A Sylvan Lake energy services company reported a profitable start to the new year before 2011 had even come to an end.
Lonestar West Inc. (TSXV:LSI) posted income of $318,207 for the first quarter of its 2012 fiscal year, which ended Sept. 30.
The company, which operates hydro-vac and vacuum trucks throughout Western Canada, experienced a net loss of $11,951 for the same quarter last year.
Its revenues for the most recent quarter were $3.8 million, up 137 per cent from $1.6 million a year earlier.
“We have experienced a very good first quarter,” said Lonestar West president and CEO James Horvath. “We improved our utilization rates and our customer base continues to increase.
“ The outlook for the second and third quarter is positive and we aim to bring in the new year with another excellent level of performance.”
The company recently boosted its fleet, with its corporate-owned HVAC trucks increasing to 14 from 11. It also uses seven lease-operated trucks. Another vacuum truck was also added, bringing the total to eight.
Most of the additional trucks were acquired in December, so are not expected to materially impact financial performance until the company’s third quarter, ending March 30, 2012.
Lonestar West serves the petroleum industry, utility clients and general contractors.