I guess there is a Chinese Wall in BNS as the analyst (who immediately gave PSN a new target of $11 after the financilas release after talking to the Company) is not in syncc with the lending arm as BNS is part of the $100MM facilty which still remains within its lending covenants, at least at last qtr end, and here he is now talking to the competitors and coming up with less than half the target some 18days later!!! We all knew the divvy had to be cut even on his first revision so where was he.
I have a couple of extracts below from financials which SEEM to indicate impacts were regional although somewhat core to PSN's overall operations and they are indeed, AT LAST, trying to get on top of receivable (altho I am surprised they effectively give credit'  to 62% of customers below BBB- rating...however presume these are smaller commitments to PSN in $ terms.  Also since the E&P's are calculating 2013 capex through this period and already constraining 2012 capex it makes sense that this downturn might be cyclical and not too, too permanent as they rachet up in New Year.
I am actually writing this to ask if anyone knows how many tanks PSN has built. I know when the pp took place they said 400 by June 30th but I do not see that they spent anywhere near the $43MM they allocated to this from the pp...just about $19MM only. It makes a difference on both utilisation and run-rate on tanks. If they are actually renting even 200 billable tanks  in Q3 that's over $2,200 per tank day rate. Anyone also know what number of tanks are billable? The company has stopped replying to me since I asked them to air their laundry and remarked on the undefined accounting weaknesses noted in Q4's report last year!!! but they need  IMO to give this as qtly comparative data in fuure MD&A's.
"In the United States, demand for the Corporation’s fracturing fluid handling system increased sharply during the three and nine months ended September 30, 2012 compared to the same three- and nine-month periods in 2011, as customers remained focused on efficient water management applications given the rapidly evolving market dynamics and regulatory requirements around sourcing, storage, recycling and disposal of fluid. The much larger size of the U.S. market, and Poseidon’s still-modest overall penetration, continued to offer broad scope for expansion. During the third quarter of 2012, the Corporation’s U.S. operations experienced weakening market conditions in several core regions from the second quarter of 2012. While the Corporation’s southern U.S. region, which includes Texas, Oklahoma and New Mexico, saw continued strengthening in its market position, this was more than offset by lower well completion activity in Poseidon’s Bakken (North Dakota and Montana) and Rockies (Colorado and Wyoming) markets. The combination of declining rig counts, delays to completion programs and, ultimately, lower capital spending by E&P customers attempting to rationalize service costs and stay within reduced 2012 budgets, meant lower utilization and pricing for Poseidon’s tank fleet in these regions."
"As of September 30, 2012, 38 percent of the total accounts receivable portfolio was comprised of investment grade parties; investment grade refers to a credit rating from one of the major agencies at or above BBB-(S&P or Fitch) or Baa3 (Moody’s). Based on the payment experience and financial condition of its customer base, Poseidon anticipates collection progress on the amounts due, but both the timing and magnitude of ultimate collections remain risks. Continued improvements in accounts receivable turnover are expected in 2013, as the Corporation has implemented several new processes and software ystems to improve the speed with which field tickets and invoices are processed and issued."