CERF Incorporated Announces Solid 2014 First Quarter Results
2014年5月15日 - 7:30PM
Marketwired
CERF Incorporated Announces Solid 2014 First Quarter Results
CERF Reports Revenue of $12 million, Adjusted EBITDA of $4
million and Net Income of $1.5 million for Q1 2014
CALGARY, ALBERTA--(Marketwired - May 15, 2014) - Mr. Wayne
Wadley, President of CERF Incorporated (the "Company" or "CERF")
(TSX-VENTURE:CFL) is pleased to announce financial and operating
results for the Company for the three months ended March 31,
2014.
"CERF had a successful start to 2014, and we are very
pleased to announce the seventh consecutive
quarter in which CERF has delivered results that
exceeded those reported a year earlier," stated
Mr. Wadley. " In the first quarter we recorded meaningful increases
in our net income, and adjusted free cash flow coupled with a
significant decrease in our payout ratio were driven by higher
demand for service in our rental equipment division."
Full details of the Company's financial results, in the form of
the unaudited, condensed, consolidated interim financial statements
and notes for the three months ended March 31, 2014 and
Management's Discussion and Analysis of the results are available
on SEDAR at www.sedar.com and on the Company's website at
www.cerfcorp.com.
Selected Financial Highlights for Q1 2014 Include:
- Revenue increased 9% to $12,424,000 for the quarter versus
11,444,000 in the quarter ended March 31, 2013;
- Net income increased 34% to $1,488,000 share in Q1 2014 versus
$1,110,000 in Q1 2013;
- Net Income per share decreased 3% to $0.092 per share in Q1
2014 from $0.095 per share in Q1 2013 despite a 38% increase in the
number of shares outstanding.
- Adjusted EBITDA increased 1% to $4,026,000 for the first
quarter of 2014 versus $4,001,000 for 2013;
- The Company paid dividends of $0.06 per share to shareholders
in 2014 while reducing the annualized payout ratio to 44% from an
annualized payout ratio of 89% as at Q1 2013; and
- Adjusted free cash flow generated during 2014 was $724,000
compared to adjusted free cash flow of $(963,000) in Q1 2013;
Summary of the First Quarter 2014 Consolidated Financial
Results:
In C$,000's except percentages and per share data |
Three months ended March 31, 2014 |
Three months ended March 31, 2013 |
$ change |
% |
|
|
|
|
|
Revenue |
12,424 |
11,444 |
980 |
9% |
Direct Expenses |
8,326 |
7,763 |
563 |
7% |
Gross
Margin % |
33% |
32% |
|
1% |
Net
Income |
1,488 |
1,110 |
378 |
34% |
Net
income per share, basic |
0.092 |
0.095 |
(0.003) |
(3)% |
Adjusted EBITDA |
4,026 |
4,001 |
25 |
1% |
Adjusted Free Cash Flow |
724 |
(963) |
1,687 |
175% |
Trailing 12 Month payout ratio |
44% |
89% |
|
(45)% |
Dividend per share |
0.06 |
0.06 |
- |
0% |
Summarized financial results for the three months ended March
31, 2014 follow:
CERF INCORPORATED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
POSITION
IN THOUSANDS OF CANADIAN DOLLARS
Unaudited |
March 31, 2014 |
December 31, 2013 |
Assets |
|
|
Current assets: |
|
|
|
Cash |
176 |
557 |
|
Accounts receivable |
9,182 |
8,433 |
|
Inventory |
1,574 |
1,561 |
|
Income taxes recoverable |
- |
- |
|
Prepaid expenses and deposits |
364 |
397 |
|
11,296 |
10,948 |
Non-current assets: |
|
|
|
Long term receivable |
177 |
238 |
|
Property and equipment |
38,010 |
36,890 |
|
Intangibles and goodwill |
10,463 |
10,714 |
|
48,650 |
47,842 |
Total assets |
59,946 |
58,790 |
Liabilities and Shareholders' Equity |
|
|
Current liabilities: |
|
|
|
Bank indebtedness |
- |
- |
|
Accounts payable and accrued liabilities |
5,159 |
5,339 |
|
Dividends payable |
968 |
963 |
|
Income taxes payable |
260 |
559 |
|
Current portion of long-term debt |
1,502 |
1,502 |
|
Current portion of finance leases |
290 |
314 |
|
8,179 |
8,677 |
Non-current liabilities: |
|
|
|
Long-term debt |
15,871 |
14,801 |
|
Obligation under finance leases |
4,042 |
4,106 |
|
Deferred income taxes |
2,011 |
2,115 |
|
21,924 |
21,022 |
|
|
|
Total liabilities |
30,102 |
29,699 |
Shareholders' equity |
|
|
|
Share capital |
33,106 |
32,894 |
|
Warrants |
835 |
835 |
|
Share purchase loans receivable |
(148) |
(148) |
|
Contributed surplus |
765 |
744 |
|
Deficit |
(4,714) |
(5,234) |
|
29,844 |
29,091 |
Total liabilities and shareholders' equity |
59,946 |
58,790 |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME AND
COMPREHENSIVE INCOME
IN THOUSANDS OF CANADIAN DOLLARS
(unaudited) |
Three months ended March 31, 2014 |
Three months ended March 31, 2013 |
Revenues |
12,424 |
11,444 |
|
|
|
Direct expenses |
|
|
|
Direct operating costs |
5,460 |
5,491 |
|
Cost
of sales of equipment, fuel and parts |
1,475 |
862 |
|
Depreciation of equipment |
1,391 |
1,410 |
|
8,326 |
7,763 |
Gross margin |
4,098 |
3,681 |
Operating expenses |
|
|
|
General and administrative |
1,484 |
1,374 |
|
Depreciation of other property and equipment |
31 |
28 |
|
Amortization of intangible assets |
251 |
251 |
|
Business acquisition expenses |
- |
10 |
|
1,766 |
1,663 |
Other expenses |
|
|
|
Finance costs |
316 |
424 |
|
|
|
Income before income taxes |
2,016 |
1,594 |
Income taxes |
|
|
|
Current |
631 |
577 |
|
Deferred |
(103) |
(93) |
|
528 |
484 |
Net income and comprehensive income for the period |
1,488 |
1,110 |
|
|
|
Net income per share |
|
|
|
Basic |
$0.092 |
$
0.095 |
|
Diluted |
$0.092 |
$
0.095 |
About CERF Incorporated
CERF is in the equipment rental business (the "Equipment Rental
Segment") and the waste management business (the "Waste Management
Segment") in Alberta. The Equipment Rental Segment includes the
rental of residential, commercial and industrial
construction-related equipment, including sales and service of
equipment. It also includes the rental and sale of equipment to the
drilling and service sectors of the oil and natural gas industry.
The Waste Management Segment consists of complete waste facility
management (six landfill sites in central Alberta) including waste
facility design and construction services, recycling management and
collection services, and consulting services. The Waste Management
Segment also consists of waste removal and disposal from
commercial, industrial and residential customers. CERF Incorporated
trades on the TSX Venture Exchange under the symbol "CFL".
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 StephensVice
President Finance & CFO(780) 410-2998 ext
371kstephens@cerfcorp.comwww.cerfcorp.com
CERF Incorporated (TSXV:CFL)
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