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Mullen Group Reports Big Revenue Gains for 2011

OKOTOKS, AB — Alberta-based Mullen Group generated nearly 1.4 billion in revenue for 2011, with an operating income of $288 million.

Net income for the year came in at $119.4 million, compared to $78.3 million in 2010.

Mullen said that all business units recorded revenue gains, but the strongest gains were in their Oilfield Services, contributing $253.1 million, and Trucking/Logistics units, a healthy contribution of $97.2 million.

The increase in revenue in the Oilfield Services segment resulted from improved industry conditions, Mullen said, citing an increase in the number of wells and meters drilled due to strong crude oil prices, among other factors.

Stronger demand for freight services in oil sands development, mining and over-dimensional freight and higher fuel surcharge revenue contributed to the increased revenue in the Trucking/Logistics segment.

"We are very pleased with Mullen Group's record operating results for the 2011 year. The momentum we experienced in the second and third quarters of 2011 continued into the fourth quarter and pushed our results to a record level," stated Stephen H. Lockwood, president and Co-CEO.

In the fourth quarter of 2011, Mullen Group generated revenue of $394.1 million, an increase of $98 million or 33.1 percent from the $296.1 million generated for the same period in 2010.

"We enter 2012 with most business units operating at or near full capacity both in terms of equipment utilization and deployment of our people, strong indicators that the markets Mullen Group serves are very robust," said Murray K. Mullen, chairman and CEO.

He added that while they expect business to stay strong, they are hesitant to predict significant growth given 2011's exceptional performance.

"Our focus for 2012 will be on operational excellence and margin expansion, which is aligned with the announced increase in capital expenditures to $100 million for 2012. New equipment, strategic investments in land and buildings, along with acquisitions that meet our financial and operational criteria, formulate part of our 2012 business plan," said Mullen.

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