GASFRAC Energy Services, Inc. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of CAD 11.252 million against CAD 30.423 million a year ago. Adjusted LBITDA was CAD 8.069 million against adjusted EBITDA of CAD 3.364 million a year ago. Loss for the period was CAD 15.200 million or CAD 0.24 per share against CAD 5.061 million or CAD 0.08 per basic and diluted share a year ago. Revenue in the third quarter fell 63% from CAD 30.42 million in last year period, which management attributed to reduced activity with its legacy customers, partly offset by a fracturing project in eastern Canada and a CAD 1.2 million sale of frac sand. Funds flow from operations was negative CAD 8.07 million or 13 cents per share, down from positive CAD 3.36 million or five cents per share in last year quarter.

For the nine months, the company reported revenue of CAD 30.751 million against CAD 92.442 million a year ago. Adjusted LBITDA was CAD 23.989 million against adjusted EBITDA of CAD 5.851 million a year ago. Loss for the period was CAD 61.058 million or CAD 0.96 per share against CAD 17.756 million or CAD 0.28 per basic and diluted share a year ago. Funds flow from operations was negative, at CAD 23.99 million or 38 cents per share, down from positive CAD 6.38 million or 10 cents per share in last year period.