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Cision Canada
3 days ago
- Business
- Cision Canada
HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES SECOND QUARTER 2025 RESULTS AND OPERATIONAL UPDATE
CALGARY, AB, /CNW/ - Highwood Asset Management Ltd. (" Highwood" or the " Company") (TSXV: HAM) is pleased to announce financial and operating results for the three and six months ended June 30, 2025. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis (" MD&A") for the period ended June 30, 2025, are available on Highwood's website at and on SEDAR+ at Highlights Average corporate production of 5,632 boe/d in Q2 2025, representing an increase of approximately 7% from the first quarter of 2025 (average of 5,264 boe/d). For the second quarter of 2025, Highwood delivered Adjusted EBITDA of $15.2 million ($1.00 per share) and adjusted funds flow of $13.4 million ($0.88 per share). Highwood also delivered income of $13.4 million ($0.92 per share), an increase of $2.9 million from the comparative period in 2024. (1) Highwood commenced the 2H2025 drilling program, spudding the 100/13-15-048-14W5 unbooked well on June 12, 2025 in the Basal Belly River sand at Brazeau. The Company anticipates drilling four gross wells (3.4 net) for the second half of 2025, three gross (2.4 net) booked locations in Wilson Creek and one unbooked location near Bonnyville, Alberta. On July 18, 2025, Highwood spud the 100/02-034-061-09W4 well, its first unbooked multi-lateral openhole well ("MLOH") into our new Stacked Mannville Sands play on a contiguous 11 section unencumbered block, located near Bonnyville, Alberta. The Company anticipates having results from the first well in early Fall. As a result of significant PDP reserves growth, the Company's borrowing base has been increased from $120 million to $140 million. Furthermore, Highwood was pleased to add Business Development Bank of Canada as a new lender, joining Royal Bank of Canada, ATB Financial, Canadian Imperial Bank of Commerce and Macquarie Bank Limited. With the continued volatility in commodity prices, Highwood has strategically added hedging. Over the past two weeks, Highwood's hedging program mitigates this volatility with approximately 2,200 bbls/day of oil hedged through the remainder of 2025 at an average contract price of approximately $95.00CAD/bbl (WTI-NYMEX) and 2,050 bbls/day of oil hedged in 2026 at an average contract price of approximately $93.00CAD/bbl (WTI-NYMEX). Further, the Company also has approximately 6,000GJ/day of natural gas hedged at an average contract price of approximately $3.15/GJ (AECO). The market value of Highwood's commodity contracts is approximately $13 million in the money as of August 13, 2025. The Company is focused on reducing Net Debt / EBITDA to increase flexibility for the Company moving forward. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % 2025 2024 % Financial (expressed in thousands) Petroleum and natural gas sales $ 24,973 $ 38,729 (36) $ 52,953 $ 67,818 (22) Transportation pipeline revenues 577 698 (17) 1,176 1,387 (15) Total revenues, net of royalties (1) 37,125 34,308 8 58,135 50,277 16 Income (loss) 13,385 10,475 28 15,740 9,931 58 Funds flow from operating activities (5) 13,395 19,821 (32) 25,299 34,548 (27) Adjusted EBITDA (5) 15,154 22,462 (33) 28,844 39,897 (28) Capital expenditures 9,016 9,047 - 42,188 34,704 22 Net debt (2) 117,936 98,438 21 Shareholder's equity (end of period) 147,906 114,004 30 Shares outstanding (end of period) (6) 14,461 14,838 (3) Weighted-average basic shares outstanding 14,564 14,907 (2) Operations (3) Production Crude oil (bbls/d) 2,861 3,947 (27) 2,843 3,536 (20) NGLs (boe/d) 915 946 (3) 907 766 18 Natural gas (mcf/d) 11,134 9,398 18 10,197 8,634 18 Total (boe/d) 5,632 6,459 (13) 5,449 5,741 (5) Average realized prices (4) Crude oil (Cdn$/bbl) 79.58 98.22 (19) 85.63 94.39 (9) NGL (Cdn$/boe) 28.26 28.61 (2) 30.82 32.12 (4) Natural gas (Cdn$/mcf) 1.87 1.16 62 2.08 1.65 26 Operating netback (per BOE) (7) 26.52 40.69 (35) 28.60 39.45 (28) (1) Includes unrealized gain and losses on commodity contracts. (2) Net debt consists of bank debt, promissory note, long-term accounts payable and accrued liabilities and working capital surplus (deficit) excluding commodity contract assets and/or liabilities, current portion of decommissioning liabilities and lease liabilities. (3) For a description of the boe conversion ratio, see " Caution Respecting Reserves Information — Basis of Barrel of Oil Equivalent". (4) Before hedging. (5) See " Non-GAAP and Other Specified Financial Measures". (6) Shares outstanding is adjusted for treasury shares purchased and held in trust. (7) See " Non-GAAP and Other Specified Financial Measures". Operational Update During the first half of 2025 the Company focused primarily on the execution of its capital program. During this period, the Company executed a $40 million capital program which included the completion and equipping of one well spud in December 2024 and seven gross (5.2 net) additional wells being drilled, which represents approximately 2/3rds of the Company's annual capital program with the balance to be incurred in the second half of 2025. One well was brought online in the first quarter, five gross (4.2) were brought online in the second quarter and the 13-15-048-14W5 well will be brought online in the third quarter of 2025. The Company expects that the well near Bonnyville, Alberta will be online prior to the end of August 2025. The Company will continue to review and assess opportunities which are accretive to the Company as Highwood seeks to grow its operations. The Company will also continue to assess land offerings in strategic areas where the Company sees significant growth opportunities. Outlook The primary focus over the near-term is the execution of the Company's 2025 capital program while continuing to focus on shareholder returns. At June 30, 2025, Highwood had approximately $325 million in tax pools, including approximately $100 million in non-capital losses. Highwood does not anticipate being cash taxable