4th quarter and year endNewalta Announces Record Revenue and Ten Fold Increase in Earnings
09:05 GMT-05:00 Monday, March 05, 2001
CALGARY, ALBERTA--NEWALTA CORPORATION (NAL - TSE) is pleased to announce its audited financial results
for the fourth quarter and the year ended December 31, 2000.
Financial Highlights ($000's)
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Three Months Year Ended
December 31 December 31
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2000 1999 % Increase 2000 1999 % Increase
(Decrease) (Decrease)
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Revenue 21,884 16,647 31 78,421 58,784 33
Operating income 2,479 1,517 63 10,103 2,159 368
Earnings 3,590 667 438 7,718 773 898
Earnings per share
(cents) 11.0 2.2 400 23.6 2.6 808
Fully diluted
(cents) 10.5 2.2 377 22.7 2.6 773
EBITDA 5,490 4,514 22 22,110 14,600 51
Cash flow 4,428 3,324 33 17,902 9,757 83
Capital expenditures,
net 8,557 (1,101) 878 14,039 296 4,643
Working capital - - - 9,622 7,470 29
Long term debt - - - 51,680 54,740 (6)
Average shares
outstanding (000's) - - - 32,749 29,314 12
Total shares
outstanding (000's) - - - 32,798 32,590 1
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TO THE SHAREHOLDERS
For the three months ended December 31, revenues improved 31%, EBITDA increased 22%, and cash flow was up 33%
compared to 1999. Despite continued wet weather in northwest Alberta and British Columbia, earnings per share on a fully
diluted basis improved 4 times to 11.0 cents per share from 2.2 cents per share in 1999.
Revenue for the year, which was the highest in the Company's history, increased 33% from $58.8 million in 1999 to $78.4
million in 2000. EBITDA improved 51% from $14.6 million in 1999 to $22.1 million. Operating income in 2000 was 4.6
times higher than the prior year and fully diluted earnings improved 10 times to 23 cents per share.
Included in both the fourth quarter and the results for the year is a reduction of future income taxes in the amount of $2.2
million (6.5 cents per share fully diluted) following the introduction by the Federal Government of Canada of tax rate
reductions in their February 28 and October 28, 2000 budgets. Of the $2.2 million, $1.9 million (5.5 cents per share fully
diluted) relates to the period prior to 2000 as a reduction of prior years future income taxes. Canadian Generally Accepted
Accounting Principals (GAAP) require that the effect of this combined 7% federal tax rate reduction, over the next four
years, on the Corporation's future tax liabilities be reflected as a decrease of future tax expense in 2000, since the rate
reductions have been substantively enacted into law. The introduction of the federal tax rate reductions over the next four
years, added to the planned reductions in the Alberta provincial tax rate of a combined 7.5%, also over the next fours years,
will have the impact of reducing our effective tax rate on operating income in Alberta to 29.5% by 2004. These significant
reductions create the environment for increased growth investments and geographic expansion.
Activity levels and product prices improved steadily throughout the year and Newalta enters 2001 in very strong positions
in all four service sectors. The outlook in 2001 is very promising with robust commodity prices driving the demand for the
Company's services and the value of the products that it recovers from waste.
Newalta is a western Canadian resource recovery and recycling company.
https://www.globeinvestor.com/servlet/WireFeedRedirect?slug=Z6363&date=20010305&archive=ccn&cf=GlobeInvestor/config
Seems like pretty good results. Yahoo finance whoever does their analysis only called for .18 for the year so that is a 20% suprise to the up side.
https://biz.yahoo.com/z/a/n/nal.to.html
:-)
Steve