Uni-Select Inc./Second Quarter Results: Increase in Sales and EBITDA of 36%, Increase in Net Earnings of 27% and Reduction of Total Debt of 50 Million Dollars
(firmenpresse) - BOUCHERVILLE, QUEBEC -- (Marketwire) -- 08/02/11 -- Uni-Select Inc. (TSX: UNS) had sales of 475 million dollars in the second quarter of 2011, compared to 349 million dollars in 2010. Net earnings increased to 18.5 million dollars in the second quarter of 2011 or $0.85 per share compared to 14.5 million dollars or $0.74 per share last year.
(Unless otherwise indicated, all the amounts in this press release are expressed in US dollars.)
The increase in total sales stems primarily from the addition of FinishMaster's operations combined with an organic growth of 1.8%. Sales from Canadian operations reached 149.9 million dollars, an increase of 2.0% compared to the corresponding quarter of 2010. American operations, for their part, recorded an organic increase of 1.8% to attain 324.8 million dollars.
The EBITDA margin adjusted for costs related to IT development and reorganisation of the distribution network equal 7.0% in the second quarter of 2011, a slight decrease from the corresponding quarter in 2010. This variation mainly comes from the rising energy prices as well as the negative changes in the product lines sold.
"We are pleased to report results that show strong growth. The last few months have confirmed the various strategic elements associated with the FinishMaster acquisition. The synergies announced earlier this year for 2011 were realized and those planned for 2012 are already well underway. Synergies will arise from the complementarity of business models, distribution networks and additional sales opportunities. We are very confident that we can reach the expected 10 million per year synergies within three years" declared Mr. Richard G. Roy, President and CEO of Uni-Select.
"As mentioned during the last quarters, the implementation of the integrated enterprise resource planning system started in April, as planned. The final testing phase of two pilot warehouses is almost complete and the implementation will gradually continue throughout the year to finish at the end of 2012, in accordance with the initial schedule. The improvement of corporate stores' performance, increase in sales and asset management are at the heart of the initiatives that we will pursue throughout 2011. Finally, total debt has been reduced by 50 million dollars during the second quarter." added Mr. Roy.
For the first semester of 2011, sales amounted to 871 million dollars, compared to 645 million dollars for the same period of last year. Net earnings rose to 28.2 million dollars or $1.30 per share compared to net earnings of 21.7 million dollars or $1.10 per share for the corresponding period of last year.
Total sales from the American operations reached 606 million dollars for the first semester of 2011 compared to 396 million dollars for the same period of 2010.
For the first semester of 2011, Canadian operations reached total sales of 265 million dollars compared to 248 million dollars for the same period of last year. If we exclude the impact of the exchange rate, organic growth was close to 2.0%.
Finally, the Board of Directors of Uni-Select Inc. approved the payment on October 19, 2011 of a quarterly dividend of $0.12 Canadian per common share to shareholders of record at September 30, 2011. This dividend is an eligible dividend for tax purposes.
About Uni-Select Inc.
Founded in 1968, Uni-Select™ is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories. Uni-Select USA, Inc., a subsidiary of the Uni-Select, offers the same products and services to its customers in the United States, where it is the 6th largest distributor; in addition, Uni-Select is, in this market, the premier independent distributor of coatings, body and equipment products to the collision repair industry. The Uni-Select network includes over 2,500 independent jobbers and services more than 3,500 points of sale in North America. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TSX.
The information provided in this press release includes some forward-looking information which includes certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this new release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
The following terms do not have any standardized meaning according to the International Financial Reporting Standards (IFRS). As a result, they are therefore unlikely to be comparable to similar measures presented by other corporations.
Additional Information
It is possible to consult the management report and the unaudited financial statements as well as accompanying notes for the second quarter of 2011 in the "Investor Information" section found at the Corporation's website at: as well as on SEDAR's website: . The reader will also find on these websites the Corporation's annual management report as well as other information related to Uni-Select, including the annual notice.
Conference Call with the Financial Community
Tuesday August 2, 2011, at 3:00 pm (EST), Uni-Select will host a conference call for the financial community. To join the conference, dial 1-866-696-5910 followed by the access code 8567461.
The accompanying notes are an integral part of the consolidated financial statements.
The accompanying notes are an integral part of the consolidated financial statements.
The accompanying notes are an integral part of the consolidated financial statements.
The accompanying notes are an integral part of the consolidated financial statements.
The accompanying notes are an integral part of the consolidated financial statements.
Contacts:
Source: UNI-SELECT INC.
(450) 641-6903
Mr. Richard G. Roy
President and CEO
Mr. Denis Mathieu
Vice President and Chief Financial Officer
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Datum: 02.08.2011 - 10:03 Uhr
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