for approximately two to three years. Corporately, the Company is dedicated to growing Free Cash Flow, on a per share basis, while using prudent leverage to provide maximum flexibility for organic growth and/or other strategic M&A opportunities, with a longer-term goal to provide significant return of capital to shareholders. The Company will also continue to assess land offerings in strategic areas where the Company sees significant growth opportunities. Forward-Looking Information Certain information contained in the press release may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward-looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "intends", "may", "could" "should", "would", "plans", "target", "scheduled", "projects", "outlook", "proposed", "potential", "will", "seek" and similar expressions. Forward-looking statements in this press release include statements regarding, among other things: plans to continue the Company's active capital program while commodity prices remain strong; Highwood's business, strategy, objectives, strengths and focus; the Company's drilling plans and expectations; and the performance and other characteristics of the Company's properties and expected results from its assets. Such statements reflect the current views of management of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements. With respect to forward-looking statements contained in this press release, the Company has made assumptions regarding, among other things: that commodity prices will be consistent with the current forecasts of its engineers; field netbacks; the accuracy of reserves estimates; average production rates; costs to drill, complete and tie-in wells; ultimate recovery of reserves; that royalty regimes will not be subject to material modification; future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; that the Company will be able to access capital, including debt, on acceptable terms; the receipt and timing of regulatory, exchange and other required approvals; the ability of the Company to implement its business strategies and complete future acquisitions; the Company's long term business strategy; and effects of regulation by governmental agencies. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's businesses include, among other things: assumptions concerning operational reliability; risks inherent in the Company's future operations; the Company's ability to generate sufficient cash flow from operations to meet its future obligations; increases in maintenance, operating or financing costs; the realization of the anticipated benefits of future acquisitions, if any; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which the Company intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, political and economic instability overseas and its effect on commodity pricing and the oil and gas industry (including ongoing military actions between Russia and Ukraine and the crisis in Israel and Gaza); severe weather conditions and risks related to climate change, such as fire, drought and flooding; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to the management team's future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. For additional risk factors relating to Highwood, please refer to the Company's annual information form and management discussion and analysis for the year ended December 31, 2024, as well as the Company's management discussion and analysis for the period ended June 30, 2025, which are available on the Company's SEDAR+ profile at The forward-looking statements contained in this press release are made as of the date hereof and the parties do not undertake any obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Short Term Results. References in this press release to production test rates, initial test production rates, 7-day initial production rates, 30-day initial production rates and other short-term production rates that are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Highwood. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary. FOFI Disclosure. This press release contains future-oriented financial information and financial outlook information (collectively, " FOFI") about Highwood's prospective results of operations and production, and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Highwood's anticipated future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. All FOFI contained in this press release complies with the requirements of Canadian securities legislation, including Canadian Securities Administrators' National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Changes in forecast commodity prices, differences in the timing of capital expenditures and variances in average production estimates can have a significant impact on the key performance metrics included in the Company's guidance for the full year 2025 contained in this news release. The Company's actual results may differ materially from such estimates. Currency. All amounts in this press release are stated in Canadian dollars unless otherwise specified. Abbreviations. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release. Caution Respecting Reserves Information Readers should see the "Selected Technical Terms" in the Company's Annual Information Form dated March 21, 2025 that is available on the Company's SEDAR+ profile at for the definition of certain oil and gas terms. Disclosure in this news release of oil and gas information is presented in accordance with generally accepted industry practices in Canada and National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities (" NI 51-101"). Specifically, other than as noted herein, the oil and gas information regarding the Company presented in this news release is based on the report prepared by GLJ Ltd., independent petroleum consultants of Calgary, Alberta and dated March 7, 2025 evaluating the light and medium crude oil, conventional natural gas, shale gas, and natural gas liquids reserves attributable to Highwood's properties at December 31, 2024 (the " Reserves Report"). This