CERF INCORPORATED Announces Preliminary Unaudited Financial Results for the Year Ended December 31, 2013
2014年4月9日 - 7:30PM
Marketwired
CERF INCORPORATED Announces Preliminary Unaudited Financial Results
for the Year Ended December 31, 2013
CALGARY, ALBERTA--(Marketwired - Apr 9, 2014) - Mr. Wayne
Wadley, President of CERF Incorporated (TSX-VENTURE:CFL) (the
"Company" or "CERF"), is pleased to announce preliminary selected
unaudited financial and operating results for the Company for the
year ended December 31, 2013. The financial information contained
herein is based on management's estimates and has not been approved
by the Company's Audit Committee or Board of Directors, nor has it
been audited or reviewed by the Company's Auditors.
Full details of the Company's financial results, in the form of
the audited consolidated financial statements and notes thereto for
the year ended December 31, 2013 and Management's Discussion and
Analysis of the results are expected to be available on or about
April 29, 2014 on SEDAR at www.sedar.com and on the Company's
website at www.cerfcorp.com.
Selected Highlights of the year ended 2013 include:
- Revenue increased 38% to $46,757,000 for the year ended
December 31, 2013 versus the year ended December 31, 2012;
- Net income increased 1,094% to $3,129,000 or $0.23 per share,
basic in 2013 versus $262,000 or $0.02 per share in 2012;
- Adjusted EBITDA increased 64% to $13,027,000 for the year ended
December 31, 2013 versus $7,960,000 for 2012. Further, EBITDA per
share, basic in 2013 was $0.96 versus $0.76 in 2012;
- The Company paid dividends of $0.24 per share to shareholders
in 2013 while reducing the annualized payout ratio to 52% from an
annualized payout ratio of 76% in 2012;
- Adjusted free cash flow generated during 2013 was $6,521,000
compared to adjusted free cash flow of $3,214,000 in 2012;
- Long term debt was reduced by $7,789,000; and
- Debt to equity was improved to a ratio of 0.95 to 1.00 from a
2012 debt to equity ratio of 2.05 to 1.00.
Summary of fourth Quarter and Year to Date Unaudited
Consolidated Financial Results:
In C$,000's except percentages and per shares data |
Q4 2013 |
Q4 2012 |
$ change |
% |
YTD 2013 |
YTD 2012 |
$ change |
% |
|
|
|
|
|
|
|
|
|
Revenue |
12,522 |
11,252 |
1,270 |
11% |
46,757 |
33,770 |
12,987 |
38% |
Direct Expenses |
9,260 |
8,346 |
914 |
11% |
34,687 |
27,159 |
7,528 |
28% |
Gross Margin % |
26% |
26% |
|
0% |
26% |
20% |
|
6% |
Net Income |
1,005 |
669 |
336 |
50% |
3,129 |
262 |
2,867 |
1,094% |
Net income per share, basic |
0.06 |
0.06 |
- |
0% |
0.23 |
0.02 |
0.21 |
1050% |
Adjusted EBITDA |
3,629 |
3,372 |
257 |
8% |
13,027 |
7,960 |
5,067 |
64% |
Adjusted Free Cash Flow |
2,006 |
1,937 |
69 |
4% |
6,521 |
3,214 |
3,307 |
103% |
Trailing 12 Month payout ratio |
|
|
|
|
52% |
76% |
|
(24)% |
Dividend per share |
0.06 |
0.06 |
- |
0% |
0.24 |
0.24 |
- |
0% |
Mr. Wadley, President & CEO makes the following
comments:
"In early March, Statistics Canada filed their employment data
that showed that Alberta now accounts for 87% of all the jobs
created in the country year over year. Alberta added 82,300 jobs in
2013 and the unemployment rate has declined from 4.6% in 2012 to
4.3% in 2013. Alberta's 2013 GDP was 3.3% with population growth of
3.5% and Alberta is expected to reach 4.3 million persons by 2016.
This heightened level of economic activity in the Province
throughout 2013 is reflected in our record 2013 year end
results.
Looking ahead, the Alberta Government's 2014 Capital Plan in
their recently announced budget predicted that their infrastructure
spending is expected to be $19.2 billion over the next three years
with $5.1 billion for municipal infrastructure, $5 billion for
provincial highways, $2.6 billion for health care facilities and
$2.5 billion for schools. According to the Statistics Canada
January 2014 report, there are over $1 billion of residential and
non-residential building permits issued in the Edmonton and Calgary
metropolitan areas alone.
The high level of economic activity in Alberta and specifically
in the Edmonton area market where CERF operates bodes well for the
continued work load and the growth from our diverse customer base.
