MCR Macro Enterprises Inc

May 17, 2012 Macro Enterprises Inc. (TSX VENTURE:MCR) - 



                                             Summary of financial results  
                                              (thousands of dollars except 
                                                   per share amounts)      
                                             ------------------------------
                                                                           
                                                  Three months ended       
                                                        March 31           
                                             ------------------------------
                                                       2012           2011 
                                             ------------------------------
                                                 (unaudited)    (unaudited)
                                                                           
Revenues                                            $41,827        $43,214 
                                                                           
EBITDA(1)                                             8,360          3,017 
                                                                           
Net earnings                                          5,221          1,352 
                                                                           
Net earnings per share                                $0.21          $0.05 
                                                                           
Weighted average common shares outstanding                                 
 (thousands) - basic                                 23,931         23,931 
                                             ------------------------------
                                                                           
Note 1 - References to EBITDA are to net income from continuing operations  
before interest, taxes, amortization and impairment charge. EBITDA is not an
earnings measure recognized by International Financial Reporting Standards  
("IFRS") and does not have a standardized meaning prescribed by IFRS.       
Management believes that EBITDA is an appropriate measure in evaluating the 
Company's performance. Readers are cautioned that EBITDA should not be      
construed as an alternative to net income (as determined under IFRS) as an  
indicator of financial performance or to cash flow from operating activities
(as determined under IFRS) as a measure of liquidity and cash flow. The     
Company's method of calculating EBITDA may differ from the methods used by  
other issuers and, accordingly, the Company's EBITDA may not be comparable  
to similar measures used by other issuers.                                  



Highlights



--  EBITDA and net income were substantially above the first quarter of last
    year due to improved performance on jobs

--  The Company paid $841,000 of dividends in arrears on its convertible
    preferred shares



First quarter results

Consolidated revenue was $41.8 million compared to $43.2 million in the first
quarter last year. The Company worked on three larger projects in the quarter
and several smaller jobs. In the first quarter last year, the Company worked on
three large contracts also.


Operating expenses were 76.5% of revenue in the quarter compared to 90.2% in the
same quarter last year. Performance improved this year due to improved bid
margins and better weather. Results last year were affected by losses on one
job.


General and administrative expenses were $1.5 million, up from $1.3 million last
year. Additional costs were incurred principally due to an increased staff
complement. 


Total amortization expense of $1.0 million increased by $0.2 million due to a
higher level of capital assets needed for the increased level of activity. 


Interest expense of $0.2 million was down from $0.3 million last year, as last
year's expense included costs associated with the temporary increase in loans
from related parties. 


Income tax expense in the quarter of $1.9 million was at an effective tax rate
of 26.4% which approximates the statutory rate. 


Net income was $5.2 million ($0.21 per share) compared to a net income last year
of $1.3 million ($0.05 per share).


Outlook

The Company is expecting revenues in the second quarter to be above those
recorded in the second quarter last year. The Company continues to actively bid
new jobs and look for new opportunities. However, the continued low price of
natural gas could affect future levels of activity in the areas where the
company is active. 


Macro's core business is providing pipeline and facilities construction and
maintenance services to major companies in the oil and gas industry in
northeastern B.C. and northwestern Alberta. The Company's corporate office is in
Calgary, Alberta. Its shares are listed on the TSX Venture Exchange under the
symbol MCR. Information on the Company's principal operating unit, Macro
Industries Inc., can be found at www.macroindustries.ca.


Forward-Looking Statements

Certain statements in this news release may include forward-looking information
that involves various risks and uncertainties. These may include, without
limitation, statements regarding expected revenues, expenses and industry trends
and the pursuit of strategic acquisitions. These risks and uncertainties
include, but are not restricted to, global economic conditions, government
regulation of energy and resource companies, seasonal weather patterns,
maintaining and increasing market share, terrorist activity, the price and
availability of alternative fuels, the availability of pipeline capacity, and
potential instability or armed conflict in oil producing regions. These risks
and uncertainties may cause actual results to differ from information contained
herein. There can be no assurance that such forward-looking statements will
prove to be accurate. Actual results and future events could differ materially
from those anticipated in such statements. These statements are based on the
estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Except as required by law,
the Company assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.

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