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Commercial Solutions Inc.(TSX:CSA) announced the Company’s financial results for the three-month and nine-month period ended June 30, 2012.
Highlights include:
Commercial reported revenues of $27.7 million, a 6.3% growth from the third quarter in the prior year. EBITDA for the quarter was $1.0 million, representing a 4.7% improvement from the same period in the prior year. The Company reported net earnings of $0.2 million for the quarter compared to $0.1 million during the same quarter of fiscal 2011.
Commercial Solutions, President and CEO, commented:
We experienced a lower growth rate this quarter compared to the rate we have been trending over the last five quarters. This was driven primarily by the lower rig utilization rate experienced in Western Canada as oilfield activity was subject to unrelenting rain and cool temperatures through the months of May and June. Seasonal recovery is currently underway but continues at a lower rate than last year. However, our focused effort on increasing our sales base in Saskatchewan and the US marketplace continues to show positive results. Over the last nine months, we have invested significantly in our US operation, ensuring that we are fully able to service the energy sector in Texas. With no concerns over a spring break-up, field activity continues all year round. As we expand our business base at our Houston operation, we will lessen the impact of weather on our overall corporate revenues. Each of these expansion markets will remain a key focus for the remainder of the year and are expected to produce continued growth in revenues and profitability.
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