Black Diamond Reports Second Quarter 2015 Adjusted EBITDA of $23.3 Million
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/13/15 -- Black Diamond Group Limited ("Black Diamond", the "Company" or "we"), (TSX: BDI), a leading provider of workforce accommodation and modular workspace solutions, today announced its operating and financial results for the three and six month periods ended June 30, 2015. All financial figures are expressed in Canadian dollars.
"Weak pricing across almost all commodity classes is negatively impacting asset utilization and revenue," said Trevor Haynes, President and Chief Executive Officer of Black Diamond. "Despite the challenging market conditions, subsequent to the quarter, Black Diamond successfully negotiated a long-term renewal that is expected to generate $26 million in revenue over the next two years. We continue to have a strong balance sheet, we are actively picking up market share, and our modern rental fleet provides us with tremendous operational leverage for when the economic environment improves."
Second Quarter 2015 Financial Highlights:
Operational Highlights:
Capital Spending
Capital expenditures for the Quarter were $18.2 million compared with $19.4 million a year ago. Capital expenditures for the Quarter were primarily related to the second phase of the 1,244 bed camp in Dawson Creek that went on rent in April. Black Diamond has $3.9 million in outstanding capital commitments as at June 30, 2015. Black Diamond''s 2015 capital program, which does not contemplate any expenditures related to Canadian LNG projects, is $50 million.
Dividends and Payout Ratio
The payout ratio (see "Non-GAAP Measures") for the Quarter increased to 44% compared with 26% during the same period last year as the result of a dividend increase in August 12, 2014 and lower distributable cash flow.
Outlook
Operating levels will continue to be weak compared to historic norms until a catalyst event occurs. Catalysts for higher utilization could include a Canadian Liquefied Natural Gas ("LNG") project achieving a positive final investment decision ("FID"), a recovery in oil, gas and mined mineral pricing, or any other event that might trigger increased utilization or additional capital expenditures by customers in our end markets.
On June 11, 2015, the Pacific Northwest ("PNW") LNG project moved closer to becoming a reality, when the consortium announced it would move forward with a positive FID subject to:
We remain optimistic that additional future demand for our products and services will be generated through a positive FID on PNW LNG, contract renewals for current camps, and new business in the Montney, Duvernay and Deep Basin regions of western Canada. We are also experiencing strengthened demand in our United States ("US") space rentals business.
Additional Information
A copy of the Company''s unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2015 and related management''s discussion and analysis have been filed with the Canadian securities regulatory authorities and may be accessed through the SEDAR website () and .
Conference Call
Black Diamond will hold a conference call and webcast to discuss its results for the quarter at 11:00 a.m. Mountain Time (1:00 p.m. Eastern Time) today, Thursday, August 13, 2015.
To access the conference call by telephone dial toll free 1-866-696-5910. Callers from the Toronto area should use 416-340-2217 (Conference ID: 5332537). Please connect approximately 10 minutes prior to the beginning of the call.
Please log into the webcast 10 minutes before the start time at: .
Slides to accompany the conference call can be accessed through .
Following the conference call, an audio archive will be available in the Investor Events section of the Company''s website at .
Reader Advisory
Forward-Looking Statements
Certain information in this news release contains forward-looking statements including the amount of funds that will be expended on the 2015 capital budget, management''s assessment of Black Diamond''s future operations, business prospects and opportunities including that additional future demand for Black Diamond''s products and services will be generated through a positive FID on PNW LNG, and management''s future expectations regarding the financial performance of the Company and its business units. With respect to the forward-looking statements contained in this news release, Black Diamond has made assumptions, regarding among other things: that Black Diamond will continue to conduct its operations in a manner consistent with past operations, that counterparties to contracts will perform the contracts as written and that there will be no unforeseen material delays in contracted projects. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond''s control including, without limitation, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Black Diamond''s operations and financial results are included in Black Diamond''s annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website () and at Black Diamond''s website (). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Non-GAAP Measures
In this news release, the following terms have been referenced: Adjusted EBITDA (adjusted earnings before interest, taxation, depreciation and amortization) and payout ratio. Readers are cautioned that these measures are not defined under International Financial Reporting Standards ("IFRS"). Readers are cautioned that these non-GAAP measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of the Company''s performance or cash flows, a measure of liquidity or as a measure of actual return on the common shares of the Company. These Non-GAAP measures should only be used in conjunction with the consolidated financial statements of the Company. A reconciliation between these measures and measures defined under IFRS is included in management''s discussion and analysis for the three and six month period ended June 30, 2015 filed on SEDAR.
About Black Diamond
Black Diamond rents and sells portable workforce accommodation and work space solutions to business customers in Canada, the United States and Australia. In addition to providing turnkey lodging and other support services related to remote workforce accommodation and workspaces, we also provide specialized field rentals to the oil and gas industries of Canada and the United States. From twenty locations around the world, we serve multiple sectors including oil and gas, mining, power, construction, engineering, military, government and education.
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Contacts:
For investor and media inquiries please contact:
Black Diamond Group Limited
Tom McMillan
403-718-0948
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Datum: 13.08.2015 - 05:00 Uhr
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