& & BOUCHERVILLE, QUEBEC — Uni-Select Inc. (TSX:UNS) generated sales of 450.7 million dollars in the first quarter of 2012, compared to 396.8 million dollars in the same period of 2011. EBITDA improved from 21.7 million dollars in the first quarter 2011 to 24.6 million dollars this quarter. Net earnings increased to 11.2 million dollars in the first quarter of 2012 or $0.52 per share compared to 9.7 million dollars or $0.45 per share for the same quarter last year.&
(Unless otherwise indicated, all amounts in this press release are expressed in US dollars.)
---------------------------------------------------------------------------- (In thousands of dollars, except earnings per share) 1ST QUARTER ---------------------------------------------------------------------------- 2012 2011 ---------------------------------------------------------------------------- Sales 450,728 396,784 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted EBITDA 27,315 23,139 ---------------------------------------------------------------------------- EBITDA 24,621 21,700 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted earnings 12,961 11,347 ---------------------------------------------------------------------------- Net earnings 11,231 9,662 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Adjusted earnings per share 0.60 0.53 ---------------------------------------------------------------------------- Earnings per share 0.52 0.45 ----------------------------------------------------------------------------
The increase in total sales stems primarily from the addition of FinishMaster's operations and the acquisition of store operations in Florida in the fourth quarter 2011 combined with organic growth of 4.2%. The Canadian operations, with sales amounting to 115.7 million dollars, recorded organic sales growth of 1.5% during the first quarter. The American operations recorded organic sales growth of 5.2% to reach 335.0 million dollars.
The adjusted EBITDA margin was 6.1% in the first quarter of 2012, an increase of 0.3% compared to the same quarter in 2011. The improvement was mainly due to gross margin increases derived from better buying conditions and proactive management of selling prices. Moreover, the marginal contribution resulting from organic growth and acquisitions completed in 2011, combined with synergies achieved, contributed to decrease the proportion of fixed costs as a percentage of sales. Higher IT maintenance costs related to the transition to the integrated enterprise resource planning system combined with an unfavorable distribution channels mix negatively impacted the adjusted EBITDA margin partially offsetting the above factors.
"This quarter, we posted improved results in terms of sales, EBITDA and net earnings. The addition of FinishMaster and the acquired Florida assets teamed with a satisfactory increase in organic sales positively contributed to our growth." said Mr. Richard G. Roy, President and Chief Executive Officer of Uni-Select.
"During the next quarters, our focus will remain on the increased efficiency of our operations with the objectives to continue delivering improved results and reduce our debt to the level that our investors and shareholders are accustomed to. We will also pursue the integration of FinishMaster's activities as well as the assets recently acquired in Florida. We are very pleased with the deployment of the enterprise resource planning system which will continue during the year. " added Mr. Roy.
In closing, the Board of Directors of Uni-Select declared a dividend of CDN$0.13 per share payable on July 20, 2012 to shareholders of record on June 30, 2012. This dividend is an eligible dividend for tax purposes.
About Uni-Select
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools and accessories for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leader independent distributor of automotive paint and related products in the country. With 6,600 employees, the Uni-Select network includes over 2,500 independent jobbers and services more than 3,500 points of sale in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release includes some forward-looking information which includes certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
The following terms do not have any standardized meaning according to the International Financial Reporting Standards (IFRS). As a result, they are therefore unlikely to be comparable to similar measures presented by other corporations.
1. "EBITDA": This measurement represents operating income before depreciation, amortization, finance costs, acquisition related costs, income taxes, gains on disposal of fixed assets and non-controlling interest. This measurement is a widely accepted financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to operating income or net earnings, as an indicator of operating performance or cash flows, or as a measurement of liquidity, but as additional information. In the Corporation's statement of earnings, EBITDA corresponds to "Earnings before the following items." 2. "Adjusted EBITDA": This measurement corresponds to EBITDA resulting from operational activities, excluding some adjustments. According to management, adjusted EBITDA is more representative of the Corporation's operational performance and more appropriate in providing additional information to investors because it gives an indication of the Corporation's ability to repay its debts. 3. "Adjustments": These are unusual incurred costs that Management regards as not being characteristic or representative of the Corporation's regular operations. They include the following costs: those incurred when disposing of or closing stores, non-capitalizable costs related to the implementation of the enterprise resource planning software and costs related to the reorganisation of the distribution network. Excluding these items does not mean that they are not recurrent.
Additional Information
The management report and the unaudited financial statements as well as accompanying notes for the First Quarter of 2012 are available in the "Investor Information" section on the Corporation's website at: www.uniselect.com as well as on SEDAR's: www.sedar.com. The reader will also find on these websites the Corporation's Annual Report as well as other information related to Uni-Select, including its Annual Information Form.
Annual General and Special Meeting of Shareholders
Thursday, May 8, 2012 at 1:30 PM (EST), Uni-Select will host its Annual General and Special Meeting of Shareholders. The meeting will be held at Marriott Chateau Champlain (One, Place du Canada, Montreal) in the Caf'Conc room.
