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Cordy Oilfield Services Inc. (CKK.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.02500.0000 (0.00%)
At close: 11:12AM EDT
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Previous Close0.0250
Open0.0250
Bid0.0250 x 0
Ask0.0300 x 0
Day's Range0.0250 - 0.0250
52 Week Range0.0100 - 0.0400
Volume96,800
Avg. Volume115,335
Market Cap5.779M
Beta (5Y Monthly)0.64
PE Ratio (TTM)N/A
EPS (TTM)-0.0040
Earnings DateMay 20, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Cordy Oilfield Services Inc. Reports First Quarter Results
    GlobeNewswire

    Cordy Oilfield Services Inc. Reports First Quarter Results

    CALGARY, Alberta, May 20, 2021 (GLOBE NEWSWIRE) -- CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (CKK: TSX-V) released today its first quarter results. ANALYSIS OF CONSOLIDATED RESULTS OF OPERATIONS Three months ended March 31,($ 000's)2021 2020 ($) Change Revenue Environmental Services6,461 7,490 (1,029)Heavy Construction36 149 (113)Corporate- 7 (7) 6,497 7,646 (1,149)Direct operating expenses Environmental Services5,140 5,798 (658)Heavy Construction30 71 (41)Corporate- - - 5,170 5,869 (699) General and administrative expenses Environmental Services297 130 167 Heavy Construction1 - 1 Corporate283 201 82 581 331 250 Operating earnings(1) Environmental Services1,024 1,562 (538)Heavy Construction5 78 (73)Corporate(283)(194)(89) 746 1,446 (700) Depreciation588 465 123 Finance costs315 110 205 Gain on disposal- - - Earnings before tax(157)871 (1,028)Income tax expense- - - Net earnings(157)871 (1,028)(1) Operating earnings is a non-IFRS term and is defined as earnings before interest, taxes, depreciation, amortization, see reconciliation on page 8 of this document. OVERALL PERFORMANCE The first quarter of 2021 included multiple challenges. Most notably, risk and uncertainty surrounding the ongoing COVID-19 pandemic (“COVID-19”) continued to impact spending of customers in the oil and gas industry, which saw drilling activity, on a rig released basis, drop over 30% compared to Q1-2020. Additionally, in early January, the announcement of new workforce restrictions caused several major projects significant delays when retuning to work after the holiday season. The decrease in activity described above had a direct impact on Cordy’s top line revenue, while exposure to the unanticipated delays on certain major projects, caused cost overruns that put strain on the Company’s first quarter margins. First Quarter Financial Summary: For the three month period ended March 31, 2021, Cordy’s consolidated revenues decreased by 15 percent, from the comparative period in 2020. Cordy’s consolidated operating earnings decreased $0.7 million or 48 percent from the comparative period. Cordy’s net loss was $0.2 million for the three months ended March 31, 2021, as compared to net income of $0.9 million for the three months ended March 31, 2020, representing a 118% decrease over the prior period. As a percentage of revenue, operating earnings decreased to 11 percent of revenue in 2021 as compared to 19 percent in 2020. The Canadian Emergency Wages Subsidy (“CEWS”) for the three months ended March 31, 2021 was $0.6 million where $0.5 million was recognized as reduction to Direct Operation Expenses (“DOE”); and$0.1 million was recognized as reduction to general and administrative (“G&A”) expenses. CORPORATE OUTLOOK The risk and uncertainties around the immediate and prolonged effects of COVID-19 remain as demonstrated by the decrease in revenue and, margin compression, realised by Cordy in the first quarter as compared to 2020. The Company will continue to face COVID-19 related challenges as it navigates economic fallout from the government restrictions, the availability and uptake of vaccinations, and stricter lock downs, due to COVID-19 case surges. As the Company progresses though its second quarter, the risks and uncertainty around COVID-19 remain front and center. Western Canada, particularly Alberta, has seen a surge in COVID-19 cases (the “Third Wave”) and a new level of aggressive restrictions to flatten the curve. Over the near term, despite contending with challenges associated with the Third Wave, Management sees existing projects continuing to progress through the second quarter and contributing to a year-over-year improvement compared to Q2-2020. With the availability of vaccinations and vaccination uptake continuing to increase, coupled with aggressive restrictions now in place, the Third Wave will subside. The Company is optimistic that its current projects will continue, and the year-over-year improvement it’s forecasting in Q2 will continue though the third quarter. Visibility into the fourth quarter and beyond is still highly variable, but the Company is seeing optimism from its Oil and Gas customers, suggesting an increase in spending for the balance of 2021 and 2022 winter drilling season. Management continues to evaluate its growth opportunities and access to growth capital, while aggressively managing its costs and focusing on the health and safety of its employees, contractors, and customers, ensuring it is doing its part in mitigating the spread, and limiting the impact of COVID-19. For general and investor relations information, please contact: Investor RelationsDarrick EvongChief Executive OfficerIR@cordy.caTel: 403-262-7667Neither 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. READER ADVISORY This News Release contains certain statements that constitute forward-looking statements. These statements relate to future events or the Corporation’s future performance. All statements, other than statements of historical fact, that address activities, events or developments that the Corporation or a third party expects or anticipates will or may occur in the future, are forward-looking statements. These include the Corporation’s future growth, results of operations, performance and business prospects and opportunities; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, components and parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; regional competition; and other factors, many of which are beyond the Corporation’s control. These other factors include future prices of oil and natural gas and oil and natural gas industry activity, including the effect of changes in commodity prices on oil and natural gas exploration and development activity, the ability to complete strategic acquisitions and realize the anticipated benefits of any acquisitions that are completed, the Corporation’s outlook regarding the competitive environment it operates in, and the assumptions underlying any of the foregoing. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, including those discussed under “Risks and Uncertainties” and elsewhere in this News Release, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that 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. These statements speak only as of the date of this News Release. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The forward-looking statements contained in this News Release are expressly qualified by this cautionary statement.

