Wednesday, October 31, 2012

WRG - Western Energy Services Corp. Releases Third Quarter 2012 Financial Results and Declares Quarterly Dividend (CAD 0.075)

Company: Western Energy Services Corp
Stock Name: WRG
Amount: CAD 0.075
Announcement Date: 31/10/2012
Record Date: 27/12/2012

Dividend Detail:




CALGARY, Oct. 31, 2012 /CNW/ - Western Energy Services Corp. ("Western"
or the "Company") (TSX: WRG) is pleased to release its third quarter
2012 financial and operating results.�� Additional information relating
to the Company, including the Company's financial statements and
management's discussion and analysis as at and for the three and nine
months ended September 30, 2012 and 2011 will be available on SEDAR at www.sedar.com.�� All amounts are denominated in Canadian dollars (CDN$) unless
otherwise identified.



Highlights:




  • Revenue totalled $69.6 million in the third quarter of 2012, an $11.2
    million
    decrease (or 14%) over the same period in the prior year as a
    result of lower utilization in Canada. The slowdown in oilfield service
    activity was aided by wet weather and uncertain economic conditions
    which resulted in some producers reducing or delaying capital
    programs.�� Lower revenue in the contract drilling segment was partially
    offset by $1.0 million in well servicing revenue;


  • Third quarter EBITDA decreased by $6.5 million (or 21%) to $23.9 million
    in 2012 (34% of revenue) as compared to $30.4 million in 2011 (38% of
    revenue).�� Similar to revenue, the decrease in EBITDA is mainly due to
    lower utilization in the Canadian contract drilling segment;


  • Net income decreased by $16.6 million to $8.3 million in the third
    quarter of 2012 ($0.14 per basic common share) as compared to $24.9
    million
    in the same period in the prior year ($0.43 per basic common
    share).�� The decrease is mainly due to the $10.7 million gain on the
    sale of StimSol Canada Inc. in the third quarter of the prior year.��
    After normalizing for this transaction, net income decreased by $5.9
    million
    .�� The normalized decrease is mainly due to the $6.5 million
    decrease in EBITDA and increased finance costs of $1.8 million, as a
    result of Western's January 2012 senior unsecured notes issuance,
    offset by lower income taxes of $2.9 million;


  • In Canada, during the third quarter, utilization per operating day in
    the contract drilling segment decreased by 26% as compared to the same
    period in the prior year.�� Despite a decrease in activity, the
    Company's average utilization of 53% in the third quarter was 33%
    higher than the CAODC industry average of 40%;


  • In the United States, utilization per operating day in the contract
    drilling segment averaged 60% in the third quarter of 2012 as compared
    to 65% in the same period of the prior year.�� While operating days in
    the United States increased by 9% in the quarter, utilization decreased
    due to an increased rig fleet as Western moved two drilling rigs into
    the United States in the third quarter of 2011;


  • Operating results in Western's well servicing segment improved in the
    third quarter, with service hours increasing by 113% to 1,799,
    reflecting a utilization rate of 39%, as compared to the second quarter
    of 2012 when utilization averaged 22%.�� Additionally, utilization
    improved every month during the quarter, with September averaging 48%.






































































































































































































Selected Financial Information

(stated in thousands, except share and per share amounts) �� �� ��

��

Three months ended September 30

��

Nine months ended September 30

Financial Highlights

���������������� 2012

�������� 2011

Change

��

2012

2011

��

Change

Revenue

������������������ 69,573

80,786

���������� (14%)

��

225,279

161,219

��

40%

Gross Margin(1)

29,382

35,005

���������� (16%)

��

93,703

67,667

��

38%

Gross Margin as a percentage of revenue

42%

43%

�������������� (2%)

��

42%

42%

��

0%

EBITDA(1)

23,944

30,392

(21%)

��

77,550

57,851

��

34%

EBITDA as a percentage of revenue

34%

38%

(11%)

��

34%

36%

��

(6%)

Cash flow from operating activities

9,248

3,391

173%

��

93,895

34,031

��

176%

Capital expenditures

30,898

24,927

���� 24%

��

106,903

54,533

��

96%

Net income

8,251

24,893

(67%)

��

32,086

40,432

��

(21%)

������-basic net income per share

���������������� 0.14

0.43

(67%)

��

0.55

0.82

(2)

(33%)

������-diluted net income per share

0.14

0.41

(66%)

��

0.53

0.79

(2)

(33%)

Weighted average number of shares

��

��

��

��

��

��

��

��

������-basic

58,581,133

58,533,287

�������� 0%

��

58,549,352

49,256,925

(2)

19%

������-diluted

60,700,338

60,618,480

������ ���� �� 0%

��

60,816,945

51,294,610

(2)

19%

Outstanding common shares as at period end

59,427,143

58,533,287

�������� 2%

��

59,427,143

58,533,287

��

2%

Dividends declared

4,457

-

100%

��

4,457

-

��

100%

(1)����������See financial measures reconciliations.