Conference Call
Thursday, May 8, 2012 at 3:30 PM (EST), Uni-Select will host a conference call to discuss the 2012 First Quarter financial results. To join the conference, dial 1 866 696-5910 followed by 8567461.
UNI-SELECT INC. CONSOLIDATED STATEMENT OF EARNINGS (In thousands of US dollars, except per share amounts, unaudited Three-month period ended March 31, --------------------------------------------------------------------------- --------------------------------------------------------------------------- 2012 2011 -------------------- $ $ Sales 450,728 396,784 -------------------- -------------------- Earnings before the following items 24,621 21,700 -------------------- Finance costs, net (Note 3) 4,826 4,528 Depreciation and amortization (Note 4) 6,059 4,949 Net gain on disposal of property and equipment - (1,728) Acquisition-related costs (Note 5) - 2,976 -------------------- Earnings before income taxes 13,736 10,975 Income taxes (Note 7) Current 8,211 8,744 Deferred (5,615) (7,271) -------------------- 2,596 1,473 -------------------- Net earnings 11,140 9,502 -------------------- -------------------- Attributable to shareholders 11,231 9,662 Attributable to non-controlling interests (91) (160) -------------------- 11,140 9,502 -------------------- -------------------- Earnings per share, basic and diluted (Note 6) 0.52 0.45 Weighted average number of shares outstanding (in thousands) (Note 6) Basic 21,636 21,559 Diluted 21,637 21,568 The Consolidated Statement of Earnings by nature is presented in Note 12. --------------------------------------------------------------------------- --------------------------------------------------------------------------- The accompanying notes are an integral part of the Interim Consolidated Financial Statements. UNI-SELECT INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (In thousands of US dollars, unaudited) Three-month period ended March 31, ------------------------------------------------------------------------ ------------------------------------------------------------------------ 2012 2011 --------------- $ $ Net earnings 11,140 9,502 --------------- Other comprehensive income Effective portion of changes in fair value of cash flow hedges (net of income taxes of $100 ($(19) in 2011)) (271) (52) Net change in fair value of derivative financial instruments designated as cash flow hedges transferred to earnings (net of income taxes of $180 ($234 in 2011)) 483 633 --------------- 212 581 Unrealized exchange losses on the translation of financial statements to the presentation currency (4,467) (404) Unrealized exchange gains on the translation of debt designated as a hedge of net investments in foreign operations 5,999 7,804 Defined benefit plan actuarial gain (net of income taxes of $157) 426 - --------------- Other comprehensive income 2,170 7,981 --------------- Comprehensive income 13,310 17,483 --------------- --------------- Attributable to shareholders 13,401 17,643 Attributable to non-controlling interests (91) (160) --------------- 13,310 17,483 --------------- --------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------ The accompanying notes are an integral part of the Interim Consolidated Financial Statements. UNI-SELECT INC. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (In thousands of US dollars, unaudited) Attributable to shareholders ------------------------------------------------------- Equity Accumulated component of other convertible comprehensive debentures and Share income contributed Retained capital (Note 8) surplus earnings ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- $ $ $ $ Balance at December 31, 2011 88,940 6,216 2,139 375,262 -------------------------------------------------------- Net earnings - - - 11,231 Other comprehensive income - 1,744 - 426 -------------------------------------------------------- Total comprehensive income - 1,744 - 11,657 Contributions by and distributions to shareholders Share redemptions (3) - - (10) Dividends - - - (2,832) Stock-based compensation expense - - 10 - -------------------------------------------------------- (3) - 10 (2,842) Changes in ownership interests in subsidiaries that do not result in a loss of control Buy-back of non- controlling interests - - (98) - Foreign exchange translation adjustment on non- controlling interests - - - - -------------------------------------------------------- Balance at March 31, 2012 88,937 7,960 2,051 384,077 -------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------- Balance at December 31, 2010 39,099 4,700 375 337,795 -------------------------------------------------------- -------------------------------------------------------- Net earnings - - - 9,662 Other comprehensive income - 7,981 - - -------------------------------------------------------- Total comprehensive income - 7,981 - 9,662 Contributions by and distributions to shareholders Share issuances 49,980 - - - Issuance of convertible debentures - - 2,418 - Dividends - - - (2,664) Stock-based compensation expense - - 19 - -------------------------------------------------------- 49,980 - 2,437 (2,664) Changes in ownership interests in subsidiaries that do not result in a loss of control Foreign exchange translation adjustment on non- controlling interests - - - - -------------------------------------------------------- Balance at March 31, 2011 89,079 12,681 2,812 344,793 -------------------------------------------------------- -------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Attributable to non- controlling interests (Note 5) Total equity --------------------------------------------------------- --------------------------------------------------------- $ $ Balance at December 31, 2011 1,033 473,590 ------------------------------------- Net earnings (91) 11,140 Other comprehensive income - 2,170 ------------------------------------- Total comprehensive income (91) 13,310 Contributions by and distributions to shareholders Share redemptions - (13) Dividends - (2,832) Stock-based compensation expense - 10 ------------------------------------- - (2,835) Changes in ownership interests in subsidiaries that do not result in a loss of control Buy-back of non- controlling interests (1,053) (1,151) Foreign exchange translation adjustment on non- controlling interests 111 111 ------------------------------------- Balance at March 31, 2012 - 483,025 ------------------------------------- ------------------------------------- ------------------------------------- Balance at December 31, 2010 2,623 384,592 ------------------------------------- ------------------------------------- Net earnings (160) 9,502 Other comprehensive income - 7,981 ------------------------------------- Total comprehensive income (160) 17,483 Contributions by and distributions to shareholders Share issuances - 49,980 Issuance of convertible debentures - 2,418 Dividends - (2,664) Stock-based compensation expense - 19 ------------------------------------- - 49,753 Changes in ownership interests in subsidiaries that do not result in a loss of control Foreign exchange translation adjustment on non- controlling interests 78 78 ------------------------------------- Balance at March 31, 2011 2,541 451,906 ------------------------------------- ------------------------------------- --------------------------------------------------------- --------------------------------------------------------- The accompanying notes are an integral part of the Interim Consolidated Financial Statements. UNI-SELECT INC. CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands of US dollars, unaudited) Three-month period ended March 31, -------------------------------------------------------------------------- -------------------------------------------------------------------------- 2012 2011 ------------------- $ $ OPERATING ACTIVITIES Net earnings 11,140 9,502 Non-cash items Depreciation and amortization (Note 4) 6,059 4,949 Income tax expense (Note 7) 2,596 1,473 Finance costs, net (Note 3) 4,826 4,528 Net gain on disposal of property and equipment - (1,728) Other non-cash items 647 111 Changes in working capital items (14,024) (61,272) Interest paid (5,818) (3,157) Income taxes paid (2,119) (8,478) ------------------- Cash flows from operating activities 3,307 (54,072) ------------------- INVESTING ACTIVITIES Business acquisitions (Note 5) (1,570) (222,765) Balance of purchase or sale price (364) 37 Advances to merchant members (2,680) (2,771) Receipts on investments and advances to merchant members 1,446 910 Acquisitions of property and equipment (1,269) (3,173) Disposals of property and equipment 122 1,410 Development of intangible assets (5,099) (7,187) ------------------- Cash flows from investing activities (9,414) (233,539) ------------------- FINANCING ACTIVITIES Net increase (decrease) in bank indebtedness 3 (866) Increase in long-term debt 21,230 362,335 Repayment of long-term debt (12,453) (171,039) Merchant members' deposits in the guarantee fund (132) 98 Issuance of convertible debentures, net of issuance costs - 49,777 Share issuances, net of issuance costs - 49,361 Share redemptions (13) - Dividends paid (2,616) (2,296) ------------------- Cash flows from financing activities 6,019 287,370 ------------------- Effects of fluctuations in exchange rates on cash 31 2 ------------------- Decrease in cash (57) (239) Cash, beginning of period 1,671 379 ------------------- Cash, end of period 1,614 140 ------------------- ------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- The accompanying notes are an integral part of the Interim Consolidated Financial Statements. UNI-SELECT INC. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (In thousands of US dollars, unaudited) March 31, December 31, 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- $ $ ASSETS Current assets Cash 1,614 1,671 Trade and other receivables 213,897 198,495 Income taxes receivable 18,877 25,234 Inventory 561,594 579,246 Prepaid expenses 11,399 11,358 ---------------------------- Total current assets 807,381 816,004 Investments and advances to merchant members 23,216 22,149 Property and equipment 43,528 43,134 Intangible assets 157,531 156,958 Goodwill 186,456 184,734 Deferred tax assets 24,039 24,242 ---------------------------- TOTAL ASSETS 1,242,151 1,247,221 ---------------------------- ---------------------------- LIABILITIES Current liabilities Bank indebtedness 509 497 Trade and other payables and provisions 280,068 298,686 Dividends payable 2,816 2,552 Instalments on long-term debt and on merchant members' deposits in the guarantee fund 17,690 15,694 ---------------------------- Total current liabilities 301,083 317,429 Long-term employee benefit obligations 26,208 27,319 Long-term debt 345,284 337,319 Convertible debentures 48,329 47,225 Merchant members' deposits in the guarantee fund 7,770 7,757 Derivative financial instruments 2,212 2,505 Deferred tax liabilities 28,240 34,077 ---------------------------- TOTAL LIABILITIES 759,126 773,631 ---------------------------- EQUITY Share capital 88,937 88,940 Contributed surplus 364 452 Equity component of convertible debentures 1,687 1,687 Retained earnings 384,077 375,262 Accumulated other comprehensive income (Note 8) 7,960 6,216 ---------------------------- TOTAL SHAREHOLDERS' EQUITY 483,025 472,557 Non-controlling interests - 1,033 ---------------------------- TOTAL EQUITY 483,025 473,590 ---------------------------- TOTAL LIABILITIES AND EQUITY 1,242,151 1,247,221 ---------------------------- ---------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- The accompanying notes are an integral part of the Interim Consolidated Financial Statements.& &
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