Strongco Announces Continued Improvement With Major Gains In Third Quarter 2011 Results
(firmenpresse) - MISSISSAUGA, ONTARIO -- (Marketwire) -- 11/08/11 -- Strongco Corporation (TSX: SQP) today reported financial results for the three months ended September 30, 2011.
Summary (i)
(i) Comparisons are between third quarter 2011 and third quarter 2010
"During the third quarter Strongco achieved major gains in revenue, EBITDA, net earnings and EPS over last year," said Robert Dryburgh, President and Chief Executive Officer of Strongco. "The improvement reflects the execution of Strongco's growth strategy, which is to combine the expansion of our position in existing markets with the acquisition of other equipment dealers, while continuously improving internal productivity. The results for the first nine months of 2011 demonstrate the success of that strategy."
Financial Highlights (i)
Three-Month Periods Ended September 30
Third Quarter 2011 Review
Total revenues in the three months ended September 30, 2011 were $108.4 million, an increase of 36% from the third quarter of 2010. This included revenues of $12.9 million from Chadwick-BaRoss Inc., acquired in February 2011. Revenues from other existing Strongco branches were up 20% from a year ago.
Equipment sales increased by 36% from last year to $68.2 million. Product support revenues gained 38% to $31.0 million. Rental revenues were $9.2 million, up 33% from the year-earlier period.
Gross margin increased by 45% to $21.5 million during the third quarter. As a percentage of revenue, gross margin increased slightly to 19.9% from 18.6% in the same period of 2010. "The mix of revenue between sales, rentals and product support in the third quarter of 2011 was consistent with the prior year. Gross margins were slightly better in all three revenue categories," said David Wood, Vice President and Chief Financial Officer.
Administrative, distribution and selling expenses during the third quarter totalled $16.3 million or 15.0% of revenue, compared to $13.7 million, or 17.3% of revenue in 2010. Expenses for the period just ended included $2.4 million in operating costs for the newly acquired Chadwick-BaRoss unit.
EBITDA for the third quarter increased to $13.3 million (12.3% of revenue), from $7.2 million (9.0% of revenue) a year earlier.
As a result of the strong revenue performance and incremental earnings from the acquisition of Chadwick-BaRoss of $0.3 million, Strongco's net income in the third quarter of 2011 was $3.6 million ($0.28 per share), a significant improvement from a loss of $0.3 million (a loss of $0.03 per share) in the third quarter of 2010.
Outlook
The improving trend in heavy equipment markets evident since mid-2010 continues to show strength. Strongco's order intake levels have continued at a robust level in 2011, which indicates that demand for heavy equipment continues to improve. In addition, RPO activity has remained high. These factors bode well for strong equipment sales in the fourth quarter.
The ongoing strength of oil prices during 2011 has powered a robust economic recovery in Alberta, which is one of Strongco's key markets. In particular, accelerating activity in the oil sands has led to increased spending for heavy equipment in northern Alberta. In addition, the generally improving economy has fueled an increase in construction and infrastructure activity throughout the province. Strongco's sales in Alberta have demonstrated consistent growth in the first three quarters of 2011 and backlogs have increased. Management is optimistic that heavy equipment markets in the province will remain strong in the fourth quarter of the year.
Based on this foundation and in line with Strongco's growth strategy, the Company is improving its presence in this important market by building a new branch in Edmonton, to be completed by the end of 2011. The Company also plans to build a new branch in Fort McMurray during 2012 and is currently seeking an appropriate location. Financing for this strategic commitment to northern Alberta is in place.
"While we are building our presence in Western Canada, we are also extremely pleased with our performance in Quebec and Ontario, which are strong markets in Strongco's geographic diversification," said Mr. Dryburgh. These important markets are also expected to continue contributing to growth in sales and profitability. In New England, the acquisition of Chadwick-BaRoss in February 2011 has contributed positively to Strongco's overall results in the first three quarters of 2011 and is anticipated to contribute to improved sales levels and profitability in the balance of the year.
Demand for cranes, which started to show improvement toward the end of 2010, has continued to increase in 2011 in concert with recovering construction markets, the increase in infrastructure spending and rising activity in Alberta's oil patch. Strongco's sales backlog for cranes has grown in 2011, and remains at a high level in the fourth quarter.
Since the onset of the recovery, equipment manufacturers have struggled to increase production capacity. While there has been some improvement, lead times and availability of new machines remain an issue. In addition, the transition to the new lower emission tier 4 engine technology that commenced in 2011 is a complication that is impacting lead times and supply of equipment.
Strongco has achieved increased market share in most of its markets and aims to sustain the improving operational effectiveness demonstrated in the first nine months of 2011 through the fourth quarter of the year and into 2012.
Conference Call Details
Strongco will hold a conference call on Tuesday, November 8, 2011 at 10 am ET to discuss third quarter results. Analysts and investors can participate by dialing 416-644-3415 or toll free 1-877-974-0445. An archived audio recording will be available until midnight on November 22, 2011. To access it, dial 416-640-1917 and enter passcode 4478482#.
About Strongco
Strongco Corporation is one of Canada's largest multiline mobile equipment dealers and also operates in the northeastern U.S. through Chadwick-BaRoss, Inc. Strongco sells, rents and services equipment used in sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. Strongco has approximately 600 employees servicing customers from 24 branches in Canada and five in the U.S. Strongco represents leading equipment manufacturers with globally recognized brands, including Volvo Construction Equipment, Case Construction, Manitowoc Crane, Terex Cedarapids, Terex Finlay, Ponsse, Skyjack, Fassi, Allied, Taylor, ESCO, Dressta, Sennebogen, Ormet Jekko, Takeuchi, Link-Belt and Kawasaki. Strongco is listed on the Toronto Stock Exchange under the symbol SQP.