news release may disclose potential future drilling locations in two categories: (a) booked locations; and (b) unbooked locations. Booked locations are proposed drilling locations identified in the Reserves Report that have proved and/or probable reserves, as applicable, attributed to them in the Reserves Report. Unbooked locations are internal estimates based on prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal technical analysis review. Unbooked locations have been identified by members of management. Unbooked locations do not have proved or probable reserves attributed to them in the Reserves Report. Highwood's ability to drill and develop these locations and the drilling locations on which Highwood actually drills wells depends on a number of known and unknown risks and uncertainties. As a result of these risks and uncertainties, there can be no assurance that the potential future drilling locations identified in this news release will ever be drilled or if Highwood will be able to produce crude oil, natural gas and natural gas liquids from these or any other potential drilling locations. The net present value of future net revenues attributable to reserves and resources included in this news release do not represent the fair market value of such reserves and resources. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of reserves and resources provided in this news release are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual reserves and resources may be greater or less than the estimates provided in this news release. The estimates of reserves and future net revenue for individual properties in this news release may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Basis of Barrels of Oil Equivalent – In this news release, the abbreviation boe means a barrel of oil equivalent on the basis of 1 boe to 6 Mcf of natural gas when converting natural gas to boes. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf to 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be misleading. References to "liquids" in this news release refer to, collectively, heavy crude oil, light crude oil and medium crude oil combined, and natural gas liquids. Non-GAAP and other Specified Financial Measures This news release contains financial measures commonly used in the oil and natural gas industry, including "Net Debt" and "Net Debt / 2025 Exit EBITDA". These financial measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned that these non-IFRS measure should not be construed as an alternative to other measures of financial performance calculated in accordance with IFRS. These non-IFRS measures provides additional information that Management believes is meaningful in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other activities. Management believes that the presentation of these non-IFRS measures provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis. "Adjusted EBITDA" is calculated as cash flow from (used in) operating activities, adding back changes in non-cash working capital, decommissioning obligation expenditures, transaction costs and interest expense. The Company considers Adjusted EBITDA to be a key capital management measure as it is both used within certain financial covenants anticipated to be prescribed under its credit facilities and demonstrates Highwood's standalone profitability, operating and financial performance in terms of cash flow generation, adjusting for interest related to its capital structure. The most directly comparable GAAP measure is cash flow from (used in) operating activities. "Adjusted funds flow" The Company considers adjusted funds flow to be a key capital management measure as it demonstrates the Company's ability to generate required funds to manage production levels and fund future capital investment. The Company calculates adjusted funds flow as adjusted EBITDA less net interest and adjusting for decommissioning expenditures incurred. "EBITDA" is a non-GAAP financial measure and may not be comparable with similar measures presented by other companies. EBITDA is used as an alternative measure of profitability and attempts to represent the cash profit generated by the Company's operations. The most directly comparable GAAP measure is cash flow from (used in) operating activities. EBITDA is calculated as cash flow from (used in) operating activities, adding back changes in non-cash working capital, decommissioning obligation expenditures and interest expense. "Free Cash Flow" is used as an indicator of the efficiency and liquidity of the Company's business, measuring its funds after capital expenditures available to manage debt levels, pursue acquisitions and assess the optionality to pay dividends and/or return capital to shareholders though activities such as share repurchases. The most directly comparable GAAP measure is cash flow from (used in) operating activities. Free Cash Flow is calculated as cash flow from (used in) operating activities, less interest, office lease expenses, cash taxes and capital expenditures. "funds flow from operations" is calculated as cash flow from (used in) operating activities before changes in working capital and long term accounts payable. "Net Debt" represents the carrying value of the Company's debt instruments, including outstanding deferred acquisition payments, net of Adjusted working capital. The Company uses Net Debt as an alternative to total outstanding debt as Management believes it provides a more accurate measure in assessing the liquidity of the Company. The Company believes that Net Debt can provide useful information to investors and shareholders in understanding the overall liquidity of the Company. " Net Debt / EBITDA" is calculated as net debt at the ending period of each financial quarter divided by the EBITDA for that period. The Company believes that Net Debt / EBITDA is useful information to investors and shareholders in understanding the time frame, in years, it would take to eliminate Net Debt based on current period Exit EBITDA. SOURCE Highwood Asset Management Ltd.
