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    Aveda Transportation and Energy Services Announces Record Revenue …


    CALGARY, ALBERTA, Nov 04, 2013 (Marketwired via COMTEX) –
    Aveda Transportation and Energy Services Inc. (“Aveda” or the
    “Company”)

    /quotes/zigman/10676995/realtime CA:AVE
    -2.86%


    , a leading provider of oilfield hauling
    services and equipment rentals to the energy industry, today
    announced record revenue, Adjusted EBITDA(1) and net income for the
    nine and three months ended September 30, 2013.

    2013 Third Quarter Business Highlights

    
    
    
    
    
    
            
            --  Revenue for the three months ended September 30, 2013 grew by almost
                $3.5 million to $23.4 million, compared with revenue of $19.9 million
                for the same period in 2012;
            --  Reported 14 consecutive quarters of record revenue growth as compared to
                the same period of the prior year. US revenues grew by 39.4% to $17.4
                million compared to $12.5 million in the third quarter of 2012;
            --  Generated net income for the three months ended September 30, 2013 of
                $2.7 million, an increase of $3.1 million compared to a $0.4 million
                loss for the same period in 2012. Net income per share increased to
                $0.27 compared to a loss per share of $0.04 in the comparative period;
            --  Increased Adjusted EBITDA(1) by 57.9% to $4.5 million in the third
                quarter of 2013 as compared to $2.9 million in the same period of 2012;
            --  Received a $2.3 million (net of fees) refund for Scientific Research and
                Investment Tax Credits related to Aveda's predecessor company from 1993
                - 1999;
            --  Disposed of redundant capital assets for proceeds of $1.3 million
                recording a gain from disposal of assets of $0.6 million;
            --  The Company's solid EBITDA results and positive cash flow generation
                reduced bank debt by $1.7 million during the three months ended
                September 30, 2013;
            --  Commenced operation of a new satellite branch in Buckhannon, West
                Virginia; and
            --  The Company recently announced that it has gained the unilateral right
                to convert $4.7 million of convertible debentures to common shares of
                the Company. If the debentures had been converted at September 30, 2013,
                the Company's Debt to EBITDA(1) ratio would have improved from 1.65 to
                1.33.
            
            
    
    
    

    2013 First Three Quarters’ Business Highlights

    
    
    
    
    
    
            
            --  Revenue for the nine months ended September 30, 2013 grew by $6.6
                million to $66.9 million, compared with revenue of $60.3 million for the
                same period in 2012. Aveda achieved this revenue growth despite an
                average year-over-year rig count decline of approximately 7% in the
                areas the Company operates in;
            --  Generated net income for the nine months ended September 30, 2013 of
                $4.8 million, an increase of $5.6 million compared to a $0.8 million
                loss for the same period in 2012. Net income per share increased to
                $0.48 compared to a loss per share of $0.09 in the comparative period;
            Note:
              (1) See the Financial Overview table of this news release for definition
              of Adjusted EBITDA and Debt to EBITDA.
            --  Generated Adjusted EBITDA(1) for the nine months ended September 30,
                2013 of $12.0 million, an increase of $4.8 million compared with
                Adjusted EBITDA(1) of $7.2 million for the same period in 2012, an
                increase of 66.3% year over year;
            --  Generated net cash provided by operating activities for the nine months
                ended September 30, 2013 of $10.9 million, an increase of $6.6 million
                compared to $4.3 million for the same period in 2012;
            --  Repaid loans and borrowings of $9.5 million in the nine months ended
                September 30, 2013 after investing $2.1 million in new capital assets
                and $0.4 million in the Company's new ERP system; and
            --  Relocated the Company's Pennsylvania branch from New Columbia to
                Williamsport, Pennsylvania.
            
            
    
    
    

    In addition, to accommodate Aveda’s expected growth, the Company will
    be moving its US Corporate Office from Mineral Wells, TX to Houston
    TX in the first quarter of 2014. This move will put the Company in
    close proximity to the headquarters of many current and potential
    customers.

    “The Aveda team has repeatedly demonstrated our ability to execute
    and deliver solid results every quarter this year,” said Kevin
    Roycraft, President and Chief Executive Officer of Aveda. “I thank
    our team for their efforts and look forward to continued success.”

    The Company will host its third quarter fiscal 2013 results
    conference call on Tuesday, November 5th at 9:00 a.m. Eastern Time
    (ET). Executive Chairman David Werklund, President and CEO Kevin
    Roycraft and Vice-President, Finance and CFO Bharat Mahajan will
    discuss Aveda’s financial results for the quarter and then take
    questions from securities analysts.

    To access the conference call by telephone, dial (647) 427-7450 or
    1-888-231-8191. A live audio webcast of the conference call will be
    available at

    http://www.newswire.ca/en/webcast/detail/1249937/1377223.

