Colabor Group reports results for second quarter of 2012
16 Luglio 2012 - 3:15PM
PR Newswire (Canada)
-- 4.1% increase in EBITDA to $10.7 million, or 3.01% of sales --
Cash flow up 3.8% to $7.6 million, or $0.33 per share -- Total
sales up 11.6% (comparable sales up 0.8%) -- New contracts and
agreement renewals valued at approximately $100 million --
Rigorous, on-schedule execution of action plan BOUCHERVILLE, QC,
July 18, 2012 /CNW Telbec/ - Colabor Group Inc. ("Colabor" or the
"Company") today reported results for the second quarter of fiscal
2012 ended June 16, 2012. "Colabor's EBITDA and cash flow grew
slightly in the second quarter despite highly competitive business
conditions," said Claude Gariépy, President and Chief Executive
Officer of Colabor. "More importantly, we are on schedule with the
disciplined execution of our action plan to improve the Company's
profitability without delay for the benefit of our shareholders."
Financial Quarter ended Six monthsended highlights (thousands of
June 16, June 18, June 16, 2012 June 18, 2011 dollars except 2012
2011 per-share data) Sales 354,294 317,411 652,227 556,827 EBITDA*
10,651 10,227 16,107 15,131 Net earnings 2,903 1,675 2,167 1,727
Per share - 0.13 0.07 0.09 0.07 basic ($) Cash flow* 7,567 7,290
10,842 10,411 Per share - 0.33 0.32 0.47 0.45 basic ($) Weighted
average 23,076 23,100 23,069 23,042 number of shares outstanding
(basic, in thousands) * Cash flow from operations before changes in
operating assets and liabilities less purchases of property, plant
and equipment and interest paid. SECOND-QUARTER RESULTS
Consolidated sales for the 84-day period ended June 16, 2012
were $354.3 million, compared to $317.4 million for the
84-day period ended June 18, 2011. The increase of 11.6% was
due essentially to the acquisition of Viandes Décarie Inc. on
January 1, 2012 and to the contribution of The Skor Food Group
Inc. ("Skor") over the full quarter, compared to 40 days in 2011.
These acquisitions accounted for $34.2 million in additional
sales in the second quarter of 2012. Comparable sales, excluding
acquisitions, were up 0.8%. Earnings before financial expenses,
income taxes, depreciation and amortization ("EBITDA") were up 4.1%
to $10.7 million, or 3.01% of sales, from $10.2 million,
or 3.22% of sales, a year earlier. The reduction in percentage of
sales reflects continuing stiff competition in the foodservice
distribution industry, with distributors reducing their margins to
preserve market share in an economy that has constrained consumers'
discretionary purchasing power. Cash flow was up 3.8% to
$7.6 million, or $0.33 per share, compared to
$7.3 million, or $0.32 per share, in the second quarter of
2011. Given higher non-monetary charges for depreciation and
amortization of tangible and intangible assets resulting from the
acquisitions of recent years, management considers that cash flow
is a better indicator of Colabor's financial performance. The ratio
of dividend payout to cash flow per share over the previous 12
months was 78% as at June 16, 2012. This ratio takes into
account the change in dividend effective for the second half of the
12-month period. If the change in dividend had been in effect over
the entire 12 months, the ratio would have been 62%. Net earnings
for the second quarter were $2.9 million, or $0.13 per share,
compared to $1.7 million, or $0.07 per share, in the
corresponding quarter of 2011. The results for the 2012 quarter are
net of a $253,000 asset writeoff charge related to the integration
of information systems in Ontario. The results for the 2011 quarter
are net of acquisition-related charges of $1.8 million.
SEGMENTED RESULTS Sales of the Wholesale segment were
$104.3 million in the second quarter of 2012, up from
$88.6 million a year earlier. The 17.8% increase reflects
mainly the contribution of Viandes Décarie, offset in part by the
elimination of sales to Colabor divisions. Comparable sales were up
1.7%. Sales of the Distribution segment were $250.0 million in
the second quarter of 2012, compared to $228.8 million a year
earlier. The 9.2% increase is attributable essentially to the
contribution of Skor over the full period, compared to 40 days in
2011. Comparable sales were up 0.5%. SIX-MONTH RESULTS For the
168-day period ended June 16, 2012, consolidated sales were
$652.2 million, up 17.1% from $556.8 million for the 169-day period
ended June 18, 2011. Apart from the acquisitions noted above,
the increase reflects the contributions of Edfrex Inc. and Les
Pêcheries Norref Québec Inc. ("Norref") over the full 2012 period,
compared to 81 days and 111 days, respectively, in 2011. Excluding
acquisitions, and on the basis of an equal number of days,
comparable sales were up 0.4%. EBITDA for the first six months of
2012 was $16.1 million, or 2.47% of sales, compared to
$15.1 million, or 2.72% of sales, in the first six months of
2011. Net earnings for the period were $2.2 million, or $0.09
per share, compared to $1.7 million, or $0.07 per share, in
the year-earlier period. Cash flow was $10.8 million, or $0.47
per share, compared to $10.4 million, or $0.45 per share, a
year earlier. NEW CONTRACTS AND AGREEMENT RENEWALS The Company is
pleased to announce the signature of multi-year supply agreements
with major players in the foodservice and food retailing industry.
