Canadian Oilfield Solutions Corp.: Release of Financial Statements
02 11월 2013 - 7:42AM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Corporation") is
pleased to announce that it has restated and re-filed its unaudited condensed
consolidated interim financial statements and it's amended and restated
management's discussion and analysis as at and for the interim periods ended
March 31, 2012, June 30, 2012 and September 30, 2012 (the "2012 Interim
Filings"); the Corporation has also filed its year-end audited consolidated
financial statements and management's discussion and analysis as at and for the
year ended December 31, 2012 and 2011 (the "2012 Year-end Filings"); and the
Corporation has also filed its unaudited condensed consolidated interim
financial statements and management's discussion and analysis as at and for the
interim periods ended March 31, 2013 and June 30, 2013. The documents can be
found on the SEDAR website at www.sedar.com.
While preparing the year-end financial statements for the year ended December
31, 2012, the Corporation identified the following errors reflected in
previously issued unaudited condensed consolidated interim financial statements
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.
Therefore, the unaudited condensed interim consolidated financial statements for
the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 have
been restated for the following corrections (all amounts noted in 000's):
(A) The Corporation provided project management and project financing for
certain projects in Mexico. The terms of the arrangement resulted in the
Corporation earning a financing fee on the advancement of funds as well as
earning a share of the project's net profit for compensation of the management
services provided. The Corporation had previously recorded the advancement of
funds into cost of sales and repayment of advances into revenue. The Corporation
has determined that the correct presentation of the transactions should have
been on a net basis, whereby previous revenue and cost of sales have been
reduced, by an amount equal to the funds advanced such that the restated revenue
recognized consists of the financing fee and net profit only and the cost of
sales does not include the advancement of funds.
(B) While correcting this presentation in the financial statements the
Corporation became aware of an incorrect accrual of revenue and accounts
receivable that overstated revenue and accounts receivable by $750, $372 and
$370 for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012
respectively, of which has been adjusted for.
(C) The Corporation advanced $1,300 to a Mexican Corporation and negotiated
repayments with interest of 23%. The accrued interest was not recorded for the
quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and amounted
to $48, $51 and $16 respectively, of which has been adjusted for.
(D) The Corporation accrued commission expenses included in cost of sales and
accounts payable and accrued liabilities that was not previously recorded for
the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and
amounted to $39, $190 and $69 respectively, of which has been adjusted for.
The line items in the unaudited condensed consolidated financial statements
affected by the corrections are as follows:
Three months ended March 31, 2012:
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Previously As
As at March 31,2012 reported Adjustments restated
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Condensed consolidated statement of
financial position
Trade, advances and other
receivables 7,286 (1,497) 5,789
Accounts payable and accrued
liabilities 1,312 (794) 518
Deficit 9,792 703 10,495
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Three month period ended March Previously As
31,2012 reported Adjustments restated
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Condensed consolidated statement of
net earnings and comprehensive
income
Revenue 7,106 (6,087) 1,019
Cost of sales 6,043 (5,337) 706
Gross profit 1,063 (750) 313
Net finance costs (40) 48 8
Net earnings (loss) for the period 506 (703) (197)
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Condensed consolidated statement of
equity
Net earnings (loss) for the period 506 (703) (197)
---------------------------------------------------------------------------
Condensed consolidated statement of
cash flows
Net earnings (loss) for the period 506 (703) (197)
Changes in non-cash working capital (2,429) 694 (1,735)
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Three and six months ended June 30, 2012:
Below is a summary of the line items in the financial statements affected by the
corrections:
---------------------------------------------------------------------------
Previously As
As at June 30,2012 reported Adjustments restated
---------------------------------------------------------------------------
Condensed consolidated statement of
financial position
Trade, advances and other
receivables 9,238 (1,423) 7,815
Accounts payable and accrued
liabilities 1,704 (468) 1,236
Deficit 9,216 961 10,177
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Previously As
Six month period ended June 30,2012 reported Adjustments restated
---------------------------------------------------------------------------
Condensed consolidated statement of
net earnings and comprehensive
income
Revenue 14,480 (10,109) 4,371
Cost of sales 12,151 (8,987) 3,165
Gross profit 2,329 (1,123) 1,206
Net finance costs (174) 99 (75)
Net earnings for the period 1,082 (961) 121
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Three month period ended June Previously As
30,2012 reported Adjustments restated
---------------------------------------------------------------------------
Condensed consolidated statement of
net earnings and comprehensive
income
Revenue 7,374 (4,022) 3,352
Cost of sales 6,108 (3,651) 2,458
Gross profit 1,266 (372) 894
Net finance costs (135) 51 (84)
Net earnings for the period 576 (258) 318
---------------------------------------------------------------------------
Condensed consolidated statement of
equity
Net earnings for the period 1,082 (961) 121
---------------------------------------------------------------------------
Condensed consolidated statement of
cash flows
Net earnings for the period 1,082 (961) 121
Changes in non-cash working capital (3,774) 926 (2,848)
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Three and nine months ended September 30, 2012:
---------------------------------------------------------------------------
Previously As
As at September 30,2012 reported Adjustments restated
---------------------------------------------------------------------------
Condensed consolidated statement of
financial position
Trade, other receivables and
advances 7,016 (1,290) 5,726
Accounts payable and accrued
liabilities 1,349 (406) 943
Deficit 9,148 746 9,894
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Nine month period ended September Previously As
30,2012 reported Adjustments restated
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Condensed consolidated statement of
earnings and comprehensive income
Revenue 16,581 (11,089) 5,493
Cost of sales 13,451 (9,596) 3,855
Gross profit 2,329 (691) 1,638
Net finance costs (352) 471 119
Net earnings 1,150 (745) 405
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Three month period ended September Previously As
30,2012 reported Adjustments restated
---------------------------------------------------------------------------
Condensed consolidated statement of
earnings and comprehensive income
Revenue 2,101 (979) 1,122
Cost of sales 1,299 (609) 690
Gross profit 802 (370) 432
Net finance costs 178 16 194
Net earnings 68 216 284
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Condensed consolidated statement of
equity
Net earnings for the nine month
period ended September 30, 2012 1,150 (745) 405
---------------------------------------------------------------------------
Condensed consolidated statement of
cash flows
Net earnings for the nine month
period ended September 30, 2012 1,150 (745) 405
Changes in Non-cash working capital (2,246) 898 (1,348)
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Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an
array of specialized products and services that are used in the production of
oil and gas reserves.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oilfield Solutions Corp.
Ken Berg
President and Chief Executive Officer
(403) 543-0060
(403) 543-0069 (FAX)
kberg@cotsoilfield.com
Canadian Oilfield Solutions Corp.
Scott Hamilton
Chief Financial Officer and Corporate Secretary
(403) 543-0060
(403) 543-0069 (FAX)
shamilton@cotsoilfield.com
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