(2)����������Prior year amounts adjusted to reflect the 20:1 share
consolidation completed on June 22, 2011. ��

























































��

��

��

��

��

��

Financial Position at (stated in thousands)

Sept 30, 2012

Sept 30, 2011

Change

Dec 31, 2011

Change

Working capital

62,753

36,363

73%

39,874

57%

Property and equipment

558,248

448,203

25%

473,930

18%

Total assets

727,113

584,823

24%

619,645

17%

Long term debt

176,739

108,057

64%

108,039

64%





��




























































































































































































































































































































































































��

��

��

��

��

��

��

��

��

��

��Three months ended Sept 30

Nine months ended Sept 30

Operating Highlights

2012

2011

��

Change

��

����2012

2011

��

Change

Contract Drilling

��

��

��

��

��

��

��

��

��

Canadian Operations:

��

��

��

��

��

��

��

��

��

Contract drilling rig fleet:

��

��

��

��

��

��

��

��

��

������-Average

42

39

��

8%

��

41

30

��

37%

������-End of period

43

37

��

16%

��

43

37

��

16%

Drilling revenue per operating day (CDN$)

28,952

28,016

��

3%

��

32,327

28,215

��

15%

Drilling rig operating days(1)

2,055

2,567

��

(20%)

��

5,928

5,368

��

10%

Drilling rig utilization per revenue day(2)

58%

79%

��

(27%)

��

59%

72%

��

(18%)

Drilling rig utilization rate per operating day(1)

53%

72%

��

��(26%)

��

53%

66%

��

(20%)

CAODC industry average utilization rate(1)

40%

57%

��

(30%)

��

42%

50%

��

(16%)

��

��

��

��

��

��

��

��

��

��

United States Operations:

��

��

��

��

��

��

��

��

��

Contract drilling rig fleet:

��

��

��

��

��

��

��

��

��

������-Average

5

4

(3)

�� 25%

��

5

4

(3)

25%

������-End of period

5

5

��

�� 0%

��

5

5

��

0%

Drilling revenue per operating day (US$)

33,009

35,801

��

(8%)

��

33,405

36,145

��

(8%)

Drilling rig operating days(1)

275

252

��

��9%

��

952

274

��

���� 247%

Drilling rig utilization per revenue day(2)

73%

88%

(3)

(17%)

��

87%

85%

(3)

2%

Drilling rig utilization per operating day(1)

60%

65%

(3)

(8%)

��

69%

61%

(3)

13%

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Well Servicing

��

��

��

��

��

��

��

��

��

Well servicing rig fleet:

��

��

��

��

��

��

��

��

��

������-Average

5

-

��

100%

��

4

-

��

100%

������-End of period

5

-

��

100%

��

5

-

��

100%

Revenue per service hour (CDN$)

582

-

��

100%

��

581

-

��

100%

Total service hours

1,799

-

��

100%

��

3,072

-

��

100%

Service rig utilization rate(4)

�������� 39%

-

��

100%

��

31%

-

��

100%

(1)�� Drilling rig utilization rate per operating day and drilling rig
operating days are calculated on a spud to rig release basis.

(2)�� Drilling rig utilization rate per revenue day is calculated based
on operating and move days. ��

(3)�� Calculated from the date of acquisition of the United States
operations (June 10, 2011). ��

(4)�� Service rig utilization rate calculated based on full utilization
being 10 hour days, 365 days per year. ��





Outlook



Western currently has a drilling rig fleet of 48 rigs, with an
additional 3 telescopic ELR double drilling rigs under construction.��
Western is the sixth largest drilling contractor in Canada with a fleet
of 43 rigs.�� Currently, Western has five drilling rigs deployed in the
United States.�� Additionally, as at the end of October, Western has six
well servicing rigs operating in the Lloydminster area, with an
additional four under construction.



Western's drilling rig fleet is specifically suited for the current
market which is focused on drilling wells of increased complexity.�� In
total, approximately 96% of Western's fleet are ELR rigs with depth
ratings greater than 3,000 meters and all of Western's rigs are capable
of drilling resource base horizontal wells.�� Approximately one third of
Western's fleet is currently under long term take-or-pay contracts with
an average remaining contract life of approximately 14 months, which
provide a base level of revenue.�� These contracts typically generate
250 operating days per year in Canada, as the annual spring breakup
restricts activity during the second quarter, while in the United
States
these contracts typically range from 330 to 365 revenue
generating days per year.



Western's 2012 capital budget is expected to total approximately $155
million
, which includes approximately $95 million in expansion capital
and $60 million in maintenance capital.�� Western anticipates
approximately $10 million of the 2012 capital budget will carry forward
into 2013.�� Expansion capital in the contract drilling segment
aggregates to approximately $80 million and mainly relates to Western's
drilling rig build program which includes the construction of 8
telescopic ELR double drilling rigs in 2012, 5 of which have already
been commissioned.�� Of the remaining three drilling rigs currently
under construction, one is expected to be completed in both the fourth
quarter of 2012 and the first quarter of 2013.�� The final rig under
construction will be the Company's first ELR pad double drilling rig
and is expected to be commissioned in the third quarter of 2013 under a
long term contract with an existing customer.�� Expansion capital in the
well servicing segment relates to the construction of five new
internally guyed single service rigs, one of which has already been
commissioned in the fourth quarter.�� The remaining four well servicing
rigs are anticipated to be completed in the fourth quarter of 2012 and
early in the first quarter of 2013.



Maintenance capital in 2012 is higher than management's expectation of
sustaining maintenance capital as it includes various onetime items
relating to previous acquisitions and rotational equipment required to
maximize operating days.�� Included in maintenance capital are various
items such as critical spares, drill pipe, replacement parts and
infrastructure upgrades.