Cision Canada
4 days ago
- Business
- Cision Canada
Quarterhill Announces Q2 2025 Financial Results
TORONTO, Aug. 13, 2025 /CNW/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System ("ITS") industry, announces its financial results for the three and six months ended June 30, 2025. All financial information in this press release is reported in United States ("US") dollars, unless otherwise indicated. Q2 2025 Highlights Revenue for Q2 2025 was $43.1 million compared to $41.5 million in Q2 2024. Net loss for Q2 2025 was ($6.8) million compared to ($3.0) million in Q2 2024. Cash used in operations for Q2 2025 was ($4.6) million compared to cash generated from operations of $0.8 million Q2 2024. Cash and cash equivalents were $22.7 million at June 30, 2025. Adjusted EBITDA 1 for Q2 2025 was ($2.7) million compared to $1.7 million in Q2 2024. Revenue backlog 3 was $463 million at June 30, 2025. Appointed David Charron as Chief Financial Officer. Appointed Darren Learmonth as Chief Technology Officer, subsequent to quarter end. On July 24, 2025, announced a restructuring that is expected to result in annualized savings of approximately $12 million. "Q2 revenue of $43.1 million grew 4% year-over-year, driven by continued strong performance from our safety and enforcement unit, which delivered solid growth and margins," said Chuck Myers, CEO at Quarterhill. Mr. Myers added: "We are taking decisive action through a four-point plan to strengthen the business. One, our restructuring announced on July 24 th will generate approximately $12 million in annualized savings starting in Q3 2025. Two, we've made meaningful progress on one of the tolling contracts previously disclosed as under renegotiation, reducing costs related to the project and agreeing to enter a mediation process that's expected to begin by the end of the month. Three, we continue to win and pursue higher-margin business while four, we're investing in our next-generation technology platform. These targeted actions are designed to achieve sustainable operating profitability and enhance our financial performance." "While our turnaround continues, we're making tangible progress and building a stronger, more resilient business," Mr. Myers concluded. "With new leadership in place at the board and management level, we're optimistic that executing our plan will drive top-line growth, margin expansion, positive cash flow and shareholder value creation." Q2 2025 and Year-to-Date Financial Review Quarterhill's Management's Discussion and Analysis and Financial Statements for the three and six months ended June 30, 2025 are available at the Company's website and at its profile at SEDAR +. Revenues for the three and six months ended June 30, 2025, were $43.1 million and $77.0 million compared to $41.5 million and $76.4 million in the same periods last year. The increase in revenue for Q2 and the year-to-date period is primarily due to growth in the Company's safety and enforcement business unit, offset, in part, by the timing of revenues received from certain tolling contracts. For the three and six months ended June 30, 2025, the two tolling contracts that are being renegotiated contributed $2.8 million and $6.5 million to revenue. Gross profit 2 as a value and as a percentage of revenues may be subject to significant variance in each reporting period due to the nature and type of contract and service work performed and currency volatility. Gross profit for the three and six months ended June 30, 2025, was $6.3 million and $10.3 million, or 15% and 13%, as compared to $8.5 million and $14.9 million, or 21% and 19%, in the same periods last year. The decrease for Q2 and the year-to-date period was primarily due to cost overruns on two tolling projects, and offset, in part, by continued strong margin performance from the safety and enforcement unit. Total operating expenses are comprised of selling, general and administrative costs ("SG&A"), research and development ("R&D") costs, depreciation, amortization of intangible assets and other charges. Total operating expenses for the three and six months ended June 30, 2025, were $12.9 million and $24.1 million compared to $10.8 million and $21.2 million in the same periods last year. The increase for Q2 and the year-to-date period is primarily due to recruitment, technical consulting and facilities expenses, which were offset, in part, by a decrease in amortization expense and other charges. Adjusted EBITDA 1 for the three and six months ended June 30, 2025, was ($2.7) million and ($6.1) million compared to $1.7 million and $1.8 million in the same periods last year. The decrease in Adjusted EBITDA 1 for Q2 and the year-to-date period was due to the factors impacting gross margin and expenses, as previously described. The two tolling contracts that are being renegotiated resulted in a reduction to Adjusted EBITDA 1 of ($3.9) million in Q2 and ($7.1) million in the year-to-date period. Net loss for the three and six months ended June 30, 2025, was ($6.8) million and ($15.2) million, or ($0.06) and ($0.13) per diluted share, compared to net losses of ($3.0) million and ($7.2) million, or ($0.03) and ($0.06) per diluted share, in the same periods last year. Cash used in operations for the three and six months ended June 30, 2025, was ($4.6) million and ($8.2) million compared to $0.8 million and ($9.3) million in the same periods last year. Cash and cash equivalents were $22.7 million at June 30, 2025, compared to $31.9 million at