RGDEF-Ridgeline Announces Positive 3rd QTR EBIDTA
Press Release: Ridgeline Energy Services Inc. – 49 minutes ago
REVENUES SURGE OVER $9 MILLION FOR 3rd QTR
76% INCREASE IN REVENUE OVER 2ND QTR 2013
GROSS PROFIT UP 25% AND POSITIVE EBITDA
CALGARY, Feb. 19, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a water treatment and energy technology company, today announced third quarter earnings for the period ended December 31st 2012.
Revenues increased 76% over the previous quarter from $5.33 million to $9.38 million an increase of $4.05 million for the quarter. The increase in revenue over the period was primarily due to gains in the water treatment revenues. EBITDA improved by $0.77 million from an adjusted negative $0.28 million to a positive $0.49 million. Loss for the quarter was $0.78 million compared with a loss in the 2nd quarter of $1.55 million. Gross profit increased to $2.86 million compared to $2.29 million in the 2nd quarter. The drop in gross profit percentage from 43% as a percentage of revenue to 31% was primarily due to the startup costs associated with the Missouri operation, (CMT). CMT has been in turn around mode since the Company started operating the property in early December of last year. The Company has implemented major operating changes to increase revenues and sees an opportunity to produce strong gross profit margins in the 4th QTR.
Dennis M Danzik, Ridgeline CEO commented "Water, Water, Water is the message of our Company. We secure it, We treat it, and We manage it. This is a turning point in the Company as it has moved to positive EBITDA results. The commitment to Research and Development of our core technologies coupled with a strong management team, and a market development plan that has produced positive financial results putting the Company on a trajectory of positive EBITDA growth. The CMT Missouri facility combined with the Santa Fe Springs facility provide the Company with two major operations that are successful and duplicable. They also provide for recurring revenue that will be the engine for growth.
Our CMT operation and the addition of 13TON complete the vertical track into the waste water collection, treatment, discharge and energy related products. It also provides evidence that both our Company's strategic and tactical business plans are proven and Ridgeline is poised to aggressively grow our now fully integrated water opportunities."
Tony Ker, Ridgeline's Executive Chairman stated, "Ridgeline has taken four years of hard work and the successful execution of carefully selected opportunities by our management team. It is also about staying our course, keeping our news timely and factual, and continuing to recruit the most qualified and experienced people possible."
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water treatment and energy technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7"
And so we are told this is the golden age
And gold is the reason for the wars we wage U2
