Stock Name: RME
Amount: CAD 0.045
Announcement Date: 19/03/2012
Record Date: 27/02/2012
Dividend Detail:
Achieves strong results in key operating metrics; net earnings increase
of 55.8% for the year
CALGARY, March 19, 2012 /CNW/ - Rocky Mountain Dealerships Inc. (TSX: RME, hereinafter "Rocky") today reported financial results for the three
and twelve months ended December 31, 2011.
Fourth Quarter Highlights
Increased revenues by 27.3% to $240.6 million (M) as compared to 2010.
EBITDA* increased by 28.3% to $14.6M.
Generated net earnings of $9.0M, an increase of $2.6M or 41.2%.
Normalized Diluted Earnings per Share* of $0.42, up 35.5% over the prior
year.
Annual Highlights
Increased revenues by 33.2% to $802.8M as compared to 2010.
EBITDA* increased by 44.3% to $41.2M.
Generated net earnings of $23.2M, an increase of $8.3M or 55.8%.
Normalized Diluted Earnings per Share* of $1.22, up 52.5% over the prior
year.
* Non-IFRS measures are defined and discussed further in the
Management's Discussion and Analysis for the three and twelve month
periods ended December 31, 2011, which can be found at www.sedar.com.
Commenting on the results, Matt Campbell, CEO of Rocky stated "We
continue to deliver outstanding results to our shareholders, thanks to
the dedication and hard work of our people throughout our many
locations.������ Our customers need a reliable partner for their equipment
needs, and our success in becoming that reliable partner is reflected
in both the quarterly and annual results.
Alberta's economic improvement combined with solid crop prices and
conditions to fuel growth in both construction and agriculture
equipment sales in that region.�� These results were somewhat tempered
by a softer market in the Eastern Prairies that drove increased sales
of used rather than new equipment.
Overall, our efforts to integrate our acquired stores and drive
efficiency, resulted in improved revenue, gross profits and EBITDA* and substantially improved profit conversion. Cash flow generation
improved substantially on the year to $33.1 million.
Western Canada's recovering economic outlook and solid commodity prices,
combined with the progress we have made in the last twelve months,
positions Rocky for continued success."
Quarterly Cash Dividend
On February 17, 2012, Rocky's Board of Directors declared a dividend of
$0.045 per common share on the Company's outstanding common shares.��
The common share dividend is payable on March 30, 2012 to shareholders
of record at close of business on February 29, 2012.
This dividend is designated by Rocky to be an eligible dividend for the
purposes of the Income Tax Act (Canada) and any similar provincial or
territorial legislation.�� An enhanced dividend tax credit applies to
eligible dividends paid to Canadian residents.
Conference Call
The Company will host a conference call to discuss Q4 results on
Tuesday, March 20, 2012, at 9:00 a.m. Mountain Time.�� Investors
interested in participating in the live call can dial 1-888-231-8191
(toll free) or 1-647-427-7450.�� An archived recording of the call will
be available approximately two hours after its completion on Rocky's
website or by calling 1-855-859-2056 (toll free) or 1-416-849-0833,
passcode: 51205623.�� The archive will remain available until Tuesday,
April 3, 2012.
Caution regarding forward-looking statements
Certain information set forth in this news release, including, without
limitation, the information regarding construction outlooks in the
short and mid-terms, is forward-looking information within the meaning
of applicable Canadian securities laws.�� By its nature, forward-looking
information is subject to numerous risks and uncertainties, some of
which are beyond Rocky's control.�� This forward-looking information
reflects Rocky's current beliefs and is based on information currently
available to Rocky, and on assumptions Rocky believes are reasonable.��
These assumptions include, but are not limited to, the expectation that
economic conditions in Western Canada, including commodity prices, will
continue to remain strong.�� There is significant risk that the
forward-looking statements will prove not to be accurate.�� Readers are
cautioned not to place undue reliance on forward-looking statements as
a number of factors could cause actual future performance and events to
differ materially from that expressed in the forward-looking
statements.�� Accordingly, this new release is subject to the disclaimer
and qualified by risks and other factors discussed by Rocky in its
management's discussion and analysis ("MD&A") and annual information
form for the year ended December 31, 2011 and 2011 first, second, and
third quarter MD&A's.�� Except as required by law, Rocky disclaims any
intention or obligation to update or revise forward-looking statements,
and further reserves the right to change, at any time, at its sole
discretion, its current practice of updating its guidance and outlooks.
