End of an era for Westgate Barber Shop, but its legacy lives on nearby
After 70 years of trims, shaves and friendly chats, an Ottawa staple in barbering is closing its doors.
Westgate Barber Shop, one of the original businesses in the city's first shopping mall, shuts down at the end of July.
But its spirit, and its most familiar face, aren't going far.
Ramon Carballude, 85, has been a fixture at the shop since 1968. The Spanish-born barber arrived as a young man and never left the chair.
'We became one of the best. We have people from Vancouver who come back here,' he says, reflecting on the shop's loyal clientele. 'All these towns around, people come here. It's nice. Beautiful place. Busy.'
Carballude worked his way up from employee to co-owner in the 1970s and has been at the helm for the past 25 years. Through it all, he says he's never worried about business.
'You try to please the people best you can,' he says. 'You do a good job and people want to come back.'
Customer loyalty has been key. Dick Logan has been getting his hair cut by Carballude for years.
'I've been coming here since the mall opened in 1955,' says Logan. 'And we all keep coming back to this man because we know we got a good haircut.'
'Obviously, they give a good haircut.' Says Brent McElheran, a 25-year customer
The closure of the barbershop is connected to the shutdown of Westgate Mall, which will not be extending leases past October. The shop's last day at its current location will be July 31.
But it's not a full goodbye.
Hoang Vo, who has worked at the barbershop for 27 years, is taking over the business and reopening just down the road, at 1572 Carling Ave., on Aug. 5.
'We have long-term customers, and we don't feel like they're customers anymore,' says Vo. 'We just feel like friends.'
And Carballude—he's not quite ready to hang up the scissors.
'He has a lot of experience, and he doesn't want to stop, so we asked Ramon to come to the new location,' says Vo. 'For him to come work with us, that's an honour.'
While Carballude is sad to see his shop go, he's happy to keep providing quality cuts.
After 57 years behind the chair, Ramon Carballude is snipping away at what he loves, just at a new address.
'I enjoy conversations with people that way,' he says. 'And I don't feel like a quitter either.'
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The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow per share-basic to the IFRS financial measure of net cash provided by operating activities. Article content 'Working Capital', 'Total long-term financial liabilities' and 'Net Debt' are financial measures not presented in accordance with IFRS. 'Working Capital' is equal to total current assets less total current liabilities. 'Total long-term financial liabilities' is comprised of loans and borrowings, long-term lease obligations and other liabilities. 'Net Debt' is equal to loans and borrowings before deferred financing charges less cash and cash equivalents and CCS derivatives. The data presented is intended to provide additional information about items on the statement of financial position and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Article content The following table represents the composition of the non-IFRS financial measure of Working Capital (including cash and cash equivalents). Article content The following table presents the composition of the non-IFRS financial measure of Total long-term financial liabilities. Article content The following table presents the composition of the non-IFRS financial measure of Net Debt. Article content RISK FACTORS AND RISK MANAGEMENT Article content The oilfield services industry involves many risks, which may influence the ultimate success of the Company. The risks and uncertainties set out in the AIF and Annual MD&A are not the only ones the Company is facing. There are additional risks and uncertainties that the Company does not currently know about or that the Company currently considers immaterial which may also impair the Company's business operations and can cause the price of the Common Shares to decline. Readers should review and carefully consider the disclosure provided under the heading ' Risk Factors ' in the AIF and ' Risk Factors and Risk Management ' in the Annual MD&A, both of which are available on and the disclosure provided in the MD&A under the headings ' Market Outlook '. In addition, global and national risks associated with market uncertainty due to changing tariffs and other trade barriers may adversely affect the Company by, among other things, reducing economic activity resulting in lower demand, and pricing, for crude oil and natural gas products, and thereby the demand and pricing for the Company's services. Other than as supplemented in this Press Release, the Company's risk factors, and management thereof has not changed substantially from those disclosed in the AIF and Annual MD&A. Article content FORWARD-LOOKING