Lonestar West posts strong earnings in first quarter

A bigger and busier fleet helped drive a Sylvan Lake hydrovac and vacuum truck company to strong earnings for the three months ended March 31.

A bigger and busier fleet helped drive a Sylvan Lake hydrovac and vacuum truck company to strong earnings for the three months ended March 31.

Lonestar West Inc. (TSXV: LSI) reported on Thursday that it generated revenues of $5.8 million and an operating profit of $667,000 during the third quarter of its 2012 fiscal year. Those figures topped the comparable numbers for the same period in 2011 — when revenues were $4 million and net earnings $569,000 — by 45 per cent and 17 per cent respectively.

The company said in a release that it benefited from favourable commodity prices and infrastructure development activities in Western Canada. It also noted that its fleet has grown larger and had a higher utililization rate than a year earlier.

At the end of Lonestar’s third quarter its fleet consisted of 33 trucks, including 25 hydrovac and eight vacuum units. As of Dec. 31, 2011, the company’s fleet was made up of 21 hydrovac and six vacuum trucks.

“Our strategy is to add to our fleet while maintaining a high overall utilization rate,” said CEO James Horvath. “We anticipate receiving additional HVAC trucks over the next several quarters, and are actively seeking out acquisitions to grow our fleet.”

Lonestar operates throughout Western Canada from its base in Sylvan Lake.

Just Posted

Separate lightning strikes hit two vehicles near Ponoka

No one injured in lightning strikes on Thursday morning

Government changes working conditions to meet wildfire observers’ needs

Wildfire observers opposed mandatory days off with no pay

More RCMP resources recommended for Red Deer’s downtown and other priorities

City council to consider where to designate three additional officers

Red Deer rents among the lowest in Canada

One-bedroom unit averages $1,056 per month

Fashion Fridays: 5 casual summer dress styles

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Blue Jays bat around in 4th and 6th, rout Tigers 12-1

Blue Jays 12 Tigers 1 DETROIT — Marcus Stroman breezed through seven… Continue reading

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

CALGARY — A Calgary judge has denied British Columbia’s attempt to block… Continue reading

New coach Khari Jones looks to lead Montreal Alouettes to third win in a row

MONTREAL — Veteran defensive end John Bowman has seen his fair share… Continue reading

American father, two sons among passengers on plane in fatal Labrador crash

ST. JOHN’S, N.L. — An American father and his two sons vacationing… Continue reading

Apollo 11 astronauts reunite on 50th anniversary of moonshot

CAPE CANAVERAL, Fla. — Apollo 11 astronauts Buzz Aldrin and Michael Collins… Continue reading

Fast-growing web of doorbell cams raises privacy fears

The woodsy community of Wolcott, Connecticut, doesn’t see a lot of crime.… Continue reading

Statistics Canada reports retail sales fell 0.1 per cent in May to $51.5B

OTTAWA — Canadian retail sales fell for the first time in four… Continue reading

Bank of Canada lowers qualifying rate used in mortgage stress tests

OTTAWA — The Bank of Canada has lowered the rate used by… Continue reading

Most Read