Divestco Inc. ("Divestco" or the "Company") (TSX VENTURE:DVT) announces its
operating results for the three and twelve months ended December 31, 2010.
On September 29, 2010, the Company closed the sale of its 2D and 3D seismic data
library (the "Transaction"). The purchase price included $55.7 million in cash
(excluding a purchase price adjustment of $0.5 million and transaction costs of
$1.8 million) and 14,285,000 shares of Pulse Seismic Inc. ("Pulse") valued at
$20 million. All the shares of Pulse received as part of the Transaction were
distributed to the shareholders of Divestco. In addition, the Company paid a
special cash dividend of $8.6 million ($0.20 per share) on October 25, 2010 to
shareholders on record at the close of business on October 19, 2010.
On December 23, 2010, the Company closed a private placement whereby it sold
15,825,217 units ("Units") at a price of $0.22 per Unit for total gross proceeds
of $3,481,548. Each Unit comprised one Class A share of Divestco (the "Share")
and one non-transferable share purchase warrant (the "Warrant"). Each Warrant
entitles the holder to purchase one Share on or before December 31, 2012 at an
exercise price of $0.32 per Share. The shares and the warrants, and any shares
issued on exercise of the warrants are subject to a hold period under applicable
Canadian securities laws and polices of the TSXV. On January 10, 2011 the
Company announced it had issued an additional 454,546 Units at a price of $0.22
per Unit and therefore increased the Offering to 16,279,763 Units. Total
proceeds raised were $3,581,548.
Excluding the current portion of deferred revenue of $3.4 million (December 31,
2009 - $5.5 million), Divestco ended 2010 with a $3.7 million working capital
surplus compared to a $6.3 million deficiency at the end of 2009. One of the
main reasons Divestco sold its seismic database was to restore its working
capital to a positive position.
Divestco realized a net loss for the fourth quarter of 2010 of $7.5 million
($0.17 per share - basic and diluted) compared to net loss of $7.3 million
($0.17 cents per share - basic and diluted) for the same period in 2009. Q4 2010
included various one-time charges including a non-cash charge of $0.9 million
related to a sublease loss accrual, $1.9 million in bad debt write-offs and $0.4
million related to a lawsuit settlement. Together these pre-tax items totaled
$3.2 million (7 cents per share - basic and diluted).
For the year ended December 31, 2010, Divestco had a net loss of $65 million
($1.53 per share - basic and diluted) compared to net loss of $6.2 million (15
cents per share - basic and diluted) for the same period in 2009, a $58.8
million increase. $40.9 million ($0.96 per share - basic and diluted) of the net
loss for 2010 was attributed to the Transaction. In addition the Company
recorded a non-cash sublease loss of $3 million, $0.4 million related to a
lawsuit settlement and $4.8 million in bad debt write-offs. Together these
pre-tax items totaled $49.1 million ($1.15 cents per share - basic and diluted).
During the fourth quarter of 2010, Divestco generated revenue of $8.2 million, a
decrease of $2.1 million (20%) from $10.3 million for the same period in 2009.
EBITDA was $(4.9) million, a $5 million decrease from $0.1 million for the same
period in 2009. The Company had funds from operations of $(4.8) million (11
cents per share - basic and diluted) for the fourth quarter of 2010, compared to
$(47,000) (0 cents per share - basic and diluted) for the same period in 2009.
During the year ended December 31 2010, Divestco generated revenue of $41.1
million, a decrease of $20.9 million (34%) from $62 million for the same period
in 2009. EBITDA was $(6.3) million, a $31.2 million (125%) decrease from $24.9
million for the same period in 2009. The Company had funds from operations of
$(6.7) million (16 cents per share - basic and diluted) for 2010, a decrease of
$30.8 million (128%) as compared to $24.1 million (57 cents per share - basic
and diluted) for the same period in 2009.
In Q4 2010, Divestco commenced rebuilding its seismic data library by completing
a 65 square kilometer 3D seismic survey in Q1 2011. The Company also signed an
agreement in Q4 2010 whereby in exchange for a license to Divestco owned data,
it obtained the trading rights to an existing 3D survey covering an adjacent
area of 67 square kilometers in Q1 2011.
Mr. Stephen Popadynetz, Chief Executive Officer and President: "Divestco
incurred a number of one-time charges in 2010 which totaled approximately $49.1
million. With most of these one time charges behind us and much of our
double-rent period also paid for, we anticipate a return to profitability in
2011. We have now successfully restructured Divestco, began the recapitalization
of the Company, and we are back in the seismic database business. As we capture
many new and exciting seismic opportunities we have begun the process of
building another world class database. In addition, we are continuing to grow a
significant software, services and data business organically and we are looking
at acquisition opportunities. Divestco looks very similar to the business we had
in 2003, only our starting point is an entity five times the size with much more
scale and breadth. While the economic outlook is still challenged, we the
management and Board of Directors are enthusiastically looking forward to the
upcoming opportunities for Divestco in the near to medium term."