Locally, there are eleven major strategic projects confirmed
ranging from the new NHL arena project with an estimated $6 billion
of redevelopment surrounding it, downtown arts area development,
southeast and northwest light rail transit expansion, an energy and
technology park in the south, and the former Municipal Airport
redevelopment project to name a few. Our market research indicates
that we need to aggressively bolster our construction rental fleet
to meet the future demand of our customers. This is why we recently
added an incremental $3.6 million (almost doubling) to our original
growth capital budget for 2014. The bulk of this capital will be
dedicated to expanding 4-Way's equipment fleet. Our total capital
investment this year is expected to be $11.3 million, of which $4.0
million will be maintenance capital, with the remaining $7.3
million will be growth capital.
Increased economic activity in Alberta creates the potential for
increased placement of special waste (impacted soils) and
construction debris into our managed landfill facilities, thereby
generating more revenue and profit for our waste and environmental
division. We have added three facility management contract
extensions in this division for various periods up to five years,
with combined projected future revenue of approximately $23 million
over the extension period.
The cold winter in Alberta and North America has had positive
effects on CERF. Firstly, the local demand for our construction
heater fleet has been exceptional. At times the heater fleet was
fully utilized. Heat equipment accounts for over 20% of our rental
fleet. Increased utilization translates into increased
profitability. Secondly, and perhaps more importantly from a long
term perspective, natural gas storage inventories have declined
significantly. At the end of February 2014, United States natural
gas storage levels were 40% below last year and 35% below the five
year average. Alberta natural gas storage levels have also dropped
dramatically and have caused the AECO spot price to jump well
beyond $4.30/Gigajoule from the $3.00/Gigajoule range over that
past couple of years. Permitting for the construction of liquefied
natural gas ("LNG") plants on the west coast of Canada has reached
14.6 billion cubic feet/day ("bcf/d") of exports to primarily
Southeast Asian markets. For perspective, Canada's total current
production is 12.7 bcf/d. The National Energy Board on March 20,
2014 granted approval to export up to a further 1.55 bcf/d to the
United States for LNG export. This diversification of markets bodes
well for increasing demand for Canadian natural gas and a more
sustainable pricing regime.
The WTI oil price continues to hover around the $US99/barrel
range and importantly for Canadian producers; the differential of
the Canadian dollar has fallen to about $0.90 US. Canadian oil and
natural gas exports are priced in US dollars so there is currently
a 10% premium paid on those commodities. With rising prices,
increased demand and a favorable currency differential, oil and
natural gas producers should have increased revenues and cash flows
for development in 2014 and beyond. As a result, we should see
increased drilling and completion activity which would positively
impact CERF oilfield rentals."
CERF Incorporated trades on the TSX Venture Exchange under the
symbol "CFL" and currently has 16,134,441 shares issued and
outstanding.
Forward-Looking Statements
Certain statements included or incorporated by reference in this
press release constitute forward-looking statements or forward
looking-information. Forward-looking statements or information may
contain statements with the words "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "budget",
"project", "would have realized', "may have been" or similar words
suggesting future outcomes or expectations. Although the Company
believes that the expectations implied in such forward-looking
statements or information are reasonable, undue reliance should not
be placed on these forward-looking statements because the Company
can give no assurance that such statements will prove to be
correct. Forward-looking statements or information are based on
current expectations, estimates and projections that involve a
number of assumptions about the future and uncertainties, such as
the continued growth of Alberta economy resulting in additional
revenues for the Company and that the increase in oil and natural
gas prices will lead to increased drilling activity and that
increased drilling activity will result in increased oilfield and
construction rental revenue for CERF and that the increase in
capital spending on CERF's rental fleets will result in increased
rental revenues in the future. These uncertainties could cause
actual results to differ materially from those anticipated. For
this purpose, any statements herein that are not statements of
historical fact may be deemed to be forward-looking statements.
Such risks and uncertainties include, but are not limited to:
general economic conditions, industry conditions, weather
conditions, commodity prices, currency fluctuations and competition
from other equipment rental companies. The forward-looking
statements or information contained herein are made as of the date
hereof and the Company assumes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new contrary information, future events or any other
reason, unless it is required by any applicable securities laws.
The forward-looking statements or information contained in this
press release are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CERF IncorporatedWayne WadleyPresident and CEO(403)
850-4095wwadley@cerfcorp.comCERF IncorporatedKen StephensCFO(780)
410-2998 ext 347(403)
238-2720kstephens@cerfcorp.comwww.cerfcorp.com
CERF Incorporated (TSXV:CFL)
過去 株価チャート
から 5 2024 まで 6 2024
CERF Incorporated (TSXV:CFL)
過去 株価チャート
から 6 2023 まで 6 2024