INFORMATION & STATEMENTS Article content Certain statements contained in this Press Release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively, 'forward-looking statements'). These statements relate to the expectations of management about future events, results of operations and the Company's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'contemplate', 'continue', 'estimate', 'expect', 'intend', 'propose', 'might', 'may', 'will', 'shall', 'project', 'should', 'could', 'would', 'believe', 'predict', 'forecast', 'pursue', 'potential', 'objective' and 'capable' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. Article content In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2025 and 2026 industry conditions and outlook, including commodity pricing and demand for oil and gas; the effect of LNG facilities on export capacity, natural gas storage, and industry activity levels; anticipated utilization and activity levels, revenue, pricing, and schedule; capabilities of the NGx, including fuel savings, and the Company's intent to invest in the technology; the oil and gas industry's ability to withstand volatility; the Company's ability to transfer assets where economic returns are most favorable; the Company's ability to test and evaluate next generation technologies; the effect large clients and their programs may have on the Company's activity levels; the Company's intention to invest in the development of next generation coiled tubing and fracturing technologies; the effect of tariffs and other trade barriers, inflation and cost increases on the Company and its margins; the Company's view that the NCIB is an effective means to provide value to shareholders; the impact of weather and break up on the Company's operations; the Company's ability to meet all financial commitments including interest payments over the next twelve months; the Company's plans regarding equipment; the Company's ability to manage its capital structure and adjust the Company's budget in light of market conditions; expected debt repayment and Funded Debt to Adjusted Bank EBITDA ratios; expected income tax and derivative liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures; the Company's ability to retain its existing clients; the monitoring of impairment, amount and age of balances owing, and the Company's financial assets and liabilities denominated in U.S. dollars, and exchange rates; the Company's expected compliance with covenants under its Credit Facilities and its ability to satisfy its financial commitments thereunder. Article content The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the effect of macroeconomic factors, including global energy security concerns and levels of oil and gas inventories; 2025 and 2026 activity levels; the effect of tariffs, trade barriers, and related market concerns; levels of oil and gas production and LNG demand and export capacity on the market for the Company's services; that the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company's services; the Company's ability to market successfully to current and new clients; actual performance and availability of the NGx; predictable effect of seasonal weather and break up on the Company's operations; the Company's ability to utilize its equipment; the Company's ability to collect on trade and other receivables; Client demand for dual fuel fleets and emissions reduction technologies; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company's capital program; the Company's future debt levels; the expected receipt of tax amounts previously paid by the Company; the availability of unused credit capacity on the Company's credit lines; the impact of competition on the Company; the Company's ability to obtain financing on acceptable terms; the Company's continued compliance with financial covenants; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove correct. Article content Actual results could also differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth under the heading 'Risk Factors' in the AIF and under the heading Risk Factors and Risk Management in this Press Release. Article content Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management's assessment of the relevant information that is currently available. Projected operational information, including the Company's capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein. Article content The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information. Article content As at June 30, December 31, Unaudited (in thousands of Canadian dollars) 2025 2024 ASSETS Current Assets Cash and cash equivalents $ 3,230 $ 4,362 Trade and other receivables 147,414 82,769 Income tax receivable 496 – Inventory 43,142 49,546 Prepaid expenses and deposits 3,409 8,430 Assets held for sale 14,922 – 212,613 145,107 Property and equipment 377,438 402,419 Right-of-use assets 22,521 27,539 Intangible assets 944 1,159 Other assets – 4,411 $ 613,516 $ 580,635 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Trade and other payables $ 118,074 $ 86,208 Current portion of lease obligations 8,588 9,726 Income tax payable 4,829 8,280 Current portion of other liabilities 4,130 5,538 135,621 109,752 Lease obligations 14,470 18,021 Other liabilities 8,935 8,652 Deferred tax liabilities 17,482 16,963 Loans and borrowings 46,308 56,721 222,816 210,109 Shareholders' equity Share capital 448,075 447,987 Contributed surplus 39,264 40,471 Accumulated other comprehensive income 17,924 26,635 Deficit (114,563) (144,567) 390,700 370,526 $ 613,516 $ 580,635 Article content For the three months ended June 30, For the six months ended June 30, Unaudited (in thousands of Canadian dollars, except per share amounts) 2025 2024 2025 2024 Revenue $ 228,003 $ 231,375 $ 535,744 $ 551,521 Operating expenses 207,600 207,061 467,573 457,668 Gross profit 20,403 24,314 68,171 93,853 Selling, general and administrative expenses 10,540 10,985 22,463 22,489 Results from operating activities 9,863 13,329 45,708 71,364 Finance costs 1,732 2,771 3,710 5,680 Foreign exchange (gain) loss (2,310) (300) (1,908) 2,017 Unrealized loss (gain) on derivatives 685 (684) 659 (2,667) Gain on disposal of property and equipment (468) (2,806) (1,202) (3,164) Amortization of intangible assets 77 10 215 20 Income before income tax 10,147 14,338 44,234 69,478 Income tax expense (recovery) Current 5,540 4,438 14,692 17,328 Deferred (1,246) (569) (462) 324 Total income tax expense 4,294 3,869 14,230 17,652 Net income 5,853 10,469 30,004 51,826 Other comprehensive income Foreign currency translation (loss) gain (8,726) 2,366 (8,711) 7,386 Total comprehensive (loss) income $ (2,873) $ 12,835 $ 21,293 $ 59,212 Net income per share: Basic $ 0. 08 $ 0.15 $ 0. 42 $ 0.72 Diluted $ 0. 08 $ 0.14 $ 0. 41 $ 0.70 Article content CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS Article content For the three months ended June 30, For the six months ended June 30, Unaudited (in thousands of Canadian dollars) 2025 2024 2025 2024 Operating activities: Net income $ 5,853 $ 10,469 $ 30,004 $ 51,826 Adjusted for the following: Depreciation and amortization 20,368 26,289 41,262 46,957 Share-based compensation expense 1,678 2,058 2,967 2,898 Unrealized foreign exchange (gain) loss (1,633) (731) (1,264) 1,474 Unrealized loss (gain) on derivatives 685 (684) 659 (2,667) Gain on disposal of property and equipment (468) (2,806) (1,202) (3,164) Finance costs 1,732 2,771 3,710 5,680 Income tax expense 4,294 3,869 14,230 17,652 Income taxes paid (5,073) (5,844) (18,764) (15,261) Cash finance costs paid (1,358) (2,390) (2,940) (5,416) Funds flow from operations 26,078 33,001 68,662 99,979 Changes in non-cash working capital from operating activities 34,686 35,262 (23,568) (21,474) Net cash provided by operating activities 60,764 68,263 45,094 78,505 Investing activities: Purchase of property and equipment (13,477) (26,434) (29,644) (56,969) Proceeds from disposal of equipment and vehicles 186 4,420 692 4,432 Changes in non-cash working capital from investing activities (3,924) (7,471) 667 (704) Net cash used in investing activities (17,215) (29,485) (28,285) (53,241) Financing activities: Repayment of loans and borrowings (38,907) (36,547) (9,298) (10,777) Repayment of obligations under finance lease (2,500) (2,963) (4,988) (5,345) Common shares repurchased (708) (3,669) (3,446) (7,951) Net cash used in financing activities (42,115) (43,179) (17,732) (24,073) Impact of exchange rate changes on cash and cash equivalents (220) (71) (209) (21) Increase (decrease) in cash and cash equivalents 1,214 (4,472) (1,132) 1,170 Cash and cash equivalents, beginning of the period 2,016 7,427 4,362 1,785 Cash and cash equivalents, end of the period $ 3,230 $ 2,955 $ 3,230 $ 2,955 Article content STEP will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. MT to discuss the results for the second quarter. Article content To listen to the webcast of the conference call, please click on the following URL: You can also visit the Investors section of our website at and click on 'Reports, Presentations & Key Dates'. Article content To participate in the Q&A session, please call the conference call operator at: 1-800-717-1738 (toll free) 15 minutes prior to the call's start time and ask for 'STEP Energy Services Second Quarter 2025 Earnings Results Conference Call' Article content The conference call will be archived on STEP's website at About Step STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable and cost-effective solutions to its clients. Article content Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production ('E&P') companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin ('WCSB'), while in the U.S., our coiled tubing services are concentrated in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota. Article content Article content Article content Article content Contacts Article content For more information please contact: Article content Article content Steve Glanville Article content Article content President and Chief Executive Officer Article content Article content Telephone: 403-457-1772 Article content Klaas Deemter Chief Financial Officer Telephone: 403-457-1772
