail hotel room were kept in cages

Eight dogs, kept in cages in a small hotel room in Innisfail… Continue reading

WATCH: Hypnotizing show at Westerner Days

Hynotist and mentalist Joshua Seth performs three times a day at Westerner Days

PHOTOS: River Town Saints rock Red Deer

River Town Saints play Westerner Days Friday in Red Deer

PHOTOS: Dogs, horses and more animals at Westerner Days

Westerner Park’s pavilions were filled with animals during Westerner Days

Red Deer residents can’t get enough mini-doughnuts

Mini-doughnuts were the biggest draw to Westerner Days according to a Red… Continue reading

Four-car crash, including RCMP vehicle, on Highway 2

Two sheriff vehicles were also involved in the collision

Divers hunt for 4 after Missouri duck boat sinks, killing 13

BRANSON, Mo. — Divers are searching Friday for four people still missing… Continue reading

WATCH: Red Deer’s noxious weeds are a goat’s dietary delight

Piper Creek Community Garden gets chemical-free weed control

‘Amazing Race Canada’ competitors face B.C. challenge

They drove Corvettes, mastered falconry basics, and ate blueberry pie in the Cowichan Valley

From hot to not? The Baloney Meter weighs in on Scheer’s economy claims

OTTAWA — “Justin Trudeau inherited a booming economy, but he’s squandering it.… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month