In 2012, the price for natural gas has remained soft, with the AECO
30-day spot rate on average decreasing by approximately 42%.�� While the
year over year average WTI crude oil price has remained relatively
constant, increased pricing differentials in Canada have resulted in a
7% year over year decrease in the average Edmonton Par price.�� The
lower commodity price environment for crude oil and natural gas,
coupled with the uncertain economic environment, due in part to the
European debt crisis, is expected to result in lower drilling activity
in the fourth quarter of 2012 as compared to the same period of the
prior year.�� As such, the Company expects lower utilization in 2012 as
compared to the prior year, when industry utilization reached a
five-year high.�� The decrease in industry activity is expected to
result in only modest pricing pressure on day rates on the deeper rigs
in the industry's fleet.�� Notwithstanding the softening commodity price
environment, Western continues to believe that additional rig build
opportunities in both the contract drilling and well servicing segments
will be available.�� Currently, the largest challenges facing the
drilling industry are reduced producer spending, pricing differentials
on Canadian crude oil, low natural gas prices, a strengthening Canadian
dollar and the challenge to attract and retain skilled labour.�� The
Company believes Western's modern drilling rig fleet, which has an
average life of less than six years, and corporate culture will provide
a distinct advantage in retaining and attracting qualified
individuals.�� Western is of the view, that its modern ELR rig fleet,
strong customer base and solid reputation will provide a competitive
advantage which will enable the Company to maintain its growth strategy
and higher than industry utilization through a period of lower
commodity prices and drilling activity.



Quarterly Dividend



On October 31, 2012, Western's Board of Directors declared a quarterly
dividend of $0.075 per share, which will be paid on January 11, 2013,
to shareholders of record at the close of business on December 31,
2012.�� The dividends are eligible dividends for Canadian income tax
purposes.�� We believe that this sustainable dividend policy balances
rewarding our shareholders with a significant dividend payment and the
ability to continue to execute our aggressive growth plans.



Financial Measures Reconciliations



Western uses certain measures in this press release which do not have
any standardized meaning as prescribed by International Financial
Reporting Standards ("IFRS").�� These measures may not be comparable to
similar measures presented by other reporting issuers.�� These measures
have been described and presented in this press release in order to
provide shareholders and potential investors with additional
information regarding the Company.



Gross Margin



Management believes that in addition to net income, Gross Margin is a
useful supplemental measure as it provides an indication of the results
generated by Western's principal operating activities prior to
considering administrative expenses, depreciation and amortization, how
those activities are financed, the impact of foreign exchange, how the
results are taxed, how funds are invested, and how non-cash items and
one-time gains and losses affect results.



EBITDA



Management believes that in addition to net income, earnings from
continuing operations before interest and finance costs, taxes,
depreciation and amortization, other non-cash items and one-time gains
and losses ("EBITDA") as derived from information reported in the
condensed consolidated statements of operations and comprehensive
income is a useful supplemental measure as it provides an indication of
the results generated by the Company's principal operating segments
similar to Gross Margin but also factors in the cash administrative
expenses incurred in the period.



Operating Earnings



Management believes that in addition to net income, Operating Earnings
is a useful supplemental measure as it provides an indication of the
results generated by the Company's principal operating segments similar
to EBITDA but also factors in the depreciation expense charged in the
period.



The following table provides a reconciliation of net income under IFRS
as disclosed in the condensed consolidated statements of operations and
comprehensive income to Gross Margin, EBITDA and Operating Earnings:




























































































































































��

��

��

��

��

��

��

��

Three months ended Sept 30

Nine months ended Sept 30

(stated in thousands)

2012

2011

2012

2011

��

��

��

��

��

Gross Margin

29,382

35,005

93,703

67,667

Add (subtract):

��

��

��

��

�� Administrative expenses

(5,965)

(5,093)

(17,837)

(10,727)

�� Depreciation - administrative

234

144

606

281

�� Stock based compensation - administrative

293

336

1,078

630

EBITDA

23,944

30,392

77,550

57,851

�� Depreciation - operating

(8,218)

(7,792)

(22,823)

(15,529)

�� Depreciation - administrative

(234)

(144)

(606)

(281)

Operating Earnings

15,492

22,456

54,121

42,041

�� Stock based compensation - operating

(126)

(66)

(384)

(182)

�� Stock based compensation - administrative

(293)

(336)

(1,078)

(630)

�� Finance costs

(3,169)

(1,333)

(9,200)

(2,404)

�� Other items

(477)

(799)

(173)

(2,149)

�� Income taxes

(3,176)

(6,053)

(11,200)

(7,717)

�� Income from discontinued operations

-

11,004

-

11,473

Net income

8,251

24,893

32,086

40,432





2012 Third Quarter Results Conference Call and Webcast



Western has scheduled a conference call and webcast to begin promptly at
12:00 p.m. MST (2:00 p.m. EST) on November 1, 2012.



The conference call dial-in number is 1-888-231-8191.



A live webcast of the conference call will be accessible on Western's
website at www.wesc.ca by selecting "Investor Relations", then "Webcasts".�� Shortly after the live webcast, an archived version will be
available for approximately 14 days.



An archived recording of the conference call will also be available
approximately one hour after the completion of the call until November
15, 2012
by dialing 1-855-859-2056 or 1-416-849-0833, passcode
43103249.



