Intercept Energy Services Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported gross revenues were higher by 121% to CAD 0.8 million compared to CAD 0.3 million for the same quarter last year, due to an increase in the number of Heating Units in operation in 2014 and the entry into the US during the first quarter of 2014. Net loss before other items was CAD 0.5 million compared to a net loss before other items of CAD 0.6 million, or a decrease in loss of 17% for the same quarter last year. Net income was CAD 2.209 million or CAD 0.02 per basic and diluted share compared to a net loss of CAD 0.7 million or CAD 0.01 per basic and diluted share for the same quarter last year.

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.