Macro Enterprises Inc. Announces 2013 Third Quarter Results
29 Novembro 2013 - 7:27PM
Marketwired
Macro Enterprises Inc. Announces 2013 Third Quarter Results
FORT ST. JOHN, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) -
Macro Enterprises Inc. (TSX-VENTURE:MCR) --
|
Summary of financial results |
|
(thousands of dollars except per share amounts) |
|
Three months ended |
|
Nine months ended |
|
Sept. 30 |
|
Sept. 30 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(unaudited) |
Revenue |
$ |
60,056 |
|
$ |
34,861 |
|
$ |
157,460 |
|
$ |
104,487 |
EBITDA1 |
|
14,283 |
|
|
9,776 |
|
|
39,118 |
|
|
23,050 |
Net earnings |
|
9,220 |
|
|
5,864 |
|
|
24,615 |
|
|
13,702 |
Net earnings per share |
$ |
0.30 |
|
$ |
0.24 |
|
$ |
0.91 |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common sharesoutstanding (thousands) |
|
|
|
|
|
|
|
25,120 |
|
|
23,921 |
Note 1 - References
to EBITDA are to net income from continuing operations before
interest, taxes, amortization and impairment charge. EBITDA is not
an earnings measure recognized by International Financial Reporting
Standards ("IFRS") and does not have a standardized meaning
prescribed by IFRS. Management believes that EBITDA is an
appropriate measure in evaluating the Company's performance.
Readers are cautioned that EBITDA should not be construed as an
alternative to net income (as determined under IFRS) as an
indicator of financial performance or to cash flow from operating
activities (as determined under IFRS) as a measure of liquidity and
cash flow. The Company's method of calculating EBITDA may differ
from the methods used by other issuers and, accordingly, the
Company's EBITDA may not be comparable to similar measures used by
other issuers.
Highlights
- Revenues increased from the third quarter last year due in part
to revenues from the new business acquired in November 2012
- EBITDA and net income were above the third quarter of last year
due to increased activity Third quarter results
Consolidated revenue
was $60.1 million compared to $34.8 million in the third quarter
last year. Most of the revenue in the quarter was derived from five
larger projects covering pipeline and facility construction and
pipeline repair work. In the third quarter last year, the Company
worked on two larger facility project and pipeline and related
facility jobs for two other customers.
Operating expenses,
as a percent of revenue, increased in the quarter compared to the
same quarter last year. This increase was due to the mix of
contracts undertaken.
General and
administrative expenses were $1.9 million, up from $1.3 million
last year, but down slightly from the levels of the most recent two
quarters. Costs were higher this year due mainly to additional
staff expenses.
Total depreciation
expense of $1.9 million increased by $0.7 million due mainly to the
depreciation on the additional assets obtained in the November 2012
acquisition.
Interest expense of
$0.2 million was lower than last year due mainly to the interest
saved on the conversion of the shareholder loan in June 2013.
Income tax expense
in the quarter of $3.0 million was at an effective tax rate of
24.4% which approximates the statutory rate.
Net income was $9.2
million ($0.30 per share) compared to $5.8 million ($0.24 per
share) in the same period last year.
Outlook
The Company has
performed several significant contracts in the Fort McMurray region
of Alberta and continues to be encouraged by prospective levels of
activity in that area. The Company does not expect activity in
northeast B.C. to be higher than current levels, unless there is
significant progress made in one or more of the proposed LNG
projects in that area.
The Company is
expecting revenues in the fourth quarter to be somewhat above that
recorded in the fourth quarter last year, after taking into account
the expected additional revenues resulting from the November 2012
acquisition. The Company continues to actively bid new jobs and
look for new opportunities. The Company is encouraged by the
prospect of significant pipeline infrastructure projects in B.C.
and Alberta in the short and medium term.
Macro's core
business is providing pipeline and facilities construction and
maintenance services to major companies in the oil and gas
industry. The Company's corporate office is in Calgary, Alberta.
Its shares are listed on the TSX Venture Exchange under the symbol
MCR. Information on the Company's principal operating unit, Macro
Industries Inc., can be found at www.macroindustries.ca.
Forward-Looking
Statements
Certain statements
in this news release may include forward-looking information that
involves various risks and uncertainties. These may include,
without limitation, statements regarding expected revenues,
expenses and industry trends and the pursuit of strategic
acquisitions. These risks and uncertainties include, but are not
restricted to, global economic conditions, government regulation of
energy and resource companies, seasonal weather patterns,
maintaining and increasing market share, terrorist activity, the
price and availability of alternative fuels, the availability of
pipeline capacity, and potential instability or armed conflict in
oil producing regions. These risks and uncertainties may cause
actual results to differ from information contained herein. There
can be no assurance that such forward-looking statements will prove
to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These
statements are based on the estimates and opinions of management on
the dates they are made and are expressly qualified in their
entirety by this notice. Except as required by law, the Company
assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
Macro Enterprises Inc.Frank MilesPresident and C.E.O.(250)
785-0033Macro Enterprises Inc.T. Jerrold JacksonC.F.O.(403)
705-7302www.macroindustries.ca
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