Aimia Reports Fourth Quarter & Year End Results
Strong Underlying Operating Performance as Aeroplan and Nectar Programs Post Record Results; Key Long-Term Contract Renewal Signed with Sainsbury's
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 02/22/12 -- (TSX: AIM)
Aimia (TSX: AIM) today reported its financial results for the fourth quarter and year ended December 31, 2011. All financial information is in Canadian dollars unless otherwise noted.
"2011 was a record year on several fronts" said Rupert Duchesne, President and Chief Executive Officer. "Our Canadian and EMEA regions, fueled by the performance of our cornerstone coalition programs of Aeroplan and Nectar, posted record results and further advanced their leading positions in their respective markets. There were, of course, challenges given the weakness in many economies around the globe and we have taken aggressive action, particularly in the US, to ensure our long-term success. Most importantly, our company is well positioned to achieve our long-term growth objectives."
Added Duchesne, "In 2011, we launched our new brand and global identity, signaling to the market that we are fully aligned and mobilized to deliver increased value as well as fuel our growth as the recognized global leader in loyalty. The key contract renewals announced today with Sainsbury's and HSBC, as well as the strategic initiatives undertaken throughout the year, including our global partnership with Cardlytics and joint ventures with The TATA Group in India and Multiplus in Brazil, position us for significant growth in the coming years."
Fourth Quarter and Year End Financial Highlights
Consolidated - Strong Underlying Operating Performance
Canada - Record Performance for the Year
Europe, Middle East & Africa (EMEA) - Solid Progress
US & Asia Pacific - Right-sizing, Restructuring and Positioned for Market Recovery
Cash Flow and Financial Position
At December 31, 2011, Aimia had $202.1 million of cash and cash equivalents, $15.1 million of restricted cash, $58.4 million of short-term investments and $279.7 million of long-term investments in bonds, for a total of $555.3 million.
Aimia's Free Cash Flow (before dividends paid) was $197.6 million at year end 2011 compared to $221.2 million in 2010. As anticipated, Free Cash Flow was lower in the year due to higher redemptions in all loyalty programs, funding of prepaid cards, and higher inventory related to in-sourcing of non-air rewards.
Normal Course Issuer Bid
On May 12, 2011, Aimia received approval from the Toronto Stock Exchange and announced the renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 18,001,792 of its issued and outstanding common shares during the period from May 16, 2011 to May 13, 2012. Total common shares repurchased and cancelled during the period from May 16, 2011 to December 31, 2011, pursuant to the NCIB, amounted to 6,262,800 for a total cash consideration of $75.8 million.
Dividends Declared
Common Shares
The Board of Directors declared a quarterly dividend of $0.15 per common share, payable on March 30, 2012 to shareholders of record at the close of business on March 16, 2012.
Preferred Shares
The Board also declared a quarterly dividend in the amount of $0.40625 per Cumulative Rate Reset Preferred Share, Series 1, payable on March 30, 2012 to the holders of record at the close of business on March 16, 2012.
Dividends paid by Aimia to Canadian residents on both its common and preferred shares are "eligible dividends" for Canadian income tax purposes.
2012 Outlook
For the year ending December 31, 2012, Aimia expects to report the following:
The above guidance excludes the effects of fluctuations in currency exchange rates. In addition, Aimia made a number of economic and market assumptions in preparing its 2012 forecasts, including assumptions regarding the performance of the economies in which the Corporation operates and market competition and tax laws applicable to the Corporation's operations. The Corporation cautions that the assumptions used to prepare the above forecasts for 2012, although reasonable at the time they were made, may prove to be incorrect or inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release. The outlook provided constitutes forward-looking statements within the meaning of applicable securities laws and should be read in conjunction with the "Caution Concerning Forward-Looking Statements" section.
Use of Non-GAAP Financial Information
In order to provide a better understanding of the results, the following indicators are used:
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
EBITDA adjusted for certain factors particular to the business, such as changes in deferred revenue and Future Redemption Costs ("Adjusted EBITDA"), is used by management to evaluate performance, and to measure compliance with debt covenants. Management believes Adjusted EBITDA assists investors in comparing the Corporation's performance on a consistent basis without regard to depreciation and amortization, which are non-cash in nature and can vary significantly depending on accounting methods and non-operating factors such as historical cost.
Adjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to operating income or net income in measuring performance, and is not comparable to similar measures used by other issuers. For a reconciliation to GAAP, please refer to the Summary of Consolidated Operating Results and Reconciliation of EBITDA, Adjusted EBITDA, Adjusted Net Earnings and Free Cash Flow included in the attached schedule. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows.
Adjusted Net Earnings
Adjusted Net Earnings provides a measurement of profitability calculated on a basis consistent with Adjusted EBITDA. Net earnings attributable to equity holders of the Corporation are adjusted to exclude Amortization of Accumulation Partners' contracts, customer relationships and technology, share of net earnings (loss) of PLM and impairment charges. Adjusted Net Earnings includes the Change in deferred revenue and Change in Future Redemption Costs, net of the income tax effect and non controlling interest effect (where applicable) on these items at an entity level basis.
