MCR Macro Enterprises Inc

Macro Enterprises Inc. (TSX VENTURE:MCR) -



                                               Summary of financial results
                                     (thousands of dollars except per share
                                                                    amounts)
                                     --------------------------------------
                                     Three months ended          Year ended
                                            December 31         December 31
                                     --------------------------------------
                                         2012      2011      2012      2011
                                     --------------------------------------
                                             (unaudited)                    
                                                                           
Revenues                             $ 43,827  $ 33,021  $148,314  $129,212
                                                                           
EBITDA(1)                               7,576     4,277    30,626    13.304
                                                                           
Net earnings                            5,643     2,113    19,345     6,027
                                                                           
Net earnings per share                  $0.23     $0.08     $0.79     $0.23
                                                                           
                                     --------------------------------------
Weighted average common shares                                             
 outstanding (thousands)                                   23,882    23,931
                                                         ------------------

Highlights

--  Revenues increased substantially from same period last year due to
    additional work obtained and from the November 2012 acquisition of
    pipeline construction assets. 
--  EBITDA(1) of $7.6 million was generated in the quarter due to the
    higher levels of activity and improved margins. 

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 IFRA) 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.



Fourth quarter results

Consolidated revenue was $43.8 million compared to $33.0 million in the fourth
quarter last year. During the fourth quarter this year, the Company was active
in pipeline integrity work for several customers. In addition, the Company
obtained some pipeline and facility construction work for two customers. Lastly,
additional revenue was obtained under the master services agreement obtained in
November 2012 with the acquisition of the assets and business from North
American Pipeline (the "NAP acquisition"). Last year, the Company worked on a
compressor move and re-installation for one customer and began a second similar
project for the same customer. The Company also worked on a pipeline project for
a new customer. In addition, work continued on a large piping and related
facilities contract for another customer in NE B.C. The Company also completed
some smaller projects for other customers


Operating expenses were 77.3% of revenue in the quarter compared to 82.8% in the
same quarter last year. The quarterly performance is in line the Company's
year-to-date performance. Expenses were lower, as a percent of revenue, due to
improved bidding and a greater proportion of hourly-based work.


General and administrative expenses were $2.3 million, up from $1.3 million last
year. Included in costs this year is $0.5 million related to one-time
acquisition costs on the NAP acquisition. In addition, expenses were up due to
the greater level of activity.


Amortization of property, plant and equipment was $1.4 million compared to $1.3
million in the prior period reflecting a higher level of fixed assets in the
period, partly from the NAP acquisition. In addition, the Company recorded $1.7
million of amortization of the value attributed to a customer contract. This
charge completely amortized this asset as the benefit of this asset was obtained
during the period from the acquisition date to the year end.


Net finance costs of $0.3 million were approximately the same as last year.

The Company recorded a one-time non-cash gain of $2.2 million related to the NAP
acquisition. This gain arose because the value of the assets obtained in this
acquisition exceeded the purchase price.


Income tax expense in the quarter of $0.8 million was at an effective tax rate
of 12.2%. This is below the expected rate of 25.0% due mainly to the inclusion
of the gain from business combination which is not subject to tax. On a
year-to-date basis, the effective tax rate is 23.9%, in line with statutory
rates after adjusting for the gain from business combination.


Net earnings were $5.6 million ($0.23 per share) compared to $2.1 million ($0.08
per share).


Outlook

The Company expects its revenues for the first quarter of 2013 will be higher
than the revenues recorded in the first quarter last year. The increase will be
attributable to revenues generated from the pipeline construction and
maintenance business acquired from North American Pipeline Inc. in November
2012. The Company will continue to actively bid new jobs. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Macro Enterprises Inc.
Frank Miles
President and C.E.O.
(250) 785-0033


Macro Enterprises Inc.
T. Jerrold Jackson
C.F.O.
(403) 705-7302

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