CALGARY, ALBERTA--(Marketwire - Aug. 23, 2012) - Pro-Trans Ventures Inc. ("Pro-Trans" or the "Corporation") (TSX VENTURE:PVI) announced today the Company's financial results for the second quarter of 2012. Revenue for the second quarter was $18.3 million, up from $17.2 million for the previous quarter. This increase can be attributed to improved utilization of operating assets as well as continued growth in the Company's operating fleet.
These record quarterly revenues resulted in EBITDA for the quarter of $2.3 million and comprehensive income of $835,000 or $.03 per share. For the six months ended June 30, 2012: operating revenues, were $35.6 million; EBITDA was $4.1 million; and, comprehensive income was $1.4 million. Earnings per share and EBITDA per share for the six months were $.05 per share and $.17 per share respectively.
Brian Murray, the President and Chief Executive Officer of Pro-Trans stated, "We continue to be pleased with the performance of Maple Leaf Loading Ltd., our primary operating subsidiary acquired October 1, 2011. As our customers have expanded production volumes at their respective mine sites and as Maple Leaf has continued to develop supplemental specialized service offerings such as on-site fuel delivery and production road maintenance services, Maple Leaf's business operations continue to expand. Combined with this expansion in our revenue base, operating efficiencies introduced since the acquisition of Maple Leaf have contributed to these improved operating results."
"Having now completed three full operating quarters with Maple Leaf as the primary operating unit, Pro-Trans now is in position to move forward to identify and qualify potential candidates for acquisition and integration into the Pro-Trans group, in accord with our stated corporate objectives," he added.
Condensed Consolidated Financial Statements for the quarter ended June 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 Company's identification and acquisition of potential candidates into the Pro-Trans Group. 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 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.