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Horizon North Logistics Inc. Announces Results for the Quarter Ended March 31, 2018

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by pmnationtalk on May 10, 2018101 Views

CALGARY, ALBERTA, May 9, 2018 – TSX Symbol: HNL

Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) reported its financial and operating results for the three months ended March 31, 2018 and 2017.

First Quarter Highlights

  • Subsequent to Q1 2018, Horizon North successfully completed the previously announced acquisition of Shelter Modular Inc., a 34,000 sq. ft. full service modular manufacturing company based in Aldergrove, British Columbia;
  • Growth of the workforce in the Kamloops, British Columbia manufacturing facility lagged expectations and contributed to weaker than expected results for the quarter. The Aldergrove facility will add additional capacity to execute on the growing backlog in the Modular Solutions division;
  • On May 7, 2018 Horizon North entered into a master teaming agreement with EllisDon Corporation (“EllisDon”).  The teaming agreement will apply to projects such as hotels, commercial buildings and multi-family structures undertaken by Horizon North’s Modular Solutions division.  Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to our customers;
  • The Modular Solutions business gained significant momentum throughout Q1 2018, closing with a backlog of $62.5 million compared to $43.9 million at Q4 2017 with an additional $127.0 million of high-quality, high probability opportunities;
  • Horizon North’s joint venture partnership, Halfway River Horizon North, was conditionally awarded $63 million of turn-key camp services in the Montney region of northeast British Columbia. Pending regulatory and internal customer approvals, the contract is expected to start in Q3 2018 and run through Q4 2019;
  • Horizon North continued its dividend policy and paid its 26th consecutive quarterly dividend; and
  • EBITDAS for Q1 2018 were below the comparable period of 2017, which included $1.0 million of insurance proceeds. The decrease was a result of lower large camp and mat sales volumes combined with a shifting contract mix in the Camps & Catering operations as part of a capital light strategy.

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