Stock Name: TMA
Amount: CAD 0.0625
Announcement Date: 01/05/2012
Record Date: 27/06/2012
Dividend Detail:
Highlights for the first quarter:
Revenue for the quarter improved $7.4 million (10.0%) to $81.0 million
EBITDA for the quarter increased 20.6% to $7.6 million
Acquisition of 29% interest in Northern Resource Trucking Limited
Partnership, effective March 19, 2012
Acquisition of 60% interest in Fortress Trucking Limited, effective
March 30, 2012
New contract to haul natural gas liquids on behalf of Provident Energy
Ltd. in northeastern British Columbia
New five-year contract and business award, effective May 1, 2012, to
transport petroleum products for UFA Co-operative Limited
Entered into a joint investment in Bulk Plus Logistics U.S. LLC with our
U.S. based sister company Trimac Transportation Inc.
CALGARY, May 1, 2012 /CNW/ - Trimac Transportation Ltd. (TSX Symbol TMA) ("Trimac" or the "Company"), Canada's leader in bulk
trucking, is pleased to announce the release of its financial results
for the first quarter ended March 31, 2012 ("current quarter").
Trimac's consolidated revenue, including fuel surcharges, for the
three-month period ended March 31, 2012 increased by $7.4 million (or
10.0%) as compared to the same period in the prior year ("comparative
quarter"). This increase was the result of increased revenue volumes
from existing customers, new business awards, rate increases and an
increase in fuel surcharge revenue of $3.1 million.�� Revenue before
fuel surcharges improved by 6.4% to close the current quarter at $70.1
million.�� Increased revenue volumes were attributable to a strong
demand for dry bulk commodities from existing customers due to the
milder winter weather and new bulk hauling awards attained in petroleum
and pressure commodities.�� Chemical hauling also increased due to the
Benson acquisition from June, 2011 which provided $1.1 million of
incremental transportation revenue for the current period.�� Bulk Plus
Logistics' revenue increased 13.2% to $4.3 million for the current
quarter primarily as a result of increased volumes with existing
customers and new business awards in the transload operations.��
National Tank Services' third party revenue also increased 11.8% to
close the quarter at $3.8 million due to higher volumes in the current
quarter.
Direct costs net of fuel surcharge revenue (net direct costs) expressed
as a percentage of revenue before fuel surcharges, decreased slightly
in the current quarter to 72.8% from 73.3% in the comparative quarter.��
Improved productivity due to warmer winter weather contributed to this
decrease.�� Net direct costs in actual dollar amounts increased $2.7
million over the comparative quarter.�� This increase was primarily the
result of increased driver and leased operator remuneration,
maintenance and cleaning costs due to the increased revenue volumes.
Selling and administrative costs as a percentage of revenue before fuel
surcharges decreased to 16.4% from 17.1%.�� In absolute dollars selling
and administrative costs increased slightly to $11.5 million from $11.3
million in the comparative quarter.�� The increase was primarily due to
increased revenue volumes, increased salaries due to annual inflation
adjustments and increased incentive compensation costs.�� These
increases were partially offset by decreased communication and
advertising costs.��
EBITDA closed the current quarter at $7.6 million compared to $6.3
million in the comparative quarter, an increase of 20.6%.�� This
increase was primarily the result of the increased revenue volumes,
rate increases and improved productivity and strong cost controls.
"We are very pleased with our first quarter results," commented Edward
V. Malysa, President and Chief Operating Officer of Trimac.�� "As we
look ahead to the remainder of 2012, we are expecting moderately
favourable economic activity levels across the country.�� Trimac is well
positioned to integrate the new business awards and the recent
acquisitions into its operations.�� Trimac will continue to focus on
recruiting and retention initiatives."