December 31, 2024. At quarter end, Quarterhill's long-term debt was reclassified to current liabilities as the Company was not in compliance with its financial covenants at June 30, 2025. Subsequent to quarter end, the Company finalized an amendment to its credit agreement that provides it with additional financial flexibility and a waiver to its covenants to September 30, 2025. More details can be found in the Company's Q2 2025 MD&A. Conference Call and Webcast Quarterhill will host a conference call to discuss its financial results on Wednesday, August 13, 2025, at 10:00 AM Eastern Time. Webcast Information Traditional Dial-in Information To access the call from the U.S. and Canada, dial 1.888.699.1199 (Toll Free) To access the call from other locations, dial 1.416.945.7677 (International) Rapidconnect To instantly join the conference call by phone, please use the following URL to easily register and be connected into the conference call automatically: Telephone Replay Telephone replay will be available from August 13, 2025, until August 20, 2025, at: 1.888.660.6345 (Toll Free North America) or 1.289.819.1450. Conference ID: 30578 and Replay Passcode: 30578 # Non-IFRS Financial Measures and Non-IFRS Ratios Quarterhill uses both IFRS and certain non-IFRS financial measures to assess performance. Non-IFRS financial measures are financial measures disclosed by a company that (a) depict historical or expected future financial performance, financial position or cash flow of a company, (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the company, (c) are not disclosed in the financial statements of the company, and (d) are not a ratio, fraction, percentage or similar representation. Non-IFRS ratios are financial measures disclosed by a company that are in the form of a ratio, fraction, percentage or similar representation that has a non-IFRS financial measure as one or more of its components, and that are not disclosed in the financial statements of the company. These non-IFRS financial measures and non-IFRS ratios are not standardized financial measures under IFRS, and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-IFRS financial measures and non-IFRS ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition, and liquidity using the same measures as management. These non-IFRS financial measures and non-IFRS ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. Adjusted EBITDA - Non-IFRS Financial Measures We use the non-IFRS financial measure "Adjusted EBITDA" to mean net loss adjusted for (i) income taxes, (ii) finance expense or income; (iii) amortization and impairment of intangibles; (iv) other charges and other one-time items; (v) depreciation of right-of-use assets and property, plant and equipment; (vi) stock-based compensation; (vii) foreign exchange loss (gain); (viii) other (income) expense; and (ix) changes in fair value of derivative liability. Adjusted EBITDA is used by our management to assess our normalized cash generated on a consolidated basis. Adjusted EBITDA is also a performance measure that may be used by investors to analyze the cash generated by Quarterhill. Adjusted EBITDA should not be interpreted as an alternative to net income (loss) and cash flows from operations as determined in accordance with IFRS or as measure of liquidity. The most directly comparable IFRS financial measure is net income (loss). See Reconciliation of Net Loss to Adjusted EBITDA below. Adjusted EBITDA per share – Non-IFRS Ratio Adjusted EBITDA per share is calculated as Adjusted EBITDA divided by the basic weighted average of common shares. Adjusted EBITDA per share is used by our management and investors to analyze cash generated by Quarterhill on a per share basis. The most comparable IFRS measure is earnings per share. See Reconciliation of Net Loss to Adjusted EBITDA below. Backlog - Non-IFRS Financial Measure We use the non-IFRS measure "backlog" to mean the total value of work that has not yet been completed but that in management's experience of similar situations has: (a) a high certainty of being performed pursuant to existing contracts or work orders specifying job scope, value and timing; (b) an expectation of expansion of existing contracts due to expected extensions; and/or (c) been awarded to one or more of our ITS operating subsidiaries as evidenced by a binding contract or where the finalization of a binding contract is reasonably assured. Activities under such contracts may cover a period of up to 15 years. We do not include in "backlog" the value of any expected but unsigned change orders that management considers may apply to such contracts. Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by a company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of a company, (b) are not disclosed in the financial statements of the company, (c) are not non-IFRS financial measures, and (d) are not non-IFRS ratios. Key supplementary measures disclosed are as follows: Gross margin % Calculated as gross profit as a percentage of revenue. About Quarterhill Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: Forward-looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") regarding Quarterhill, its operating subsidiaries and their respective businesses. Such forward-looking statements relate to future events, conditions or future financial performance of Quarterhill based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "goal", and similar expressions. These statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. In