    The conference call webcast will be archived and available at

    http://www.avedaenergy.com/investors/Conference-Calls/default.aspx

    until December 31, 2013.

    The Company’s consolidated financial statements and Management’s
    Discussion and Analysis are available on the Company’s website at
    www.avedaenergy.com or the SEDAR website at www.sedar.com.

    
    
    
    
    
    
            
            Financial Overview
            (in thousands, except per share and ratio amounts)
                                  Nine       Nine              Three      Three
                                Months     Months       %     Months     Months       %
                                 Ended      Ended  Change      Ended      Ended  Change
                             September  September  2012 -  September  September  2012 -
                              30, 2013   30, 2012    2013   30, 2013   30, 2012    2013
                            ------------------------------------------------------------
            Revenue             66,871     60,316    10.9%    23,376     19,936    17.3%
            Gross profit(5)     14,002     10,596    32.1%     5,166      3,492    47.9%
            Gross margin          20.9%      17.6%    N/A       22.1%      17.5%    N/A
            Gross profit(5)
             excluding
             depreciation
             and
             amortization       19,875     15,203    30.7%     7,112      5,426    31.1%
            Gross margin
             excluding
             depreciation
             and
             amortization         29.7%      25.2%    N/A       30.4%      27.2%    N/A
            Adjusted
             EBITDA(1)          11,987      7,208    66.3%     4,520      2,863    57.9%
            Adjusted
             EBITDA(1) as a
             percentage of
             revenue              17.9%      12.0%    N/A       19.3%      14.4%    N/A
            Net income
             (loss)              4,812       (761)  732.3%     2,689       (431)  723.9%
            Net income
             (loss) as a
             percentage of
             revenue               7.2%      -1.3%    N/A       11.5%      -2.2%    N/A
            Adjusted
             EBITDA(1) per
             share                1.20       0.86    39.5%      0.45       0.29    55.2%
            Earnings per
             share - basic        0.48      (0.09)  633.3%      0.27      (0.04)  775.0%
            Earnings per
             share - diluted      0.45      (0.09)  600.0%      0.25      (0.04)  725.0%
            Current ratio(2)      2.16       2.94   -26.5%      2.16       2.94   -26.5%
            Debt to equity
             ratio(3)             0.81       1.52   -46.7%      0.81       1.52   -46.7%
            Debt to EBITDA
             ratio(3, 4)          1.65       3.76   -56.1%      1.65       3.76   -56.1%
            Adjusted debt to
             EBITDA ratio(6)      1.33        N/A     N/A       1.33        N/A     N/A
            Notes:
            (1) This News Release contains the term Adjusted EBITDA. Adjusted EBITDA as
            presented does not have any standardized meaning prescribed by international
            financial reporting standards (IFRS) and therefore it may not be comparable
            with the calculation of similar measures for other entities. Management uses
            Adjusted EBITDA to analyze the operating performance of the business.
            Adjusted EBITDA as presented is not intended to represent cash provided by
            operating activities, net earnings or other measures of financial
            performance calculated in accordance with IFRS. It is defined as earnings
            before interest, taxes, depreciation and amortization excluding foreign
            exchange gains or losses which are primarily related to the US dollar
            activities of the Company and can vary significantly depending on exchange
            rate fluctuations, which are beyond the control of the Company, and write
            downs of intangible assets, goodwill impairment, financing costs, gains or
            losses on disposal of assets, stock based compensation, fees and expenses on
            settlement of debt and losses on extinguishment of debt.
            (2) Current ratio calculated as current assets divided by current
            liabilities.
            (3) Debt includes loans and borrowings as per their carrying amounts on the
            balance sheet.
            (4) EBITDA used is Adjusted EBITDA for the trailing twelve months.
            (5) Gross profit calculated as revenue less direct operating expense.
            (6) Aveda recently announced that it has gained the unilateral right to
            convert $4.7 million of convertible debentures to common shares of the
            Company. Management intends to convert these debentures into common shares
            of Aveda before the end of the year. For the purposes of this calculation,
            it is assumed that these debentures had been converted to equity on
            September 30, 2013.
            
            
    
    
    

    Outlook

    Aveda earns revenue primarily by providing specialized transportation
    services to companies engaged in the exploration, development and
    production of petroleum resources. As a result, demand for Aveda’s
    transportation services are generally linked to the economic
    conditions of the energy industry and the general level of drilling
    activity in the exploration, development and production of petroleum
    resources in Western Canada and United States.

