HWEB2 AND Researcher. I don't know if you guys are interested in Canadian stocks, but this seems to be great. NRX.V C $3.10 is into seismics,The largest in Canada and growing. I would compare it to TGE which is now trading at $15.
CALGARY, ALBERTA, Mar 29, 2006 (CCNMatthews via COMTEX) -- Norex Exploration Services Inc. (TSX VENTURE:NRX) ("Norex" or the "Company") announced results for the third quarter and nine months ended January 31, 2006. The Company is pleased to report the following financial and operational achievements for the quarter:
- Revenue increased 234% to $13.2 million compared to $3.9 million of revenue for the third quarter of fiscal 2005. The Company experienced high utilization rates during the current quarter, including improved utilization of its crews stationed in eastern Canada.
- EBITDA increased nearly tenfold to $3.4 million ($0.17 per share) for the current quarter over $0.4 million ($0.06 per share) for the quarter ended January 31, 2005. Net earnings increased to $2.0 million ($0.10 per share) for the quarter ended January 31, 2006 compared to $0.1 million ($0.02 per share) for the similar quarter of the prior year.
- On November 23, 2005, Norex announced the purchase of certain assets of Norcana Resource Services Ltd., a competitor to Norex in the seismic acquisition business in western Canada.
- On December 6, 2005, the Company announced a $10 million private placement of 14,925,373 units. Each unit, priced at $0.67, consists of one common share and 0.4 of a share purchase warrant, entitling the holders thereof to purchase one common share for each whole warrant at an exercise price of $0.84 per share. On January 31, 2005, 2,976,190 of these warrants were exercised for gross proceeds of $2.5 million. The remaining warrants expire December 5, 2006.
- On December 9, 2005 the Company purchased 1,536 channels of ARAM/ARIES field recording equipment bringing its channel count to over 4,500 at that time.
- On February 1, 2006 the Company merged with Conquest Seismic Services Ltd. ("Conquest") to create one of the largest seismic acquisition companies operating in Canada. On a combined basis, Norex and Conquest now operate up to 11 crews in Canada and the northeastern United States and own over 12,000 channels of recording equipment. We are the largest operator of state-of-the-art ARAM/ARIES equipment in Canada.
"These quarterly results are particularly gratifying as they reflect a recovery in the seismic industry and a validation of our strategy to grow in conjunction with this recovery. It is important to note that these record quarterly results do not include the incremental contribution from our merger with Conquest, which became effective February 1, 2006." commented Mr. Paul Crilly, President and CEO.
Financial Overview Three months ended Nine months ended January 31, January 31,(000's $ except per share amounts) 2006 2005 2006 2005------------------------------------------------------------------------------------------------------------------------------------------------Revenue $13,161 $ 3,944 $18,318 $ 7,263Direct Expenses 9,325 3,362 13,903 6,382 --------------------------------------Gross Margin 3,836 582 4,415 881EBITDA $ 3,375 $ 372 $ 3,353 $ 287 Per share 0.17 0.06 0.28 0.05Net Income (loss) $ 2,044 $ 147 $ 1,363 $ (172) Per share basic and diluted 0.10 0.02 0.11 (0.03)Capital Expenditures $ 3,323 $ 833 $ 3,376 $ 834Basic weighted average number of shares outstanding (000's) 19,585 6,079 12,049 6,079 - Non-GAAP financial measures
Management's discussion and analysis includes references to financial measures
Market Data 
Markets 
AI
