Leader Energy Services Provides Fourth Quarter Financial Guidance And 2012 Capital Spending Budget
MarketwirePress Release: Leader Energy Services Ltd. – 1 hour 15 minutes ago
CALGARY, ALBERTA--(Marketwire - Jan. 25, 2012) - Leader Energy Services Ltd. ("Leader" or the "Company") (TSX VENTURE:LEA.V - News) today announced that it expects revenue for the fourth quarter ending December 31, 2011 to exceed $11.0 million, an increase of approximately 25% over the comparable quarter last year and approximately 10% higher than the third quarter of 2011. Revenue for the fourth quarter exceeded internal expectations. The Company anticipates robust demand for its services through to spring breakup. Audited financial results for the year ended December 31, 2011 are expected to be released in early April 2012.
Leader's board of directors has approved an initial capital budget of $4.5 million for 2012. The majority of funds will be used to expand the Company's deep coiled tubing and fluid pumping capacity, with deliveries expected in the second half of 2012. Capital expenditures will be financed through operating cash flow. Any further increases to the 2012 capital budget will be determined by the end of the second quarter.
While Leader continues to invest in its equipment fleet during periods of high demand, the Company expects to utilize operating cash flow to reduce corporate indebtedness during the course of 2012.
Leader Energy Services Ltd. provides well stimulation services in western Canada. Further information on Leader can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "estimate", "believe", "likely", "will", or estimates of business activity, and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Leader to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors include commodity prices, demand for oil and gas related products and service, competition, political and economic conditions, demand and acceptance of new products and ways of doing business, changes in laws and regulations to which Leader is subject, and the ability to attract and retain key personnel.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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