Forward-Looking Statements and Information



This News Release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws.�� All statements other than statements of historical fact
contained in this News Release may be forward-looking statements and
forward-looking information.�� In particular, forward-looking
information in this News Release include, but are not limited to under
the heading "Outlook" the statements "Western's 2012 capital budget is
expected to total approximately $155 million, which includes
approximately $95 million in expansion capital and $60 million in
maintenance capital.�� Western anticipates approximately $10 million of
the 2012 capital budget will carry forward into 2013.�� Expansion
capital in the contract drilling segment aggregates to approximately
$80 million and mainly relates to Western's drilling rig build program
which includes the construction of eight telescopic ELR double drilling
rigs in 2012, five of which have already been commissioned.�� Of the
remaining three drilling rigs currently under construction, one is
expected to be completed in both the fourth quarter of 2012 and the
first quarter of 2013.�� The final rig under construction will be the
Company's first pad rig and is expected to be commissioned in the third
quarter of 2013 under a long term contract with an existing customer.��
Expansion capital in the well servicing segment relates to the
construction of five new internally guyed single service rigs, one of
which has already been commissioned in the fourth quarter of 2012.�� The
remaining four well servicing rigs are anticipated to be completed in
the fourth quarter of 2012 and early in the first quarter of 2013." and
the statements "The lower commodity price environment for crude oil and
natural gas, coupled with the uncertain economic environment, due in
part to the European debt crisis, is expected to result in lower
drilling activity in the fourth quarter of 2012 as compared to the same
period of the prior year.�� As such, the Company expects lower
utilization in 2012 as compared to the prior year, when industry
utilization reached a five-year high.�� The decrease in industry
activity is expected to result in only modest pricing pressure on day
rates on the deeper rigs in the industry's fleet.�� Notwithstanding the
softening commodity price environment, Western continues to believe
that additional rig build opportunities in both the contract drilling
and well servicing segments will be available.", and "Western is of the
view, that its modern ELR rig fleet, strong customer base and solid
reputation will provide a competitive advantage which will enable the
Company to maintain its growth strategy and higher than industry
utilization through a period of lower commodity prices and drilling
activity."�� These forward-looking statements and information are based
on certain key expectations and assumptions made by Western, including
the assumption that notwithstanding an expectation of lower utilization
for its services such lowered expectations will not be severe enough to
affect Western's ability to complete its currently planned expansion
capital program nor will it change Western's ongoing growth strategy.��
Although Western believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward-looking
statements and information as Western cannot give any assurance that
they will prove to be correct.�� Since forward-looking statements and
information address future events and conditions, by their very nature
they involve inherent risks and uncertainties.�� Actual results could
differ materially from those currently anticipated due to a number of
factors and risks.�� These include, but are not limited to, general
economic, market and business conditions.�� Readers are cautioned that
the foregoing list of risks and uncertainties is not exhaustive.��
Additional information on these and other risk factors that could
affect Western's operations and financial results are included in
Western's annual information form and the other disclosure documents
filed by Western with securities regulatory authorities which may be
accessed through the SEDAR website at www.sedar.com.�� The forward-looking statements and information contained in this News
Release are made as of the date hereof and Western does not undertake
any obligation to update publicly or revise and forward-looking
statements and information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities
laws.



��



��



��



��



SOURCE: Western Energy Services Corp.







For further information:

Dale E. Tremblay��������
Chief Executive Officer
403.984.5929
dtremblay@wesc.ca
��
Alex MacAusland��������
President and COO
403.984.5932
amacausland@wesc.ca����

Jeffrey K. Bowers
VP Finance and CFO
403.984.5933
jbowers@wesc.ca









NMC - Newmont Declares Quarterly Dividend of $0.35 per share (CAD 0.35)

Company: Newmont Mining Corp. Of Cda Ltd.
Stock Name: NMC
Amount: CAD 0.35
Announcement Date: 31/10/2012
Record Date: 04/12/2012

Dividend Detail:





DENVER, Oct. 31, 2012 /CNW/ - Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") announced today its Board of Directors declared a quarterly dividend of $0.35 per share of common stock, payable on December 28, 2012, to holders of record at the close of business on December 6, 2012.



"We are pleased to announce a $0.35 per share dividend for the fourth consecutive quarter, bringing our total year-to-date dividends to $1.05 per share, up 62% from the same period last year," said Richard O'Brien, Chief Executive Officer.



The fourth quarter 2012 dividend of $0.35 per share was based on the average London P.M. Fix of $1,652 per ounce for the third quarter 2012.



In addition, Newmont Mining Corporation of Canada Limited (TSX: NMC) today declared a regular quarterly dividend of CAD $0.3498 per share on its exchangeable shares, payable December 28, 2012, to holders of record at the close of business on December 6, 2012. This dividend is designated as an "eligible dividend" for Canadian tax purposes.



Cautionary Statement:
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, including, without limitation, statements relating to future dividend payments or gold prices. Investors are cautioned that the new gold price-linked dividend guidelines are non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont's financial results, cash and liquidity requirements, future prospects and other factors deemed relevant by the Board. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on the common stock of the Company, the Board of Directors may revise or terminate such policy at any time without prior notice. As a result, investors should not place undue reliance on such policy guidelines.



SOURCE: Newmont Mining Corporation







For further information:


Investors, John Seaberg, +1-303-837-5743, john.seaberg@newmont.com, or Karli Anderson, +1-303-837-604, karli.anderson@newmont.com; or Media, Omar Jabara, +1-303-837-5114, omar.jabara@newmont.com, or Diane Reberger, +1-303-967-9455, diane.reberger@newmont.com


http://www.newmont.com









Tuesday, October 30, 2012

MIC - Genworth MI Canada Inc. Reports Third Quarter 2012 Results (CAD 0.29)

Company: Genworth Mi Canada Inc.
Stock Name: MIC
Amount: CAD 0.29
Announcement Date: 30/10/2012
Record Date: 13/11/2012

Dividend Detail:




Net Operating Income of $81 million

Net Operating EPS of $0.82/share

Net Premiums Written of $178 million

Quarterly dividend will increase 10% to $0.32



TORONTO, Oct. 30, 2012 /CNW/ - Genworth MI Canada Inc. (the "Company")
(TSX: MIC) today reported third quarter 2012 net income of $85 million
or $0.86 per diluted common share.�� Net operating income was $81
million
or $0.82 per diluted common share.�� On a comparative basis, net
operating income was $2 million higher than the prior quarter and $1
million
higher year-over-year.