particular, this news release contains forward-looking statements pertaining to, but not limited to, the following: operational and financial expectations for the 2025 financial year, including revenue, gross margin and Adjusted EBITDA expectations; the Company's business plan and strategy, and outcomes thereof; the outcome of renegotiation efforts and mediation relating to our tolling contracts; the impact of contract renegotiation on our financial performance; the results of operational enhancements and technology investment by the Company; the anticipated cost savings from the restructuring; the Company's ability and path to achieve revenue growth, margin expansion and positive cash flow; and the impact of the Company's workforce reduction on the Company's operations, financial position and results. Although the forward-looking statements contained in this news release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, but not limited to: the Company's ability to execute on its business plan; successful integration of acquisitions; general economic and industry trends; operating assumptions relating to the Company's operations; demand for the Company's products and services; cost estimates for fixed price contracts; successful renegotiation of our tolling contracts on terms acceptable and favourable to the Company; and the other assumptions set forth in the Company's most recent annual information form available under the Company's profile on SEDAR+ at The Company's actual results could differ materially from those anticipated in the forward-looking statements, as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to: changes in demand for the Company's products and services; general economic, political, market and business conditions, including fluctuations in interest rates, foreign exchange rates, stock market volatility; reliance on key management personnel; risks related to competition within the Company's industry and relating to technological advances; litigation risks; cyber-security risks; fixed price contracts may result in unexpected costs to the Company; risks of health epidemics, pandemics and similar outbreaks; the tolling contracts not successfully being renegotiated on terms acceptable or favourable to the Company, or at all; and the other risks set forth in the Company's most recent annual information form and management's discussion and analysis for the three and twelve months ended December 31, 2024 available under the Company's profile on SEDAR+ at The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are therefore cautioned that the foregoing lists of important factors are not exhaustive, and they should not unduly rely on the forward-looking statements included in this news release. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This news release contains "future-oriented financial information" and "financial outlooks" within the meaning of applicable Canadian securities laws (collectively, "FOFI"), including about the financial results, revenue, gross margin and Adjusted EBITDA of Quarterhill for the year ended December 31, 2025. FOFI, as with forward-looking statements generally, are, without limitation, based on the assumptions and qualifications, and are subject to the risks set out above in respect of forward-looking statements. Quarterhill's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's financial results may differ materially from the FOFI provided in this news release. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments and the FOFI contained in this news release was approved by management as of the date hereof, for purposes of providing further information about the Company's future business operations and results. However, because this information is subjective and subject to numerous risks and assumptions, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein, and such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations. Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (in thousands and in United States dollars, except share and per share amounts) Interim Condensed Consolidated Statements of Financial Position (in thousands and in United States dollars) Interim Condensed Consolidated Statements of Cash Flows (in thousands and in United States dollars) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Operating activities: Net loss ($6,835) ($2,967) ($15,205) ($7,185) Add (deduct) non-cash items: Stock-based compensation expense 1,153 708 2,097 1,212 Depreciation and amortization 2,628 2,887 5,306 5,845 Foreign exchange loss (gain) 2,748 (387) 3,020 (1,497) Other income (3,292) (315) (3,402) (134) Deferred and non-cash income tax (recovery) expense (537) (17) (539) 36 Embedded derivatives (48) (33) (45) 6 Change in fair value of derivative liability (60) (432) (490) (927) Non-cash interest expense 560 552 1,099 1,092 Net change in non-cash working capital balances (881) 806 (28) (7,760) Cash used in (generated from) operating activities (4,564) 802 (8,187) (9,312) Financing activities: Payment of lease liabilities (668) (561) (1,311) (1,138) Repayment of long-term debt - (531) (531) (1,062) Cash used in financing activities (668) (1,092) (1,842) (2,200) Investing activities: Net proceeds from disposition of a joint venture - - 319 - Purchase of property, plant and equipment (310) (344) (369) (545) Capitalized software costs (1,231) (651) (2,147) (1,373) Cash generated from (used in) investing activities 1,688 (5,870) 1,032 (6,793) Foreign exchange on cash held in foreign currencies 79 (221) (238) (386) Net decrease in cash and cash equivalents (3,465) (6,381) (9,235) (18,691) Cash and cash equivalents, beginning of period 26,123 30,423 31,893 42,733 Cash and cash equivalents, end of period $22,658 $24,042 $22,658 $24,042 Interim Condensed Consolidated Statements of Shareholders' Equity (in thousands and in United States dollars) Reconciliation of Net Loss to Adjusted EBITDA (in thousands and in United States dollars, except share and per share amounts) 1. Please refer to the Adjusted EBITDA Non-IFRS Financial Measures section for further information. 2. Please refer to the Adjusted EBITDA per share – Non-IFRS Ratio section for further information. SOURCE Quarterhill Inc.