Non-GAAP Measures
Divestco uses EBITDA and operating income as key measures to evaluate the
performance of segments, divisions and the Company, with the closest GAAP
measure being net income. EBITDA and operating income are measures commonly
reported and widely used by investors as indicators of the Company's operating
performance and ability to incur and service debt, and as a valuation metric.
The Company believes EBITDA and operating income assist investors in comparing
the Company's performance on a consistent basis without regard to financing
decisions, and depreciation and amortization, which are non-cash in nature and
can vary significantly depending upon accounting methods or non-operating
factors such as historical cost.
EBITDA and operating income are not calculations based on Canadian GAAP and
should not be considered alternatives to net income in measuring the Company's
performance; nor should they be used as exclusive measures of cash flow, because
they do not consider the impact of working capital growth, capital expenditures,
debt principal reductions and other sources and uses of cash, which are
disclosed in the Consolidated Statements of Cash Flows. Investors should
carefully consider the specific items included in Divestco's computation of
EBITDA and operating income. While EBITDA and operating income have been
disclosed herein to permit a more complete comparative analysis of the Company's
operating performance and debt servicing ability relative to other companies,
investors should be cautioned that EBITDA and operating income as reported by
Divestco may not be comparable in all instances to EBITDA and operating income
as reported by other companies.
EBITDA is calculated as follows:
Three Months Ended Year Ended
December 31 December 31
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(Thousands) 2010 2009 2010 2009
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Net Loss $ (7,500) $ (7,291) $(65,003) $ (6,197)
Income Tax Expense (Reduction) (1) (1,442) (12,455) (3,316)
Other Income (loss) (10) (19) (41,416) 4,371
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Operating Loss $ (7,491) $ (8,714) $(36,042) $(13,884)
Interest 703 473 3,028 2,941
Depreciation and Amortization 1,857 7,248 26,706 34,692
Impairment of goodwill and
intangible assets - 1,115 - 1,115
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EBITDA (4,931) 122 (6,308) 24,864
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Divestco reports funds from operations because it is a key measure used by
management to evaluate its performance and to assess the ability of the Company
to finance operating activities and capital expenditures. Funds from operations
excludes certain working capital changes and other sources and uses of cash,
which are disclosed in the Consolidated Statements of Cash Flows.
Funds from operations is not a calculation based on Canadian GAAP and should not
be considered an alternative to the Consolidated Statements of Cash Flows. Funds
from operations is a measure that can be used to gauge Divestco's capacity to
generate discretionary cash flow. Investors should be cautioned that funds from
operations as reported by Divestco may not be comparable in all instances to
funds from operations as reported by other companies. While the closest GAAP
measure is cash flows from operating activities, funds from operations is
considered relevant because it provides an indication of how much cash generated
by operations is available before proceeds from divested assets and changes in
certain working capital items.
Funds from operations is calculated as follows:
Three Months Ended Year Ended
December 31 December 31
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(Thousands) 2010 2009 2010 2009
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Cash Flows from Operating Activities $ (8,374) $ 4,538 $ 3,846 $ 23,822
Changes in Non-Cash Working Capital
Balances 3,573 (4,520) (10,264) 354
Decrease in non-current deferred
revenue - - - 263
Decrease in Long-Term Prepaid
Expense - (65) (238) (354)
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Funds from Operations $ (4,801) $ (47) $ (6,656) $ 24,085
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Financial Highlights
Financial Results (Thousands, Except Per Share Amounts)
----------------------------------------------------------------------------
Three Months Ended December 31
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2010 2009 $ Change % Change
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Revenue $ 8,235 $ 10,268 $ (2,033) -20%
Operating Expenses 13,166 10,146 3,020 30%
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EBITDA (4,931) 122 (5,053) -4142%
Interest 703 473 230 49%
Depreciation and Amortization 1,857 7,248 (5,391) -74%
Impairment of Goodwill and
Intangibles - 1,115 -100%
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Operating Loss (7,491) (8,714) 108 -14%
Other Income (Loss) (10) (19) 9 -47%
Income Tax Expense (Reduction) (1) (1,442) 1,441 -100%
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Net Loss $ (7,500) $ (7,291) $ (209) 3%
Per Share - Basic (0.17) (0.17) - 0%
Per Share - Diluted (0.17) (0.17) - 0%
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Funds from Operations $ (4,801) $ (47) $ (4,754) 10115%
Per Share - Basic (0.11) - (0.11) N/A
Per Share - Diluted (0.11) - (0.11) N/A
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Shares Outstanding 58,938 41,958 N/A 40%
