2003 Annual Report - Enerflex

2003 revenue$515.5 million2002 revenue$326.7 millionLeasing 4%Leasing 5%Fabrication 37%Fabrication 46%Service 50%Service 58%Consolidated resultsIn 2001 and 2002 Enerflex made three acquisitions, the largest of which was EnSource Energy Services Inc.(“EnSource”). Results for 2003 include the operations of EnSource for the entire year, whereas results for 2002include EnSource operations for five and one-half months commencing the date of acquisition, July 18, 2002. In2003 Enerflex concentrated on strengthening the management of each of its businesses and the integration ofEnSource operations. The re-organization of management was substantially complete by the end of the year. In2004, the Company will continue to evaluate and improve its key business processes to ensure that operations areboth efficient and well-controlled.Summary Annual Statistics(Thousands, except per share amounts) 2003 2002 2001Revenue $ 515,528 $ 326,706 $ 375,040Net income 20,383 9,232 22,454Per common share – basic 0.92 0.51 1.51– diluted 0.91 0.51 1.49Cash dividends per common share 0.40 0.40 0.40Total assets 457,674 451,211 222,146Total long-term liabilities $ 63,561 $ 63,458 $ 35,879Summary Quarterly Statistics2003 2002(Thousands, except per share amounts) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Revenue $ 144,185 $ 124,153 $ 115,311 $ 131,879 $110,720 $112,046 $ 54,257 $ 49,683Net income 7,217 5,429 3,309 4,428 3,040 2,948 3,214 30Per common share – basic 0.33 0.24 0.15 0.20 0.14 0.14 0.22 0.00– diluted $ 0.32 $ 0.24 $ 0.15 $ 0.20 $ 0.14 $ 0.14 $ 0.22 $ 0.00Enerflex 2003 Annual Report37