    In recent history, total drilling activity in the WCSB and United
    States has been negatively impacted due to, in part, lower natural
    gas prices. This has largely been the result of increased supply
    driven by the fast development of shale gas resources in the United
    States. Countering the decline in natural gas drilling has been a
    relatively strong price for oil which has resulted in oil-focused
    regions, such as those surrounding Aveda’s Pleasanton and Midland, TX
    branches, to experience robust rig counts. In the third quarter of
    2013, the average West Texas Intermediate spot price was
    approximately $106 per barrel, compared to $94 per barrel during the
    first half of 2013(1).

    In Alberta’s portion of the WCSB, third quarter rig counts increased
    approximately 9% relative to the same period in 2012. Despite this
    increase, overall counts remain below 2011 levels due to, in part,
    on-going export capacity bottlenecks and limited capital
    expenditures, particularly in natural gas plays. Instead, many
    companies with natural gas assets have shifted their focus towards
    cautious investments in liquids-rich plays, divesting from dry gas
    assets and reducing overall capital expenditure in expectation of
    market improvements(2).

    Although future natural gas activity remains uncertain in Canada, a
    recent CIBC report(3) suggests that several years of declining
    natural gas production has resulted in a gradual decrease in supply.
    As a result, in combination with the expectation of increasing
    demand, they are forecasting higher natural gas prices in 2014
    relative to what has been experienced in 2013. CIBC also suggests
    that recent events in Canada such as British Columbia’s efforts to
    reach an agreement on a tax framework for LNG exports have focused
    attention on Canada’s world class shale gas resources. Increasing
    confidence in Canada’s natural gas market may be illustrated through
    the recent announcement by Petronas (a Malaysian state-owned oil and
    gas company) that they intend to invest $36 billion in the building
    of both a liquid natural gas plant in British Columbia, as well as
    the pipeline to feed it. If this occurs, it will represent one of the
    largest direct investments in Canada by any country(4).

    Although there is no shortage of future opportunities in Canada, it
    appears that at this time, opportunities for expansion and growth are
    strongest in the US. According to the Baker Hughes Rig Count(5),
    drilling activity in the Eagleford and Permian basins remain close to
    the highest levels experienced in the last ten years. The slight
    decline compared to previous years is not expected to represent any
    significant reduction in Aveda’s activity levels in these regions as
    rig efficiencies have resulted in more frequent rig moves. The
    consistently high activity levels have allowed Aveda to grow
    significantly in these areas, with the opening of two new branches
    (Pleasanton and Midland) in 2012. In contrast, the Barnett basin,
    which is primarily serviced by the Mineral Wells, TX branch,
    continues to face significant declines in rig counts. As a result,
    the Mineral Wells branch continues to work on maximizing revenue and
    EBITDA by focusing efforts on acquiring new customers in higher
    activity, liquids-rich areas to the north.

    (1) U.S. Energy Information Administration, accessed on October 21,
    2013, at

    http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pets=rwtcf=d

    (2)

    http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/encana-puts-brakes-on-liquids-plays/article8656404/

    (3)

    http://www.theglobeandmail.com/globe-investor/investment-ideas/research-reports/article14748216.ece/BINARY/NaturalGas.pdf

    (4)

    http://www.vancouversun.com/technology/Petronas+potential+investment+pegged+billion/9004488/story.html

    (5) Baker Hughes Rig Count, accessed on October 21, 2013, at

    http://phx.corporate-ir.net/phoenix.zhtml?c=79687p=irol-reportsother

    As with the Barnett basin, the Marcellus, which is serviced by
    Aveda’s Williamsport, PA branch, continues to experience significant
    decreases in rig count and it is expected that rig counts will
    continue a slow downward trend in Pennsylvania gas plays. However,
    despite the declines, overall, the branch continued to maintain a
    solid revenue stream. Aveda’s new satellite branch in Buckhannon, WV,
    which is managed by Aveda’s Williamsport team, began operations at
    the beginning of the third quarter. The branch is strategically
    located to service clients in the Utica basin, an area that has
    experienced significant growth in rig counts over the last two years.
    However, the branch is experiencing slower than expected growth. The
    Company will closely monitor this branch’s performance and implement
    action plans for improvement, before evaluating its options on
    whether it will maintain operations at the current location.

    The Company continues to assess the market conditions for its
    services and allocates resources accordingly. The Company plans to
    expend approximately $2.5 – $3.0 million on capital expenditures for
    the remainder of the year. The Company is evaluating the merits of
    acquiring cranes, instead of relying on third party crane operators.
    The result of the crane evaluation may result in additional capital
    expenditure of up to $1.5 million in 2013.

    About Aveda Transportation and Energy Services

    Aveda provides specialized transportation services and equipment
    required for the exploration, development and production of petroleum
    resources in the Western Canadian Sedimentary Basin and in the United
    States of America principally in and around the states of Texas and
    Pennsylvania. Transportation services include both the equipment
    necessary to move the load as well as a trained, professional driver
    capable of securing, moving and manipulating the load at its origin
    and destination. Aveda’s rental operations include the rental of
    tanks, mats, pickers, light towers and other equipment necessary for
    oilfield operations.

