Titanium Transportation earns $5.8-million in 2018[url=https://www.stockwatch.com/News/Item.aspx?bid=Z-C:TTR-2727101&symbol=TTR®ion=C][/url]
Titanium Transportation earns $5.8-million in 2018
2019-03-05 17:47 ET - News Release
Mr. Ted Daniel reports
TITANIUM TRANSPORTATION GROUP ANNOUNCES 2018 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
Titanium Transportation Group Inc. has released its financial results for the three-month period and year ended Dec. 31, 2018. All amounts are in Canadian currency.
Q4 2018 Highlights
- -- Total revenue increased 20% to $42.7 million
- -- EBITDA increased 55% to $5.4 million
- -- EBITDA margin increased to 13.8%, up 330bps
- -- Net income of $1.3 million and net income per share of $0.04
- -- Achieved 14% growth in driver base in 2018
Full Year 2018 Highlights
- -- Total revenue increased 43% to $184.8 million
- -- EBITDA increased 78% to $22.4 million
- -- EBITDA margin increased to 13%, up 270bps
- -- Record net income of $5.8 million and net income per share of $0.16
- -- Repaid $11.3 million in net debt, reduced net debt to EBITDA to 2.0x
CEO Commentary
"We are pleased to report a solid finish to a strong year of operating results for Titanium," said Ted Daniel, Chief Executive Officer of Titanium. "Both our Truck Transportation and Logistics segments delivered strong growth, reflecting improved industry conditions, previous strategic investments in technology and our driver recruitment initiatives. Our sharp focus on execution resulted in substantial operating cash flow generation, allowing us to pay down a significant amount of debt and further strengthening our balance sheet."
"Looking ahead, we have a positive outlook for 2019. Industry conditions remain generally favourable, and our investment in outstanding people and leading technology continue to provide the foundation for sustainable and long-term growth."
Summary of Financial Results Consolidated Results Q42018 Q42017 % Change 2018 2017 % Change Revenue $42.7M $35.4M +20% $184.8M $129.6M +43% EBITDA $5.4M $3.5M +55% $22.4M $12.6M +78% EBITDA margin(1) 13.8% 10.5% 13.0% 10.3% Adjusted net income(2) $1.3M ($0.0M) $5.8M $0.4M Adjusted net income per share(2)$0.04 ($0.00) $0.16 $0.01 Truck Transportation Revenue $29.2M $24.1M +21% $113.6M $87.0M +31% EBITDA $4.3M $3.1M +39% $16.4M $11.8M +39% EBITDA margin(1) 16.0% 13.7% 15.7% 14.5% Logistics Revenue $14.8M $11.8M +25% $75.7M $43.9M +73% EBITDA $1.5M $0.9M +63% $7.5M $2.6M +183% EBITDA margin(1) 10.4% 7.9% 10.4% 6.3%
(1) EBITDA margin is calculated as EBITDA as a percentage of revenue before fuel surcharge.
(2) Adjusted net income is calculated as net income before items that are not in the normal course of business, such as accelerated customer list amortization and goodwill impairment. The adjustments affect 2017 results only.
Q4 2018 Truck Transportation Segment Highlights
- -- Total revenue increased 21% to $29.2 million
- -- EBITDA increased 39% to $4.3 million
- -- EBITDA margin increased to 16.0%, from 13.7% in Q4 2017
Q4 2018 Logistics Segment Highlights
- -- Total revenue increased 25% to $14.8 million
- -- EBITDA increased 63% to $1.5 million
- -- EBITDA margin increased to 10.4%, from 7.9% in Q4 2017
Conference Call
The Company will also hold a conference call for analysts and investors on Wednesday, March 6, 2019, at 8:00 a.m. Eastern Time, to discuss fourth quarter financial results. Business media are invited to listen to the call. Interested parties can join the call by dialing 1-877-648-7976 (North America) or 1-617-826-1698 (International). A recording of the call will be available until midnight, March 20, 2019 by dialing 1-855-859-2056 (North America) or 1-404-537-3406 (International) and entering Conference ID4989202.
About Titanium Transportation Group
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 475 power units, 1,400 trailers and 600 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed ten asset-based trucking acquisitions since 2011. Titanium has also been ranked by Growth 500 as one of Canada's Fastest-Growing Companies for ten consecutive years.
NON-IFRS FINANCIAL MEASURES
The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:
"Earnings before interest, income taxes, depreciation and amortization" ("EBITDA") is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense, transaction costs, accelerated customer list amortization and goodwill impairment.
"EBITDA margin" is calculated as EBITDA as a percentage of revenue before fuel surcharge.
"Adjusted net income" is calculated as net income before items that are not in the normal course of business, such as accelerated customer list amortization and goodwill impairment.
Management of the Company believes that these financial measures are useful for investors and other readers, when used in conjunction with other IFRS financial measures, as they are measurers used internally by management to evaluate performance. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.
We seek Safe Harbor.