Financial Highlights
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Three months ended March 31 | |||||||||
(in millions of dollars except per share data) | 2012 | �� | 2011 | �� | Variance | |||||
��Consolidated Financial Results | �� | �� | �� | �� | �� | |||||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Revenue before fuel surcharges | 70.1 | �� | 65.9 | �� | 6.4% | ||||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Operating expenses | �� | �� | �� | �� | �� | �� | |||
�� | �� | Direct costs | �� | 62.0 | �� | 56.2 | �� | 10.3% | ||
�� | �� | Fuel surcharges (1) | �� | (11.0) | �� | (7.9) | �� | -39.2% | ||
�� | �� | �� | �� | �� | 51.0 | �� | 48.3 | �� | 5.6% | |
�� | �� | �� | Percent of revenue | �� | 72.8% | �� | 73.3% | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | Selling and administration | 11.5 | �� | 11.3 | �� | 1.8% | |||
�� | �� | �� | Percent of revenue | �� | 16.4% | �� | 17.1% | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | EBITDA (2) | �� | �� | 7.6 | �� | 6.3 | �� | 20.6% | |
�� | �� | Operating earnings | �� | 2.9 | �� | 2.2 | �� | 31.8% | ||
�� | �� | Adjusted net income (2) | 1.7 | �� | 0.8 | �� | 112.5% | |||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Segment Results | �� | �� | �� | �� | �� | �� | |||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | Revenue before fuel surcharges | �� | �� | �� | �� | �� | |||
�� | �� | �� | Bulk Trucking | �� | 62.0 | �� | 58.7 | �� | 5.6% | |
�� | �� | �� | Bulk Plus Logistics | �� | 4.3 | �� | 3.8 | �� | 13.2% | |
�� | �� | �� | National Tank Services | 10.1 | �� | 8.6 | �� | 17.4% | ||
�� | �� | �� | Inter-segment revenue | (6.3) | �� | (5.2) | �� | �� | ||
�� | �� | �� | �� | �� | 70.1 | �� | 65.9 | �� | 6.4% | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | EBITDA | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | Bulk Trucking | �� | 5.9 | �� | 4.8 | �� | �� | |
�� | �� | �� | Bulk Plus Logistics | �� | 0.6 | �� | 0.5 | �� | �� | |
�� | �� | �� | National Tank Services | 1.1 | �� | 1.0 | �� | �� | ||
�� | �� | �� | �� | �� | 7.6 | �� | 6.3 | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Other Information | �� | �� | �� | �� | �� | �� | |||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | Cash generated from operations | 5.3 | �� | 6.0 | �� | �� | ||
�� | �� | �� | Net property, plant and equipment additions | 8.9 | �� | 5.3 | �� | �� | ||
�� | �� | �� | Repurchase of common shares | - | �� | 5.5 | �� | �� | ||
�� | �� | �� | Investment in associate | 9.2 | �� | - | �� | �� | ||
�� | �� | �� | Acquisitions & investments | 8.0 | �� | - | �� | �� | ||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | Share Information | �� | �� | �� | �� | �� | �� | |||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
�� | �� | �� | Cash generated from operations per share | 0.20 | �� | 0.23 | �� | �� | ||
�� | �� | �� | Earnings per share - adjusted (2) | 0.06 | �� | 0.03 | �� | �� | ||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
(1)�� Management believes it is useful to net fuel surcharge revenue into direct expenses when analyzing operating results. For Trimac, fuel surcharge revenue is considered an expense recovery. | ||||||||||
(2)�� Refer to the management's discussion and analysis for the three months ended March 31, 2012 for the reconciliation of non-GAAP financial measures. | ||||||||||
�� | �� | �� | �� | �� | �� | �� | �� | �� | �� | |
��
Declaration of Quarterly Dividend
The Board of Directors today declared a dividend of $0.0625 per share on
the Class A common shares, payable on July 16, 2012 to shareholders of
record at the close of business on June 29, 2012.
Forward-Looking Statements
Certain information included in this news release constitutes
"forward-looking statements".�� Trimac cautions that, by their nature,
these forward-looking statements are based on suppositions, risks, and
uncertainties as well as on management's best possible evaluation of
future events. Trimac cautions that its assumptions may not materialize
and that current economic conditions render such assumptions, although
reasonable at the time they were made, subject to greater uncertainty.
Such forward-looking statements are not guarantees of future
performance and the actual results or performance of Trimac or the
transportation industry may be materially different from the outlook or
any future results or performance implied by such statements.�� Please
see "Forward-Looking Statements" in Trimac's MD&A for the three months
ended March 31, 2012 for a discussion on the material factors that
could cause actual results to differ from the forward-looking
information contained herein and the material factors and assumptions
that were applied in preparing such forward-looking information.
Profile
Trimac is Canada's largest provider of bulk trucking services with
operations from coast to coast.�� In addition, through its National Tank
Services division, Trimac performs repairs, maintenance and
tank-trailer cleaning services for both the Trimac fleet and for third
party commercial customers. Trimac also provides third party
transportation logistics services in Canada and the United States
through its wholly owned subsidiary Bulk Plus Logistics.�� Shares of
Trimac Transportation Ltd. are traded on the Toronto Stock Exchange
under the symbol TMA.
For more detailed information, please visit our website at www.trimac.ca or SEDAR at www.sedar.com and review our MD&A and financial statements for the Company.
You are invited to join us on a conference call (conference ID 3478879)
at 10:00 a.m. Eastern Time on Thursday, May 3, 2012.�� For North
American participants, please dial 1- 866-321-8231 or for international
participants, please dial ++1-416-642-5213 at least 10 minutes prior to
the start time of the call.�� An audio playback of the call will be
available starting Friday, May 4, 2012 on our website at http://www.trimac.ca/page/eventscalendar.
For further information:
Edward V. Malysa
President & Chief Operating Officer��
Trimac Transportation Ltd.��
Telephone:�� 403-298-5100
Facsimile:�� 403-298-5258��
Scott D. Calver��
Vice President & Chief Financial Officer
Trimac Transportation Ltd.��
Telephone:�� 403-298-5100
Facsimile:�� 403-298-5146
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