Horizon North Logistics Inc. Announces Results for Quarter Ended September 30, 2018
Press Release
CALGARY, ALBERTA, October 31, 2018 – TSX Symbol: HNL
Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) reported its financial and operating results for the three and nine months ended September 30, 2018 and 2017.
Third Quarter Highlights
- Q3 2018 financial results showed significant improvement with the strongest Revenue, EBITDAS and Operating earnings since Q1 2017 primarily driven by improved Modular Solutions results;
- The Modular Solutions division exited the quarter with backlog of $99.9 million compared to $64.5 million at Q2 2018. The funnel of high-quality, high probability opportunities also increased, closing the quarter in the range of $250 million compared to $165 million at Q2 2018;
- With the recently announced positive Final Investment Decision (“FID”) by LNG Canada of its liquefied natural gas (“LNG”) project located in Kitimat, British Columbia, Horizon North has started to execute on its west coast LNG strategy. The strategy will be focused on the installation of an initial 200 beds of a potential 1,000 bed open camp facility and development of commercial and residential modular offerings on Horizon North’s fully serviced land position in Kitimat, British Columbia;
- Horizon North is in the initial stage of mobilizing and installing a 150 bed camp facility for a liquified petroleum gas (“LPG”) project located in Prince Rupert, British Columbia that has recently been approved by the project proponent;
- Horizon North announced two executive appointments during the quarter: President, Modular Solutions; and President, Industrial Services, in conjunction with the Corporation’s continued strategy of bifurcation; and
- Horizon North’s balance sheet improved as a result of continued focus on reducing working capital and proceeds received from a bought deal equity financing that closed on June 25, 2018 to support the execution of the Corporation’s LNG strategy and anticipated growth in the Modular Solutions division.
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