  • Cordy Oilfield Services Inc. Reports Fourth Quarter and 2020 Annual Results
    GlobeNewswire

    Cordy Oilfield Services Inc. Reports Fourth Quarter and 2020 Annual Results

    CALGARY, Alberta, April 22, 2021 (GLOBE NEWSWIRE) -- CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (CKK: TSX-V) released today its fourth quarter and 2020 annual results. Three months ended December 31 Twelve months ended December 31($ 000's)20202019($) Change 20202019($) ChangeRevenue Environmental Services5,707 3,450 2,257 18,264 15,834 2,430 Heavy Construction25 102 (77) 297 516 (219)Corporate- - - 15 5 10 5,732 3,552 2,180 18,576 16,355 2,221 Direct operating expenses Environmental Services4,344 3,231 1,113 13,491 12,561 930 Heavy Construction20 66 (46) 138 297 (159)Corporate- - - - - - 4,364 3,297 1,067 13,629 12,858 771 General and administrative expenses Environmental Services144 169 (25) 655 756 (101)Heavy Construction- - - 2 2 - Corporate355 197 158 983 921 62 499 366 133 1,640 1,679 (39)Operating earnings (loss) (1) Environmental Services1,219 50 1,169 4,118 2,517 1,601 Heavy Construction5 36 (31) 157 217 (60)Corporate(355)(197)(158) (968)(916)(52) 869 (111)980 3,307 1,818 1,489 Depreciation533 501 32 2,275 1,970 305 Financing expense396 206 190 1,124 803 321 Gain on disposal(159)- (159) (159)(483)324 Loss before tax99 (818)917 67 (472)539 Income tax expense- - - - - - Net income (loss)99 (818)917 67 (472)539 YEAR ENDED DECEMBER 31, 2020 Despite continued market challenges throughout 2020, Cordy's consolidated revenues increased by $2.2 million or 14 percent, from the comparative period in 2019 and operating earnings increased $1.5 million or 82 percent from the comparative period. The net result was a consolidated operating margin of 17.8% compared to 11.1% on 2019. Cordy’s improved performance was driven by strong first and fourth quarters. Primarily, a short-lived revival of the Oil & Gas sector in Western Canada, pre COVID-19 onslaught, drove the Q1 results, while infrastructure support services anchored the Q4 performance. In addition to the Q1 and Q4 performance, Cordy achieved the following: Closed acquisition of Platinum North Resources Ltd. and Heart River Holdings at the end of first quarter enhanced Cordy’s geographic reach and suite of environmental servicessoftened the impact on performance from COVID-19improved net-asset position Restructured lending agreements providing additional flexibility and cashflow for operations through COVID-19Strengthened the executive team adding new COO and CFOClosed Joint Venture agreement with indigenous owned company expanding Cordy’s opportunities in B.C. Overall, Cordy continued to show its resilience in 2020, increasing both revenue and income during unprecedented times. The COVID-19 outbreak caused major economic turmoil, including business interruption from government mandated shutdowns, and significant cuts in customer spending. While Cordy was not immune to the impacts of COVID-19, management made critical decisions in 2020, which helped offset the impact of COVID-19 on overall performance as compared to 2019. CORPORATE OUTLOOK In March 2020, the World Health Organization declared a global health pandemic due to COVID-19. Despite the near-term market uncertainty resulting from the ongoing COVID-19 pandemic, the Company’s fourth quarter continued to improve sequentially not only over the prior three quarters, but over the prior year. Cordy demonstrated incredible business resiliency in a year of unprecedented challenges for our industry and country. Cordy’s oilfield customers reactivated drilling programs albeit at a reduced level, early in the fourth quarter, and are expected to continue drilling programs through the end of the first quarter of 2021. The uncertainty around the prolonged effects of COVID-19, the timing and availability of the vaccinations, and strict lock-downs due to recent surges, and new more infectious variants, continue to provide the Company with challenges and any change in the current trends could significantly alter management’s expectations over the medium term. The timing of a full rebound in activity remains uncertain; however, the recent announcements showing safe, effective coronavirus vaccines, provide optimism for the continuation of gradual recovery over the next six to twelve months. The Company is continuing to evaluate its growth strategy while aggressively managing its costs and continuing to focus on the health and safety of its employees, contractors, and customers, ensuring it is doing its part in mitigating the spread, and limiting the impact of COVID-19. For general and investor relations information, please contact: Investor RelationsDarrick EvongChief Executive OfficerIR@cordy.caTel: 403-262-7667 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. READER ADVISORY This News Release contains certain statements that constitute forward-looking statements. These statements relate to future events or the Corporation’s future performance. All statements, other than statements of historical fact, that address activities, events or developments that the Corporation or a third party expects or anticipates will or may occur in the future, are forward-looking statements. These include the Corporation’s future growth, results of operations, performance and business prospects and opportunities; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, components and parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; regional competition; and other factors, many of which are beyond the Corporation’s control. These other factors include future prices of oil and natural gas and oil and natural gas industry activity, including the effect of changes in commodity prices on oil and natural gas exploration and development activity, the ability to complete strategic acquisitions and realize the anticipated benefits of any acquisitions that are completed, the Corporation’s outlook regarding the competitive environment it operates in, and the assumptions underlying any of the foregoing. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, including those discussed under “Risks and Uncertainties” and elsewhere in this News Release, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that 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. These statements speak only as of the date of this News Release. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The forward-looking statements contained in this News Release are expressly qualified by this cautionary statement.