Weighted Average Shares Outstanding
Basic 44,491 41,958 N/A 6%
Diluted 44,491 41,958 N/A 6%
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Financial Results (Thousands, Except Per Share Amounts)
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Year Ended December 31
----------------------------------------------------------------------------
2010 2009 $ Change % Change
----------------------------------------------------------------------------
Revenue $ 41,140 $ 61,976 $(20,836) -34%
Operating Expenses 47,448 37,112 10,336 28%
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EBITDA (6,308) 24,864 (31,172) -125%
Interest 3,028 2,941 87 3%
Depreciation and Amortization 26,706 34,692 (7,986) -23%
Impairment of Goodwill and
Intangibles - 1,115 (1,115) -100%
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Operating Loss (36,042) (13,884) (22,158) 160%
Other Income (Loss) (41,416) 4,371 (45,787) -1048%
Income Tax Expense (Reduction) (12,455) (3,316) (9,139) 276%
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Net Loss $(65,003) $ (6,197) $(58,806) 949%
Per Share - Basic (1.53) (0.15) (1.38) 920%
Per Share - Diluted (1.53) (0.15) (1.38) 920%
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Funds from Operations $ (6,656) $ 24,085 $(30,741) -128%
Per Share - Basic (0.16) 0.57 (0.73) -128%
Per Share - Diluted (0.16) 0.57 (0.73) -128%
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Shares Outstanding 58,938 41,958 N/A 40%
Weighted Average Shares Outstanding
Basic 42,601 41,958 N/A 2%
Diluted 42,601 41,958 N/A 2%
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Segment Review Summary
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For the three months ended December 31, 2010 (Thousands)
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Software Seismic Corporate
and Data Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 2,303 $ 3,896 $ 2,036 $ - $ 8,235
EBITDA 838 93 (1,075) (4,787) (4,931)
Interest (Net of Interest
Revenue) - (1) (1) 705 703
Depreciation and
Amortization 1,251 414 47 145 1,857
Operating Income (Loss) (413) (320) (1,121) (5,637) (7,491)
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For the three months ended December 31, 2009 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 3,086 $ 4,244 $ 2,938 $ - $ 10,268
EBITDA 1,621 141 553 (2,193) 122
Interest (Net of Interest
Revenue) - - - 473 473
Depreciation and
Amortization 351 496 5,991 410 7,248
Impairment of goodwill and
intangibles - 1,115 - - 1,115
Operating Income (Loss) 1,270 (1,470) (5,438) (3,076) (8,714)
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For the year ended December 31, 2010 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 9,386 $ 18,044 $ 13,710 $ - $ 41,140
EBITDA 3,265 2,247 4,484 (16,304) (6,308)
Interest (Net of Interest
Revenue) - (1) (1) 3,030 3,028
Depreciation and
Amortization 3,327 1,658 20,940 781 26,706
Operating Income (Loss) (62) 590 (16,455) (20,115) (36,042)
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For the year ended December 31, 2009 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 11,224 $ 20,333 $ 30,419 $ - $ 61,976
EBITDA 5,036 1,875 25,808 (7,855) 24,864
Interest (Net of Interest
Revenue) 17 - 20 2,904 2,941
Depreciation and
Amortization 2,298 2,670 28,187 1,537 34,692
Impairment of goodwill and
intangibles - 1,115 - - 1,115
Operating Income (Loss) 2,721 (1,910) (2,399) (12,296) (13,884)
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Divestco Inc.
Consolidated Balance Sheets
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As at December 31 2010 2009
----------------------------------------------------------------------------
(Thousands - Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $ 3,696 $ 768
Funds held in trust 15 17
Accounts receivable 11,759 19,267
Prepaid expenses, supplies and deposits 237 708
Income taxes receivable 287 391
----------------------------------------------------------------------------
15,994 21,151
Long-term prepaid expense - 846
Investment in affiliated company 100 88
Data libraries 5,058 138,712
Participation surveys in progress 1,253 2,186
Property and equipment 3,026 2,747
Deferred development costs 6,737 6,699
Intangible assets 2,816 3,494
----------------------------------------------------------------------------
$ 34,984 $ 175,923
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Liabilities and Shareholders' Equity
Current Liabilities
Bank indebtedness $ 2,050 $ -
Accounts payable and accrued liabilities 8,248 21,184
Current portion of deferred revenue 3,422 5,543
Sublease loss 1,655 -
Current portion of long-term debt obligations 368 6,217
----------------------------------------------------------------------------
15,743 32,944
Long-term debt obligations 188 20,685
Sublease loss 1,378 -
Convertible Debentures - 3,602
Future income taxes - 12,342
----------------------------------------------------------------------------
17,309 69,573
----------------------------------------------------------------------------
Shareholders' Equity
Equity instruments 75,253 70,518
Contributed surplus 5,744 5,473
Equity portion of convertible debentures - 56
Retained earnings (63,322) 30,303
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17,675 106,350
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$ 34,984 $ 175,923
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Divestco Inc.
