Black Diamond Group Limited Reports Record Results for the First Quarter March 31, 2014
07 Maio 2014 - 11:19PM
Marketwired Canada
Black Diamond Group Limited ("Black Diamond" or the "Company"), (TSX:BDI), today
announced operating and financial results for the three months ended March 31,
2014.
HIGHLIGHTS:
-- Revenue for the three months ended March 31, 2014 (the "Quarter" )
increased by 37% to a record $124.6 million compared to the three months
ended March 31, 2013 (the "Comparative Quarter"), with significant
increases in non-rental and lodging revenue, and continued growth of the
core rental platform.
-- Record EBITDA for the Quarter was $42.4 million compared with $40.5
million for the Comparative Quarter, a 4% increase.
-- Profit decreased slightly from $18.8 million in the Comparative Quarter
to $17.9 million in the Quarter, primarily due to higher depreciation of
property and equipment.
-- Earnings per share was $0.42 in the Quarter compared to $0.45 for the
Comparative Quarter.
-- The Company paid dividends of $0.075 per share per month in January
through March.
-- The Company has incurred $19.2 million of capital expenditures in the
Quarter. An additional $38.1 million from the 2014 capital budget was
committed as at March 31, 2014. Future capital will be expended in a
generally non-speculative manner consistent with prior years.
"The Company continues to deliver meaningful year-over-year growth. Demand for
accommodations and space rentals remains robust," said Trevor Haynes, Black
Diamond's President and Chief Executive Officer. "In addition to strengthening
traditional markets, we believe LNG related development will drive incremental
demand for remote accommodation and services. Other tailwinds in the form of
increasing space per person, and our progress in presenting complementary
service offerings from our Logistics business unit are also anticipated to
contribute favourably. Accordingly, we are optimistic that there is a wide
opportunity set to continue to grow our platform over the next several years."
Additional Information
A copy of the Company's unaudited Condensed Consolidated Interim Financial
Statements for the periods ended March 31, 2014 and 2013 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 first quarter financial and operational results at 8:15
a.m. MST on May 8, 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 9488004) prior to the scheduled
start time. A live audio webcast of the meeting will also be available through
the investor relations page of 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. 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 three month periods
ended March 31, 2014 and 2013 filed on SEDAR.
SELECTED FINANCIAL HIGHLIGHTS:
----------------------------------
Three months ended March 31
2014 2013
(in thousands, except as noted) $ $
----------------------------------------------------------------------------
Total revenue 124,576 90,980
Structures business unit:
----------------------------------
Total revenue 67,989 46,063
Logistics business unit:
----------------------------------
Lodging revenue 40,421 28,228
Energy Services business unit:
----------------------------------
Total revenue 11,751 10,681
International business unit:
----------------------------------
Total revenue 4,415 6,008
EBITDA 42,384 40,482
Net income 17,903 18,764
Per share - Basic 0.42 0.45
- Diluted 0.41 0.45
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Capital expenditures 19,174 21,926
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Dividends declared 9,531 7,876
Per share ($) 0.23 0.19
Payout ratio 26% 22%
FOR FURTHER INFORMATION PLEASE CONTACT:
Black Diamond Group Limited
Media Contact:
Tara Sukut
Communications Manager
(403) 718-5061
tsukut@blackdiamondgroup.com
Black Diamond Group Limited
Investor Relations Contact:
Jason Zhang
Senior Financial Analyst
(403) 718-0948
jzhang@blackdiamondgroup.com / www.blackdiamondgroup.com
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