CALGARY, AB – Oil field transporter and related services provider Aveda Transportation and Energy Services Inc. moved back into the black during the second quarter of the year, accordign to its newly released earnings.
Net income for the three months totaled $5.9 million, compared to a $0.3 million of loss for the same period in 2014. Earnings per share were $0.31 compared to a loss per share of $0.02 during the same time.
Onetime items related to the acquisition of Hodges Trucking Co. had a positive impact on earnings of approximately $9.9 million, or $0.52 per share, according to the company. Excluding them it would have generated an operating loss of $4.0 million or $0.21 per share in the second quarter of 2015.
Revenue during the second quarter fell 28.2 percent from a year earlier to $23 million, which the company attributed to the significant slow-down experienced in the oil and gas sector due to the drastic decline in the price of oil and natural gas
For the six months of the year revenue declined by $7.9 million to $59.7 million, compared to the same period in 2014. U.S. revenue increased by 4.1 percent and Canadian revenue decreased by 60.7 percent which resulted in an overall revenue decrease of 11.6 percent.
“Amidst the current cyclical downturn in the oil and gas industry, we are continuing to position the company for the future. The transformative acquisition of Hodges will further cement the company as a dominant force in the rig moving industry.” said Kevin Roycraft, president and CEO. “We are continuing to optimize our operations and realizing all potential synergy the Hodges acquisition may offer in order to weather the current industry condition and emerge from the current environment stronger and more profitable.”
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