Tuesday, October 30, 2012

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

��

��

��

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Other Information

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��

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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

��

��

��

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Share Information

��

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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









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