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Ridgeline Reports Second Quarter Fiscal Year 2013 Financial Results

65% Revenue Increase

CALGARY, Nov. 26, 2012 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) an energy services and water treatment technology company, today announced the financial results for its second quarter of fiscal year 2013 ending September 30, 2012.

Tony Ker, CEO of Ridgeline Energy Services Inc. "We are pleased to announce a 65% increase in second quarter revenues for 2013 ($5.3 million) compared to second quarter 2012 ($3.4 million). Compared with the first quarter revenues of 2013 ($3.4 million) the second quarter revenue is up 56% ($5.3 million). Furthermore, the first quarter 2013 loss of $2.98 million has been reduced by $1.43 million to $1.55 million for the second quarter 2013. This compares with a loss of $0.03 per share in the first quarter 2013 to a $0.01 per share loss in the second quarter 2013.

Moreover, included in the net loss of $1.55 million for the second quarter of fiscal year 2013 are non-cash charges of approximately $0.93 million pertaining to the amortization of intangible assets and property, plant, and equipment, and $0.24 million pertaining to non-cash stock based compensation expense. These non-cash expenses total $1.17 million. Cash used in operations before the effect of working capital changes is $0.38 million

I am very proud to report that all of our operating divisions are now cash flow positive, and our water division has doubled revenues, quarter over quarter.

The Company has continued to invest in water treatment facilities, manufacturing capacity, and installation capability. We are now at a stage where all the components necessary to grow the company are in place. Our business continues its rapid growth by focusing daily on execution. Our annual revenue run rate of our waste water treatment facilities continues to grow and is now approaching a $10 million run rate. Our Santa Fe Springs property continues its aggressive growth and we look for growth in our oil and gas segment, with long term contracts now in place."

"Excitement is building in our oil and gas segment due to the signing of a five year contract by our long time major oil and gas customer in Texas. Our contract calls for minimums of 2,500 barrels per day, and our Leonard Shale location will greatly exceed that minimum. We also look to launch systems in the Red Hills Texas area and in Western Pennsylvania in the coming year. Our continued research is showing that the oil and gas industry as a whole is slowly tipping in favor of broad based water recycling. While slowly developing, our long term view is for higher demand and higher prices for Ridgeline water systems, and water management, which includes significant storage opportunities."

Ridgeline Environment is on track for over $11.0 million dollars of revenue in 2013 and improved profitability. Ridgeline GreenFill will have added another treatment site at Youngstown in Alberta and is expected to grow steadily. The GreenFill wet waste water treatment capability pioneered at Red Cliff will add significant growth to GreenFill revenues for each of the now 5 GreenFill sites.

Balance Sheet

The Company's balance sheet was highlighted by an increase in its cash balance to $7.8 million, compared to $4.6 million at the beginning of the year. Total equity also increased to $41.6 million from $34.6 million at the beginning of the year.

Outlook

Ridgeline expects the third quarter of fiscal year 2013 revenues to be in the range of $6 million to $6.5 million, an increase of 10% to 20% from the third quarter of the previous fiscal year.  Continued increases in revenues are also expected in the fourth quarter. The growth in revenues is expected to be largely driven by the Company's water treatment segment, specifically operations at its Santa Fe Springs, California waste water treatment facility.

Conference Call

The Company will be conducting a conference call at 8:30 a.m. ET on Tuesday, November 27, 2012. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789, or listen via a live Internet webcast on the Company's website at www.ridgelinecanada.com.  A teleconference replay of the conference call will be available by dialing (877) 344-7529 or (412) 317-0088, confirmation code 10021452, through November 30, 2012. A webcast replay of the conference call will be accessible on the Company's website at www.ridgelinecanada.com for 90 days.

About Ridgeline Energy Services Inc.

Ridgeline Energy Services Inc. is an energy services and water treatment technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry.  The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".

Additional information is available on the Company's website at: www.ridgelinecanada.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Tony Ker"

Tony Ker, CEO

"Neither 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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information.  Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN CANADIAN DOLLARS)
       
  September 30,
2012
  March 31,
2012
Assets          
Current assets:          
  Cash $ 7,812,938    $ 4,565,281
  Trade and other receivables   3,299,314     2,835,225
  Accrued revenue   1,152,428     898,066
  Prepaid expenses and other current assets   1,332,858     575,350
           
  Total current assets   13,597,538     8,873,922
           
Restricted cash   158,360     78,360
Property, plant and equipment, net   9,146,041     8,038,728
Loan receivable   -     177,001
Intangible assets   19,143,897     18,723,430
Goodwill   1,832,202     1,832,202
Deferred tax asset   362,750     362,750
Other assets   2,005,746     52,319
           
Total assets $ 46,246,534   $ 38,138,712
           
Liabilities and Equity          
Current liabilities:          
  Trade and other payables $ 3,051,603   $ 2,353,806
  Income tax payable   732,834     676,391
  Current portion of note payable   179,567     126,323
  Current portion of obligations under finance lease   81,102     21,906
           
  Total current liabilities   4,045,106     3,178,426
           
Note payable, non-current   92,982     179,272
Obligations under finance lease, non-current   296,440     3,509
Deferred tax liability   130,106     130,106
Asset retirement obligations   43,466     41,674
           
  Total liabilities   4,608,100     3,532,987
           
Commitments          
           
Equity:          
  Share capital   62,011,335     50,323,292
  Warrants   1,514,697     1,794,102
  Contributed surplus   1,604,198     1,103,803
  Accumulated other comprehensive income   (161,122)     -
  Accumulated deficit   (23,330,674)     (18,615,472)
           
Total equity   41,638,434     34,605,725
           
Total liabilities and equity $ 46,246,534   $ 38,138,712

 

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN CANADIAN DOLLARS)
                 
    Three Months Ended
September 30, 
  Six Months Ended
September 30, 
    2012   2011   2012   2011
                         
Revenue   $ 5,331,171   $ 3,230,234   $ 8,734,040   $ 6,748,630
Cost of revenue:                        
  Direct expenses     2,851,166     2,089,239     5,802,310     4,065,992
  Amortization     186,883     95,129     371,964     95,129
Total cost of revenue     3,038,049     2,184,368     6,174,274     4,161,121
Gross profit     2,293,122     1,045,866     2,559,766     2,587,509
Operating expenses:                        
  General and administrative     2,809,998     1,396,894     5,127,429     2,043,749
  Share-based payment expense     241,828     138,485     519,187     247,818
  Amortization     745,295     38,461     1,388,120     68,210
Total operating expenses     3,797,121     1,573,840     7,034,736     2,359,777
Income (loss) from operations     (1,503,999)     (527,974)     (4,474,970)     227,732
Other income (expense):                        
  Finance costs     (19,804)     (11,646)     (37,995)     (23,546)
  Finance and other income     47,585     -     47,585     -
                         
Total other income (expense)     27,781     (11,646)     9,590     (23,546)
Income (loss) before tax     (1,476,218)     (539,620)     (4,465,380)     204,186
Income tax expense (recovery)     72,821     (56,124)     72,821     139,876
Net income (loss)   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Attributable to:                        
  Ridgeline Energy Services Inc.   $ (1,549,039)   $ (278,557)   $ (4,538,201)   $ (750,231)
  Non-controlling interests     -     (204,939)     -     814,541
                         
  Total   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Basic and diluted loss per share attributable to
      Ridgeline Energy Services Inc.
  $ (0.01)   $ -   $ (0.04)   $ (0.01)
                         
Weighted average number of
      common shares outstanding
    129,856,925     61,538,261     122,054,162     56,807,199

 

 

 

 

 

SOURCE Ridgeline Energy Services Inc.

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