"We continued to deliver consistent profitability," said Brian Hurley,
Chairman and Chief Executive Officer.�� "In addition, we are pleased to
be providing shareholders a dividend increase of 10% reflecting our
confidence in our business outlook.�� This increase represents our third
common share dividend increase since becoming a public company."



Third Quarter 2012 Key Financial Metrics:




  • Net premiums written of $178 million were $2 million higher sequentially and $18 million
    higher year-over-year.���� The sequential increase was driven by an
    increase of $38 million in premiums from high loan-to-value mortgages,
    which was offset by $36 million in lower premiums from low
    loan-to-value mortgages.�� The year-over-year increase was primarily a
    result of premiums from higher levels of both high loan-to-value
    mortgages and portfolio insurance on low loan-to-value mortgages.






  • Net premiums earned of $147 million were $1 million lower sequentially and $2 million lower
    year-over-year.�� As the larger 2007 and 2008 books have largely
    seasoned, their contribution to earned premiums continued to decline.��
    �� The current net premiums earned are largely based on the earnings
    contributions from the more recent books of business originated in 2009
    and later.






  • Losses on claims of $44 million were $4 million lower sequentially and $10 million lower
    year-over- year, reflecting lower new reported delinquencies.�� This
    resulted in a loss ratio of 30% for the quarter, 2 percentage points
    lower than the prior quarter and 6 percentage points lower
    year-over-year.������ While losses will fluctuate from quarter to quarter,
    from a pricing perspective, this quarter's losses were lower than the
    Company's loss ratio range of 35-40% over a full economic cycle.






  • Investment Income of $39 million (excluding realized and unrealized investment gains) was
    $1 million lower sequentially and $5 million lower year-over-year.�� The
    sequential decline in investment income resulted from lower reinvestment yields.






  • Net operating income of $81 million was $2 million higher sequentially and $1 million higher
    year-over-year.�� Operating return on equity was 12% for the quarter, flat sequentially and one percentage point
    lower year-over-year.






  • The expense ratio was 18%, 1 percentage point higher sequentially and 2 percentage points
    higher year-over-year.�� This was consistent with the Company's
    anticipated range.






  • The unearned premium reserve increased slightly during the quarter to $1.81 billion at the end of the
    quarter.�� These premiums will be earned over time in accordance with
    the Company's premium recognition curve which follows the Company's
    loss emergence pattern.






  • The regulatory capital ratio or Minimum Capital Test ("MCT") ratio was 164%, 4 percentage points higher sequentially and 3 percentage
    points higher year-over-year.�� This level of capital is well in excess
    of the Company's internal MCT target of 145%.�� The Company continues to
    maintain a strong capital position and ongoing financial flexibility to
    support and grow the business.



Dividends



On August 31, 2012, the Company paid a quarterly dividend of $0.29 per
common share.



The Company also announced today that its Board of Directors approved a
dividend increase to $0.32 per common share, payable on November 30,
2012
, to shareholders of record at the close of business on November
15
, 2012.�� This dividend increase represents a 10% increase in the
quarterly payment.



Shareholders' Equity



As of September 30, 2012, shareholders' equity was $2.9 billion
representing a book value of $28.72 per common share on a fully diluted
basis.�� Excluding accumulated other comprehensive income ("AOCI") or
loss, shareholders' equity was $2.6 billion or a book value of $26.45
per common share on a fully diluted basis.



Third Quarter 2012 Key Highlights:



The Company continued to make solid progress towards its operational
targets and continues to maintain its leading position in the Canadian
private mortgage insurance industry.




  • Total new insurance written this quarter decreased sequentially to $9.9
    billion
    primarily due to lower volumes of portfolio insurance written
    on low loan-to-value mortgages. The Company selectively participates in
    portfolio insurance under its clearly defined risk appetite and
    disciplined pricing approach.�� The Company believes that this selective
    participation results in profitable business and enhances overall
    lender relationships.�� �� This quarter, the Company insured $2.7 billion
    of low-loan-to-value mortgage portfolios.�� The Company anticipates the
    volumes of insurance on low loan-to-value mortgages will continue to
    fluctuate quarter over quarter in conjunction with varying demand from
    lenders.






  • The high loan-to-value component of new insurance written was $7.2
    billion
    , representing an increase of 25% sequentially and 9%
    year-over-year, largely driven by the volume of mortgage insurance
    commitments issued in the second quarter during the traditional spring
    housing market.






  • The total delinquency rate was 0.15%, 2 basis points lower sequentially
    and 6 basis points lower year-over-year.�� The Company experienced a 9%
    lower number of net new delinquencies as compared to the previous
    quarter.�� The delinquency rate continues to be positively influenced by
    improving economic conditions in combination with the increased success
    of the Company's loss mitigation strategies.






  • The Company's investment portfolio had a market value of $5.2 billion at
    the end of the quarter.�� The general portfolio had a pre-tax equivalent
    book yield of 4.1% for the quarter and a duration of 3.5 years as at
    September 30, 2012.�� The Company's strategy in managing its
    high-quality investment portfolio remained consistent with previous
    quarters and the portfolio continues to be comprised primarily of
    investment grade fixed income securities with an equity component of
    about 6%.�� �� While the investment portfolio is a strong contributor to
    income, the yield from the investment portfolio continues to be
    challenged in the context of a low interest rate environment.