Forward-Looking Statements
This news release may contain "forward-looking" statements within the meaning of applicable securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strongco or industry results, to be materially different from any future results, events, expectations, performance or achievements expressed or implied by such forward-looking statements. All such forward-looking statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. Forward-looking statements typically contain words or phrases such as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. Forward-looking statements involve numerous assumptions and should not be read as guarantees of future performance or results. Such statements will not necessarily be accurate indications of whether or not such future performance or results will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Strongco, could cause actual performance or results to differ materially from the performance or results discussed in the forward-looking statements, including, inability to obtain requisite approvals; general economic conditions; business cyclicality, relationships with manufacturers; access to products; competition with existing business; reliance on key personnel; litigation and product liability claims; inventory obsolescence; sufficiency of credit availability; credit risks of customers; warranty claims; technology interpretations; and labour relations. Although the forward-looking statements contained in this news release are based upon what management of Strongco believes are reasonable assumptions, Strongco cannot assure investors that actual performance or results will be consistent with these forward-looking statements. These statements reflect current expectations regarding future events and operating performance and are based on information currently available to Strongco's management. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements and outlook are made as of the date of this news release and, except as required by applicable law, Strongco assumes no obligation to update or revise them to reflect new events or circumstances.
Information Contact
Strongco Corporation
Management's Discussion and Analysis
The following management discussion and analysis ("MD&A") provides a review of the consolidated financial condition and results of operations of Strongco Corporation, formerly Strongco Income Fund ("the Fund"), Strongco GP Inc. and Strongco Limited Partnership collectively referred to as "Strongco" or "the Company", as at and for the three months and nine months ended September 30, 2011. This discussion and analysis should be read in conjunction with the accompanying unaudited consolidated financial statements as at and for the three months and nine months ended September 30, 2011. For additional information and details, readers are referred to the Company's audited consolidated financial statements and accompanying MD&A as at and for the year ended December 31, 2010 contained in the Company's annual report for the year ended December 31, 2010, the Company's unaudited consolidated financial statements and accompanying MD&A as at and for the three month periods ended March 31, 2011 and June 30, 2011, the Company's Notice of Annual and Special Meeting of Shareholders and Management Information Circular ("MIC") dated April 20, 2011, and the Company's Annual Information Form ("AIF") dated March 30, 2011, all of which are published separately and are available on SEDAR at .
The information in this MD&A is current to November 7, 2011.
FINANCIAL HIGHLIGHTS
Note 1 - EBITDA is a non-IFRS measure. See explanation under the heading "Non-IFRS Measures" below.
COMPANY OVERVIEW
Strongco is one of the largest multi-line mobile equipment distributors in Canada. In February 2011, Strongco acquired 100% of the shares of Chadwick-BaRoss, Inc., a multi-line distributor of mobile construction equipment in the New England region of the United States, (see discussion below under the heading "Acquisition of Chadwick-BaRoss, Inc."). Strongco sells and rents new and used equipment and provides after-sale product support (parts and service) to customers that operate in infrastructure, construction, mining, oil and gas exploration, forestry and industrial markets. This business distributes numerous equipment lines in various geographic territories. The primary lines distributed include those manufactured by:
The distribution agreements with Volvo and Case provide exclusive rights to distribute the products manufactured by these manufacturers in specific regions and/or provinces. In addition to the above noted primary lines, Strongco also distributes several other ancillary or complementary equipment lines and attachments.
CONVERSION TO A CORPORATION
The Fund was an unincorporated, open-ended, limited purpose trust established under the laws of the Province of Ontario pursuant to a declaration of trust dated March 21, 2005 as amended and restated on April 28, 2005 and September 1, 2006.
Pursuant to a plan of arrangement approved by the unitholders at the Fund's Annual and Special Meeting on May 14, 2010, the Fund was converted to a corporation effective July 1, 2010. The conversion involved the incorporation of Strongco Corporation, which issued shares to the unitholders in exchange for the units of the Fund on a one for one basis so that the unitholders became shareholders in Strongco Corporation, after which the Fund was wound up into Strongco Corporation.
Following the conversion on July 1, 2010, Strongco Corporation has carried on the business of the Fund unchanged except that Strongco Corporation is subject to taxation as a corporation. The results of operations, balance sheet and cash flow figures presented in the following MD&A for comparative periods prior to July 1, 2010 reflect those of the Fund. References in this MD&A to shares and shareholders of the Company are comparable to units and unitholders previously under the Fund.
Details of the conversion are outlined in the Fund's Management Information Circular dated April 6, 2010, which contains the Plan of Arrangement, available on SEDAR at .
FINANCIAL RESULTS - THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
Consolidated Results of Operations
Note 1 - EBITDA is a non-IFRS measure. See explanation under the heading "Non-IFRS Measures" below.
Acquisition of Chadwick-BaRoss, Inc.
On February 17, 2011, the Company completed the acquisition of 100% of the shares of Chadwick-BaRoss, Inc. ("Chadwick-BaRoss") for net proceeds of US$11.1 million. The transaction value was satisfied with net cash proceeds of US$9.2 million and notes issued to the major shareholders of Chadwick-BaRoss totalling US$1.9 million. Chadwick-BaRoss is a heavy equipment dealer headquartered in Westbrook, Maine, with three branches in Maine and one in each of New Hampshire and Massachusetts. The acquisition was effective as of February 1, 2011 and the results of Chadwick-BaRoss have been included in the consolidated results of Strongco from that date.
Market Overview
Strongco participates in number of geographic regions and in a wide range of end use markets that utilize heavy equipment and which may have differing economic cycles. Construction markets generally follow the cycles of the broader economy, but typically lag by periods ranging up to 12 months. As construction markets recover following a recession, demand for heavy equipment normally improves as construction activity and confidence in construction markets build. In addition, as the financial resources of customers strengthen, they have historically replenished and upgraded their equipment fleets after a period of restrained capital expenditures. Demand in oil and gas and mining markets are affected by the economy but also tend to be driven by the global demand and pricing of the relevant commodities Recovery in equipment markets is normally first evident in equipment used in earth moving applications and followed by cranes, which are typically utilized in later phases of construction. Cranes are also extensively utilized in the oil and gas sector. Rental of heavy equipment is typically stronger following a recession until confidence is restored and financial resources of customers improve.
