VANCOUVER, Nov. 14, 2013 /CNW/ - WesternOne Inc. ("WesternOne") (Toronto
Stock Exchange: WEQ, WEQ.DB, WEQ.DB.B and WEQ.DB.C) today announced the
release of its financial results for the three and nine months ended
September 30, 2013.
The results, consisting of WesternOne's interim financial statements for
the three and nine months ended September 30, 2013 and Management's
Discussion and Analysis ("MD&A") dated November 14, 2013, are available
on SEDAR (www.sedar.com).
2013 Q3 financial highlights:
-
WesternOne recorded consolidated revenue of $93.6 million, gross profit
of $19.0 million and adjusted EBITDA(1) of $9.5 million.
-
WRS, WesternOne's equipment rentals division, recorded revenue of $15.7
million and adjusted EBITDA of $4.8 million, representing
year-over-year organic growth of 19.7% and 13.6%, respectively. The
growth was driven by (i) higher fleet utilization and rental rates; and
(ii) incremental fleet investments in aerial and construction heat
equipment, driven by continued demand for equipment and related
services in Western Canada's construction and infrastructure sectors.
-
Britco, WesternOne's modular construction and leasing division, recorded
revenue and adjusted EBTIDA of $77.8 million and $5.9 million,
respectively.
-
Corporate overhead remained consistent at $1.2 million, compared with
$1.3 million in Q3 of 2012.
-
Operating cash flow was $14.9 million, compared with $6.0 million in Q3
of 2012.
-
Quarterly consolidated payout percentage (2) of 79.7%, or 50.1% year-to-date.
-
On September 12, 2013, Britco announced that it had entered into a
contract for approximately $100 million to design and build
accommodations for a large workforce housing project in Northern
Alberta. The workforce accommodations will comprise over 1,500 rooms.
Work on the project will start in the fourth quarter of 2013 and is
scheduled to be completed in December of 2015.
"The third quarter operating results reflect strong organic growth in
our WRS platform, the ramp-up related to the execution of approximately
$300 million worth of work by Britco for projects in Northern Alberta
and Northern Manitoba, and, our ongoing effort to secure workforce
housing projects in North America and in Australia," said Mr. Rob King,
Chief Executive Officer. "WesternOne is well positioned for growth from
the continued demand for WRS and Britco products and services in the
energy, construction and infrastructure sectors."
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Summary Financial Overview
|
Three months ended
September 30,
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Nine months ended
September 30,
|
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($ millions except per share /unit amounts)
|
|
2013
|
2012
|
2013
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2012
|
|
Revenue
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$ 93.6
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$ 54.0
|
$ 273.8
|
$ 163.3
|
|
Gross Profit
|
19.0
|
16.9
|
64.0
|
50.5
|
|
|
|
|
|
|
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Adjusted EBITDA (1) (2)
|
9.5
|
11.6
|
37.0
|
36.4
|
|
|
|
|
|
|
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Net Income (Loss) (2)
|
-
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(8.6)
|
4.5
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(13.7)
|
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Earnings (Loss) per Share/Unit (2)
|
|
|
|
|
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- Basic and Diluted
|
0.01
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(0.42)
|
0.19
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(0.69)
|
|
|
|
|
|
|
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Distributable Cash Generated (1)
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4.6
|
6.3
|
21.3
|
21.7
|
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Dividends/Distributions Declared
|
3.6
|
3.1
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10.7
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9.0
|
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Distributable Cash per Share (4)
|
0.19
|
0.30
|
0.91
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1.10
|
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Dividends/Distributions Declared per Share
|
0.15
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0.15
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0.45
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0.45
|
|
|
|
|
|
|
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Payout Percentage (3)
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79.7%
|
49.8%
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50.1%
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41.4%
|
| |
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Notes:
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(1)
|
"Adjusted EBITDA" and "Distributable Cash" are not recognized measures
under IFRS and do not have a standardized meaning prescribed by IFRS.
