Stock Name: GNV
Amount: CAD 0.375
Announcement Date: 09/05/2012
Record Date: 28/06/2012
Dividend Detail:
MONTREAL, May 9, 2012 /CNW Telbec/ - GENIVAR Inc. (TSX: GNV) ("GENIVAR"
or the "Company") today announced its financial and operating results
for the first quarter of 2012. The first quarter results cover the
period from January 1, 2012, to March 31, 2012.
FIRST QUARTER OF 2012 HIGHLIGHTS
Total revenues were $163.7��million compared to $149.3 million in 2011,
an increase of 9.7%. Net revenues, expressed as revenues less direct
costs for subconsultants and other direct expenses that are recoverable
directly from the clients, amounted to $137.2 million, representing a
8.3% increase as compared to 2011.
EBITDA stood at $21.3 million, as compared to $20.0 million in 2011. As
a percentage of net revenues, the EBITDA margin stood at 15.5% for
2012, compared to 15.8% for 2011. EBITDA for the first quarter of 2012
was negatively impacted by a foreign exchange loss of $0.7 million,
costs of $0.6 million related to an uncompleted transaction as well as
one less working day during the quarter as compared to the same period
of 2011, which further impacted EBITDA by $0.3 million.
Net earnings amounted to $10.1 million or $0.31 per share on a basic and
diluted basis, as compared to $16.1 million or $0.62 per share on a
basic and diluted basis in 2011. However, adjusted net earnings were
$10.1��million compared to $8.9��million in 2011, representing an
increase of 13.0%, without the effect of a one-time deferred income tax
recovery in 2011 resulting from a change in legal structure. The 2011
one-time deferred income tax recovery was $7.2��million or $0.28 per
share.
The backlog stood at $454.0 million compared to a backlog of $409.6
million at the end of the fourth quarter of 2011, representing an
increase of 10.8% and approximately 7.5��months of revenues.
During the quarter, GENIVAR acquired a Colombian firm, Consultores
Regionales Asociados - CRA S.A.S., as part of the Company's
international expansion plan. GENIVAR also acquired Smith Carter
Architects and Engineers Inc. and Smith Carter (USA) LLC, two
integrated architecture and engineering firms including United States
operations. Additionally, GENIVAR acquired Les Investissements R.J.
Inc., a Quebec-based firm specialized in mechanical and electrical
engineering. Finally, GENIVAR diversified its services in the oil and
gas sector in the Alberta region by acquiring GRB Engineering Ltd.
("GRB"). GRB complements the services already offered by the Company in
this industry. These four transactions added approximately
600��employees to our workforce.
"We are pleased with these results, during what traditionally is the
slowest quarter of the year. We are evolving as planned in an overall
good Canadian market environment and our outlook is positive for the
remainder of the year," stated Pierre Shoiry, President and Chief
Executive Officer of GENIVAR. "Our strong balance sheet, coupled with a
buoyant pipeline of growth opportunities in a consolidating industry,
positions us well to execute on our global expansion strategy. As in
the past, our search is focused on successful, complementary firms who
share our vision and corporate culture," he added.
DIVIDEND
The Board of GENIVAR declared a dividend of $0.375 per share. This
dividend will be payable on or around July 15, 2012, to shareholders of
record at the close of business on June 30, 2012.
FINANCIAL REPORT
This release includes, by reference, the 2012 first quarter financial
reports, including the unaudited interim consolidated financial
statements and the Management Discussion & Analysis ("MD&A") of the
Company.
For a copy of our full financial results for the first quarter 2012,
including the MD&A and the unaudited interim consolidated financial
statements, please visit our Website at www.genivar.com.
CONFERENCE CALL
GENIVAR will hold a conference call at 4 p.m. (Eastern time) on May 9,
2012, to discuss these results. The telephone numbers to access the
conference call are as follows:
Montreal and International, please dial 514-861-2909.
Elsewhere in Canada and United States, please dial 877-695-6175.
Conference number: 8284786
A presentation highlighting the results of the first quarter of 2012
will be available on the same day in the Investor section of GENIVAR's Website (www.genivar.com), under Presentations and Events.
