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Calgary (AB), May 18 2021 /CNW/-ESI Energy Service Company (ESF:OPI) (“ESI” or “Company”) announces its financial results for the first quarter of 2021.
Robert Dunstan, ESI President and Chief Executive Officer announced that in the three months ending three months, the company’s revenue, EBITDA, working capital and long-term debt were at a higher level of loss, and the net loss and working capital have also declined. March 31, 2021 Compared with the same period in 2020.
Emphasize
Highlights of the first quarter of 2021
Income as of three months March 31, 2021 Increased by 18%, $ 2,367,000 compared to $ 1,999,000 In the same period in 2020.Most of the revenue comes from the leasing of large and small filling machines, mainly from United States.Activity level of the filling machine Canada Continuous improvement in the first quarter of 2021.
Of the revenue generated in the first quarter of 2021, almost 74% came from the leasing of large and small filling machines, of which 49% came from large filling machines and 51% came from small filling machines. The activity level of large filling machines increased from 9 filling months in the first quarter of 2020 to 14 filling months in the first quarter of 2021, an increase of 56%. The activity level of small filling machines has increased from 27 filling months in the same period in 2020 to 29 filling months in the first quarter of 2021. Almost all small filling machines’ income comes from the construction of renewable energy (wind and solar) and approximately 30% of the income from large filling machines. The OPP-200 filling machine is used for pipeline and renewable energy construction, while the OPP-300 machine is dedicated to the construction of large diameter pipelines.
Gross profit margin as of three months March 31, 2021 This is an increase of 77% compared to the same period in 2020.This increase was mainly due to the 18% increase in revenue during the period, most of which was due to the increase in revenue from the company’s large filling machines United States.
The company incurred a net loss $ 1,118,000 Within three months of the end March 31, 2021 The net loss compared to this is $ 11,588,000 The same period in 2020.The reason for the higher net loss is 2020 $ 10,757,000 Provision for impairment of intangible assets.Adjusted net loss increased $ 287,000 In 2021, this is mainly due to foreign exchange losses.
The EBITDA for the first quarter of 2021 is (US$41,000) compared to (US$374,000) By the same period of 2020, the growth rate will be 89% or $ 333,000, Mainly due to increased income.
The flow of funds from operations in the first quarter of 2021 is a loss $ 71,000 compare to $ 339,000 By the same period of 2020, it has increased by 79%.
Working capital March 31, 2021 used to be $ 9,085,000 compared to $ 9,922,000 in December 31, 2020,decreased $ 837,000.
The long-term portion of long-term debt is reduced $ 255,000 to $ 6,676,000 in March 31, 2021 compared to $ 6,931,000 in December 31, 2020.
About ESI
ESI is a public company listed on the Canadian Stock Exchange under the ticker symbol “OPI”. ESI is a pipeline and renewable equipment leasing and sales company whose main business is in Leduc, Alberta with Phoenix, Arizona. The company and its operating subsidiaries ESI Pipeline Services, Inc. (“ESIPI”) and ESI Energy Services (Australia) Pty Ltd., which supplies (rents and sells) backfill separators (“fillers”) to mainline pipeline contractors, renewable energy and utility construction contractors, and oilfield pipeline and construction contractors.
Forward-looking statements
Certain statements contained in this press release constitute forward-looking information. These statements are related to future events or future performance. The use of the term “will” and similar statements and statements related to non-historical facts are intended to identify forward-looking information and based on the company’s current views or assumptions about the outcome and timing of such future events. Actual results in the future may differ materially. When drawing conclusions or making predictions or forecasts in forward-looking information, various assumptions or factors are usually used. These assumptions and factors are based on information currently available to the company. The forward-looking information contained in this press release is as of the date of publication, and the company has no obligation to update or revise any forward-looking information due to new information, future events, or other reasons, unless applicable securities laws are required. Due to the inherent risks, uncertainties and assumptions of forward-looking information, investors should not rely excessively on forward-looking information. The foregoing statement specifically limits any forward-looking information contained in this article.
Source: ESI Energy Services Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2021/18/c7616.html
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