WesternOne Inc. reported consolidated earnings results for the quarter ended March 31, 2018. For the quarter, the company reported revenue from continuing operations increased 31.9% to $34.3 million from $26.0 million in the prior year period. The growth was primarily attributable to continued strong activity in the construction sector and cold winter conditions in Alberta, increasing demand for rental equipment and construction heat-related fuel and services. Adjusted EBITDA increased 63.6% to $10.0 million from $6.1 million in the prior year period and adjusted EBITDA margin increased to 29.3% from 23.6%. Net cash from operating activities of continuing operations was negative $1.7 million. Net of cash inflow from operating earnings, the net cash outflow from operating activities was due to seasonal working capital deployment in relation to the construction heat operations. Net change in cash position from continuing operations was negative $3.9 million. Other major factors leading to the net change in cash position included ordinary fleet capital expenditures, loan advances (net of repayments) and related interest, and repurchases of WesternOne's common shares pursuant to its normal course issuer bid announced in late 2017. Net income from continuing operations attributable to shareholders was $4.1 million or $0.24 per share compared to a net loss of $4.8 million or $0.28 per share in the prior year period. Included in net income or loss were non-cash finance expenses relating to changes in the fair value of convertible debentures at period-end. Excluding the related non-cash effects on an after-tax basis, net income would have been $4.6 million or $0.28 per share compared to a net income of $0.2 million or $0.01 per share in the prior year period.

For the year, the company expects more CapEx compared to 2017.