A replay of the call will be available until May 16, 2012. The telephone
numbers to access the replay of the call are 514-861-2272 or
800-408-3053, password 1421250. The replay of the conference call will
also be available in the Investor section of the Website under Presentations and Events, in the days following the event.
ANNUAL GENERAL MEETING OF SHAREHOLDERS
GENIVAR will hold its annual general meeting of shareholders on May 24,
2012, at 10 a.m. (Eastern time) at the McCord Museum (J. Armand
Bombardier Hall), at 690 Sherbrooke Street West, Montreal, Quebec.
RESULTS OF OPERATIONS
�� | �� | |||
�� | First quarter | |||
�� | 2012 | 2011 | Variation | |
IN THOUSANDS OF DOLLARS EXCEPT NUMBER OF SHARES, PER SHARE DATA AND PERCENTAGES | FOR THE PERIOD FROM JANUARY��1 TO MARCH 31 | FOR THE PERIOD FROM JANUARY��1 TO APRIL��2 | % | |
Revenues | $ 163,736 | $ 149,321 | 9.7% | |
Less: Subconsultants and other direct expenses | $ 26,545 | $ 22,668 | 17.1% | |
Net revenues* | $ 137,191 | $ 126,653 | 8.3% | |
Direct project costs | $ 69,561 | $ 64,131 | 8.5% | |
Gross margin | $ 67,630 | $ 62,522 | 8.2% | |
Marketing, general and administrative expenses(1) | $ 46,332 | $ 42,508 | 9.0% | |
EBITDA* | $ 21,298 | $ 20,014 | 6.4% | |
Amortization of intangible assets | $ 4,271 | $ 4,567 | (6.5%) | |
Depreciation of property, plant and��equipment | $ 2,230 | $ 1,863 | 19.7% | |
Financial expenses | $ 702 | $ 998 | (29.7%) | |
Earnings before income taxes | $ 14,095 | $ 12,586 | 12.0% | |
Income tax expenses (recovery) | $ 3,997 | ($ 3,528) | 213.3% | |
Net earnings | $ 10,098 | $ 16,114 | (37.3%) | |
Attributable to: | �� | �� | �� | |
�� | - Shareholders | $ 10,085 | $ 16,114 | (37.4%) |
�� | - Non-controlling interest | $ 13 | - | 100.0��% |
Basic and diluted net earnings per share | $ 0.31 | $ 0.62 | (50.0%) | |
Adjusted net earnings* | $ 10,098 | $ 8,934 | 13.0% | |
Adjusted net earnings per share* | $ 0.31 | $ 0.34 | (8.8%) | |
Basic and diluted weighted average number of shares | 32,668,079 | 26,015,930 | �� | |
* | �� | Non-IFRS measures are described below. |
(1) | �� | The marketing, general and administrative expenses include the exchange loss or gain and the interest revenues. |
FUNDS FROM OPERATIONS AND FREE CASH FLOW
�� | �� | |
�� | First quarter | |
�� | 2012 | 2011 |
| FOR THE PERIOD FROM JANUARY��1 TO MARCH 31 | FOR THE PERIOD FROM JANUARY��1 TO APRIL��2 |
Cash flows from operating activities | $ 5,976 | $ 2,065 |
Change in non-cash working capital items | $ 8,909 | $ 10,687 |
Funds from operations* | $ 14,885 | $ 12,752 |
Funds from operations per share* | $ 0.46 | $ 0.49 |
Less: | �� | �� |
Change in non-cash working capital items | ($ 8,909) | ($ 10,687) |
Capital expenditures | ($ 2,096) | ($ 2,158) |
Free cash flow* | $ 3,880 | ($ 93) |
Free cash flow per share* | $ 0.12 | - |
*��Non-IFRS measures are described below.
NON-IFRS MEASURES
GENIVAR uses non-IFRS measures that are considered by Canadian companies
as indicators of financial performance, measures which are not
recognized under IFRS and may differ from similar computations as
reported by other similar entities and, accordingly, may not be
comparable. GENIVAR believes these measures are useful supplemental
information that may assist investors in assessing an investment in the
Company's shares.