  • Cordy Forms Joint Venture with Marwest Utility Services Inc.
    GlobeNewswire

    Cordy Forms Joint Venture with Marwest Utility Services Inc.

    CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) -- CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (CKK: TSX-V) announces that it has formed a joint venture (the “JV”) with Marwest Utility Services Inc. (“Marwest”). Cordy is the Manager of the JV and holds a 49% ownership interest in the JV with Marwest holding the remainder. Marwest is headquartered in Kamloops, British Columbia and operates as a wholly-owned, 100% aboriginal company that provides services to mining, energy and transportation businesses. Marwest has partnership agreements with First Nations located throughout British Columbia (the “Partnerships”). The JV will provide a complete range of project management, support and environmental services for the construction oil and gas pipelines; maintenance and integrity of transmission pipelines and facilities; and specialty transportation services. It is expected that the JV will provide the Partnerships with increased opportunities to achieve meaningful participation in future projects and development in their area. The JV replaces the potential transaction to acquire the assets and business contracts of the construction and transportation companies described by Cordy in its June 19, 2019 news release.For general and investor relations information, please contact:        Darrick Evong         Chief Executive Officer         IR@cordy.ca  Tel: 403-262-7667         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.READER ADVISORYThis News Release contains certain statements that constitute forward-looking statements. These statements relate to future events or the future performance of the Corporation and the JV. All statements, other than statements of historical fact, that address activities, events or developments that the Corporation or a third party expects or anticipates will or may occur in the future, are forward-looking statements. These include the future growth, results of operations, performance and business prospects and opportunities of the JV; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, components and parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; regional competition; and other factors, many of which are beyond the Corporation’s control. These other factors include future prices of oil and natural gas and oil and natural gas industry activity, including the effect of changes in commodity prices on oil and natural gas exploration and development activity, the ability to complete strategic acquisitions and realize the anticipated benefits of any acquisitions that are completed, the Corporation’s outlook regarding the competitive environment it operates in, and the assumptions underlying any of the foregoing. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, including those discussed under “Risks and Uncertainties” and elsewhere in this News Release, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that 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. These statements speak only as of the date of this News Release. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The forward-looking statements contained in this News Release are expressly qualified by this cautionary statement.