Colabor signed two contracts with MTY Food Group Inc. , one of the
leading companies in the Canadian quick-service restaurant
industry. The first, which is a new agreement for Colabor, calls
for the supply of MTY's Country Style outlets in Ontario. Annual
sales under this agreement are estimated at $25 million. The
second agreement is the renewal of a contract to supply MTY's Mr.
Sub outlets, also in Ontario. This agreement is also valued at
$25 million in annual sales. Both contracts extend to 2015.
Colabor has also announced a three-year extension, to 2017, of a
major agreement with Sobeys Inc. for the supply, through Norref, of
fish and seafood products to IGA food retailers in Quebec. Annual
sales under this agreement are estimated at more than
$50 million. ACTION PLAN: INTEGRATION AND RATIONALIZATION OF
OPERATIONS Colabor is actively pursuing the execution of its action
plan to optimize its operating efficiency and to foster and
accelerate the realization of synergies. The Company wants to
provide an update on certain key elements of this plan: -- In
Ontario, the administrative operations and sales forces of Summit
and Skor have been merged and the Company has completed the
integration of its IT platform. -- The same initiatives are under
way in the Eastern Quebec and New Brunswick division, scheduled for
completion by the end of 2012. -- To maximize purchasing power, the
Eastern Quebec and New Brunswick division is now procuring all meat
products through Viandes Décarie. The same change will be made in
the Ontario division over the coming months. Similar measures are
also being instituted to centralizate fish and seafood procurement
through Norref. "Building on our new corporate structure, the heads
of our three divisions are putting the final touches on their
respective teams. These teams are being put in place according to
the specific operating characteristics and needs of each division.
As a result of these initiatives, the benefits of our action plan
will gradually be felt beginning in the third quarter of this year
and should further accelerate in 2013," added Mr. Gariépy.
FINANCIAL POSITION As of June 16, 2012, the Company had drawn
$108.7 million on its authorized bank credit facility of
$150.0 million. The ratio of total debt at June 16, 2012
to EBITDA of the previous 12 months was 3.11:1.00, below the
prescribed limit of 3.50:1.00. The interest coverage ratio was
4.26:1.00, above the required minimum of 3.50:1.00. OUTLOOK "Our
priority for 2012 remains the execution of our action plan. The
achievement of the objectives of this plan will make Colabor a more
dynamic company that will be well-positioned to play an active role
in the consolidation of the industry. Any future development will
leverage the strength of our network, resulting in significant
synergies. Colabor's orderly progress in implementing these
initiatives leaves us confident of attaining our operating and
financial objectives for the current year," concluded Mr. Gariépy.
CONFERENCE CALL Colabor will hold a conference call to discuss
these results on Wednesday, July 18, 2012, beginning at
3 p.m. Eastern Time. Interested parties can join the call by
dialling 647-427-7450 (from Toronto and overseas) or 1-888-231-8191
(from elsewhere in North America). If you are unable to
participate, you can listen to a recording by dialling
1-855-859-2056 and entering the code 93884324# on your telephone
keypad. The recording will be available from 6 p.m. Wednesday,
July 18, 2012 to 11:59 p.m. Wednesday, July 25, 2012.
NON-IFRS MEASURES The information provided in this release includes
non-IFRS performance measures, notably earnings before financial
expenses, income taxes, depreciation and amortization ("EBITDA")
and cash flow. Since these concepts are not defined by IFRS, they
may not be comparable to those of other companies. ADDITIONAL
INFORMATION The Management Discussion and Analysis and financial
statements of the Company will be available at SEDAR
(www.sedar.com) following publication of this release. Additional
information about Colabor Group Inc. may also be found at SEDAR and
on the Company's website at www.colabor.com. ABOUT COLABOR Colabor
is a wholesaler and distributor of food and non-food products
serving the retail market (grocery stores, convenience stores,
etc.) and the foodservice market (cafeterias, restaurants, hotels,
restaurant chains) in Quebec, Ontario and the Atlantic provinces.
FORWARD-LOOKING STATEMENTS This news release may contain
forward-looking statements reflecting the opinions or current
expectations of Colabor Group Inc. concerning its performance and
business operations and future events. These statements are subject
to risks, uncertainties and assumptions. Actual results or events
may differ. COLABOR GROUP INC. CONTACT: Colabor Group Inc.
Claude Gariepy President and Chief ExecutiveOfficerTel.
450-449-0026 ext. 265Fax 450-449-6180cgariepy@colabor.comMichel
Loignon, CA Vice-President and Chief FinancialOfficerTel.
450-449-0026 ext. 235Fax
450-449-6180mloignon@colabor.comMaisonBrison Inc.Martin Goulet,
CFASenior Vice-President,Investor RelationsTel. 514-731-0000 ext.
229Fax 514-731-4525martin@maisonbrison.com
Copyright
Grafico Azioni Colabor (TSX:GCL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Colabor (TSX:GCL)
Storico
Da Lug 2023 a Lug 2024