About Rocky
Rocky is one of Canada's largest agriculture and construction equipment
dealerships with 36 branches throughout Alberta, Saskatchewan and
Manitoba. Rocky sells, rents, and leases new and used construction and
agriculture equipment and offers product support, and finance to its
customers.
Additional information on Rocky is available at www.rockymtn.com and on SEDAR at www.sedar.com.
Consolidated Balance Sheet Summary Expressed in thousands of Canadian dollars (Audited) | |||
�� | December 31, 2011 | December 31, 2010 | January 1, 2010 |
�� | �� | �� | �� |
Current assets | 434,479 | 373,998 | 281,234 |
Property and equipment | 21,369 | 20,600 | 19,343 |
Goodwill | 9,961 | 8,538 | 4,517 |
Total assets | 465,809 | 403,136 | 305,094 |
�� | �� | �� | �� |
Current liabilities | 286,175 | 247,697 | 204,084 |
Long-term debt | 11,701 | 13,058 | 12,968 |
Obligations under finance leases | 1,589 | 1,387 | 896 |
Convertible debenture | 28,761 | 28,411 | - |
Deferred income taxes | 8,283 | 6,707 | 1,051 |
Derivative financial instruments | 1,139 | - | - |
Total liabilities | 337,648 | 297,260 | 218,999 |
Shareholders' equity | 128,161 | 105,876 | 86,095 |
Total liabilities and equity | 465,809 | 403,136 | 305,094 |
����������Total Shares Issued:�� 18,768,399
Selected Quarterly Financial Information
Expressed in thousands of Canadian dollars except per share amounts
�� | �� | �� | �� | �� | |
�� | For the three months ended December 31, | For the year ended December 31, | |||
�� | 2011 | 2010 | 2011 | 2010 | |
Sales | �� | �� | �� | �� | |
�� | New equipment | 132,712 | 121,302 | 423,933 | 333,603 |
�� | Used equipment | 82,318 | 45,553 | 269,809 | 189,315 |
�� | Parts | 16,155 | 14,871 | 75,531 | 54,053 |
�� | Service | 7,459 | 6,304 | 28,028 | 21,871 |
�� | Other | 1,945 | 973 | 5,462 | 3,869 |
�� | 240,589 | 189,003 | 802,763 | 602,711 | |
Cost of sales | 203,620 | 159,238 | 677,571 | 509,587 | |
Gross profit | 36,969 | 29,765 | 125,192 | 93,124 | |
�� | �� | �� | �� | �� | |
Selling, general and administrative | 21,964 | 18,082 | 82,001 | 63,409 | |
Interest on short-term debt | 2,022 | 1,832 | 8,306 | 6,425 | |
Interest on long-term debt | 917 | 943 | 3,587 | 2,064 | |
Earnings before income taxes | 12,066 | 8,908 | 31,298 | 21,226 | |
Provision for income taxes | 3,105 | 2,563 | 8,089 | 6,327 | |
Net earnings | 8,961 | 6,345 | 23,209 | 14,899 | |
Earnings per share | �� | �� | �� | �� | |
�� | Basic | 0.48 | 0.34 | 1.24 | 0.82 |
�� | Diluted | 0.42 | 0.31 | 1.12 | 0.79 |
Dividends per share | 0.045 | 0.045 | 0.18 | 0.18 | |
�� | �� | �� | �� | �� | |
Non-IFRS Measures(*) | �� | �� | �� | �� | |
EBITDA | 14,587 | 11,369 | 41,225 | 28,570 | |
Operating SG&A | 20,804 | 16,780 | 73,872 | 58,695 | |
Cash Flow from Net Earnings | 13,462 | 11,005 | 33,087 | 26,724 | |
Normalized Diluted Earnings per Share | 0.42 | 0.31 | 1.22 | 0.80 |
* Non-IFRS measures are defined and discussed further in the
Management's Discussion and Analysis for the three and twelve month
periods ended December 31, 2011, which can be found at www.sedar.com.
��
For further information:
Rocky Mountain Dealerships Inc.
Matt Campbell, Chief Executive Officer; or
Garrett Ganden, Chief Operating Officer
#301, 3345 - 8th Street S.E.
Calgary, Alberta T2G 3A4
Telephone: (403) 265-7364, Fax (403) 214-5644
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