Intercept Energy Services Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
For the nine months, the company reported gross revenues were higher by 86% to CAD 2.6 million compared to CAD 1.4 million a year ago. The net loss before other items was CAD 1.6 million compared to CAD 1.4 million, or an increase in loss of 16% on a year-to-date basis compared to the same period last year, mainly due to an increase in overall operation costs. The net income was CAD 0.9 million or CAD 0.01 per basic and diluted share compared to a net loss of CAD 1.5 million or CAD 0.02 per basic and diluted share on a year-to-date basis compared to the same period last year, mainly due to the one-time gain in the current quarter of CAD 2.9 million on extinguishment of royalty obligation. Cash flows from operating activities were CAD 726,531 compared to CAD 950,972 a year ago. Acquisition of equipment was CAD 43,601 compared to CAD 1,112,683 a year ago.