Horizon North reported revenue of $69 mm, below our forecast of $75 mm. EBITDAS of $9 mm was behind our estimate of $11 mm due to one-time costs related to a prior contract. We have reduced 2016 estimates to reflect continued pricing pressures and weaker large camps utilization. As such, we have lowered revenue by 16% and EBITDAS by 14%. EBITDAS falls slightly less than revenue due to SG&A savings that are expected to be implemented in 2016e. We are now forecasting 2016e EBITDAS of $40 mm (prior ....
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4Q15 Results
- Published:
26 Feb 2016 -
Author:
Ian B. Gillies -
Pages:
6
Horizon North reported revenue of $69 mm, below our forecast of $75 mm. EBITDAS of $9 mm was behind our estimate of $11 mm due to one-time costs related to a prior contract. We have reduced 2016 estimates to reflect continued pricing pressures and weaker large camps utilization. As such, we have lowered revenue by 16% and EBITDAS by 14%. EBITDAS falls slightly less than revenue due to SG&A savings that are expected to be implemented in 2016e. We are now forecasting 2016e EBITDAS of $40 mm (prior ....