    Aveda was incorporated in 1994 as a private company to serve the oil
    and gas industry. In the spring of 2006 the Company went public on
    the TSX Venture Exchange. Aveda has major operations in Calgary, AB,
    Slave Lake, AB, Leduc, AB, Sylvan Lake, AB Mineral Wells, TX,
    Pleasanton, TX, Midland, TX, Williamsport, PA and Buckhannon, WV.
    Aveda is publicly traded on the TSX Venture Exchange under the symbol
    AVE. For more information on Aveda please visit www.avedaenergy.com.

    This News Release contains certain forward-looking statements and
    forward-looking information (collectively referred to herein as
    “forward-looking statements”) within the meaning of applicable
    Canadian securities laws. All statements other than statements of
    present or historical fact are forward-looking statements.
    Forward-looking statements are often, but not always, identified by
    the use of words such as “anticipate”, “achieve”, “could”, “believe”,
    “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”,
    “outlook”, “expect”, “may”, “will”, “project”, “should” or similar
    words, including negatives thereof, suggesting future outcomes. In
    particular, this News Release contains forward-looking statements
    relating to: demand for the Company’s services and general industry
    activity level; the Company’s growth opportunities; and expectation
    to maintain revenue and equipment utilization. Aveda believes the
    expectations reflected in such forward-looking statements are
    reasonable as of the date hereof but no assurance can be given that
    these expectations will prove to be correct and such forward-looking
    statements should not be unduly relied upon.

    Various material factors and assumptions are typically applied in
    drawing conclusions or making the forecasts or projections set out in
    forward-looking statements. Those material factors and assumptions
    are based on information currently available to Aveda, including
    information obtained from third party industry analysts and other
    third party sources. In some instances, material assumptions and
    material factors are presented elsewhere in this News Release in
    connection with the forward-looking statements. Readers are cautioned
    that the following list of material factors and assumptions is not
    exhaustive. Specific material factors and assumptions include, but
    are not limited to:

    
    
    
    
    
    
            
            --  the performance of Aveda's businesses, including current business and
                economic trends;
            --  oil and natural gas commodity prices and production levels;
            --  the effect of the rebranding on Aveda's businesses;
            --  capital expenditure programs and other expenditures by Aveda and its
                customers:
            --  the ability of Aveda to retain and hire qualified personnel;
            --  the ability of Aveda to obtain parts, consumables, equipment,
                technology, and supplies in a timely manner to carry out its activities;
            --  the ability of Aveda to maintain good working relationships with key
                suppliers;
            --  the ability of Aveda to market its services successfully to existing and
                new customers;
            --  the ability of Aveda to obtain timely financing on acceptable terms;
            --  currency exchange and interest rates;
            --  risks associated with foreign operations;
            --  changes under governmental regulatory regimes and tax, environmental and
                other laws in Canada and the United States; and
            --  a stable competitive environment.
            
            
    
    
    

    Forward-looking statements are not a guarantee of future performance
    and involve a number of risks and uncertainties, some of which are
    described herein. Such forward-looking statements necessarily involve
    known and unknown risks and uncertainties, which may cause Aveda’s
    actual performance and financial results in future periods to differ
    materially from any projections of future performance or results
    expressed or implied by such forward-looking statements. These risks
    and uncertainties include, but are not limited to, the risks
    identified in Aveda’s annual information form and management
    discussion and analysis for the year ended December 31, 2012 (the
    “MDA”). Any forward-looking statements are made as of the date
    hereof and, except as required by law, Aveda assumes no obligation to
    publicly update or revise such statements to reflect new information,
    subsequent or otherwise.

    This News Release contains the terms EBITDA and Adjusted EBITDA which
    are defined in the MDA. EBITDA and Adjusted EBITDA as presented do
    not have any standardized meaning prescribed by international
    financial reporting standards (IFRS) and therefore may not be
    comparable with the calculation of similar measures for other
    entities. Management uses Adjusted EBITDA to analyze the operating
    performance of the business. Adjusted EBITDA as presented is not
    intended to represent cash provided by operating activities, net
    earnings or other measures of financial performance calculated in
    accordance with IFRS.

    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 release.

    
    
    
    
    
    
            
            Contacts:
            Aveda Transportation and Energy Services Inc.
            Bharat Mahajan, CA
            Vice President, Finance and Chief Financial Officer
            (403) 264-5769
            bharat.mahajan@avedaenergy.com
            www.avedaenergy.com
            
            
            
    
    
    

    SOURCE: Aveda Transportation and Energy Services

    (C) 2013 Marketwire L.P. All rights reserved.

    /quotes/zigman/10676995/realtime




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