MCR Macro Enterprises Inc

Macro Enterprises Inc. (TSX VENTURE:MCR) - 



                                                       Summary of financial
                                                                    results
                                                      (thousands of dollars
                                                           except per share
                                                                    amounts)
                                                     ----------------------
                                                         Three months ended
                                                                   March 31
                                                     ----------------------
                                                           2013        2012
                                                     ----------------------
                                                     (unaudited) (unaudited)
                                                                           
Revenues                                                $60,122     $41,827
                                                                           
EBITDA(1)                                                15,021       8,360
                                                                           
Net earnings                                              9,685       5,221
                                                                           
Net earnings per share                                    $0.40       $0.21
                                                                           
Weighted average common shares outstanding                                 
 (thousands) - basic                                     24,118      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



--  Revenue increased from the first quarter last year due to revenues from
    the new business acquired in November 2012 

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



First quarter results

Consolidated revenue was $60.1 million compared to $41.8 million in the first
quarter last year. Most of the revenue in the quarter was derived from four
larger facility and pipeline projects as well as maintenance and pipeline
integrity work for three other customers. In addition, the Company had three
other smaller contracts. In the first quarter last year, the Company worked on
one larger facility project and pipeline and related facility jobs for two other
customers.


Operating expenses were 71.8% of revenue in the quarter compared to 76.5% in the
same quarter last year. Performance improved this year due to improved bid
margins and a greater percentage of cost-plus work.


General and administrative expenses were $2.2 million, up from $1.5 million last
year, but consistent with levels of the fourth quarter of 2012. Costs were
higher this year due mainly to additional professional fees and staff costs.


Total amortization expense of $1.8 million increased by $0.7 million due to
mainly to the amortization on the additional assets obtained in the November
2012 acquisition.


Interest expense of $0.3 million was higher than last year due to higher levels
of debt.


Income tax expense in the quarter of $3.3 million was at an effective tax rate
of 25.4% which approximates the statutory rate.


Net income was $9.7 million ($0.40 per share) compared to $5.2 million ($0.21
per share).


Outlook

The Company is expecting revenues in the second quarter to be above that
recorded in the second quarter last year, after taking into account the expected
additional revenues resulting from the November 2012 acquisition. The Company
continues to actively bid new jobs and look for new opportunities. The Company
is encouraged by the prospect of significant pipeline infrastructure projects in
B.C. and Alberta in the short and medium term.


New independent director

Macro also announces the appointment of Wayne Albo to its Board of Directors
effective immediately. Mr. Albo will join the Audit Committee and the
Compensation Committee. Management is of the view that Mr. Albo will provide
valuable perspective and expertise to the Board as an independent director.


Mr. Albo is chairman of CCC Investment Banking, a Toronto based investment
advisory firm. Mr. Albo has been in corporate finance since 1975. He is a Fellow
of the Ontario Institute of Chartered Accountants and a Fellow of the Canadian
Institute of Chartered Business Valuators.


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
www.macroindustries.ca

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