Flint Energy Services Ltd., $13.87 (Toronto symbol FES; Shares outstanding: 46 million; Market cap: $629.9 million; www.flintenergy.com), provides transportation, manufacturing, construction and maintenance services to the oil and gas industry in western North America.
In the three months ended March 31, 2011, Flint’s revenue fell 22.8%, to $326.8 million from $423.2 million. The company lost $4.5 million, or $0.10 a share. That was much worse than the consensus estimate of a profit of $0.10 a share. A year earlier, the company earned $18.0 million, or $0.39 a share.
The declines came partly from poor weather and delayed project start-ups. However, the lower results were mainly caused by the company’s failure to replace all of its expiring contracts with new ones.
Flint’s debt of $202.3 million is a reasonable 32.1% of its market cap. About $130.5 million of that debt is due this month. But the company should be able to negotiate new loans. As well, it holds cash $102.5 million, so…
Privacy Policy and Terms of Use
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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COMMENTS: TERMS OF USE
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The "Help" portion of the toolbar on most browsers will tell you how to prevent your browser from accepting new cookies, how to have the browser notify you when you receive a new cookie, or how to disable cookies altogether. However, you will not be able to use important features of TSI Network sites if you do not use cookies.
Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
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