From the Wires
Pro-Trans Announces Results for Third Quarter Ending September 30, 2012
By: Marketwired .
Nov. 23, 2012 06:01 PM
CALGARY, ALBERTA -- (Marketwire) -- 11/23/12 -- Pro-Trans Ventures Inc. ("Pro-Trans" or the "Corporation") (TSX VENTURE:PVI) is pleased to announce the Corporation's financial results for the third quarter of 2012.
Revenue for the third quarter was $18.1 million, consistent with the $18.3 million from the previous quarter. This quarterly revenue resulted in EBITDA for the quarter of $2.3 million and comprehensive income of approximately $1 million or $.04 per share. For the nine months ended September 30, 2012, operating revenues were $53.6 million, EBITDA was $6.4 million and comprehensive income was $2.4 million. Earnings per share and EBITDA per share for the nine months were $.10 per share and $.26 per share respectively. Year over year comparatives are not applicable given that Maple Leaf Loading Ltd. was not acquired by Pro-Trans until October 1, 2011.
Brian Murray, the President and Chief Executive Officer of Pro-Trans stated, "We remain encouraged by the performance of Maple Leaf Loading Ltd., our primary operating subsidiary, despite a current environment of declining coal prices and lower production volumes. In spite of these developments, we anticipate that Q4 will provide similar performance to that quarter in 2011. We are confident that current conditions will not only demonstrate the company's resiliency but will be instrumental in uncovering further opportunities."
"We believe that the long term fundamentals remain strong for Canadian coal and other mining sectors. We continue to look towards further expansion of Maple Leaf's services throughout the Canadian mining community in order to fuel our growth objectives and diversify our commodity base.", he added.
Condensed Consolidated Financial Statements for the quarter ended September 30, 2012 have been filed on SEDAR at www.sedar.com along with Management's Discussion and Analysis of these financial statements.
Pro-Trans is a Calgary based public company listed on the TSX Venture Exchange. The Company is actively involved in specialized transportation and logistics services within Western Canada, primarily through its' wholly owned subsidiary, Maple Leaf Loading Ltd, based in Prince George, B.C. Maple Leaf Loading Ltd, a mining support company, offers specialized transportation services related to the management, handling and transportation of coal and ore concentrates for customers involved in the mining industry in B.C., Alberta, and the Yukon.
Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") is a measurement intended to provide useful insight into Results of Operations before financing costs, taxes, depreciation and amortization. EBITDA is not an earnings measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Readers are cautioned that EBITDA should not be construed as an alternative to net income as determined in accordance with IFRS.
EBITDA is determined by beginning with earnings from operations as determined in accordance with GAAP then adding back any long term interest expense, provisions for taxes, depreciation and amortization included in earnings from operations. A reconciliation of net income to EBITDA is provided in the Management's Discussion and Analysis referenced above.
This press release contains certain statements or disclosures relating to Pro-Trans that are based on the expectations of Pro-Trans as well as assumptions made by and information currently available to Pro-Trans which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the future financial performance of the Corporation, diversification of the Corporation's base business, future opportunities of the Corporation and the outlook for the Canadian mining industry in general. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Pro-Trans' control. Many factors could cause the performance or achievement by Pro-Trans to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking information. Pro-Trans' Annual Information Form, Management's Discussion and Analysis and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Pro-Trans 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.
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