Consolidated Statements of Income (Loss), Comprehensive Income (Loss) and
Retained Earnings (Deficit)
----------------------------------------------------------------------------
For the three
months ended For the year ended
December 31 December 31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
(Thousands, Except Per Share Amounts
- Unaudited)
----------------------------------------------------------------------------
Revenue $ 8,235 $ 10,268 $ 41,140 $ 61,976
----------------------------------------------------------------------------
Operating expenses
Salaries and benefits 5,122 5,090 21,344 21,889
General and administrative 7,206 5,029 22,366 14,705
Sublease loss 861 - 2,968 -
Stock compensation expense (23) 27 770 518
----------------------------------------------------------------------------
13,166 10,146 47,448 37,112
----------------------------------------------------------------------------
Interest expense 703 473 3,028 2,941
Depreciation and amortization 1,857 7,248 26,706 34,692
Impairment of goodwill and
intangible assets - 1,115 - 1,115
Other income (loss) (10) (19) (41,416) 4,371
----------------------------------------------------------------------------
Loss before income taxes (7,501) (8,733) (77,458) (9,513)
----------------------------------------------------------------------------
Income taxes
Current (recovery) (1) (217) (113) (4,685)
Future (reduction) - (1,225) (12,342) 1,369
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(1) (1,442) (12,455) (3,316)
----------------------------------------------------------------------------
Net loss and comprehensive loss for
the period (7,500) (7,291) (65,003) (6,197)
Retained earnings, beginning of
period (47,199) 37,594 30,303 36,500
Distribution of Pulse shares to
Divestco shareholders and cash
dividends paid (8,623) - (28,622) -
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Retained earnings (deficit), end of
period $(63,322) $ 30,303 $(63,322) $ 30,303
----------------------------------------------------------------------------
Net loss per share
Basic and Diluted $ (0.17) $ (0.17) $ (1.53) $ (0.15)
Weighted average number of shares
Basic and Diluted 44,491 41,958 42,601 41,958
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Divestco Inc.
Consolidated Statements of Cash Flows
----------------------------------------------------------------------------
For the three
months ended For the year ended
December 31 December 31
----------------------------------------------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
(Thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from operating activities
Net loss for the period $ (7,500) $ (7,291) $(65,003) $ (6,197)
Items not affecting cash:
Equity investment gain 4 6 (12) (8)
Depreciation and amortization of
data libraries, property and
equipment and intangible assets 562 7,140 23,778 33,211
Impairment of goodwill and
intangible assets - 1,115 - 1,115
Amortization of deferred
development costs 1,230 108 2,863 1,481
Amortization of deferred finance
costs - 67 478 346
Amortization of deferred finance
costs and accretion of liability
portion of convertible debentures - 6 148 6
Sublease loss 861 - 2,968 -
Accretion of sublease loss 65 - 65 -
Future income taxes (reduction) - (1,225) (12,342) 1,369
Data exchanges - - (1,775) (3,321)
Loss on sale of data libraries - - 41,496 -
Gain on sale of property and
equipment - - (90) (4,435)
Stock compensation expense (23) 27 770 518
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(4,801) (47) (6,656) 24,085
Changes in non-cash working capital
balances (3,573) 4,520 10,264 (354)
Decrease in non-current deferred
revenue - - - (263)
Decrease in long-term prepaid
expense - 65 238 354
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(8,374) 4,538 3,846 23,822
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Cash flows from (used in) financing
activities
Bank indebtedness 2,050 - 2,050 -
Issue of common shares, net of
related expenses 3,452 - 4,180 -
Dividends paid (8,623) - (8,623) -
Repayment of long-term debt
obligations (190) (5,817) (28,883) (14,572)
Repayment of debentures - - (3,750) -
Deferred financing costs - (98) (50) (173)
Proceeds from Debenture issue - 3,750 - 3,750
Proceeds received from long-term
debt obligations (net of committed
revolver repayments) - (2,606) 1,737 (6,971)
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(3,311) (4,771) (33,339) (17,966)
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Cash flows from (used in) investing
activities
Purchase of data libraries - (56) (2,195) (7,246)
Decrease in participation surveys
in progress (1,201) (1,978) 933 2,522
Purchase of property and equipment (1,058) (81) (1,760) (1,500)
Proceeds on sale of data libraries - - 54,434 -
Proceeds on sale of property and
equipment - - 93 3,340
Deferred development costs (268) (497) (2,901) (1,979)
Changes in non-cash working capital
balances (4,576) 2,260 (16,185) (2,036)
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(7,103) (352) 32,419 (6,899)
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Foreign exchange gain (loss) on cash
held in a foreign currency (1) 2 2 -
----------------------------------------------------------------------------
Increase (decrease) in cash and cash
equivalents (18,789) (583) 2,928 (1,043)
