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MATRRIX Announces Third Quarter 2012 Results
By: PR Newswire
Nov. 23, 2012 07:01 AM
CALGARY, Nov. 23, 2012 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSXV: MXX) announces financial results for the third quarter of 2012.
FINANCIAL SUMMARY HIGHLIGHTS
At the date of this press release MATRRIX had a total of 13 directional and horizontal systems available for deployment in Alberta, Saskatchewan, British Columbia and Manitoba. In addition, the Corporation continues to operate a drilling motor business in west Texas.
President Richard Ryan states, "We're making strong progress growing the MATRRIX brand, our revenue base, and our EBITDA. Our Key Performance Indicators (KPI's) all show significant period to period improvement, affirming our strategy and our model. Of primary importance is that our formula is being endorsed by MATRRIX clients. With financial strength anchored around a balance sheet that includes $11 million in cash, we'll remain disciplined in deploying additional capital, targeting strong returns as we execute our comprehensive approach to delivering horizontal and directional drilling technology and services in North America. I'm impressed (but not surprised) with the hard work and focus of all MATRRIX staff, and equally impressed with our ability to find opportunities and execute in a way that is clearly having an impact."
The Corporation's financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2012 will be available on SEDAR at www.sedar.com.
This press release contains references to EBITDA. This financial measure is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-GAAP measure. The non-GAAP measures used by the Corporation may not be comparable to similar measures used by other companies.
(i) EBITDA is defined as "income (loss) before interest, taxes, business acquisition transaction costs, reverse takeover adjustments, depreciation, stock based compensation expense, gains on disposal of property and equipment and foreign exchange." Management believes that in addition to net and total comprehensive income (loss), EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Corporation's principal business activities prior to consideration of how these activities are financed, how the results are taxed in various jurisdictions, or how the results are effected by the accounting standards associated with the Corporation's stock based compensation plan.
MATRRIX is engaged in the acquisition and supply of horizontal and directional drilling technologies for the oil and gas industry in North America.
This press release contains certain statements or disclosures relating
to MATRRIX that are based on the expectations of MATRRIX as well as
assumptions made by and information currently available to MATRRIX
which may constitute forward-looking information under applicable
securities laws. In particular, this press release contains
forward-looking information related to: the consistency of activity in
both Canada and the USA. Such forward-looking information involves
material assumptions and known and unknown risks and uncertainties,
certain of which are beyond MATRRIX's control. Many factors could
cause the performance or achievement by MATRRIX to be materially
different from any future results, performance or achievements that may
be expressed or implied by such forward looking information. MATRRIX's
documents filed with securities regulatory authorities (accessible
through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
reference. MATRRIX disclaims any intention or obligation to publicly
update or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.
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