ClearStream Announces New Project Award and Contract Renewals
January 02 2019 - 5:39PM
ClearStream Energy Services Inc. (“ClearStream”, TSX: CSM and
CSM.DB.A) is pleased to announce four significant contract renewals
and new work for Q4 2018. Four of ClearStream’s contracts
with major Upstream, Midstream and Downstream Oil and Gas companies
in Canada were up for renewal and all four were renewed,
representing a 100% contract renewal rate for the third year in a
row. Those renewals, together with a new project award from a major
Midstream Oil and Gas company, are estimated to generate a total of
$120 million in new backlog. ClearStream and its subsidiaries will
be executing mechanical work, turnarounds and maintenance,
fabrication and onsite construction services for the
above-referenced companies.
“We are pleased to end 2018 with this positive
momentum as we continue to execute on our strategic growth
initiatives. As evidenced by our contract renewal rate despite a
volatile market environment, we are recognized as a trusted
provider of industrial and asset integrity services to improve our
customers’ facilities and operations in a safe, efficient and
cost-effective manner. With such a backlog in hand, ClearStream
will continue to expand its scope of services and geographical
footprint with more value-added solutions and technologies,” said
Yves Paletta, Chief Executive Officer.
About ClearStream Energy Services Inc.
With a legacy of excellence and experience
stretching back more than 50 years, ClearStream provides solutions
to the Energy and Industrial markets including: Oil & Gas,
Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure
and Water Treatment. With offices strategically located across
Canada and over 3,000 employees, we provide maintenance,
construction and environmental services that keep our clients
moving forward. For more information about ClearStream, please
visit www.ClearStreamEnergy.ca.
Forward-looking information
This report contains certain forward-looking information.
Certain information included in this report may constitute
forward-looking information within the meaning of securities
laws. In some cases, forward-looking information can be
identified by terminology such as “may”, “will”, “should”,
“expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”,
“potential”, “continue” or the negative of these terms or other
similar expressions concerning matters that are not historical
facts. Forward-looking information may relate to management’s
future outlook and anticipated events or results and may include
statements or information regarding the future plans or prospects
of ClearStream and reflects management’s expectations and
assumptions regarding the growth, results of operations,
performance and business prospects and opportunities of
ClearStream. Without limitation, information regarding the
future operating results and economic performance of ClearStream
constitute forward-looking information. Such forward-looking
information reflects management’s current beliefs and is based on
information currently available to management of ClearStream.
Forward-looking information involves significant risks and
uncertainties. A number of factors could cause actual events
or results to differ materially from the events and results
discussed in the forward-looking information including risks
related to investments, conditions of capital markets, economic
conditions, commodity prices, dependence on key personnel, limited
customer bases, interest rates, regulatory change, ability to meet
working capital requirements and capital expenditures needs of the
Company, factors relating to the weather and availability of
labour. These factors should not be considered exhaustive. In
addition, in evaluating this information, investors should
specifically consider various factors, including the risks outlined
under “Risk Factors,” in the company’s 2017 Annual Information Form
dated February 28, 2018, which may cause actual events or results
to differ materially from any forward-looking statement. In
formulating forward-looking information herein, management has
assumed that business and economic conditions affecting ClearStream
will continue substantially in the ordinary course, including
without limitation with respect to general levels of economic
activity, regulations, taxes and interest rates. Although the
forward-looking information is based on what management of
ClearStream considers to be reasonable assumptions based on
information currently available to it, there can be no assurance
that actual events or results will be consistent with this
forward-looking information, and management’s assumptions may prove
to be incorrect. This forward-looking information is made as of the
date of this report, and ClearStream does not assume any obligation
to update or revise it to reflect new events or circumstances
except as required by law. Undue reliance should not be placed on
forward-looking information. ClearStream is providing the
forward-looking financial information set out in this report for
the purpose of providing investors with some context for the
outlook presented. Readers are cautioned that this information may
not be appropriate for any other purpose.
Non-standard measuresThe terms
‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively the ‘‘Non-GAAP
measures’’) are financial measures used in this report that are not
standard measures under IFRS. ClearStream’s method of
calculating Non-GAAP measures may differ from the methods used by
other issuers. Therefore, ClearStream’s Non-GAAP measures, as
presented may not be comparable to similar measures presented by
other issuers.
EBITDAS refers to net earnings
determined in accordance with IFRS, before depreciation and
amortization, interest expense, income tax expense (recovery) and
stock based compensation. EBITDAS is used by management and the
directors of ClearStream (the “Directors”) as well as many
investors to determine the ability of an issuer to generate cash
from operations. Management also uses EBITDAS to monitor the
performance of ClearStream’s reportable segments and believes that
in addition to net income or loss and cash provided by operating
activities, EBITDAS is a useful supplemental measure from which to
determine ClearStream’s ability to generate cash available for debt
service, working capital, capital expenditures and income taxes.
ClearStream has provided a reconciliation of income (loss) from
continuing operations to EBITDAS in its consolidated financial
statements and MD&A.
Adjusted EBITDAS refers to
EBITDAS excluding income from equity investments, the gain on sale
of assets held for sale, impairment of goodwill and intangible
assets, restructuring costs, one-time non-recurring costs as
identified by management, and gain on sale of property plant and
equipment. ClearStream has used Adjusted EBITDAS as the basis for
the analysis of its past operating financial performance. Adjusted
EBITDAS is used by ClearStream and management believes it is a
useful supplemental measure from which to determine ClearStream’s
ability to generate cash available for debt service, working
capital, capital expenditures, and income taxes. Adjusted
EBITDAS is a measure that management believes facilitates the
comparability of the results of historical periods and the analysis
of its operating financial performance which may be useful to
investors. ClearStream has provided a reconciliation of income
(loss) from continuing operations to Adjusted EBITDAS in its
MD&A.
Investors are cautioned that the Non-GAAP
Measures are not alternatives to measures under IFRS and should
not, on their own, be construed as an indicator of performance or
cash flows, a measure of liquidity or as a measure of actual return
on the shares. These Non-GAAP measures should only be used
with reference to ClearStream’s Interim Financial Statements and
Annual Financial Statements available on SEDAR at www.sedar.com or
www.clearstreamenergy.ca.
For further information, please
contact:
Yves PalettaChief Executive OfficerClearStream
Energy Services Inc.ypaletta@clearstreamenergy.ca
ClearStream Energy Servi... (TSX:CSM)
Historical Stock Chart
From Jun 2024 to Jul 2024
ClearStream Energy Servi... (TSX:CSM)
Historical Stock Chart
From Jul 2023 to Jul 2024