Financial Statements for Western Energy Services Corp.

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Western Energy Services Corp. financials

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Income Statement

Balance Sheet

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In Millions of CAD (except for per share items)	3 months ending 2013-03-31	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	98.01	83.34	69.57	44.82	110.89
Other Revenue, Total	-	-	-	-	-
Total Revenue	98.01	83.34	69.57	44.82	110.89
Cost of Revenue, Total	68.07	55.20	48.53	35.77	70.48
Gross Profit	29.93	28.14	21.04	9.05	40.41
Selling/General/Admin. Expenses, Total	7.30	6.57	5.96	5.29	6.59
Research & Development	-	-	-	-	-
Depreciation/Amortization	-	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	0.37	-	-	-
Other Operating Expenses, Total	-1.09	0.21	0.48	-0.33	0.03
Total Operating Expense	78.04	65.59	58.15	43.97	79.88
Operating Income	19.96	17.75	11.43	0.85	31.01
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-	-	-	-	-
Income Before Tax	19.96	17.75	11.43	0.85	31.01
Income After Tax	14.90	13.09	8.25	0.83	23.01
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	14.90	13.09	8.25	0.83	23.01
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	14.90	13.09	8.25	0.83	23.01
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	14.90	13.09	8.25	0.83	23.01
Income Available to Common Incl. Extra Items	14.90	13.09	8.25	0.83	23.01
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	-	-	-	-
Diluted Weighted Average Shares	60.87	61.52	60.70	60.43	60.80
Diluted EPS Excluding Extraordinary Items	0.24	0.21	0.14	0.01	0.38
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.07	0.07	0.07	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.24	0.22	0.14	0.01	0.38

In Millions of CAD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	308.62	262.52	56.01	3.94
Other Revenue, Total	-	-	-	-
Total Revenue	308.62	262.52	56.01	3.94
Cost of Revenue, Total	209.98	172.53	40.13	3.28
Gross Profit	98.64	89.99	15.88	0.65
Selling/General/Admin. Expenses, Total	24.41	16.99	6.90	3.78
Research & Development	-	-	-	-
Depreciation/Amortization	-	-	-	1.69
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	0.37	2.10	-19.66	1.21
Other Operating Expenses, Total	-	-	0.02	-
Total Operating Expense	247.58	193.84	29.86	9.85
Operating Income	61.03	68.67	26.15	-5.91
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	61.03	68.67	26.15	-5.91
Income After Tax	45.18	53.88	23.34	-5.96
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	45.18	53.88	23.34	-5.96
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	45.18	64.75	26.59	-8.50
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	45.18	53.88	23.34	-5.96
Income Available to Common Incl. Extra Items	45.18	64.75	26.59	-8.50
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	-	0.00
Diluted Weighted Average Shares	60.86	53.64	24.39	6.60
Diluted EPS Excluding Extraordinary Items	0.74	1.00	0.96	-0.90
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.15	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	0.75	1.04	0.24	-0.78

In Millions of CAD (except for per share items)	As of 2013-03-31	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	23.48	6.59	9.03	29.43	-
Short Term Investments	-	35.57	38.00	32.18	34.99
Cash and Short Term Investments	23.48	42.16	47.02	61.61	39.15
Accounts Receivable - Trade, Net	87.91	78.50	61.99	40.76	89.30
Receivables - Other	-	-	-	-	-
Total Receivables, Net	87.91	79.78	61.99	40.76	99.26
Total Inventory	-	1.45	-	-	0.47
Prepaid Expenses	-	1.81	-	-	7.75
Other Current Assets, Total	4.04	0.16	-	-	-
Total Current Assets	115.42	125.36	109.01	102.37	146.62
Property/Plant/Equipment, Total - Gross	650.91	630.90	611.70	582.07	540.52
Accumulated Depreciation, Total	-74.11	-62.74	-53.45	-45.49	-40.39
Goodwill, Net	55.53	55.53	55.53	55.53	55.53
Intangibles, Net	-	-	-	-	-
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	0.36	0.41	4.33	4.88	3.78
Total Assets	748.11	749.45	727.11	699.36	706.06
Accounts Payable	30.70	37.24	41.24	35.36	43.28
Accrued Expenses	-	-	-	-	-
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.31	5.78	0.29	1.25	1.25
Other Current liabilities, Total	4.68	4.71	4.73	0.18	0.17
Total Current Liabilities	35.69	47.73	46.26	36.79	44.70
Long Term Debt	181.59	186.44	176.74	171.76	171.16
Capital Lease Obligations	0.48	0.51	-	-	0.41
Total Long Term Debt	182.07	186.95	176.74	171.76	171.57
Total Debt	182.38	192.73	177.03	173.01	172.82
Deferred Income Tax	62.51	57.88	56.93	54.53	53.53
Minority Interest	-	-	-	-	-
Other Liabilities, Total	2.06	2.10	2.13	0.11	0.15
Total Liabilities	282.33	294.66	282.06	263.19	269.95
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	323.14	322.88	322.29	319.70	319.70
Additional Paid-In Capital	5.12	4.69	4.46	4.67	4.19
Retained Earnings (Accumulated Deficit)	136.01	125.58	116.95	113.16	112.33
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	1.51	1.64	1.36	-1.36	-0.11
Total Equity	465.78	454.79	445.06	436.17	436.11
Total Liabilities & Shareholders' Equity	748.11	749.45	727.11	699.36	706.06
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	59.66	59.58	59.43	58.53	58.53