Cash and cash equivalents,
beginning of period 22,485 1,351 768 1,811
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Cash and cash equivalents, end of
period $ 3,696 $ 768 $ 3,696 $ 768
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Divestco is an exploration services company that provides a comprehensive and
integrated portfolio of data, software, and services to the oil and gas
industry. Through continued commitment to align and bundle products and services
to generate value for customers, Divestco is creating an unparalleled set of
integrated solutions and unique benefits for the marketplace. Divestco's breadth
of data, software and services offers customers the ability to access and
analyze the information required to make business decisions and to optimize
their success in the upstream oil and gas industry. Divestco is headquartered in
Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol
"DVT".
This press release contains forward-looking information related to the Company's
capital expenditures, projected growth, view and outlook towards future oil and
gas prices and market conditions, and demand for its products and services.
Statements that contain words such as "could', "should", "can", "anticipate",
"expect", "believe", "will", "may" and similar expressions and statements
relating to matters that are not historical facts constitute "forward-looking
information" within the meaning applicable by Canadian securities legislation.
Although management of the Company believes that the expectations reflected in
such forward-looking information are reasonable, there can be no assurance that
such expectations will prove to have been correct because, should one or more of
the risks materialize, or should the assumptions underlying forward-looking
statements or forward-looking information prove incorrect, actual results may
vary materially from those described in this press release as intended, planned,
anticipated, believed, estimated or expected. Except where required by law, the
Company does not assume any obligation to update these forward-looking
statements or forward-looking information if conditions or opinions should
change. Readers should not place undue reliance on forward-looking statements or
forward- looking information. All of the forward-looking statements and
forward-looking information of the Company contained in this press release are
expressly qualified, in their entirety, by this cautionary statement.
In particular, this press release contains forward-looking statements pertaining
to the following: the Company's ability to reduce debt, improve liquidity,
correct its working capital deficiency and maintain profitability in the current
economy; availability of external and internal funding for future operations;
relative future competitive position of the Company; nature and timing of
growth; future sales of the Company's seismic data library; oil and natural gas
production levels; planned capital expenditure programs; supply and demand for
oil and natural gas; future demand for products/services; commodity prices;
fluctuations in interest rates; impact of Canadian federal and provincial
governmental regulation on the Company; expected levels of operating costs,
general administrative costs, costs of services and other costs and expenses;
future ability to execute dispositions of assets or businesses; expectations
regarding the Company's ability to raise capital and to add to seismic data
through new seismic shoots and acquisition of existing seismic data; treatment
under tax laws.
These forward-looking statements are based upon assumptions including: that
future prices for crude oil and natural gas, future interest rates and future
availability of debt and equity financing will be at levels and costs that allow
the Company to manage, operate and finance its business and develop its software
products and various oil and gas datasets including its seismic data library,
and meet its future obligations; that the regulatory framework in respect of
royalties, taxes and environmental matters applicable to the Company and its
customers will not become so onerous on both the Company and its customers as to
preclude the Company and its customers from viably managing, operating and
financing its business and the development of its software and data; and that
the Company will continue to be able to identify, attract and employ qualified
staff and obtain the outside expertise as well as specialized and other
equipment it requires to manage, operate and finance its business and develop
its properties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the Company's control, including:
general economic, market and business condition; volatility in market prices for
crude oil and natural gas; ability of Divestco's clients to explore for, develop
and produce oil and gas; availability of financing and capital; fluctuations in
interest rates; demand for the Company's product and services; weather and
climate conditions; competitive actions by other companies; availability of
skilled labour; failure to obtain regulatory approvals in a timely manner;
adverse conditions in the debt and equity markets; and government actions
including changes in environment and other regulations.
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