  • The ratings for the Company and its operating insurance company,
    Genworth Financial Mortgage Insurance Company of Canada, were recently
    confirmed by Standard & Poor's Ratings Services (S&P) and DBRS Ratings
    Limited (DBRS).�� Genworth MI Canada Inc.'s issuer credit rating remains
    'A' with a stable outlook by S&P and 'AA' (low) with stable trend from
    DBRS.�� The financial strength of its operating insurance company
    remains rated 'AA-' with a stable outlook by S&P and 'AA' with a stable
    trend by DBRS.






Consolidated Financial Highlights

































































































($ millions, except per share amounts)

Three Months Ended September 30

(Unaudited)

2012

2011

New Insurance Written1

9,876

7,219

Insurance In Force1

294,685

261,039

Net Premiums Written

178

160

Net Premiums Earned

147

149

Losses on Claims

44

54

Investment Income

39

44

Realized and Unrealized Gains or Losses on Investments

5

1

Net Income

85

81

Net Operating Income1

81

80

Fully Diluted Earnings Per Common Share

$0.86

$0.80

Fully Diluted Operating Earnings Per Common Share1

$0.82

$0.79

Fully Diluted Book Value Per Common Share, including AOCI

$28.72

$26.82

Fully Diluted Book Value Per Common Share, excluding AOCI1

$26.45

$24.79

Loss Ratio1

30%

36%

Combined Ratio1

48%

52%

Operating Return on Equity1

12%

13%

Minimum Capital Test Ratio (MCT)1

164%

161%






1 This is a financial measure not calculated based on International
Financial Reporting Standards ("IFRSs").��

See the "IFRSs and Non-IFRSs Financial Measures" section of this press
release for additional information.











��

��

��


��






Detailed Operating Results and Financial Supplement



For more information on the Company's operating results, please refer to
the Management's Discussion and Analysis as posted on SEDAR and
available at www.sedar.com.



This press release, the financial statements, Management's Discussion
and Analysis, and the third quarter 2012 financial supplement are also
posted on the investor section of the Company's website (http://investor.genworthmicanada.ca).�� Investors are encouraged to review all of these materials.



Earnings Call



The Company's third quarter earnings call will be held on October 31,
2012
at 10:30 am ET (Local: 416-644-3414, Toll free: 1-800-814-4859).��
The call is accessible via telephone and by audio webcast on the
Company's website.�� Slides to accompany the call will be posted just
prior to its start.�� A replay of the call will be available until
December 1, 2012 (Local: 416-640-1917, Toll Free: 1-877-289-8525 Access
Code 4567118#).�� Participants are encouraged to pre-register for the
webcast through the Company's website. A replay of the call will also
be available from the Company's website for a period of at least 45
days following the conference call.



IFRSs and Non-IFRSs Financial Measures



The Company's consolidated financial statements are prepared in
accordance with IFRSs.�� To supplement its financial statements, the
Company uses select non-IFRSs financial measures. Non-IFRSs measures
used by the Company to analyze performance include underwriting ratios
such as loss ratio, expense ratio and combined ratio, as well as other
performance measures such as net operating income and return on
operating income. Other non-IFRSs measures used by the Company include
shareholders' equity excluding accumulated other comprehensive income
("AOCI"), insurance in-force, new insurance written, minimal capital
test ratio ("MCT"), delinquency ratio, severity on claims paid,
operating earnings per common share of the Company (basic and diluted),
book value per common share (basic and diluted; including and excluding
AOCI), dividends paid per common share of the Company, and portfolio
duration. The Company believes that these non-IFRSs financial measures
provide meaningful supplemental information regarding its performance
and may be useful to investors because they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making.�� Non-IFRSs measures do not
have standardized meanings and are unlikely to be comparable to any
similar measures presented by other companies. These measures are
defined in the Company's glossary, which is posted on the investor
section of the Company's website. To access the glossary, click on the
"Glossary of Terms" link under "Investor Resources" subsection on the
left navigation bar.���� A reconciliation of non-IFRSs financial measures
to the most recently comparable measures calculated in accordance with
IFRSs can be found in Management's Discussion and Analysis filed with
the Company's most recent financial statements, which are available on
the Company's website and on SEDAR at www.sedar.com.



Cautionary Note Regarding Forward-Looking Statements



This press release includes certain forward-looking statements.�� These
forward-looking statements include, but are not limited to, the
Company's plans, objectives, expectations and intentions, and other
statements contained in this release that are not historical facts.��
These statements may be identified by their use of words such as "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"seek", "propose", "estimate", "expect", or similar expressions, as
they relate to the Company are intended to identify forward-looking
statements.�� Specific forward-looking statements in this document
include, but are not limited to, statements with respect to the
Company's expectations regarding the Canadian government's proposed
changes to the guarantee regime regarding residential mortgages, and
the Company's beliefs as to housing demand and home price appreciation,
unemployment rates, the Company's future operating and financial
results, sales expectations regarding premiums written, capital
expenditure plans, dividend policy and the ability to execute on its
future operating, investing and financial strategies.�� These statements
are inherently subject to significant risks, uncertainties and changes
in circumstances, many of which are beyond the Company's control. The
Company's actual results may differ materially from those expressed or
implied by such forward-looking statements, including as a result of
changes in global, political, economic, business, competitive, market
and regulatory factors, and the other risks described in the Company's
Annual Information Form.�� Other than as required by applicable laws,
the Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.



