COLABOR GROUP REPORTS RESULTS FOR THIRD QUARTER 2010
06 Outubro 2010 - 12:34PM
PR Newswire (Canada)
BOUCHERVILLE, QC, Oct 6 /CNW/ -- -- Comparable sales down 3.3% --
EBITDA margin of 3.23% -- Net earnings of $3.9 million -- Bank loan
balance reduced $11.3 million during the quarter BOUCHERVILLE, QC,
Oct 6 /CNW Telbec/ - Colabor Group Inc. (TSX: GCL) ("Colabor" or
the "Company") today reported results for the third quarter of
fiscal 2010 ended September 11, 2010. Results for Q3 2010
reflect the August 25, 2009 conversion of Colabor Income Fund
to a corporation, while results for Q3 2009 reflect Colabor's
former corporate structure up to that date. THIRD-QUARTER
RESULTSConsolidated sales for the 84-day period ended
September 11, 2010 were $234.3 million, down 15.4% from
$276.8 million for the 84-day period ended September 12,
2009. The decline was due in large part to the loss of a major
supply contract in February 2010. The effect of this loss on
third-quarter sales was $33.5 million. Excluding this loss,
comparable sales showed a decline of 3.3%, attributable mainly to
constraining business conditions in distribution sales to the
foodservice industry. Earnings before financial expenses, taxes,
depreciation and amortization ("EBITDA") were $7.6 million, or
3.23% of sales, compared to $10.0 million, or 3.62% of sales,
a year earlier. The margin reduction is attributable to increased
competition caused by the economic situation and to the effect of
lower delivery volumes on the absorption of fixed costs. Net
earnings were $3.9 million, or $0.18 per diluted share,
compared to $4.7 million, or $0.30 per diluted unit, in the
corresponding quarter of 2009. The results for the 2009 quarter
included an income tax recovery of $2.7 million related to the
reversal of income tax charges recorded earlier in 2009. This
recovery resulted from the acquisition of approximately
$130.0 million in tax losses at the time of Colabor's
conversion to a corporation on August 25, 2009. The 2009
results also included a non-recurring charge of $2.1 million
related to the restructuring and conversion. Cash flow from
operations, before changes in operating assets and liabilities, was
$6.5 million in the third quarter of 2010 compared to
$8.5 million a year earlier. Financial Quarter ended Nine
months ended highlights (thousands of Sept. 11, Sept. 12, 2009
Sept. 11, 2010 Sept. 12, 2009 dollars 2010 except per-share data)
Sales 234,309 276,841 704,819 817,508 EBITDA* 7,578 10,026 23,432
27,727 Net earnings 3,885 4,710 10,364 7,669 Per 0.18 0.30 0.50
0.52 share/unit - basic ($) Per 0.18 0.30 0.49 0.52 share/unit -
diluted ($) Weighted average number of shares outstanding (basic,
in thousands) 21,957 15,589 20,918 14,828 * Earnings before
financial expenses, taxes, depreciation and amortization "Economic
conditions have not improved as vigorously as initially expected
and households have remained prudent in their discretionary
spending, including meals taken away from home," said Gilles C.
Lachance, Colabor President and Chief Executive Officer. "In
addition, these conditions have resulted in fiercer competition
which forced us to slightly reduce our margins to maintain market
share mainly in the Distribution segment. On the other hand, our
balance sheet has been steadily improving as a result of solid cash
flow from operations." SEGMENTED RESULTSSales of the Wholesale
segment were $92.3 million in Q3 2010, down 2.3% from
$94.5 million in Q3 2009. Since the two periods compared
contained the same number of days, the amounts are comparable. The
decrease was due essentially to a 3.2% decline in sales to the
foodservice industry. Sales to retailers were almost flat, edging
down 0.3%, a reflection of this sector's greater resilience in the
face of economic fluctuations. Sales of the Distribution segment
were $142.0 million in Q3 2010, compared to
$182.3 million a year earlier. The decline of 22.1% is
attributable mainly to the loss of a major contract in the
restaurant sector served by the Summit Division. This supply
contract ended at the beginning of February 2010. Excluding this
loss, sales on a comparable basis were down 3.8% as a result of
difficult conditions in the foodservice market, especially in
Ontario. NINE-MONTH RESULTSFor the 254-day period ended
September 11, 2010, sales were $704.8 million, compared
to $817.5 million for the 255-day period ended
September 12, 2009. Sales on a comparable basis were down
3.1%. Also on a comparable basis, Wholesale sales were down 0.7%
and Distribution sales were down 4.3%. EBITDA for the first nine
months of 2010 was $23.4 million, or 3.32% of sales, compared
