GDI Continues to Post Record Sales With a 12.2% Increase in Q3 2011
- Record sales of $73.4 million, up 12.2% from 2010 - EBITDA of $5.1 million, up 9.2% from 2010 - Record net earnings of $2.45 million or $0.078 per share, fully diluted - Strong balance sheet, with working capital of $19.3 million - Acquisition of Cleanmax Inc. in Q3 2011
(firmenpresse) - MONTREAL, QUEBEC, CANADA -- (Marketwire) -- 10/17/11 -- Distinction Group Inc. ("GDI" or the "Company") (TSX: GD) reported its results today for the third quarter and nine-month period ended August 31, 2011. The financial statements and management discussion and analysis can be found on SEDAR at .
GDI continued to grow in the third quarter, with revenues up 12.2% to a record $73.4 million compared to $65.5 million in 2010. Organic growth for the quarter was 6.7%. EBITDA amounted to $5.1 million compared to $4.6 million in 2010. Net earnings for 2011 totalled $2.45 million or $0.078 per share, fully diluted, up 3.6% from $2.36 million or $0.077 per share, fully diluted, in 2010.
For the nine-month period, revenues were $207.3 million compared to $193.5 million in 2010. Organic growth for the first nine months was 3.7%. EBITDA totalled $12.3 million in 2011 compared to $11.5 million a year earlier. Net earnings were $6.12 million or $0.197 per share, fully diluted, in 2011, compared to $5.49 million or $0.179 per share, fully diluted, in 2010.
GDI acquired Cleanmax Inc. in the third quarter of 2011.This transaction will enable the Company to strengthen its service platform in Alberta and generate approximately $8.5 million in additional annual revenues.
Claude Bigras, President and Chief Executive Officer of GDI, said that: "This was one of our best quarters in terms of organic growth, which rose from -0.8% in the first quarter to 6.7% in the third quarter of 2011. The acquisitions made since the beginning of the year also helped GDI achieve this record level of sales. This strong performance stems from effective execution of our strategy of prioritizing profitable growth of our operating activities and sound management of our financial position. We are also making good progress on integrating Cleanmax, which should lead to a synergistic effect and enhanced shareholder value."
GDI enjoys a strong financial position, with $19.3 million in working capital, $4.0 million in cash and up to $50 million in credit facilities. Long-term debt, including the redeemable preferred shares, increased slightly in the third quarter to stand at $21.1 million compared to $15.0 million at November 30, 2010, for a debt-to-equity ratio of 0.36 (0.29 at November 30, 2010). This debt increase arose mainly from the acquisitions made since the beginning of the year, as well as from a temporary phenomenon that occurred during the summer for the purpose of financing accounts receivable during the postal lockout and summer vacation period.
Outlook
"GDI's prospects remain very positive. In the coming quarters, we will pursue our sales efforts to improve the organic growth of our operating activities, which should translate into enhanced profitability. Furthermore, as part of our strategy of growth by acquisition, we will continue to work on identifying acquisition targets that meet our performance and profitability criteria and enable us to create value for our shareholders," Mr. Bigras concluded.
About GDI (Distinction Group Inc.)
GDI is a Canadian leader in the facility services industry. Through its subsidiaries, GDI provides a range of industrial janitorial, mechanical maintenance and other related services to various segments of the real estate industry across Canada.
Additional information on the Company can be found on the GDI website at and on the SEDAR website at .
Forward-Looking Statements
This press release may contain certain "forward-looking statements". Forward-looking statements are subject to certain risks and uncertainties, many of which are beyond the Company's control. There can be no assurance that such statements will prove to be accurate. Consequently, actual results and future events may differ materially from those anticipated by such statements. Readers should not rely unduly on such forward-looking statements.
Contacts:
GDI
Jocelyn Trottier, CA, CMA
Executive Vice-President and CFO
Investor Relations
514-368-1504, ext. 262
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Datum: 17.10.2011 - 04:00 Uhr
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