While the economic recession that persisted throughout most of 2009 was officially over in Canada in 2010, construction markets remained weak in the first quarter of 2010. With the onset of warmer spring weather and spurred by government stimulus spending for infrastructure projects, construction activity began to show signs of improvement in the third quarter of 2010. This improvement continued in the fourth quarters of 2010 as confidence in the economy increased. Correspondingly, demand for new heavy equipment was soft in the first quarter of 2010 but started to improve late in the second quarter and continued to strengthen in the third and fourth quarters of 2010. While construction markets and demand for heavy equipment were improving, many customers remained reluctant or lacked the financial resources following the recession to commit to purchase new construction equipment and instead rented to meet their equipment needs in the first half of 2010. That trend continued in the second half of 2010, but with confidence in the economy continuing to rise, construction activity increasing, and activity in the oil patch in Alberta increasing, customers were more willing to purchase equipment and exercise purchase options under rental contracts ("RPO") in the fourth quarter of 2010. Recovery was first evident in the markets for compact and lower priced equipment while demand for larger higher priced equipment was slower to recover. In particular, the market for cranes remained weak in the first and second quarters of 2010 but started to show improvement in the latter half of the year. Strongco's sales backlogs for all categories of equipment, including cranes, improved steadily throughout the first and second quarters of 2010 and remained strong throughout the balance of the year and into 2011.
With continuing strength in the Canadian economy, the improving trend in end use markets and increased demand for heavy equipment evident in the latter half of 2010 continued into 2011. Significant infrastructure projects for hydro-electric facilities, road construction and bridge repair and other infrastructure improvements initiated in 2011 also increased demand for heavy equipment. In addition, with continued strength in oil prices, activity in and around Alberta's oil sands has been robust, resulting in increased demand for heavy equipment. While customers have been more confident and willing to purchase equipment in 2011, rental activity, especially under RPO contracts, also remained strong in the first nine months of the year. With the increasing demand for heavy equipment, sales backlogs in Canada have continued to show strength in 2011.
While the economy and demand for equipment have been improving in Canada, there has been little recovery in heavy equipment markets in the United States due to continued weak economic conditions. Residential construction has been a big driver of the US economy and heavy equipment markets in the past. However, current housing activity in most states remains depressed which continues to negatively affect demand for heavy equipment. Certain market segments, waste management and scrap handling in particular, have experienced continued activity and generated some demand for heavy equipment in the northeastern US. In addition, while sales of new equipment have not shown significant growth, parts and service activity in New England has remained fairly strong as customers repaired rather than replaced their fleets.
In response to the weak global economic conditions and the recession in the United States in particular, original equipment manufacturers ("OEM's") scaled back production capacity. As demand in Canada and certain other countries around the world has been increasing, OEM's have been challenged to bring production back on line at the same pace. This has resulted in longer delivery lead times and reduced availability of equipment in 2011. OEM production levels are improving, but delivery lead times for new equipment have remained stretched in 2011. This has benefitted dealers carrying higher levels of older equipment inventories. In addition, the scheduled transition from tier 3 engines to the new lower-emission tier 4 technology has affected supply and increased demand for equipment with tier 3 engines.
The tsunami and nuclear disaster in Japan earlier in 2011 has affected production and supply of certain brands and types of equipment manufactured in Japan. In addition, supply of certain parts from Japan for equipment manufactured in other parts of the world has also been affected by the crisis. To date, Strongco has not been impacted by this disaster as the vast majority of the equipment it distributes is manufactured outside of Japan. However, parts shortages from Japan have impacted production schedules and could affect equipment availability in the future.
Revenues
A breakdown of revenue for the quarter and nine months ended September 30, 2011 and 2010 is as follows:
Equipment Sales
Strongco's equipment sales in the three months ended September 30, 2011 were $68.2 million which was up $18.0 million or 36% from $50.2 million in the third quarter of 2010. For the nine months ended September 30, 2011, sales were $201.2 million compared to $121.5 million in the first three quarters of 2010. The recent acquisition of Chadwick-BaRoss in February 2011 accounted for $7.2 million of the sales increase in the quarter and $16.8 million of the increase year to date. Sales in Canada increased by $10.8 million or 22% in the quarter and $62.9 million or 52% in the first nine months of the year. Sales were up in all regions of Canada, with the largest increase in Alberta. The markets for new heavy equipment in Canada in which Strongco operates were stronger in all regions of the country. However, demand varied significantly from region to region and between product categories. Demand was strongest in Alberta, where activity in and around the oil sands has been robust, and in Quebec, as a result of extensive infrastructure improvements and hydro electric projects in the northern part of the province. Markets for cranes were also up in all regions of Canada as many customers who curtailed spending during the recession began to replenish their fleets. Crane sales were strongest in Central and Eastern Canada in the first half of the year but increased significantly in Western Canada in the third quarter due in part to conversion of a few large cranes that had been on RPO contracts.
The improving economic conditions, continued recovery in construction markets, higher infrastructure spending and increased activity in oil and gas and mining sectors in Canada resulted in stronger demand for heavy equipment. The markets for heavy equipment, other than cranes, that Strongco serves in Canada were estimated to be up an average of 35% in the third quarter and nine months of 2011. Accurate market data for cranes is not available but the market in Canada has improved in 2011 as many end users and large crane rental companies that curtailed purchases during the recession replenished and replaced aging fleets. The largest increase in demand for heavy equipment was in Alberta followed by Quebec and Ontario. In most regions of Canada, Strongco continued to outperform the market with the percentage increase in total unit volumes greater than the total market growth and as a result, Strongco's market share increased.
Average selling prices vary from period to period, depending on sales mix between product categories, model mix within product categories and features and attachments included in equipment being sold. Strongco's average selling prices in the third quarter and first nine months of the year were higher than in 2010, due primarily to a higher proportion of sales of larger, more expensive equipment. Average selling prices in most product categories increased slightly compared to the first three quarters of 2010. While the ongoing strength of the Canadian dollar and price competition continued to put pressure on selling prices, increased demand, combined with product availability and delivery issues, helped support stronger selling prices in 2011.
On a regional basis, equipment sales in Eastern Canada (Quebec and Atlantic regions) totalled $20.6 million in the third quarter, compared to $20.1 million in the third quarter of 2010. For the nine months, equipment sales in Eastern Canada totalled $67.7 million, which was $19.9 million or 42% above the same period in 2010. The bulk of the increase was in Quebec where construction markets continued to benefit from the high level of spending on infrastructure projects and large hydroelectric projects in the northern region of the province. The markets for heavy equipment in which Strongco participates in Eastern Canada were estimated to increase more than 25% in the quarter and 20% for the nine months compared to same periods in 2010. Strongco outperformed the market and captured a larger market share, with total unit volume growth of better than 35% in the quarter and 30% year to date. Most of the sales increase has been in cranes, loaders and articulated trucks. In addition, sales of rock crushing equipment in Quebec have been strong in the first three quarters of the year. The crane market in Eastern Canada, which generally remained weak in 2010 following the recession, showed continued improvement throughout 2011 as certain large crane rental customers in Quebec upgraded and increased their fleets and sales of a few large cranes that had been on RPO contracts. The Company's sales of cranes in Eastern Canada were up 66% in the first nine months of 2011.