"Adjusted EBITDA" refers to earnings before interest, income taxes,
depreciation, amortization, gain/loss on financial derivatives relating
to changes in the fair market value of the fixed interest rate swap,
business acquisition and trust conversion costs, debenture issuance
costs, gain/loss on debentures relating to changes in their fair
values, gain/loss on trust unit issuances relating to conversion of
debentures, gain/loss on WesternOne 's exchangeable units relating to
changes in their fair values, share/unit based compensation, foreign
exchange gains/losses, and write-down of capital assets, intangible
assets and goodwill. "Distributable Cash" refers to cash available for
paying dividend/distribution to the shareholders/unitholders by
WesternOne. For further description of Adjusted EBITDA and
Distributable Cash refer to "Non-IFRS Measures" in the MD&A dated
November 14, 2013.
|
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(2)
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Represents amount attributable to shareholders/unitholders.
|
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(3)
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Amounts calculated using distributable cash and dividends/distributions
declared for the related period, not on per share/unit amounts.
Calculated as dividend/distribution declared divided by distributable
cash generated.
|
|
(4)
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Calculated based on basic weighted average number of shares/units.
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Conference Call
Rob King, CEO of WesternOne and the management team will host a
conference call at 4:30pm (Eastern time) or 1:30pm (Pacific time), on
Thursday, November 14, 2013, to review the financial results and
corporate developments for the three and nine months ended September
30, 2013.
To participate in this conference call, please dial one of the following
numbers approximately 10 minutes prior to the commencement of the call,
and ask to join the WesternOne conference call.
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Dial in numbers:
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Toll Free
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1-888-390-0546
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| |
International or Local Toronto
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1-416-764-8688
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Conference Call Replay
If you cannot participate on November 14, 2013, a replay of the
conference call will be available by dialing one of the following
replay numbers. You will be able to dial in and listen to the
conference two hours after the meeting end time, and the replay will be
available until November 21, 2013. Please enter the Replay ID number
522521 followed by the # key.
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Replay Dial-In:
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Toll Free
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1-888-390-0541
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| |
International or Local Toronto
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1-416-764-8677
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Forward-looking Information
Certain statements in this press release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties and other factors, and it may cause actual results,
performance or achievements or industry results, to be materially
different from any future results, performance or achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would", and similar terms and phrases, including references to
assumptions. Such information includes, without limitation, statements
with respect to: the estimated contract value, project size, and start
and completion dates in relation to the newly signed design and
construction contract and the growth prospects in sectors where
WesternOne's businesses are conducted. Actual events or results may
differ materially.
Forward-looking information contained in this press release is based on
certain key expectations and assumptions made by WesternOne, including,
without limitation: the outlook of WesternOne's business and the
economy in Western Canada, the US and Australia, the supply and demand
for WesternOne's products and services and management's assessment of
future plans and operations. Although the forward-looking information
contained in this press release is based upon what the WesternOne's
management believes to be reasonable assumptions, WesternOne cannot
assure investors that actual results will be consistent with such
information. Forward-looking information reflects current expectations
of management regarding future events and operating performance as of
the date of this press release. Such information involves significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number
of factors could cause actual results to differ materially from the
results discussed in the forward-looking information, and a description
of these factors can be found under "Risk Factors" in WesternOne's
Annual Information Form dated March 28, 2013 and Management's
Discussion and Analysis dated November 14, 2013, which are available on
SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified
in its entirety by this cautionary statement. Forward-looking
information reflects management's current beliefs and is based on
information currently available to WesternOne. The forward-looking
information is made as of the date of this press release and WesternOne
assumes no obligation to update or revise such information to reflect
new events or circumstances, except as may be required by applicable
law.
About WesternOne
WesternOne seeks to acquire and grow businesses in the construction and
infrastructure services sectors in order to generate stable and growing
dividends to its shareholders and to achieve capital appreciation.
Additional Information
Additional information relating to WesternOne and other public filings,
is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.
Trading Symbols
Toronto Stock Exchange: WEQ, WEQ.DB, WEQ.DB.B and WEQ.DB.C
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Inc.