About Genworth MI Canada Inc.



Genworth MI Canada Inc. (TSX: MIC), through its subsidiary, Genworth
Financial Mortgage Insurance Company Canada, has been the leading
Canadian private residential mortgage insurer since 1995.�� Known as
Genworth Canada, the Company provides default mortgage insurance to
Canadian residential mortgage lenders that enables low down payment
borrowers to own a home more affordably and stay in their homes during
difficult financial times.�� Genworth Canada combines technological and
service excellence with risk management expertise to deliver innovation
to the mortgage marketplace.�� As of September 30, 2012, Genworth Canada
had $5.6 billion total assets and $2.9 billion shareholders' equity.��
Based in Oakville, Ontario, Genworth Canada employs approximately 260
people across Canada. Find out more at www.genworth.ca.



��



��



SOURCE: Genworth MI Canada







For further information:

Investors - Samantha Cheung, 905-287-5482������samantha.cheung@genworth.com
Media��- Lisa Azzuolo, 905-287-5520��lisa.azzuolo@genworth.com









MIC - Genworth MI Canada Inc. Announces 10% Dividend Increase In the Fourth Quarter 2012 (CAD 0.32)

Company: Genworth Mi Canada Inc.
Stock Name: MIC
Amount: CAD 0.32
Announcement Date: 30/10/2012
Record Date: 13/11/2012

Dividend Detail:




TORONTO, Oct. 30, 2012 /CNW/ - The Board of Directors of Genworth MI
Canada Inc. (the "Company") (TSX: MIC) today announced that it has
authorized and declared a dividend of $0.32 per common share from the
prior quarter dividend of $0.29 per common share for the fourth quarter
of 2012.�� This dividend represents a $0.03 increase per common share
and will be paid on November 30, 2012, to shareholders of record at the
close of business on November 15, 2012.



Genworth MI Canada Inc. designates any and all dividends paid or deemed
for Canadian federal, provincial or territorial income tax purposes to
be paid as "eligible dividends", unless indicated otherwise in respect
of dividends paid subsequent to this notification, and hereby notifies
all recipients of such dividends of this designation.



About Genworth MI Canada Inc.



Genworth MI Canada Inc. (TSX: MIC), through its subsidiary, Genworth
Financial Mortgage Insurance Company Canada, has been the leading
Canadian private residential mortgage insurer since 1995.�� Known as
Genworth Canada, it provides default mortgage insurance to Canadian
residential mortgage lenders that enables low down payment borrowers to
own a home more affordably and stay in their homes during difficult
financial times.�� Genworth Canada combines technological and service
excellence with risk management expertise to deliver innovation to the
mortgage marketplace.�� As of September 30, 2012, Genworth Canada had
$5.6 billion total assets and $2.9 billion shareholders' equity.�� Based
in Oakville, Ontario, Genworth Canada employs approximately 260 people
across Canada. Find out more at www.genworth.ca.



SOURCE: Genworth MI Canada







For further information:

Investors - Samantha Cheung, 905-287-5482������samantha.cheung@genworth.com
Media��- Lisa Azzuolo, 905-287-5520��lisa.azzuolo@genworth.com









TMA - Trimac announces record revenue and pre-tax earnings for the third quarter of 2012 (CAD 0.07)

Company: Trimac Transportation Ltd.
Stock Name: TMA
Amount: CAD 0.07
Announcement Date: 30/10/2012
Record Date: 27/12/2012

Dividend Detail:




Highlights for the third quarter:




  • Record revenue of $95.3 million, an increase of 7.6%


  • Record pre-tax earnings of $6.7 million, an increase of 17.5%


  • EBITDA increased 13% to $13 million


  • Earnings per share increase of 14.8% to $0.18



CALGARY, Oct. 30, 2012 /CNW/ - Trimac Transportation Ltd. (TSX Symbol TMA) ("Trimac" or the "Company"), Canada's leader in bulk
trucking, is very pleased to announce the release of its financial
results for the third quarter ended September 30, 2012 ("current
quarter").



Trimac's consolidated revenue, including fuel surcharges, for the
three-month period ended September 30, 2012 increased by $6.7 million
(or 7.6%) as compared to the same period in the prior year
("comparative quarter"). Revenue excluding fuel surcharges for the
current quarter increased $7.3 million (or 9.4%).�� This increase was
primarily in the bulk trucking segment and was the result of increased
volumes with existing customers, new business awards, and rate
increases.



Direct costs net of fuel surcharge revenue (net direct costs) expressed
as a percentage of revenue before fuel surcharges, decreased in the
current quarter to 70.2% from 70.3% in the comparative quarter.��
Improved productivity due to continued monitoring of trip standards and
a higher quality of revenue contributed to this improvement.�� Net
direct costs in actual dollar amounts increased $5.1 million over the
comparative quarter primarily as a result of the increased revenue
volumes.��



Selling and administrative costs as a percentage of revenue before fuel
surcharges decreased to 14.5% from 14.9%.�� In absolute dollars selling
and administrative costs increased $0.7 million from the comparative
quarter.�� This increase was attributable to increased wage costs due to
inflation adjustments, increased facility rental and occupancy costs
due to the increased number of locations, and increased compensation
costs.



