MULLENS TRANSPORTATION SAW RECORD YEAR 2000

ALDERSYDE, Alta — Mullen Transportation had a record year in 2000, thanks in part to the red-hot oil and natural gas sector in Canada’s west.

Consolidated revenues for the 12 months ended Dec. 31 were $340.2 million, an increase of 30.3 per cent over the prior year.

Earnings were also up with operating income (EBITDA) growing by 43.9 per cent, to $62.2 million from $43.3 million, and net income rising by $15.0 million to $30.8 million.

Per share earnings were up 89.8 per cent, to $2.24, as compared to $1.18.

As for the fourth quarter, Mullens’ had consolidated revenue growth of 30.6 per cent to $95.7 million, up from $73.3 million, primarily as a result of growth in the Oilfield Services and Logistics Divisions.

Net income and per share earnings were double last year’s results, improving to $11.0 million and 79 cents a share, respectively.

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