Non-IFRS measures used by GENIVAR are net revenues, EBITDA, EBITDA per
share, income tax expenses per share, adjusted net earnings, adjusted
net earnings per share, funds from operations, funds from operations
per share, free cash flow, and free cash flow per share.
Net revenues
Net revenues are defined as revenues from professional consulting
services less direct costs for subconsultants and other direct expenses
that are recoverable directly from the clients. Net revenues is not an
IFRS measure and does not have a standardized definition within IFRS.
Therefore, net revenues may not be comparable to similar measures
presented by other issuers. Investors are advised that net revenues
should not be construed as an alternative to revenues for the period
(as determined in accordance with IFRS) as an indicator of GENIVAR's
performance.
EBITDA and EBITDA per share
EBITDA is defined as earnings before financial expenses, income tax
expenses, depreciation and amortization. EBITDA is not an IFRS measure
and does not have a standardized definition within IFRS. Investors are
cautioned that EBITDA should not be considered an alternative to net
earnings for the period (as determined in accordance with IFRS) as an
indicator of GENIVAR's performance, or an alternative to cash flows
from operating, financing and investing activities as a measure of
GENIVAR's liquidity and cash flows. GENIVAR's method of calculating
EBITDA may differ from the methods used by other issuers and,
accordingly, GENIVAR's EBITDA may not be comparable to similar measures
used by other issuers.
EBITDA per share is calculated using the basic weighted average number
of shares.
Adjusted net earnings and adjusted net earnings per share
Adjusted net earnings is not an IFRS measure. This measure provides
Management with net earnings without the income tax effect pertaining
to the change in legal structure. The adjusted net earnings is defined
as the net earnings for the period without the deferred income tax
recovery accounted for on January��1, 2011.
Adjusted net earnings per share is calculated using the basic weighted
average number of shares.
Funds from operations and funds from operations per share
Funds from operations is not an IFRS measure. It provides Management and
investors with a proxy for the amount of cash generated from operating
activities before changes in non-cash working capital items.
Funds from operations per share is calculated using the basic weighted
average number of shares.
Free cash flow and free cash flow per share
Free cash flow is not an IFRS measure. It provides a consistent and
comparable measurement of free cash flow generated from operations
across entities and is used as an indicator of financial strength and
performance. Free cash flow is defined as cash flows from operating
activities as reported in accordance with IFRS, less total capital
expenditures reported in the financial statements.
Free cash flow per share is calculated using the basic weighted average
number of shares.
ABOUT GENIVAR INC.
GENIVAR is a leading Canadian engineering company providing private and
public-sector clients with a full range of professional consulting
services throughout all project phases, including planning, design,
construction and maintenance. Ranging significantly in size, GENIVAR's
clients operate in various different market segments, including the
Buildings, Industrial, Energy, Municipal Infrastructure, Transportation
and Environment sectors. GENIVAR is one of the largest engineering
companies in Canada by number of employees, with more than 5,500
managers, professionals, technicians, technologists and support staff
in over 100 cities in Canada and internationally.
www.genivar.com
Forward-looking statements
Certain information regarding GENIVAR contained herein may constitute forward-looking
statements. Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although GENIVAR believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in the
forward-looking statements. GENIVAR's forward-looking statements are
expressly qualified in their entirety by this cautionary statement. The
complete version of the cautionary note regarding forward-looking
statements as well as a description of the relevant assumptions and
risk factors likely to affect GENIVAR's actual or projected results are
included in the Management Discussion and Analysis for the fourth
quarter and year ended December 31, 2011, which are available on SEDAR
at www.sedar.com. The forward-looking statements contained in this press release are
made as of the date hereof and GENIVAR does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise unless expressly required by applicable
securities laws. ����
For further information:
Alexandre L'Heureux
Chief Financial Officer
GENIVAR Inc.
Tel.: 514-340-0046, ext. 5310
alexandre.lheureux@genivar.com
Isabelle Adjahi
Director, Communications and Investor Relations
GENIVAR Inc.
Tel.: 514-340-0046, ext. 5648
isabelle.adjahi@genivar.com
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