Westernone Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
For the year, the company reported revenue of $373.9 million compared to $292.4 million a year ago. Adjusted EBITDA was $41.6 million compared to $50.1 million a year ago. Normalized Adjusted EBITDA was $48.7 million compared to $50.1 million a year ago. Net income from continuing operations was $18.2 million or $0.55 diluted per share compared to net income from continuing operations $9.8 million or $0.40 diluted per share a year ago. Net loss was $10.9 million or $0.33 per basic and diluted share against net loss of $14.0 million or $0.59 per basic share a year ago. The growth was driven by contribution from the acquisition of the flameless heater business in late September 2014; increased dollar contribution from fuel sales due to higher margins; and deployment of a larger fleet of aerial equipment. The increase was partially offset by lower construction heater rentals due to an unseasonably mild weather in the fourth quarter in Alberta and higher operating costs for new branch startups and support functions including safety, IT and finance. Cash flow from operations was $47.9 million, up from $3.7 million in 2013. The improvement reflected the more effective working capital management in respect of large work camp projects.