CTV News
32 minutes ago
- CTV News
City evicts community garden from land that's been vacant for decades
A Saskatoon community garden on a longstanding vacant lot is being sent out to pasture days before harvest is set to begin. On Wednesday, the city's planning, development and community services committee heard passionate pleas from members of the Rotary Community Garden Collective, who operate a community garden on 1202 19th Street West. The group received an eviction letter on July 23rd, saying the address must be cleared of all garden material and equipment by Aug. 21 so the land, which is known to be contaminated, can be remediated and prepared for future development. 'The letter of eviction came as a complete surprise,' Miki Mappin, a coordinator with the collective said following Wednesday's meeting. 'It seems almost absurd the that the city would take a community garden that is doing really well in a very difficult location and give that garden 29 days notice to get out.' The vacant lot was handed over to the city in 2001 after a tax lien was placed on it in 1993. The land, which has a current outstanding tax balance of $94,800 has remained vacant since the city took over responsibility. From 2018 to 2023, CHEP Good Food Inc. operated a raised bed garden, before transferring it over to Rotary Community Garden Collective in 2024. However, the issues beneath the surface go back many decades. According to city records, Imperial Oil built on the northwest corner of 19th Street West and Avenue L South in 1911. The complex included a warehouse, storage tanks, and two small frame structures. Imperial Oil closed in 1976, and the property slowly fell into disrepair and was abandoned in 1995, along with an adjacent tank yard. The city has long looked to redevelop the site, but environmental assessments and technical studies needed to clean up the land have proved too costly. The city says the most recent environmental investigations for the address were conducted in 2002 and identified hydrocarbon and metal impacts. Saskatoon community garden eviction (Dan Shingoose / CTV News) City administration applied for funding from the province to improve the site in April but was denied. Imperial Oil and the city began discussing remediation work when Imperial showed an interest in remediating its land adjacent to the city-owned land. 'This evolved very, very quickly, and the timelines from the contractors also evolved very quickly,' said Leslie Anderson, the director of planning and development. Anderson said the work Imperial is offering to do would save the city roughly $500,000. Mappin feels the city is being forced into a decision, and it's not working hard enough to find solutions. 'I think, council and the community are being railroaded by the administration — and I think the administration is allowing itself to be railroaded by Imperial Oil,' Mappin said. 'It's surprising that the city departments are putting such difficulties for things that should be really simple.' Anderson couldn't say what could be done to salvage harvest this season for the garden. The city said it planned to reach out and discuss options but hadn't done so yet. One option was to put the garden equipment into storage for the winter and find a suitable location in time for 2026. 'There's just no perfect way forward, unfortunately, where we sit today,' Mayor Cynthia Block said. Mappin prefers the garden area to be left alone while work begins, then have it moved once another area large enough is ready. She said the group wants to keep the garden nearby and wants to avoid it being put in storage and then have it moved again to avoid losing momentum. She says the open garden is used by many people in the area and is often a stopping ground for homeless people. She says one man who helped out many times last year has since found housing in Prince Albert and attributes his efforts on the garden last year to his success in finding safe housing. 'Rotary Community Garden is not just about growing food, it's about growing relationships and community well-being,' said Bonnie Hellman, a supporter of the garden. The city hopes it can complete remediation work this summer and fall and begin to redevelop the site for people 'experiencing housing insecurity and help address other community social considerations.' Regardless of the city's goals, Mappin hopes the garden can return to its small area on the corner of the property. 'We wonder if there's another agenda, why they want us out and why they don't want us back in this site,' Mappin said. 'Because after remediation, the site may remain empty for years until somebody decides to build on it.'
