Macro Enterprises Inc. Announces 2011 Third Quarter Results

FORT ST. JOHN, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2011) - Macro Enterprises Inc. (TSX VENTURE:MCR) -

	Summary of financial results
	(thousands of dollars except per share amounts)
	Three months ended September 30		Nine months ended September 30
	2011	2010	2011	2010
	(unaudited)
Revenues	$38,229	$15,965	$96,191	$45,546
EBITDA1	5,144	1,003	9,087	2,957
Net earnings (loss)	2,858	(93)	3,914	(257)
Net earnings (loss) per share	$0.11	($0.01)	$0.15	($0.02)
Weighted average common shares outstanding (thousands)			23,931	23,577

Highlights

• Revenues increased substantially from same period last year due to additional work obtained principally from two customers.

• EBITDA¹ of $5.1 million was generated in the quarter due to the much higher levels of activity.

Note 1 - References to EBITDA are to net income from continuing operations before interest, taxes, amortization and impairment charge. EBITDA is not an earnings measure recognized by International Financial Reporting Standards ("IFRS") and does not have a standardized meaning prescribed by IFRS. Management believes that EBITDA is an appropriate measure in evaluating the Company's performance. Readers are cautioned that EBITDA should not be construed as an alternative to net income (as determined under IFRA) as an indicator of financial performance or to cash flow from operating activities (as determined under IFRS) as a measure of liquidity and cash flow. The Company's method of calculating EBITDA may differ from the methods used by other issuers and, accordingly, the Company's EBITDA may not be comparable to similar measures used by other issuers.

Third quarter results

Consolidated revenue was $38.2 million compared to $16.0 million in the third quarter last year. During the third quarter this year, the Company continued to work on a compressor move and re-installation for one customer which began in the second quarter. In addition, work commenced on a large pipeline and related facilities contract for another customer in NE B.C. The Company also completed some smaller projects for other customers. Last year the Company worked on several smaller projects and completed a compressor installation for one customer.

Operating expenses were 83.1% of revenue in the quarter compared to 87.4% in the same quarter last year. This percentage fell this year due to improved performance on jobs.

General and administrative expenses were $1.3 million, up from $1.1 million last year. Additional costs continued to be incurred due to the substantially higher levels of activity this year.

Total amortization expense was $0.9 million compared to $0.8 million in the prior period.

Net finance costs of $0.2 million were approximately the same as last year.

Income tax expense in the quarter of $1.2 million was at an effective tax rate of 28.7% which was slightly above the statutory rate.

Net earnings were $2.9 million ($0.11 per share) compared to a net loss last year of $0.1 million (a loss of $0.01 per share).

Outlook

The Company is expecting revenues in the fourth quarter to be substantially above those recorded in the fourth quarter last year. The Company continues to actively bid new jobs and is expecting the first quarter of 2012 to also be busy. However, the continued low price of natural gas and uncertain financial markets could affect future levels of activity in the areas where the company is active.

Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Calgary, Alberta. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca.

Forward Looking Statements

Certain statements in this news release may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements regarding expected revenues, expenses and industry trends and the pursuit of strategic acquisitions. These risks and uncertainties include, but are not restricted to, global economic conditions, government regulation of energy and resource companies, seasonal weather patterns, maintaining and increasing market share, terrorist activity, the price and availability of alternative fuels, the availability of pipeline capacity, and potential instability or armed conflict in oil producing regions. These risks and uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.