Hamilton Spectator
28-07-2025
- Business
- Hamilton Spectator
Gibson Energy Reports 2025 Second Quarter Results, Including Record Volumes at Gateway Following Dredging Completion
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, July 28, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) ('Gibson' or the 'Company') announced today its financial and operating results for the three and six months ended June 30, 2025. Key Highlights: 'This quarter marked a key step on delivering the growth potential at Gateway,' said Curtis Philippon, President & Chief Executive Officer. 'We completed the dredging project, unlocking immediate operational benefits and increasing average throughput at the terminal by approximately 20%, helping us achieve a record-setting quarter. I am also especially proud of our team's preparation and execution of the two major turnarounds. The safe and efficient execution of those projects set us up for a strong quarter and will provide additional capabilities going forward.' Financial Highlights: Strategic & Business Developments: (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the 'Specified Financial Measures' section of this release. (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the 'Specified Financial Measures' section of this release. Management's Discussion and Analysis and Financial Statements The 2025 second quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. These documents are available at and on SEDAR+ at . Earnings Conference Call & Webcast Details A conference call and webcast will be held to discuss the 2025 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, July 29, 2025. To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: Registration at least five minutes prior to the conference call is recommended. This call will also be broadcast live on the Internet and may be accessed directly at the following URL: The webcast will remain accessible for a 12-month period at the above URL. Supplementary Information Gibson has also made available certain supplementary information regarding the 2025 second quarter financial and operating results, available at . About Gibson Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan. Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit . Forward-Looking Statements Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). 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'' and ''capable'' and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, the Company's ability to exceed its cost savings target; the temporary nature of the Company's Dividend Payout ratio and its future expectations for same; stabilization of Marketing performance; future expectations of leverage; continued growth; the future benefits to be realized by the Company's dredging project, facility turnarounds, and connection of the Cactus II pipeline to Gateway; and the Company's long-term liquidity and financial flexibility. 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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in 'Forward-Looking Information' and 'Risk Factors' included in the Company's Annual Information Form dated February 18, 2025, and Management's Discussion and Analysis dated July 28, 2025, as filed on SEDAR+ and available on the Gibson website at . For further information, please contact: Investor Relations (403) 776-3077 Media Relations (403) 476-6334 communications@ Specified Financial Measures This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. For further details on these specified financial measures, including relevant reconciliations, see the 'Specified Financial Measures' section of the Company's MD&A for the three and six months ended June 30, 2025 and 2024 , which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at and Gibson's website at . a) Adjusted EBITDA Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and six months ended June 30, 2025, and 2024: b) Distributable Cash Flow The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities: c) Dividend Payout Ratio d) Net Debt to Adjusted EBITDA Ratio
Cision Canada
22-07-2025
- Automotive
- Cision Canada
Parkland Announces Date of 2025 Second Quarter Results
CALGARY, AB, July 22, 2025 /CNW/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI) expects to announce its 2025 second quarter results after markets close on Tuesday, August 5, 2025. Financial Statements and Management's Discussion and Analysis will be posted to and after the results are released. Due to the pending arrangement with Sunoco LP that was previously announced on May 5, 2025, Parkland will not host a conference call or webcast to discuss its second quarter results. About Parkland Corporation Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.