Strongco's equipment sales in the third quarter in Central Canada were $18.2 million, which was up from $17.1 million in the third quarter of 2010. For the nine months to September, the total was $62.3 million, $15.2 million or 32% higher than the same period in 2010. Sales of both general purpose equipment ("GPE") and compact equipment increased in the quarter. After a slow start to the year as a result of the cold, snowy winter and very wet spring weather conditions that delayed many construction and infrastructure projects, activity in Ontario picked up in the second and third quarters, which increased demand and spending for heavy equipment. In the markets that Strongco serves in Central Canada, unit sales of heavy equipment in the third quarter were approximately 15% higher than a year ago and up over 20% year to date. Strongco outperformed the market, almost doubling its unit volume in the quarter and increasing volumes almost 80% year to date, capturing a larger share of the growing market. Price competition in Ontario in both GPE and compact equipment remained aggressive in the third quarter, especially from certain dealers attempting to capture market share in particular product categories and markets. Crane sales in Ontario in the first three quarters of 2011 were up more than 80% from a year ago as certain crane rental customers, who refrained from purchasing new cranes during the recession, replenished their fleets.
Equipment sales in Western Canada during the third quarter were $22.2 million, which was up $9.2 million or 71% over third quarter of 2010. For the nine months to September, the total was $54.4 million, more than double a year earlier. Strongco's product lines in Alberta serve the oil sector, primarily in the site preparation phase, as well as natural gas production, both of which were significantly impacted by weakness in the energy sector during 2009. In addition, the construction and infrastructure segments that Strongco serves in the region, were also severely impacted by the recession. With the upward trend and sustainability in oil prices through 2010 and into 2011, economic conditions in Alberta have improved. Construction activity and demand for heavy equipment began to show signs of recovery in 2010, particularly in Northern Alberta in the latter half of the year and that improvement continued in the first three quarters of 2011. Total units sold in the markets served by Strongco in Alberta, excluding cranes, were estimated to be up approximately 84% relative to the first nine months of 2010. Strongco outperformed the market with total unit volume growth of almost 100% in the first three quarters of the year and captured a larger share of the recovering market. Most of the increase was in sales of GPE and larger equipment where growth of better than 150% was achieved. While this was a substantial increase over the first nine months of 2010, sales in Northern Alberta were hampered by longer delivery lead times and product availability issues on certain products. The market for cranes in Alberta has been recovering since the recession but more slowly that other heavy equipment. Demand for cranes in Western Canada, particularly in Northern Alberta, has improved significantly in 2011. Strongco's crane sales in Alberta were somewhat constrained in the first half of the year due to delivery delays from the manufacturer. Benefitting from continued recovery in the market and a catch up on OEM deliveries, Strongco's crane sales in Western Canada in the third quarter grew by 171% over the third quarter of 2010 and 82% year to date. Sales backlog of cranes in Alberta remains strong and RPO activity has increased, which are positive signs of continued recovery in the crane markets in Western Canada.
Strongco's equipment sales in the northeastern United States were $7.2 million in the third quarter and $16.8 million for the eight months from February 1, 2011, the effective date of the acquisition of Chadwick-BaRoss (see "Acquisition of Chadwick-BaRoss, Inc."), to September 30, 2011. The markets for heavy equipment in New England remain soft and are down approximately 40% from pre-recession levels. The traditional heavy equipment markets for residential construction, forestry and infrastructure have remained depressed but other markets for scrap handling and waste management have strengthened in the New England area. Strongco's market share for GPE in this reduced market increased during the quarter and sales were slightly ahead of the same period of the prior year but still down from pre-recession levels. However, Strongco's market share for compact equipment in the region has declined slightly in 2011 due primarily to product shortages and delivery delays from the manufacturer.
Equipment Rentals
It is common industry practice for certain customers to rent to meet their heavy equipment needs rather than commit to a purchase. In some cases this is in response to the seasonal demands of the customer, as in the case of municipal snow removal contracts, or to meet the customers' needs for specific projects. In other cases, certain customers prefer to enter into short-term rental contracts with an option to purchase after a period of time or hours of machine usage. Under an RPO, a portion of the rental revenue is applied toward the purchase price of the equipment, should the customer exercise the purchase option. This provides flexibility to the customer and results in a more affordable purchase price after the rental period, and normally the majority of RPO's are converted to sales within a six month period. This market practice has proven to be an effective method of building sales and increasing the field population of equipment.
Strongco's rental revenue in the third quarter was $9.2 million, which was up $2.3 million, or 33%, over the third quarter of 2010. For the nine months, rental revenues totalled $20.7 million, which were $5.8 million or 39% ahead of the same period in 2010. Rental revenue from the acquisition of Chadwick-BaRoss in February 2011 contributed $1.2 million of the increase in the quarter and $2.3 million of the increase year to date. Rental revenue in Canada was up $1.1 million, or 16%, in the quarter and $3.5 million, or 23%, in the first nine months of 2011. Strongco's rental activity in Canada was slow at the beginning of 2010 but grew steadily throughout the year, reflecting the preference of many customers to rent equipment as construction markets recovered following the recession. This was very evident with RPO activity, which was particularly strong in the last quarter of 2010. Rental activity, including RPOs, remained strong in the first three quarters of 2011. Most of the increase in rental revenue in the third quarter was in Eastern Canada due to several RPO contracts for articulated trucks and loaders. Rental activity has also been strong in Alberta in 2011, demonstrating further evidence of recovery in that province following the significant decline in rental activity during the recession. Strongco's crane business, which has traditionally not had a significant rental element, also experienced an increase in rental activity in 2011 in all regions of Canada as customers showed a preference to rent following the recession as the demand and market for cranes recovered.