to $27.7 million, or 3.39% of sales, in the first nine months
of 2009. Net earnings were $10.4 million, or $0.49 per diluted
share, in the 2010 period, compared to $7.7 million or $0.52
per diluted shared, a year earlier. Cash flow from operations,
before changes in operating assets and liabilities, was
$20.3 million compared to $22.1 million in the
year-earlier period. SOLID FINANCIAL POSITIONThe Company's balance
sheet as of September 11, 2010 was sound, with only
$9.2 million drawn on its authorized bank credit facility of
$100.0 million, down from $20.5 million at the end of the
previous quarter. The reduction of $11.3 million is
attributable to a sound management of working capital. As of the
same date, the ratio of total debt to EBITDA of the previous 12
months was 0.40:1.00, compared to the maximum of 3.00 prescribed by
the Company's credit agreement. The interest coverage ratio was
6.19:1.00, well above the required minimum of 3.50. On
September 21, 2010, Colabor completed its acquisition of the
assets of RTD Distributions Ltée ("RTD"), financed by a draw of
$21.8 million from its available credit facilities. As a
result of solid cash flows generated over the current fiscal year,
the per-share dividend attributable to the period amounted to 89%
of cash flow per basic share and 97% of cash flow per diluted
share. OUTLOOK"In the short term, our priorities will be focused on
integrating the assets of RTD. This strategic acquisition will
further strengthen our presence in eastern Quebec and northeastern
New Brunswick while bringing appreciable synergies in procurement,
operations and transport. Our balance sheet remains solid and
Colabor intends to actively pursue its initiatives aimed at
expanding our product offering and our market penetration. Above
all, we remain on the watch for business opportunities offering
higher operating margins," Mr. Lachance concluded. CONFERENCE
CALLColabor will hold a conference call to discuss its
third-quarter results on Wednesday, October 6, 2010, beginning
at 3 p.m. Eastern Time. Interested parties can join the call
by dialling 1-888-231-8191. If you are unable to participate, you
can listen to a recording by dialling 1-800-642-1687 and entering
the code 11980147 on your telephone keypad. The recording will be
available from 6 p.m. Wednesday October 6 to 11:59 p.m.
Wednesday October 13, 2010. NON-GAAP MEASURESThe information
provided in this release includes non-GAAP measures, notably
earnings before financial expenses, taxes, depreciation and
amortization (EBITDA). Since these concepts are not defined in
Canadian GAAP, they may not be comparable to those of other
companies. ADDITIONAL INFORMATIONThe Company's financial statements
and Management's Discussion and Analysis will also be available at
SEDAR (www.sedar.com) following publication of this release.
Additional information about Colabor Group Inc. may also be found
at SEDAR and on the Company's website at www.colabor.com. ABOUT
COLABORColabor is a wholesaler and distributor of food and non-food
products serving the retail market (grocery stores, convenience
stores, etc.) and the foodservice market (cafeterias, restaurants,
hotels, restaurant chains, etc.), in Quebec, Ontario and the
Atlantic provinces. FORWARD-LOOKING STATEMENTSThis news release may
contain forward-looking statements reflecting the opinions or
current expectations of Colabor Group Inc. concerning its
performance and business operations and future events. These
statements are subject to risks, uncertainties and assumptions.
Actual results or events may differ. table border="0"
valign="top"trtd align="left" valign="top"bColabor Group Inc./b/td
td align="left" valign="top"bMaisonBrison Inc./b/td/tr trtd
align="left" valign="top" /td td align="left"
valign="top" /td/tr trtd align="left" valign="top"bGilles C.
Lachancebr//bPresident and Chief Executive Officerbr/Tel.
450-449-0026 ext. 265br/Fax 450-449-6180br/a cr="true"
href="mailto:glachance@colabor.com"glachance@colabor.com/a/td td
align="left" valign="top"bMartin Goulet, CFAbr//bSenior
Vice-President, Investor Relationsbr/Tel. 514-731-0000 ext.
229br/Fax 514-731-4525br/a cr="true"
href="mailto:martin@maisonbrison.com"martin@maisonbrison.com/a/td/tr
trtd align="left" valign="top" colspan="2" /td/tr trtd
align="left" valign="top"bMichel Loignon CAbr//bVice-President and
Chief Financial Officer br/Tel. 450-449-0026 ext.
235br/Fax 450-449-6180br/a cr="true"
href="mailto:mloignon@colabor.com"mloignon@colabor.com/a/td td
align="left" valign="top"br/br/br//td/tr/table br/
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