EBITDA closed the current quarter at $13 million compared to $11.5
million
in the comparative quarter, an increase of 13%.�� This increase
was primarily the result of the increased revenue volumes, improvements
in productivity and strong cost controls.�� Adjusted free cash flow
before net changes in non-cash working capital increased 18.6% over the
comparative quarter and 23.5% compared to the prior year.��



"We are extremely pleased with our results for the quarter and with how
well the integration of our acquisitions and new business awards have
occurred," commented Edward V. Malysa, President and Chief Operating
Officer of Trimac.�� "We are looking forward to finishing the balance of
2012 strong, as we ramp up our new business awards and our rate
increases take effect during the fourth quarter.�� In addition, Trimac
continues to be committed to recruiting and retention initiatives to
support our growth and maintain our competitive advantage as a
preferred place to work in the bulk trucking industry."






Financial Highlights














































































































































































































































































































































































































































































































































































































































































































































































































































































��

Three months ended Sept 30

��

Nine months ended Sept 30

(in millions of dollars except per share data)

��

2012

��

2011

��

Variance

��

2012

��

2011

��

Variance

Consolidated Financial Results �� �� ��

��

��

��

��

��

��

��

��

��

��

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

Revenue before fuel surcharges

��

85.0

��

77.7

��

9.4%

��

230.9

��

216.2

��

6.8%

�� �� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

Operating expenses

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Direct costs

��

70.1

��

65.5

��

7.0%

��

197.6

��

185.5

��

6.5%

��

��

Fuel surcharges (1)

��

(10.4)

��

(10.9)

��

4.6%

��

(32.0)

��

(28.9)

��

-10.7%

�� ��

��

59.7

��

54.6

��

9.3%

��

165.6

��

156.6

��

5.7%

��

��

��

Percent of revenue

��

70.2%

��

70.3%

��

��

��

71.7%

��

72.4%

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Selling and administration

��

12.3

��

11.6

��

6.0%

��

35.2

��

33.7

��

4.5%

��

��

��

Percent of revenue

��

14.5%

��

14.9%

��

��

��

15.2%

��

15.6%

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

EBITDA��

�� ��

13.0

��

11.5

��

13.0%

��

30.1

��

25.9

��

16.2%

��

��

Operating earnings

��

7.2

��

6.6

��

9.1%

��

14.1

��

12.4

��

13.7%

��

��

Pre-tax earnings

��

6.7

��

5.7

��

17.5%

��

12.6

��

9.6

��

31.3%

��

��

Adjusted net income��

��

5.0

��

4.1

��

22.0%

��

9.2

��

6.9

��

33.3%

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

Segment Results

��

��

��

��

��

��

��

��

��

��

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Revenue before fuel surcharges

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Bulk Trucking

��

76.2

��

69.3

��

10.0%

��

205.5

��

191.6

��

7.3%

��

��

��

Bulk Plus Logistics

��

5.1

��

5.0

��

2.0%

��

14.2

��

14.2

��

0.0%

��

��

��

National Tank Services

��

10.1

��

9.1

��

11.0%

��

30.4

��

26.6

��

14.3%

��

��

��

Inter-segment revenue

��

(6.4)

��

(5.7)

��

��

��

(19.2)

��

(16.2)

��

��

��

��

�� ��

85.0

��

77.7

��

9.4%

��

230.9

��

216.2

��

6.8%

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

EBITDA ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Bulk Trucking

��

11.0

��

9.7

��

��

��

24.7

��

20.7

��

��

��

��

��

Bulk Plus Logistics

��

0.9

��

0.5

��

��

��

2.1

��

1.6

��

��

��

��

��

National Tank Services

��

1.1

��

1.3

��

��

��

3.3

��

3.6

��

��

��

��

��

Other ��

��

-

��

-

��

��

��

-

��

-

��

��

�� ��

��

13.0

��

11.5

��

��

��

30.1

��

25.9

��

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

Other Information

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Cash generated from operations

��

12.9

��

12.9

��

��

��

27.5

��

26.7

��

��

��

��

��

Net property, plant and equipment additions

��

9.2

��

9.3

��

��

��

28.1

��

23.9

��

��

��

��

��

Repurchase of common shares

��

-

��

-

��

��

��

-

��

5.5

��

��

��

��

��

Investment in associate

��

-

��

-

��

��

��

9.2

��

-

��

��

��

��

��

Acquisitions & investments

��

-

��

-

��

��

��

12.4

��

4.0

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Share Information

��

��

��

��

��

��

��

��

��

��

��

��

�� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Cash generated from operations per share

��

0.46

��

0.50

��

��

��

1.00

��

1.02

��

��

��

��

��

Earnings per share (basic)

��

0.18

��

0.16

��

��

��

0.34

��

0.26

��

��

��

��

��

Number of outstanding shares (basic)

��

27.8

��

25.7

��

��

��

27.3

��

26.0

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

(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.

��

��

�� �� �� ��

��

��

��

��

��

��

��

��

��

��

��

��


��




Declaration of Quarterly Dividend



The Board of Directors today declared a dividend of $0.07 per share on
the Class A common shares, payable on January 15, 2013 to shareholders
of record at the close of business on December 31, 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 and
nine months ended September 30, 2012 for a discussion of 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 number
7252404) at 9:00 a.m. Eastern Time on Thursday, November 1, 2012.�� For
North American participants, please dial 1-800-820-0231 or for
international participants, please dial ++1-416-640-5926 at least 10
minutes prior to the start time of the call.�� An audio playback of the
call will be available starting Friday, November 2, 2012 on our website
at http://www.trimac.ca/page/eventscalendar.



SOURCE: Trimac Transportation Ltd.







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