Product Support
Sales of new equipment usually carry a warranty from the manufacturer for a defined term. Product support revenues from the sales of parts and service are therefore not impacted until the warranty period expires. Warranty periods differ from manufacturer to manufacturer and also vary depending on customer purchases of extended warranties. Product support activities (sales of parts and service outside of warranty) therefore tend to increase at a slower rate and lag equipment sales by three to five years. The increasing equipment population in the field leads to rising product support activities over time. Product support activities are normally strongest in Canada in the first quarter due to increased wintertime use of equipment for snow removal and during the third quarter, which is the height of the construction season.
Product support activity declined during the recession because in the difficult economic environment, customers made only critical repairs to equipment and only when they had work requiring its use. However, product support declined less than sales of equipment and represented a larger proportion of total revenue as many customers chose to repair and extend the life of their existing machines, rather than purchase new. Product support activity began to improve in the latter half of 2010 and into 2011 as construction markets recovered from the recession.
Strongco's product support revenues in the third quarter of 2011 totalled $31.0 million, including $4.5 million from the newly acquired Chadwick-BaRoss and compares to $22.5 million in the third quarter of 2010. For the first nine months of 2011, product support revenues totalled $88.0 million, including $11.7 million from Chadwick-BaRoss, up from $66.5 million in the same period of 2010. Product support activities increased in all regions of Canada. Parts and service revenues benefited from higher amounts of snow and increased use of snow removal equipment in the first quarter of 2011, particularly in Western and Eastern Canada. Product support sales remained strong in the second and third quarters of 2011 as construction activity increased.
Gross Margin
As a result of higher revenues in the third quarter of 2011, Strongco's gross margin increased by $6.7 million to $21.5 million from $14.8 million in the third quarter of 2010. For the nine months ended September 30, 2011, gross margin increased to $59.8 million from $40.3 million in the first three quarters of 2010. As a percentage of revenue, gross margin was 19.9% in the third quarter compared to 18.6% in the same quarter last year. Equipment sales typically generate a lower gross margin percentage than rental revenues and product support activities and as a result, the mix of revenue between sales, rentals and product support has a significant impact in the overall gross margin percentage. The mix of revenue in the third quarter of 2011 was consistent with the third quarter of 2010. Equipment sales accounted for approximately 63% of total revenues in the third quarter of 2011, unchanged from a year ago, while product support and rental revenues represented 29% and 8% of total revenues, respectively, in the third quarter of 2011 compared to 28% and 9% of total revenue, respectively, in the third quarter of 2010. For the first three quarters the gross margin percentage was 19.3%, down slightly from 19.9% in the first nine months of 2010. During this period, equipment sales represented 65% of total revenues in 2011, while product support and rentals represented 28% and 7% of total revenues, respectively. This compared to 60%, 33% and 7% of total revenue for equipment sales, product support and rentals, respectively, in the first three quarters of 2010. Gross margins have been maintained despite the impact of the steadily increasing strength of the Canadian dollar during the first nine months of 2011.
Administrative, Distribution and Selling Expense
Administrative, distribution and selling expenses in the third quarter of 2011 were $16.3 million or 15.0% of revenue, which compared to $13.7 million or 17.3% of revenues in the third quarter of 2010. For the nine months ended September 30, 2011, these expenses were $47.8 million or 15.4% of revenue, which compared to $40.0 million or 19.7% of revenues in the first three quarters of 2010. Most of the increase from 2010 relates to administration, distribution and selling expenses of the newly acquired Chadwick-BaRoss which amounted to $2.4 million in the quarter and $5.9 million for the eight months from the date of acquisition to September 30, 2011. Expenses year to date also include the one-time costs for the acquisition of Chadwick-BaRoss of $0.4 million incurred in the first quarter. In addition, given the strong results year to date, Strongco is on target to reach its annual incentive plan targets and employee bonuses of $0.9 million and $2.2 million were accrued in the third quarter and first nine months of the year, respectively. No bonus accrual was made in 2010. In addition, the significant increase in sales and service activity in 2011 resulted in larger amounts of overtime labour. While labour utilization and recovery improved in 2011, overtime premiums could not be fully passed on, resulting in incremental expenses of approximately $0.5 million in the third quarter and $0.8 million for the first nine months of the year.
Other Income / (Expense)
Other income and expense is primarily comprised of gains or losses on disposition of fixed assets, foreign exchange gains or losses, service fees received by Strongco as compensation for sales of new equipment by other third parties into the regions where Strongco has distribution rights for that equipment and commissions received from third party financing companies for customer purchase financing Strongco places with such finance companies. Other income in the third quarter of 2011 was $0.1 million, compared to a net other expense of $0.1 million in the third quarter of 2010. For the first nine months of 2011, other income was $0.5 million unchanged from the first three quarters of 2010.
Interest Expense
Strongco's interest expense in the third quarter and first nine months of 2011 was $1.5 million and $4.2 million, respectively, compared to $1.2 million and $3.5 million, respectively, in the same periods in 2010. The year over year increase was due to slightly higher interest rates charged on the Company's bank debt and equipment notes and a higher average level of interest bearing debt.
Strongco's interest bearing debt comprises bank indebtedness, interest bearing equipment notes and notes payable. Strongco typically finances equipment inventory under floor plan lines of credit available from various non-bank finance companies. Most equipment financing has interest-free periods for up to eight months from the date of financing, after which the equipment notes become interest bearing. The rate of interest on the Company's bank debt and interest bearing equipment notes varies with the Canadian chartered bank prime rate ("prime rate") and Canadian Bankers Acceptances Rates ("BA rates").
Prime lending rates and BA rates have increased from the low levels that existed at the beginning of 2010. With the increase in prime rates and BA rates, the interest charged on the Company's bank debt and equipment finance notes was higher in the first nine months of 2011 compared to the same period in 2010. In addition, the average amount of interest-bearing floor plan debt was higher in the first three quarters of 2011 compared to the prior year. During the recession, Strongco successfully reduced inventory and the related floor plan financing. As a result, interest-bearing equipment notes were lower in the first nine months of 2010. During 2010 and into 2011, Strongco has been increasing equipment inventories to support the increasing demand for heavy equipment as construction markets recovered. This resulted in a higher average level of interest-bearing equipment notes in the first nine months of 2011 compared to the same period of 2010 (see discussion under "Financial Condition and Liquidity"). In addition, the Company obtained a $5 million term loan from its bank in April 2011 to assist with the in the acquisition of CBR and issued and interest bearing notes totalling $US1.9 million to the previous shareholders of CBR which also contributed to a higher amount of interest bearing debt in 2011.
