Total Energy Services Incorporated Announces Q3 2010 Results NOV 10, 2010 - 12:09 ET CALGARY, ALBERTA--(Marketwire - Nov. 10, 2010) - Total Energy Services Incorporated (TSX:TOT) ("Total Energy" or the "Company"), announces its consolidated financial results for the three and nine-month periods ending September 30, 2010. Total Energy s results for the third quarter of 2010 reflect improving industry conditions in Western Canada, the impact of the acquisition of DC Energy Services LP ("DC Energy") on January 15, 2010 and the Company s leverage to higher activity levels. Despite prolonged wet weather conditions that hampered field operations throughout much of Western Canada and continued weakness in natural gas prices, activity levels increased significantly in all three of Total Energy s business divisions during the third quarter relative to the prior year comparable period. During the third quarter of 2010, the Company incurred a $0.4 million non-recurring expense related to the realignment of its senior management team within the Gas Compression Services division. Total Energy s Contract Drilling Services division achieved 48% utilization during the third quarter of 2010, recording 623 operating days (spud to release) with a fleet of 14 rigs, compared to 172 operating days, or 14% utilization, during the third quarter of 2009. Excluding a $0.9 million payment received in the third quarter of 2009 relating to the termination of a one year take or pay contract, revenue per operating day for the third quarter of 2010 increased by 6% compared to the third quarter of 2009. The Rentals and Transportation Services division achieved a utilization rate on major rental equipment of 57% during the third quarter of 2010 as compared to 27% during the third quarter of 2009. The Gas Compression Services division generated revenues of $17.2 million for the three months ended September 30, 2010 compared to $7.5 million for the same period in 2009. This division exited the third quarter of 2010 with a $25.7 million backlog of fabrication sales orders as compared to $8.4 million as at September 30, 2009. As at September 30, 2010 the total horsepower of compressors on lease was approximately 18,900 as compared to approximately 16,800 as at September 30, 2009. The compression rental fleet experienced an average utilization of 74% (based on fleet horsepower) for the first nine months of 2010 as compared to 84% for the same period in 2009. Total Energy s financial condition remains strong with a long-term debt (including current portion) to long-term debt plus equity ratio of 0.28 to 1.0 and $23.5 million of net debt as at September 30, 2010. During the first nine months of 2010, shareholders equity has increased by $34.3 million, or 22%, to $189.9 million. During the third quarter, Total Energy declared a quarterly dividend of $0.03 per share to shareholders of record on September 30, 2010, which dividend was paid on October 29, 2010. 27,115 common shares were purchased at an average price of $8.80 (including commissions) and cancelled under the Company s normal course issuer bid during the quarter.
Total Energy Services Ltd is Calgary-based company (Alberta, Canada) with a phone number 4032422677. Our data show that the company is located at the address: 2100 332 Ave SN. The company has a web site: www.totalenergy.ca.
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