In Millions of CAD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	6.59	0.00	3.48	-
Short Term Investments	35.57	0.99	-	0.00
Cash and Short Term Investments	42.16	0.99	3.48	2.39
Accounts Receivable - Trade, Net	78.50	82.75	26.41	1.02
Receivables - Other	-	-	-	-
Total Receivables, Net	79.78	83.31	28.06	1.02
Total Inventory	1.45	1.04	0.00	0.31
Prepaid Expenses	1.81	1.74	1.32	0.17
Other Current Assets, Total	0.16	0.25	3.78	1.01
Total Current Assets	125.36	87.33	36.64	4.91
Property/Plant/Equipment, Total - Gross	630.90	504.76	194.82	5.45
Accumulated Depreciation, Total	-62.74	-30.83	-6.46	-0.04
Goodwill, Net	55.53	55.53	29.12	0.00
Intangibles, Net	-	-	-	-
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	0.41	2.85	10.00	1.90
Total Assets	749.45	619.64	264.11	12.22
Accounts Payable	4.43	7.77	6.08	-
Accrued Expenses	32.81	31.31	9.49	-
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	5.78	8.21	0.51	0.01
Other Current liabilities, Total	4.71	0.17	2.13	1.52
Total Current Liabilities	47.73	47.46	23.48	4.08
Long Term Debt	186.44	108.00	46.05	0.02
Capital Lease Obligations	0.51	0.04	-	-
Total Long Term Debt	186.95	108.04	46.05	0.02
Total Debt	192.73	116.25	46.57	0.02
Deferred Income Tax	57.88	49.64	7.38	0.00
Minority Interest	-	-	-	-
Other Liabilities, Total	2.10	0.18	0.36	0.05
Total Liabilities	294.66	205.32	77.28	4.14
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	322.88	319.70	159.90	8.25
Additional Paid-In Capital	4.69	3.62	2.36	1.83
Retained Earnings (Accumulated Deficit)	125.58	89.33	24.58	-2.01
Treasury Stock - Common	-	-	-	-
Other Equity, Total	1.64	1.68	0.00	-
Total Equity	454.79	414.32	186.83	8.08
Total Liabilities & Shareholders' Equity	749.45	619.64	264.11	12.22
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	59.58	58.53	37.68	6.60

In Millions of CAD (except for per share items)	3 months ending 2013-03-31	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	14.90	45.18	32.09	23.84	23.01
Depreciation/Depletion	11.25	32.86	23.43	14.98	9.86
Amortization	-	-	-	-	-
Deferred Taxes	-	-	-	-	-
Non-Cash Items	4.19	14.33	10.41	7.01	3.38
Changes in Working Capital	-7.90	12.54	27.97	38.82	-10.53
Cash from Operating Activities	22.44	104.92	93.89	84.65	25.72
Capital Expenditures	-18.16	-127.23	-106.90	-76.00	-36.40
Other Investing Cash Flow Items, Total	34.42	-37.00	-32.25	-34.34	-5.25
Cash from Investing Activities	16.26	-164.23	-139.16	-110.34	-41.65
Financing Cash Flow Items	-6.95	-11.03	-11.28	-4.57	-4.70
Total Cash Dividends Paid	-4.47	-4.46	-	-	-
Issuance (Retirement) of Stock, Net	0.19	2.40	1.96	0.00	0.00
Issuance (Retirement) of Debt, Net	-10.59	78.99	63.61	59.69	59.78
Cash from Financing Activities	-21.82	65.91	54.29	55.13	55.08
Foreign Exchange Effects	-	-	-	-	-
Net Change in Cash	16.89	6.59	9.03	29.43	39.15
Cash Interest Paid, Supplemental	-	-	-	-	-
Cash Taxes Paid, Supplemental	-5.06	-15.86	2.57	2.48	2.06

In Millions of CAD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	45.18	53.88	23.34	-5.96
Depreciation/Depletion	32.86	24.99	7.07	1.69
Amortization	-	-	-	0.00
Deferred Taxes	-	-	-	0.00
Non-Cash Items	14.70	0.56	-17.87	1.48
Changes in Working Capital	12.18	-20.06	-1.58	-0.41
Cash from Operating Activities	104.92	59.37	10.95	-3.20
Capital Expenditures	-127.23	-88.87	-21.28	-0.10
Other Investing Cash Flow Items, Total	-37.00	-84.78	-23.81	3.04
Cash from Investing Activities	-164.23	-173.64	-45.09	2.94
Financing Cash Flow Items	-11.03	-8.92	-5.62	-0.29
Total Cash Dividends Paid	-4.46	-	-	-
Issuance (Retirement) of Stock, Net	2.40	86.34	75.00	0.00
Issuance (Retirement) of Debt, Net	78.99	33.39	-34.15	-0.49
Cash from Financing Activities	65.91	110.80	35.23	-0.78
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	6.59	-3.48	1.09	-1.04
Cash Interest Paid, Supplemental	-	4.23	1.42	0.43
Cash Taxes Paid, Supplemental	-13.60	0.10	0.42	0.00