Earnings before Income Taxes
Strongco's earnings before income taxes in the third quarter were $3.8 million, compared to a loss before income taxes of $0.3 million in the third quarter of 2010. For the first nine months of 2011, earnings before income taxes were $8.3 million, a significant improvement from a loss before income taxes of $2.7 million in the same period of 2010. The increase was due to the strong revenue performance in 2011 and the incremental pretax earnings from the acquisition of Chadwick-BaRoss of $0.5 million and $1.0 million in the third quarter and first three quarters of 2011, respectively.
Provision for Income Tax
Following conversion to a corporation on July 1, 2010, Strongco is now subject to income tax at corporate tax rates. As a consequence, Strongco is now able to utilize tax losses, including those previously unrecognized from the Fund. In addition, on the adoption of IFRS, temporary or timing differences between the tax and accounting values arose resulting in a net deferred tax asset. However, given the Company's history of losses, there was no certainty of realization of the benefit of either the temporary differences or the losses from the Fund previously unrecognized and a valuation allowance was recorded for the full amount of the deferred tax asset. While Strongco has generated taxable income in Canada in 2011, no provision for income tax has been made in the first nine months of the year in Canada as the valuation allowance was drawn down by $1.7 million to recognize the benefit of the tax loss carry forwards and other temporary differences. The balance of the valuation allowance at September 30, 2011 was $0.2 million, As a result, Strongco expects to record a tax provision in Canada in the fourth quarter of 2011.
The tax provision of $0.2 million in the third quarter and $0.4 million in the first nine months of the year related to Chadwick-BaRoss in the U.S.
Net Income (Loss)
Strongco's net income in the third quarter of 2011 was $3.6 million ($0.28 per share) and for the first nine months of the year was $7.9 million ($0.60 per share). This was significantly improved from a loss of 0.3 million (loss of $0.03 per share) in the third quarter of 2010 and a net loss of $2.7 million (loss of $0.24 per unit) in the first nine months of 2010.
EBITDA
EBITDA in the third quarter of 2011 was $13.3 million, up from $8.0 million in 2010. For the nine months to date, EBITDA increased to $30.6 million from $14.6 million in the same period of 2010.
EBITDA was calculated as follows:
Note 1 - EBITDA is a non-IFRS measure. See explanation under the heading "Non-IFRS Measures" below.
Cash Flow, Financial Resources and Liquidity
Cash Flow Provided By (Used In) Operating Activities:
During the third quarter of 2011, Strongco provided $13.8 million of cash from operating activities before changes in working capital. However, $3.6 million of cash was used to increase net working capital, $1.2 million to fund future employee benefits, $1.4 million to pay interest and $0.2 million to pay taxes, resulting in a net source of cash from operations in the quarter of $7.4 million. By comparison, in the third quarter of 2010, $7.5 million of cash was provided by operating activities before changes in working capital, $2.3 million was used to increase working capital and $1.2 million to pay interest, resulting in a net source of cash from operating activities of $4.0 million.
For the nine months ended September 30, 2011, Strongco provided $30.8 million of cash from operating activities before changes in working capital. However, $19.0 million of cash was used to increase net working capital, $1.7 million to fund future employee benefits, $4.2 million to pay interest and $0.1 million to pay income taxes, resulting in a net source of cash from operations of $5.8 million. By comparison, in the first three quarters of 2010, $14.3 million of cash was provided by operating activities before changes in working capital, $11.5 million was used to increase working capital and $3.4 million to pay interest, resulting in a net use of cash of $0.6 million.
The components of the cash used in and provided by operating activities were as follows:
Non-cash items include amortization of equipment inventory on rent of $6.5 million and $14.5 million in the three and nine months ended September 30, 2011, respectively, which compares to $6.0 million and $12.3 million in the third quarter and first nine months of 2010. Higher volumes of equipment rentals in 2011 resulted in the higher amortization of equipment inventory on rent.
Components of cash flow from the net change in non-cash working capital for the three month and nine month periods ending September 30, 2011 and 2010 were as follows:
Accounts receivable decreased in the third quarter by $11.0 million due to strong collections, particularly in the month of September. By comparison, accounts receivable in the third quarter of 2010 decreased by $0.5 million. The average age of receivables outstanding at the end of the September 2011 was approximately 35 days, which compared to 32 days at December 2010 and 37 days a year ago.
Inventory levels were increased during the third quarter and first nine months of the year by $22.5 million and $56.9 million, respectively, to support the stronger sales and increase in demand in 2011. By comparison, Strongco's accumulation of inventories in the third quarter and first nine months of 2010 totalled $14.5 million and $39.7 million, respectively.
Accounts payable and accrued liabilities increased by $1.1 million and $7.6 million in the third quarter and first nine months of the 2011, respectively, due primarily to a higher level of parts purchased during 2011 to support the increase in product support activity.
To finance the increase in equipment inventory, equipment notes were increased by $6.6 million in the third quarter and $33.8 million in the first nine months of the year. By comparison, equipment notes increased by $10.5 million and $20.6 million in the third quarter and first nine months of 2010, respectively.
Cash Provided By (Used In) Investing Activities
Net cash used in investing activities amounted to $4.4 million in the third quarter of 2011. Chadwick-BaRoss sold rental fleet assets for proceeds of $1.9 million and added new equipment to its rental fleet at a cost of $4.6 million. Capital expenditures totaled $1.7 million in the quarter and related to the construction of the new Edmonton, Alberta branch, as well as facilities upgrades and miscellaneous shop equipment purchases. By comparison, cash of $0.2 million was used for miscellaneous shop equipment purchases in the third quarter of 2010.
For the nine months ended September 30, 2011, Strongco used net cash of $19.8 million in investing activities primarily related to the acquisition of Chadwick-BaRoss for $11.1 million. Capital expenditures in the first nine months of 2011 were $5.0 million which included the purchase of land in Edmonton and construction costs for the new branch as well as miscellaneous facilities upgrades and purchases of shop equipment. Chadwick-BaRoss sold its rental fleet for proceeds of $5.4 million and purchased a new rental fleet totaling $9.1 million from February 1, 2011, the date of acquisition, to September 30, 2011. Investing activities in the first nine months of 2010 amounted to $0.4 million and related mainly to facilities upgrades and miscellaneous shop equipment.
