TORONTO,
Jan. 29, 2014 /CNW/ - Wheels Group
Inc. ("Wheels" or the "Company") (TSXV: WGI, OTCQX: WGIJF), a
leading North American non-asset third party logistics ("3PL")
provider, expects to release its fourth quarter and year end 2013
results after close of markets on Wednesday,
March 26, 2014.
Commenting on the upcoming year end results, Wheels' Chief
Executive Officer, Doug Tozer, said,
"2013 was a successful year for Wheels. Revenue is expected to grow
in excess of 30% and adjusted EBITDA is expected to grow by 25%,
over the prior year." Mr. Tozer added, "Our two acquisitions, the
MSM Group of Companies and BBL Worldwide, were successfully
integrated into the operations of Wheels with both contributing
positively to the business while expanding our reach in the North
American 3PL industry."
A conference call to review the results is scheduled for
Thursday, March 27, 2014 at
10:00AM (EST). The call can be
accessed live by dialing 647-427-7450 (local) or 1-888-231-8191
(toll free North America). Please
reference Conference ID 49607684. The call will also be available
via webcast which can be accessed at www.newswire.ca.
Adjusted EBITDA
The term adjusted EBITDA is used to describe earnings before any
deduction for income taxes, net finance cost, depreciation,
amortization, one-time non-recurring expenses and share-based
compensation. EBITDA and adjusted EBITDA are metrics used by many
investors and analysts to compare organizations on the basis of
ability to generate cash from operations. Management considers
adjusted EBITDA (as defined) to be an indirect measure of operating
cash flows, which is a significant indicator of the success of any
business. EBITDA and adjusted EBITDA are not intended to be
representative of cash flow from operations or results of
operations determined in accordance with IFRS.
EBITDA and adjusted EBITDA are not recognized measures under
IFRS. Wheels' method of calculating EBITDA and adjusted EBITDA may
differ from methods used by other companies, and accordingly may
not be comparable to similar measures presented by other
companies.
The financial statements and related management's discussion and
analysis will be available on the Company's website at
www.wheelsgroup.com and on SEDAR at www.sedar.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking statements within the meaning of certain securities
laws, including the Securities Act (Ontario). Forward-looking statements can be
generally identified by the use of words such as "anticipate",
"continue", "estimate", "expect", "expected", "intend", "may",
"will", "project", "plan", "should", "believe" and similar
expressions. Specifically, forward-looking statements in this news
release include statements respecting certain future expectations
about: prices and demand for commodities, products and services,
capital expenditures, the ability of the Company to access tax
losses and tax attributes, sources and use and sufficiency of cash
flows, the Company's ability to renew its term debt at maturity,
the effect of changes in the exchange and interest rates and the
prices of key services. Forward-looking statements in this news
release describe the expectations of the Company as of the date
hereof. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements for a variety of reasons, including
without limitation the RISKS AND UNCERTAINTIES section of the
Company's most recent Management Discussion and Analysis.
Although the Company believes the expectations reflected in
these forward-looking statements and the assumptions upon which
they are based are reasonable, no assurance can be given that
actual results will be consistent with such forward-looking
statements, and they should not be unduly relied upon. With respect
to the forward-looking statements contained in this news release,
the Company has made assumptions regarding: there being no
significant disruptions affecting the Company's operations, whether
due to labour disruptions, damage to equipment or otherwise; the
ability of Wheels to obtain transportation services and supplies in
a timely manner to carry out its activities and at prices
consistent with current levels or in line with the Company's
expectations; the ability of the Company to successfully access tax
losses and tax attributes; the ability of the Company to obtain
financing on acceptable terms; currency exchange and interest rates
being consistent with current levels or in line with Wheels'
expectations; and global economic performance.
Wheels disclaims any intention or obligation to update any
forward-looking statement even if new information becomes
available, as a result of future events or for any other reason.
The forward-looking statements contained herein are expressly
qualified in their entirety by this cautionary statement.
Further information can be found in the disclosure documents
filed by Wheels Group Inc. with the securities regulatory
authorities, available under the profile of the Company at
www.SEDAR.com.
About Wheels
Founded in 1988, Wheels is a leading North American 3PL, supply
chain logistics provider. As a non-asset provider, the Company
develops advanced supply chain solutions delivered through its
qualified partner network of over 6,000 truck, rail, air and ocean
carriers. Wheels serves consumer goods, food and beverage,
manufacturing and retail clients through 26 offices throughout the
US and Canada. Wheels has been
named one of Canada's 50 Best
Managed Companies since 1997, Platinum since 2003. Wheels has been
named one of North America's Top
100 Third-Party Logistics ("3PL") Companies, one of the Top 100
Food 3PL's and one of the Top Five IMC's (intermodal marketing
companies).
Neither the TSX Venture Exchange, nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Wheels Group Inc.