Black Diamond Reports Record Financial Results for 2013
12 Março 2014 - 6:12PM
Marketwired Canada
Black Diamond Group Limited (TSX:BDI) ("Black Diamond" or the "Company") today
announced operating and financial results for the three and twelve months ended
December 31, 2013.
HIGHLIGHTS:
-- Revenue for the twelve months ended December 31, 2013 ("2013") was
$347.1 million, an increase of 31% compared to the twelve months ended
December 31, 2012 ("2012").
-- Revenue for the three months ended December 31, 2013 ("Quarter") was
$106.9 million, an increase of 56% compared to the three months ended
December 31, 2012 ("Comparative Quarter").
-- EBITDA (see "Non-GAAP measures"), was a record $141.2 million for 2013,
a 26% increase compared to 2012.
-- EBITDA, before executive severance benefits, was a record $142.9 million
for 2013, a 27% increase compared to 2012.
-- EBITDA, before executive severance benefits, was $40.1 million for the
Quarter, a 43% increase over the Comparative Quarter, with increases in
all four of the Company's operating Business Units.
-- Earnings per share was $1.27 for 2013, compared to $1.21 for 2012.
-- The Company paid dividends of $0.06 per share per month in January and
February of 2013, dividends of $0.07 per share per month from March
until November 2013, and dividends of $0.075 per share per month in
December 2013. The dividend increase in December 2013 was the sixth
dividend increase by Black Diamond since its initial public offering.
-- The Company's $117.0 million capital budget was fully allocated in 2013,
with $95.6 million spent during the year. The remaining $21.4 million
was carried over into 2014 due to timing of projects and manufacturing
schedules.
-- On November 6, 2013, the Company announced an initial $100 million
capital expenditure budget for 2014 which is incremental to the $21.4
million carryover from 2013 that remained unspent as at the end of 2013.
The Company anticipates funding this 2014 capital spending and its
existing dividend level primarily from operating cash flow.
"We are very pleased to report another year of record revenue and profitability
for the Company," said Trevor Haynes, Black Diamond's President and Chief
Executive Officer. "The results are driven by continued growth of our rental
fleet platform and strong customer acceptance of our Logistics service
offerings. With our continued investment in fleet assets, our growing Logistics
business and our geographic expansion in the U.S. and Australia, we expect 2014
to be another strong year for Black Diamond."
Additional Information
A copy of the Company's audited consolidated financial statements for the years
ended years ended December 31, 2013 and 2012 and related management's discussion
and analysis have been filed with the Canadian securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com).
Conference Call
Black Diamond will host a conference call for analysts, investors and interested
parties to discuss its fourth quarter and year ended financial and operational
results at 5:00 p.m. MST on March 12, 2014. Trevor Haynes, President and Chief
Executive Officer, and Marshall McRae, Interim Executive Vice President and
Chief Financial Officer, will be in attendance. The call can be accessed by
calling 416-340-2217 or toll free 866-696-5910 (Participant pass code 6644035)
prior to the scheduled start time. A live audio webcast of the meeting will also
be available through the investor relations page of the Company's website at
www.blackdiamondgroup.com. Digital playback of the conference call will be
available on the Company's website.
About Black Diamond
Founded in 2003, Black Diamond Group Limited is one of the fastest growing
remote lodging, modular building and energy services companies worldwide. With
its corporate head office located in Calgary, Alberta, Black Diamond provides
world-class services to a wide spectrum of industries including oil and gas,
mining, power, construction, engineering, military, government and education.
Through its direct and indirect wholly-owned subsidiaries and its approximate
50% equity participation in certain aboriginal limited partnerships, Black
Diamond operates four complementary business units in nineteen strategic
locations across Canada, the United States and Australia.
Black Diamond Structures rents and sells remote workforce housing and modular
workspace solutions and provides associated services; Black Diamond Logistics
provides turnkey lodging services, remote facility management and supply chain
solutions; Black Diamond Energy Services rents and sells a complement of
oilfield equipment and services and Black Diamond International rents and sells
remote workforce housing and modular workspace solutions and provides associated
services outside of North America.
Reader Advisory
Forward-Looking Statements
Certain information in this news release contains forward-looking statements
including management's assessment of Black Diamond's future operations, business
prospects and opportunities and management's future expectations regarding the
financial performance of the Company and its business units and forecast 2014
capital expenditures of the Company and how such expenditures will be funded.
With respect to the forward-looking statements contained in this news release,
Black Diamond has made assumptions, regarding among other things: that Black
Diamond will continue to conduct its operations in a manner consistent with past
operations, that counterparties to contracts will perform the contracts as
written and that there will be no unforeseen material delays in contracted
projects. Although Black Diamond believes that the expectations reflected in the
forward-looking statements contained in this news release, and the assumptions
on which such forward-looking statements are made, are reasonable, there can be
no assurance that such expectations or assumptions will prove to be correct.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond Black Diamond's control including,
without limitation, the impact of general economic conditions, industry
conditions, fluctuation of commodity prices, fluctuation of exchange rates,
environmental risks, industry competition, availability of qualified personnel
and management, stock market volatility and timely and cost effective access to
sufficient capital from internal and external sources. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the forgoing list of factors is not
exhaustive. Additional information on these and other factors that could affect
Black Diamond's operations and financial results are included in Black Diamond's
annual information form and other reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com) and at Black Diamond's website (www.blackdiamondgroup.com).
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Black Diamond does not undertake
any obligation to update publicly or to revise any of the forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
Non-GAAP Measures
In this news release, the following terms have been referenced: EBITDA (earnings
before interest, taxation, depreciation and amortization) and payout ratio.
Readers are cautioned that these measures are not defined under Generally
Accepted Accounting Principles ("GAAP"). Readers are cautioned that these
non-GAAP measures are not alternatives to measures under GAAP and should not, on
their own, be construed as an indicator of the Company's performance or cash
flows, a measure of liquidity or as a measure of actual return on the common
shares of the Company. These Non-GAAP measures should only be used in
conjunction with the consolidated financial statements of the Company. A
reconciliation between these measures and measures defined under GAAP is
included in management's discussion and analysis for the twelve month periods
ended December 31, 2013 and 2012 filed on SEDAR.
SELECTED FINANCIAL HIGHLIGHTS:
Three months Year
ended December 31 ended December 31
2013 2012 2013 2012
(in thousands, except as noted) $ $ $ $
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Total revenue 106,860 68,442 347,055 264,274
Structures business unit:
Total revenue 68,660 44,072 212,408 164,375
Logistics business unit:
Lodging revenue 25,099 15,453 83,456 62,098
Energy Services business unit:
Total revenue 8,835 8,917 31,582 37,801
International business unit:
Total revenue 4,266 n/a 19,609 n/a
EBITDA 38,396 27,941 141,181 112,091
Net income 13,654 10,393 53,216 47,394
Per share - Basic 0.33 0.25 1.27 1.21
- Diluted 0.32 0.24 1.26 1.18
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Capital expenditures 36,402 46,616 95,560 163,628
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Dividends declared 9,051 7,410 34,536 27,684
Per share ($) 0.22 0.18 0.83 0.70
Payout ratio 26% 29% 27% 27%
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FOR FURTHER INFORMATION PLEASE CONTACT:
Black Diamond Group Limited
Trevor Haynes
President and Chief Executive Officer
(403) 206-4737
(403) 264-9281 (FAX)
Black Diamond Group Limited
Marshall McRae
Interim Executive Vice President and Chief Financial Officer
(403) 206-4740
(403) 264-9281 (FAX)
www.blackdiamondgroup.com
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