Adjusted Net Earnings is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, and is not comparable to similar measures used by other issuers. For a reconciliation to GAAP, please refer to the Summary of Consolidated Operating Results and Reconciliation of EBITDA, Adjusted EBITDA, Adjusted Net Earnings and Free Cash Flow included in the attached schedule.
Standardized Free Cash Flow ("Free Cash Flow")
Free Cash Flow is a non-GAAP measure recommended by the CICA in order to provide a consistent and comparable measurement of free cash flow across entities of cash generated from operations and is used as an indicator of financial strength and performance.
Free Cash Flow is defined as cash flows from operating activities, as reported in accordance with GAAP, less adjustments for:
For a reconciliation to cash flows from operations please refer to the Summary of Consolidated Operating Results and Reconciliation of EBITDA, Adjusted EBITDA, Adjusted Net Earnings and Free Cash Flow included in the attached schedule.
EBITDA and Free Cash Flow are non-GAAP measurements recommended by the CICA in accordance with the draft recommendations provided in their February 2008 publication, Improved Communications with Non-GAAP Financial Measures - General Principles and Guidance for Reporting EBITDA and Free Cash Flow.
Constant Currency
Because exchange rates are an important factor in understanding period to period comparisons, the presentation of various financial metrics on a constant currency basis or after giving effect to foreign exchange translation, in addition to the reported metrics, helps improve the ability to understand operating results and evaluate performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant over the periods. Constant currency is derived by calculating current-year results using prior-year foreign currency exchange rates. Results calculated on a constant currency basis should be considered in addition to, not as a substitute for, results reported in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Q4 2011 Conference Call / Audio Webcast
Aimia will host a conference call to discuss its fourth quarter 2011 financial results at 8:00 a.m. ET on Thursday, February 23, 2012. The call can be accessed by dialing 1-800-931-6427 or 416-981-9000 for the Toronto area. The call will be simultaneously audio webcast at: .
A slide presentation intended for simultaneous viewing with the conference call will be available the evening of February 22, 2012 at: and an archived audio webcast will be available at: http://www.aimia.com/English/Investors/Presentations-and-Events/Events/default.aspx for ninety days following the original broadcast.
The audited consolidated financial statements, the MD&A and a financial highlights presentation will be accessible on the investor relations website at: .
About Aimia
Groupe Aeroplan Inc., doing business as Aimia ("Aimia"), is a global leader in loyalty management. Aimia's unique capabilities include proven expertise in delivering proprietary loyalty services, launching and managing coalition loyalty programs, creating value through loyalty analytics and driving innovation in the emerging digital and mobile spaces. Aimia owns and operates Aeroplan, Canada's premier coalition loyalty program and Nectar, the United Kingdom's largest coalition loyalty program. In addition, Aimia has majority equity positions in Air Miles Middle East and Nectar Italia as well as a minority position in Club Premier, Mexico's leading coalition loyalty program, and Cardlytics, a US-based private company operating in merchant-funded transaction-driven marketing for electronic banking.
Aimia is a Canadian public company listed on the Toronto Stock Exchange (TSX: AIM) and has over 3,800 employees in more than 20 countries around the world. For more information about Aimia, please visit .
Caution Concerning Forward-Looking Statements
Forward-looking statements are included in this news release. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, dependency on top accumulation partners and clients, conflicts of interest, greater than expected redemptions for rewards, regulatory matters, retail market/economic conditions, industry competition, Air Canada liquidity issues, Air Canada or travel industry disruptions, airline industry changes and increased airline costs, supply and capacity costs, unfunded future redemption costs, failure to safeguard databases and consumer privacy, changes to coalition loyalty programs, seasonal nature of the business, other factors and prior performance, foreign operations, legal proceedings, reliance on key personnel, labour relations, pension liability, technological disruptions and inability to use third party software, failure to protect intellectual property rights, interest rate and currency fluctuations, leverage and restrictive covenants in current and future indebtedness, uncertainty of dividend payments, managing growth, credit ratings, as well as the other factors identified in this news release and throughout Aimia's public disclosure record on file with the Canadian securities regulatory authorities.
The forward-looking statements contained herein represent Aimia's expectations as of February 22, 2012, and are subject to change after such date. However, Aimia disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
SUMMARY OF CONSOLIDATED OPERATING RESULTS AND RECONCILIATION OF EBITDA, ADJUSTED EBITDA, ADJUSTED NET EARNINGS AND FREE CASH FLOW
Years ended December 31, 2011 and 2010
Three months ended December 31, 2011 and 2010
SEGMENTED INFORMATION
At December 31, 2011, the Corporation had three operating segments: Canada, EMEA and US & APAC.
The table below summarizes the relevant financial information by operating segment:
Years ended December 31, 2011 and 2010
Three months ended December 31, 2011 and 2010
Contacts:
Media
JoAnne Hayes
416-352-3706
Analysts & Investors
Trish Moran
416-352-3728
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 20:14 Uhr
Sprache: Deutsch
News-ID 1085856
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
MONTREAL, QUEBEC
Phone:
Kategorie:
Advertising, PR and Marketing
Anmerkungen:
Diese Pressemitteilung wurde bisher 149 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Aimia Reports Fourth Quarter & Year End Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
AIMIA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