The components of the cash used in investing activities were as follows:
Cash Provided By (Used In) Financing Activities
In the third quarter of 2011, net cash of $3.0 million was used in financing activities compared to net cash of $3.8 million used in the same quarter of 2010. For the nine months ended September 30, 2011, net cash of $14.0 million was provided by financing activities compared to $1.0 million provided in the same period of 2010.
The significant sources and uses of cash from financing activities in 2011 were as follows:
The components of cash provided in financing activities are summarized as follows:
Bank Credit Facilities
The Company has credit facilities with banks in Canada and United States that provide 364-day committed operating lines of credit totaling approximately $22.5 million that are renewable annually on or about May 31 of each year. Borrowings under the lines of credit are limited by standard borrowing base calculations based on accounts receivable and inventory, which are typical of such bank credit facilities. As collateral, the Company has provided a $50 million debenture and a security interest in accounts receivable, inventories (subordinated to the collateral provided to the equipment inventory lenders), capital assets (subordinated to collateral provided to lessors), real estate and on intangible and other assets. The operating lines bear interest at rates that range between bank prime rate plus 0.50% and bank prime rate plus 3.00% and between the one month Canadian Bankers' Acceptance Rates ("BA rates") plus 1.50% and BA rates plus 4.00% in Canada and at LIBOR plus 2.60% in the United States. Under its bank credit facilities, the Company is able to issue letters of credit up to a maximum of $5 million. Outstanding letters of credit reduce the Company's availability under its operating lines of credit. For certain customers, Strongco issues letters of credit as a guarantee of Strongco's performance on the sale of equipment to the customer. As at September 30, 2011, there were outstanding letters of credit of $0.1 million and $7.6 million drawn on the Company's bank operating lines of credit.
In addition to its operating lines of credit, Strongco has a $15 million line for foreign exchange forward contracts as part of its bank credit facilities ("FX Line") available to hedge foreign currency exposure. Under this FX Line, the Company can purchase foreign exchange forward contracts up to a maximum of $15 million. As at September 30, 2011, the Company had outstanding foreign exchange forward contracts under this facility totaling US$0.3 million at an average exchange rate of $0.9699 Canadian for each US$1.00 with settlement dates between October 1, 2011 and October 28, 2011.
The Company's bank credit facilities also include term loans secured by real estate in the United States. At September 30, 2011 the outstanding balance on these term loans was US$3.7 million. The term loans bear interest at LIBOR plus 3.05% and require monthly principal payments of US$13.3 thousand plus accrued interest. The Company has interest rate swap agreements in place that have converted the variable rate on the term loans to a fixed rate of 5.17%. The term loan and swap agreements expire in September 2012 at which point a balloon payment from the balance of the loans is due.
In connection with the acquisition of Chadwick-BaRoss, in April 2011, Strongco secured an additional $5 million demand non-revolving term loan from its bank secured against certain real estate assets in Canada ("Term Loan - Canadian Real Estate"). This loan is for a term of 60 months to April 2016 and bears interest at the bank's prime rate plus 2.0%. The Acquisition Loan is subject to monthly principal payments of $83.3 thousand plus accrued interest. As at September 30, 2011, there was $4.6 million owing on the Term Loan - Canadian Real Estate.
In April 2011, Strongco secured an additional construction loan facility with its bank ("Construction Loan #1") to finance the construction of the Company's new Edmonton, Alberta branch. Under Construction Loan #1, the Company is able to borrow 70% of the cost of the land and building construction costs to a maximum of $6.6 million. Construction of the new branch commenced in June 2011 and is scheduled to be completed before the end of 2011. Upon completion, Construction Loan #1 will be converted to a demand, non-revolving term loan ("Mortgage Loan #1"). Mortgage Loan #1 will be for an amount of $7.1 million and a term of 60 months. Construction Loan #1 (and Mortgage Loan #1) bears interest at the bank's prime lending rate plus 2.0%. As at September 30, 2011, there was $2.9 million drawn on Construction Loan #1.
In addition, in September 2011, Strongco secured an additional construction loan facility with its bank ("Construction Loan #2") to finance the construction of a planned new Ft. McMurray, Alberta branch. Under Construction Loan #2, the Company is able to borrow 70% of the cost of the land and building construction costs to a maximum of $7.9 million. The Company anticipates construction of the new Ft McMurray branch will commence in the first quarter of 2012 and will be completed before the end of 2012. Upon completion, Construction Loan #2 will be converted to a demand, non-revolving term loan ("Mortgage Loan #2"). Mortgage Loan #2 will be for an amount of $8.4 million and a term of 60 months. Construction Loan #2 (and Mortgage Loan #2) bears interest at the bank's prime rate plus 2.0%. As at September 30, 2011, there was nothing drawn on Construction Loan #2.
Strongco's bank credit facilities contain financial covenants typical of such credit facilities that require the Company to maintain certain financial ratios and meet certain financial thresholds. In particular, the credit facilities in Canada contain covenants that require the Company to maintain a minimum ratio of total current assets to current liabilities ("Current Ratio covenant") of 1.1:1, a minimum tangible net worth ("TNW covenant") of $50 million, a maximum ratio of total debt to tangible net worth ("Debt to TNW Ratio covenant") of 4.0:1 and a minimum ratio of EBITDA minus capital expenditures to total interest ("Debt Service Coverage Ratio covenant") of 1.3:1. For the purposes of calculating covenants under the credit facility, debt is defined as total liabilities less future income tax amounts and subordinated debt. The Debt Service Coverage Ratio is measured at the end of each quarter on a trailing 12-month basis. Other covenants are measured as at the end of each quarter. The Company was in compliance with all covenants under its bank credit facilities as at September 30, 2011.
Equipment Notes
In addition to its bank credit facilities, the Company has lines of credit available totaling approximately $220 million from various non-bank equipment lenders in Canada and the United States that are used to finance equipment inventory and rental fleet. At September 30, 2011, there was approximately $165 million borrowed on these equipment finance lines.
