Uni-Select Inc./Fiscal Year ended December 31, 2012: Sales at $1.8 Billion and Adjusted Earnings at $46.5 Million
(firmenpresse) - BOUCHERVILLE, QUEBEC -- (Marketwire) -- 02/28/13 -- Uni-Select Inc. (TSX: UNS)
(Unless otherwise indicated, all amounts are expressed in US dollars)
Uni-Select Inc. generated sales of $424.3 million in the fourth quarter of 2012, compared to $436.7 million over the same period in 2011. Adjusted EBITDA amounted to $13.1 million this quarter compared to $18.6 million in the fourth quarter of 2011. Adjusted earnings stood at $5.9 million in the fourth quarter compared to $10.2 million for the same quarter in 2011.
The 2.8% decrease in sales for the quarter is mainly due to a temporary slowdown in the aftermarket, mainly in the Northeast of the United States and Eastern Canada. These negative factors were partially offset by the addition of the sales derived from the assets in Florida purchased in the fourth quarter of 2011 and an additional billing day. Sales of US operations totaled $298 million in the fourth quarter while sales of Canadian operations totaled $126 million.
The adjusted EBITDA margin stood at 3.1% in the fourth quarter of 2012 compared to 4.3% in the corresponding quarter of 2011. This decrease is mainly attributable to the rapid decline in sales while expenses could not be adjusted at the same rate. In addition, higher IT maintenance and support costs related to the transition to the new ERP system had an adverse effect on adjusted EBITDA margin. The savings derived from the optimization plan implemented during the third quarter of 2012 combined with improved purchasing conditions from suppliers helped to partially offset the items mentioned above and should have long term benefits.
For fiscal year ended December 31, 2012, sales increased 2.3% to $1.821 billion compared to $1.781 billion for the same period of the previous year. This increase in sales comes entirely from the United States and is mainly attributable to the business generated from the Florida assets purchased in the fourth quarter 2011 combined to an extra billing day in the United States. The increase was to a degree offset by a decrease in Canadian sales impacted by unfavorable variations in the value of the Canadian dollar relative to the US dollar.
Sales in the United States totaled $1.301 billion for fiscal 2012 compared to $1.243 billion for the same period in 2011. Canadian operations generated sales of $520 million for fiscal 2012, compared to $538 million in 2011.
For the year ended December 31, 2012, the adjusted EBITDA margin amounted to 5.4% compared to 5.9% for 2011. The same factors as those mentioned for the quarter affected the adjusted EBITDA margin for the fiscal year. The adverse economic conditions that had prevailed since the second quarter were not as significant for the full year. These items were partially offset by the additional marginal contribution realized from acquisitions completed in 2011 and additional synergies.
"Economic conditions affecting the aftermarket combined with the challenges posed by the implementation of the enterprise resource planning software in addition to having incurred double IT cost due to the two systems operating in parallel have had a negative impact on the results of the fiscal year. These problems were resolved in the first quarter of 2013 but we expect lingering effects during the first half of 2013" says Richard G. Roy, President and CEO of Uni-Select.
"We are committed to making our Corporation more efficient and effective. We will continue the implementation of our optimization plan that will, among other things, reduce our fixed costs and our working capital position. We will continue to focus our efforts on improving service and increasing recruitment of independent wholesalers and shops under Uni-Select's banner programs to increase sales and profitability. We have launched several product initiatives that should bring positive developments" added Mr. Roy.
During the year, the Corporation has continued the implementation of its new ERP system; over 30 warehouses and 190 stores were converted. In addition, during the same period, 24 corporate stores and one warehouse were closed, five other warehouses were converted into hub warehouses, 10 new stores were added to the network of which 6 through acquisitions. Approximately 200 support positions were eliminated in 2012. The reduction of some elements of working capital, including inventories, has reduced the total net indebtedness by $42 million.
Finally, the Board of Directors of Uni-Select declared a dividend of CAD$0.13 per share payable on April 19, 2013 to shareholders of record on March 31, 2013. This dividend is an eligible dividend for tax purposes.
About Uni-Select
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools and accessories for motor
vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leader independent distributor of automotive paint and related products in the country. With its 6,100 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,200 that operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
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 news 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.
(1) "EBITDA" represents operating profit before finance costs, depreciation and amortization, restructuring charges, write-off of assets and others, net gain on disposal of property and equipment, income taxes and net earnings attributable to non-controlling interests. This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.
(2) "Adjusted EBITDA" used to assess adjusted EBITDA, adjusted earnings and adjusted earnings per share to assess EBITDA from operating activities, excluding certain adjustments which may affect the comparability of the Corporation's financial results. Management is of the view that these measures are more representative of the Corporation's operational performance and more appropriate in providing additional information.
(3) "Adjustements" are unusual incurred costs that Management regards as not being characteristic or representative of the Corporation's regular operations. They include, amongst others, the non-capitalizable costs related to the development and implementation of the ERP system, costs related to the closure and disposal of stores, restructuring charges, write-off of assets and others, as well as net gain on disposal of property and equipment. The exclusion of these items does not indicate that they are non-recurring.
(4) "Total net indebtedness" consists of bank indebtedness and long-term debt (including short-term portion), net of cash.
Additional Information
The management report and the unaudited financial statements as well as accompanying notes for the Fourth Quarter of 2012 are available in the "Investor Information" section on the Corporation's website at: as well as on SEDAR's: . The reader will also find on these websites the Corporation's Annual Report as well as other information related to Uni-Select, including its Annual Information Form.
Conference Call
Thursday, February 28, 2013 at 3 PM (EST), Uni-Select will host a conference call to discuss the 2012 Fourth Quarter and Fiscal Year results. To join the conference, dial 1 866 696-5910 followed by 8567461.
Contacts:
Source:
UNI-SELECT INC.
Contact:
Karine Vachon
Investor Relations and Communications Manager
(450) 641-6972
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Datum: 28.02.2013 - 09:36 Uhr
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