Yahoo
29-05-2025
- Business
- Yahoo
Builders Capital Mortgage Corp. Reports First Quarter 2025 Results
Total revenues increase 50.1% quarter-on-quarter Calgary, Alberta--(Newsfile Corp. - May 29, 2025) - Builders Capital Mortgage Corp. (TSXV: BCF) ("Builders Capital" or "the Company") announced today the release of its first quarter financial results for the period ended March 31, 2025. Highlights include: Achieved highest-ever quarterly revenue of $1.77 million, representing a 50.1% increase compared to the same period in 2024. This growth was fueled by the full deployment of equity capital and additional funds raised through the closing of two tranches of our bond offering. Distributed $0.20 per share to our Class A public shareholders, maintaining our consistent track record of meeting our distribution target every quarter since our inception over 11 years ago. Subsequent to the quarter-end, we distributed $0.40 per share to our Class B shareholders based on Q1 2025 earnings. This provided an annualized 16% return on the original $10.00 share issue price. Our mortgage portfolio grew by 64.7% year-over-year, increasing to $53.1 million reflecting strong demand for construction financing and the successful launch of our participating bond offering. This strategic capital increase has also contributed to improved revenue and turnover. We continue to adopt a conservative lending approach, adjusting loan loss provisions in response to softening market conditions in British Columbia and increasing uncertainty due to factors such as trade tariffs and rising construction costs. The company's mortgage portfolio turnover rate remained strong at approximately 7 months, exceeding the target of nine months, indicating efficient capital deployment. Financial OverviewQuarter ended March 31, 2025$ Quarter ended March 31, 2024$ Quarter ended March 31, 2023$ Quarter ended March 31, 2022$ Revenues 1,770,360 1,179,354 1,084,900 844,516 Total comprehensive earnings 920,014 816,435 829,315 664,861 Net mortgages receivable, end of period 51,582,788 31,436,269 35,236,623 29,426,045 Total assets 52,173,588 32,957,219 36,010,916 30,682,037 Shareholders' equity 29,324,740 29,378,505 29,482,917 26,951,410 Earnings per share 0.29 0.26 0.26 0.23 Cash dividends declared 806,499 814,499 710,434 624,450 Cash dividends declared per Class A share 0.20 0.20 0.1972 0.1972 Cash dividends declared per Class B share 0.40 0.40 0.2898 0.2521 A detailed discussion of the Company's financial results can be found in Builders Capital's First quarter 2025 Financial Statements and Management's Discussion and Analysis, which has been posted on the Company's website ( and filed on SEDAR ( About Builders Capital Builders Capital is a mortgage lender providing short-term course-of-construction financing to builders of residential, wood-frame properties in Western Canada. The Company commenced active operations on December 12, 2013 on the closing of its initial public offering, whereupon it acquired a portfolio of mortgages from two predecessor companies. Builders Capital's investment objective is to generate attractive returns, relative to risk, in order to provide stable and consistent distributions to shareholders while remaining focused on capital preservation and satisfying the criteria mandated for mortgage investment corporations ("MIC") as defined in the Income Tax Act. As an MIC, Builders Capital is not subject to income tax provided that it distributes all of its taxable income as dividends to shareholders within 90 days of its December 31st year-end. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same tax position as if their proportionate share of mortgage investments made by the company had been made directly by the shareholder. Forward-Looking Information This news release contains forward-looking statements within the meaning of applicable securities legislation, including statements with respect to management's beliefs, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on estimates and assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements contained in this news release. These include, among other things, risks associated with mortgage lending, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters and the general economic environment. The company cautions that the foregoing list is not exhaustive, as other factors could adversely affect its results, performance or achievements. Readers are cautioned against undue reliance on any forward-looking statements. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Builders Capital undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For more information, please contact: Sandy Loutitt, CEOTelephone: (403) 685-9888 Email: info@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