Typically, these equipment notes are interest free for periods up to 12 months from the date of financing, after which they bear interest at rates ranging from 4.25% to 5.85% over the one-month BA rate and 3.25% to 4.9% over the prime rate of a Canadian chartered bank in Canada, and from 2.5% to 5.5% over the one-month LIBOR rate and between the U.S. bank prime rate and prime rate plus 3% in the United States. At September 30, 2011, approximately $81 million of these equipment notes were interest free and $84 million were interest bearing. As collateral for these equipment notes, the Company has provided liens on the specific inventories financed and any related accounts receivable. For the majority of the equipment notes, monthly principal repayments equal to 3% of the original principal balance of the note commence 12 months from the date of financing and the remaining balance is due in full at the earlier of 24 months after financing or when the financed equipment is sold. While financed equipment is out on rent, monthly curtailments are required equal to the greater of 70% of the rental revenue and 2.5% of the original value of the note. Any remaining balance after 24 months is normally refinanced with the lender over an additional period of up to 24 months. All of the Company's equipment note facilities are renewable annually.
As indicated above, the interest bearing equipment notes bear interest at floating rates (BA rates or prime rates) plus a fixed component. In September, Strongco put interest rate swaps in place that have effectively fixed the floating rate component on $15 million of its interest bearing equipment notes at 1.615% for five years to September 2016. (See discussion under "Interest Rate Swaps" below).
Certain of the Company's equipment finance credit agreements contain restrictive financial covenants, including requiring the Company to remain in compliance with the financial covenants under all of its other lending agreements ("cross default provisions"). The Company was in compliance with all covenants under its equipment finance credit facilities as at September 30, 2011.
Interest Rate Swaps
Currently, BA rates and prime rates are at very low levels but there is an expectation that interest rates will rise in the future. In September, Strongco secured a Swap Facility with its bank that allows the Company to swap the floating interest rate component (BA rate) on up to $25 million of its floating interest rate debt to a five-year fixed swap rate of interest. On September 8, 2011, the Company entered into an interest rate swap agreement under this facility to fix the floating BA rate on $15 million of interest rate debt at a fixed interest rate equal to 1.615% for a period of five years to September 8, 2016. The company has put these swaps in place to effectively fix the interest rate on $15 million of its interest-bearing equipment notes.
Summary of Outstanding Debt
The balance outstanding under Strongco's debt facilities at September 30, 2011 and 2010 consisted of the following:
As at September 30, 2011 there was $9.5 million of unused credit available under the Company's bank credit lines. While availability under the bank lines fluctuates daily depending on the amount of cash received and cheques and other disbursements clearing the bank, availability generally ranges between $5 million and $15 million. Borrowing under the Company's bank lines is typically highest in the first quarter when cash flows from operations are at the lowest point of the year, and reduces through to the end of the year as cash flows increase.
The Company also had approximately $52 million available under its equipment finance facilities at September 30, 2011. Borrowing on the Company's equipment finance lines typically increases in the first five months of the year as equipment inventory is purchased for the season and declines through to the end of the year as equipment sales increase, particularly in the fourth quarter.
With the level of funds available under the Company's bank credit lines, the current availability under the equipment finance facilities and anticipated improvement in cash flows from operations, management believes the Company will have adequate financial resources to fund its operations and make the necessary investment in equipment inventory and fixed assets to support its operations in the future.
SUMMARY OF QUARTERLY DATA
In general, the heavy-equipment market follows a weather-related pattern of seasonality. Typically, the first quarter is the weakest as winter weather constrains construction and infrastructure activity. This is followed by a strong gain in the second quarter as construction and other work gets under way and contractors prepare for the main summer season. The third quarter tends to be slightly slower from an equipment sales standpoint, but is partially offset by continued strength in equipment rentals and customer support business. Fourth quarter revenues generally strengthen as customers make year-end capital spending decisions and exercise purchase options on equipment under RPO's. In addition, purchases of snow removal equipment are typically made in the fourth quarter.
A summary of quarterly results for the current and previous two years is as follows:
A discussion of the Company's previous quarterly results can be found in the Company's quarterly Management's Discussion and Analysis reports available on SEDAR at .
CONTRACTUAL OBLIGATIONS
Strongco has contractual obligations for operating lease commitments totaling $19.8 million. In addition, the Company has contingent contractual obligations where it has agreed to buy back equipment from customers at the option of the customer for a specified price at future dates ("buy back contracts"). These buy back contracts are subject to certain conditions being met by the customer and range in term from three to 10 years. The Company's maximum potential losses pursuant to the majority of these buy back contracts are limited, under an agreement with the original equipment manufacturer, to 10% of the original sale amounts. In addition, this agreement provides a financing arrangement in order to facilitate the buyback of equipment. As at September 30, 2011, buy back contracts outstanding totalled $13.6 million. A reserve of $1.0 million has been accrued in the Company's accounts as at September 30, 2011 with respect to these commitments.
The Company has provided a guarantee of lease payments under the assignment of a property lease that expires January 31, 2014. Total lease payments from January 1, 2011 to January 31, 2014 are $0.5 million.
Contractual obligations are set out in the following tables. Management believes that the Company will generate sufficient cash flow from operations to meet its contractual obligations.
SHAREHOLDER CAPITAL
The Company is authorized to issue an unlimited number of shares. All shares are of the same class of common shares with equal rights and privileges. Effective July 1, 2010 Strongco converted from a trust to a corporation and all outstanding trust units of the Fund were exchanged for shares of Strongco Corporation on a one for one basis after which the Fund was wound up into Strongco Corporation (see discussion under heading "Conversion to a Corporation").
On January 17, 2011, the Company completed a rights offering, under which 2.62 million additional shares were issued pursuant to the rights issued to existing shareholders for gross proceeds of $7.8 million (refer to the Company's Rights Offering Circular filed on SEDAR for details). The total shares outstanding following completion of the rights offering was 13,128,719.
OUTLOOK
The improving trend in heavy equipment markets evident since mid-2010 shows no signs of abating. Strongco's backlogs have continued at a robust level in 2011, which indicates that demand for heavy equipment continues to improve. In addition, RPO activity has remained high, which bodes well for strong sales in the fourth quarter.
The ongoing strength of oil prices during 2011 has powered a robust economic recovery in Alberta, which is one of Strongco's key markets. In particular, accelerating activity in the oil sands has led to increased spending for heavy
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Datum: 08.11.2011 - 05:00 Uhr
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