Wajax Announces Fourth Quarter 2011 Earnings and Raises Monthly Dividend 35%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/06/12 -- Wajax Corporation ("Wajax" or the "Corporation") (TSX: WJX) today announced its 2011 fourth quarter earnings and increased its monthly dividend 35% to $0.27 per share.
Fourth Quarter Highlights
Consolidated fourth quarter revenue of $377.2 million increased $60.8 million, or 19%, compared to last year. Quarterly revenue included $19.9 million attributable to the May 2, 2011 acquisition of Ontario based Harper Power Products ("Harper"). Gains in the mining, energy, forestry, construction and industrial sectors accounted for the majority of the balance of the increase. The Equipment segment's revenue increased 20% on stronger demand for almost all major product categories. Power Systems revenue increased 19% as a result of the Harper acquisition and Industrial Components sales rose 16% on higher revenue from energy, mining and industrial customers, with particular strength in western Canada.
The Corporation announced a 35%, or $0.07 per share increase in its monthly dividend beginning in March 2012. Dividends of $0.27 per share were declared for March and April. Commencing in 2012, the Corporation has established an objective of declaring annual dividends equal to at least 75% of earnings subject to the Corporation's financial position, economic outlook and capital requirements for growth including acquisitions.
Neil Manning retired as President and Chief Executive Officer and a director of Wajax on March 5, 2012. His successor, Mark Foote, assumed the role of President and Chief Executive Officer, and was appointed a director, on March 5, 2012. Mark has extensive experience in distribution, supply chain management and logistics. Most recently, he served as the President and Chief Executive Officer of Zellers, and prior to that, was the President and Chief Merchandising Officer at Loblaws Companies. Mark also had a career of more than 20 years at Canadian Tire Corporation, including five years as President, Canadian Tire Retail. As well, effective December 13, 2011, Richard Plain was appointed to the position of Senior Vice President, Wajax Power Systems subsequent to the departure of Tim Zawislak. Prior to his appointment, Richard held the position of Vice President Sales and Marketing since joining Wajax Power Systems in 2009 and brings 18 years of experience in the power systems and equipment distribution businesses in western Canada.
Outlook
In 2011 Wajax achieved record revenue and earnings before income tax of $1.38 billion and $87.5 million respectively. Year-over-year revenue increased 24% while earnings before income tax increased 62%. The earnings before income tax comparison is appropriate since 2011 was the first year after conversion from an income fund when Wajax was effectively not subject to income tax. This performance was driven by a stronger Canadian economy and the execution of the Corporation's strategic initiatives, including the Harper acquisition. Additionally, all three businesses maintained disciplined control over selling and administrative costs. With its Canada-wide branch infrastructure and diverse product lines, Wajax's business has exposure to virtually all of the goods producing sectors of the Canadian economy. Stronger sectors of the economy aiding the Corporation's revenue growth in 2011 were energy, mining, construction and forestry, primarily in western Canada.
Looking forward to 2012, management expects growth in the Canadian economy to be more modest than that experienced in 2011. This is a result of the continuing high value of the Canadian dollar and the dampening effect of the European debt crisis and the slowing Chinese economy on world economic activity. However, we expect global demand for commodities to remain relatively strong, which should bode well for Canada's mining and energy sectors, particularly in western Canada. The revenue implication from phasing out the LeTourneau mining equipment line at the end of April, is expected to be mitigated by additional Hitachi mining equipment sales as Hitachi's manufacturing operations have recovered from the effects of the March 2011 Japanese earthquake and tsunami. As well, management has outlined growth initiatives that are expected to result in increased market share for key product lines, the addition of new products and expansion into new geographic territories. As a result, management expects continued growth in revenue and earnings in 2012, but at a more modest pace than experienced in 2011.
Wajax Corporation is a leading Canadian distributor and service support provider of mobile equipment, industrial components and power systems. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 117 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.
Wajax will Webcast its Fourth Quarter Financial Results Conference Call. You are invited to listen to the live Webcast on Tuesday, March 6, 2012 at 2:30 p.m. ET. To access the Webcast, enter and click on the link for the Webcast on the Investor Relations page.
Cautionary Statement Regarding Forward Looking Information
This news release contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements relate to future events or the Corporation's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "anticipates", "intends", "predicts", "expects", "is expected", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward looking statements. There can be no assurance that any forward looking statement will materialize. Accordingly, readers should not place undue reliance on forward looking statements. The forward looking statements in this news release are made as of the date of this news release, reflect management's current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct.
Specifically, this news release includes forward looking statements regarding, among other things, our expectations for the Canadian economy in 2012, the global demand for commodities and the associated impact on the Canadian mining and energy sectors, our revenue and earnings outlook, planned strategic and growth initiatives and their expected outcomes, and our objective with respect to the future payment of dividends. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding general business and economic conditions, the supply and demand for, and the level and volatility of prices for, commodities, financial market conditions, including interest rates, the future financial performance of the Corporation, our costs, market competition, our ability to attract and retain skilled staff, our ability to procure quality products and inventory and our ongoing relations with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to, a deterioration in general business and economic conditions, volatility in the supply and demand for, and the level of prices for, commodities, fluctuations in financial market conditions, including interest rates, the level of demand for, and prices of, the products and services we offer, market acceptance of the products we offer, termination of distribution or original equipment manufacturer agreements, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of quality products or inventory, supply disruptions, job action and unanticipated events related to health, safety and environmental matters), our ability to attract and retain skilled staff and our ability to maintain our relationships with suppliers, employees and customers. The foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. Further information concerning the risks and uncertainties associated with these forward looking statements and the Corporation's business may be found in our Annual Information Form for the year ended December 31, 2011, filed on SEDAR.
