North American Energy Partners posts $28.2-million annual profit for 2010

The Canadian Press ~ The News
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CALGARY — North American Energy Partners Inc. (TSX:NOA) had a small loss in the fourth quarter but ended fiscal 2010 with an annual profit of $$28.2-million, the company announced Thursday.

The oilfield services company said its net income amounted to 77 cents per diluted share for the 12 months ended March 31 and compared with a net loss of $135.4 million or $3.76 per share for fiscal 2009.

The company, based in Acheson, Alta., provides a range of heavy construction and mining, piling and pipeline installation services to the Canadian oilsands industry and other resource industries.

North American Energy’s fourth-quarter loss was $943,000, or three cents per share, and compared with a year-earlier loss of $137.1 million or $3.80. The fourth quarter of fiscal 2009 included a $143.4 million impairment of goodwill.

Revenue for fiscal 2010 was $759 million, including $220 million in the fourth quarter ended March 31. A year earlier, annual revenue was higher at $972.5 million, including $174.7 million in the fourth quarter of fiscal 2009.

“While expectations for the 2011 fiscal year remain cautious, recent market and industry activity suggest the worst of the economic downturn is now over,” NAEP said in a statement.

The company said it anticipates “a gradual strengthening of demand for both mining services and new construction as the year progresses.”

Organizations: North American Energy Partners Inc., TSX

Geographic location: CALGARY, Acheson

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