Horizon North Logistics Inc. Announces Results for the Period Ended March 31, 2007
CALGARY, Alberta, Canada, May 10 – Horizon North Logistics Inc. (“Horizon” or the “Company”) reported its financial and operating results for the three months ended March 31, 2007 and 2006. These 2007 results are not comparable to the results for 2006 due to the significant transactions completed by the Company in the last six months.Camps & Catering
The Camps & Catering segment earned $23.4 million of revenue and generated $8.5 million of EBITDAS and $6.8 million of operating earnings in the three months ended March 31, 2007. Revenue for the quarter consisted of camp rental revenue of $8.7 million, catering revenue of $9.7 million, camp sales revenue of $2.3 million, and service and other revenue of $2.7 million. In the three months ended March 31, 2007, the segment had 5,962 camp rental days, 139,109 catering mandays, and sold one 200-man kitchen/diner complex, one 50-man camp, one 28-man camp, and one transmitter building.
A partial night shift was added at the manufacturing facility in Grande Prairie resulting in an increase in productivity of approximately 14%. The camp equipment required to fill the order for a mine operator in Nunavut is currently in production and is on schedule to be delivered to the barging site in Hay River in June. Once this work is completed, production capacity for the remainder of the year will be primarily allocated to equipment for the rental fleet and customer orders through our aboriginal partnerships.
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