Cordy Oilfield Services Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the three month period ended September 30, 2014, the company's consolidated revenues decreased by $10.9 million to $21.6 million as compared to consolidated revenues of $32.5 million in the period ended September 30, 2013. The period over period decrease is attributable to the following the Heavy Construction segment experienced an increase in activity in the mining sector yet it was not sufficient to offset the reduced activity in the oil sands area or with oil and gas clients who slowed their capital projects. The Environmental Services and Manufacturing and Supply segments were impacted by customer slowdowns in capital projects resulting in reduced demand for Cordy's services and products. EBITDAS loss of $2.4 million as compared to earnings of $3.1 million in the period ended September 30, 2013, a decrease of $5.5 million. Net loss was $8.9 million or $0.10 per share, an increased loss of $10.3 million from net earnings of $1.4 million or $0.01 per share for the three months ended September 30, 2013. Cash flow used in from operating activities was $0.6 million against $2.2 million a year ago.

For the nine months, the company's consolidated revenues were 65.3 million against $90.2 million a year ago. EBITDAS loss was $4.7 million compared to earnings of $7.1 million in the period ended September 30, 2013. Net loss was $13.1 million or $0.15 per share compared to net earnings of $1.3 million or $0.01 per share a year ago. Cash flow used in from operating activities was $0.5 million against cash generated from operating activities of $2.0 million a year ago.

Based upon the company's third quarter results, which were below expectations, as well as the current weakening commodity pricing environment, the company expects the balance of 2014 activity and its resulting financial performance to be below its 2013 results.