Management's Discussion and Analysis - 2011
The following management's discussion and analysis ("MD&A") provides a review of the consolidated financial condition and results of operations of Wajax Corporation ("Wajax" or "Corporation") for the year ended December 31, 2011. On January 1, 2011, Wajax adopted International Financial Reporting Standards ("IFRS"). The term "Canadian GAAP" refers to Canadian generally accepted accounting principles before the adoption of IFRS. The following discussion should be read in conjunction with the Corporation's Consolidated Financial Statements and accompanying notes. Information contained in this MD&A is based on information available to management as of March 6, 2012.
Unless otherwise indicated, all financial information within this MD&A is in millions of dollars, except share and per share data.
Additional information, including Wajax's Annual Report and Annual Information Form, are available on SEDAR at .
Responsibility of Management and the Board of Directors
Management is responsible for the information disclosed in this MD&A and the Consolidated Financial Statements and accompanying notes, and has in place appropriate information systems, procedures and controls to ensure that information used internally by management and disclosed externally is materially complete and reliable. Wajax's Board of Directors has approved this MD&A and the Consolidated Financial Statements and accompanying notes. In addition, Wajax's Audit Committee, on behalf of the Board of Directors, provides an oversight role with respect to all public financial disclosures made by Wajax, and has reviewed this MD&A and the Consolidated Financial Statements and accompanying notes.
Disclosure Controls and Procedures and Internal Control over Financial Reporting
Wajax's management, under the supervision of its Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), is responsible for establishing and maintaining disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR").
As at December 31, 2011 Wajax's management, under the supervision of its CEO and CFO, had designed DC&P to provide reasonable assurance that information required to be disclosed by Wajax in annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities legislation. DC&P are designed to ensure that information required to be disclosed by Wajax in annual filings, interim filings or other reports filed or submitted under securities legislation is accumulated and communicated to Wajax's management, including its CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
As at December 31, 2011 Wajax's management, under the supervision of its CEO and CFO, had designed ICFR to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. In completing the design, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control - Integrated Framework. With regard to general controls over information technology, management also used the set of practices of Control Objectives for Information and related Technology ("COBIT") created by the IT Governance Institute.
Wajax has not yet completed the design of DC&P and ICFR related to the May 2, 2011 acquisition of the assets of Harper Power Products Inc. ("Harper"). The Harper operation has had revenues of approximately $49.3 million since the acquisition. Wajax anticipates that the evaluation of the design of DC&P and ICFR related to Harper will be completed prior to June 2012, at which time Harper will be fully integrated with the existing Power Systems segment's control environment.
As at December 31, 2011 Wajax's management, under the supervision of its CEO and CFO, had evaluated the effectiveness and operation of its DC&P and ICFR. This evaluation included a risk evaluation, documentation of key processes and tests of effectiveness conducted on a sample basis throughout the year. Due to the inherent limitations in all control systems, an evaluation of the DC&P and ICFR can only provide reasonable assurance over the effectiveness of the controls. As a result, DC&P and ICFR are not expected to prevent and detect all misstatements due to error or fraud. With the exception of DC&P and ICFR related to the Harper operation discussed above, the CEO and CFO have concluded that Wajax's DC&P and ICFR were effective as at December 31, 2011.
Other than the integration of the Harper acquisition discussed earlier, there was no change in Wajax's ICFR that occurred during the fourth quarter of 2011 that has materially affected, or is reasonably likely to materially affect, Wajax's ICFR.
Wajax Corporation Overview
Effective January 1, 2011, Wajax Income Fund converted into a corporation pursuant to a plan of arrangement under the Canada Business Corporations Act ("CBCA") and the shares of Wajax Corporation began trading on the Toronto Stock Exchange on January 4, 2011 under the symbol WJX.
Wajax's core distribution businesses are engaged in the sale and after-sale parts and service support of mobile equipment, industrial components and power systems through a network of 117 branches across Canada. Wajax is a multi-line distributor and represents a number of leading worldwide manufacturers in its core businesses. Its customer base is diversified, spanning natural resources, construction, transportation, manufacturing, industrial processing and utilities.
Wajax's strategy is to continue to grow earnings in all segments through continuous improvement of operating margins and revenue growth while maintaining a strong balance sheet. Revenue growth will be achieved through market share gains, the addition of new or complementary product lines and aftermarket support services and expansion into new Canadian geographic territories, either organically or through acquisitions.
Commencing in 2012, the Corporation has established an objective of declaring annual dividends equal to at least 75% of earnings subject to the Corporation's financial condition, economic outlook and capital requirements for growth including acquisitions. The Corporation's intention is to continue paying dividends on a monthly basis.
Cautionary Statement Regarding Forward-Looking Information
This MD&A contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements relate to future events or the Corporation's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "anticipates", "intends", "predicts", "expects", "is expected", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward looking statements. There can be no assurance that any forward looking statement will materialize. Accordingly, readers should not place undue reliance on forward looking statements. The forward looking statements in this MD&A are made as of the date of this MD&A, reflect management's current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this MD&A includes forward looking statements regarding, among other things, our expectations for the Canadian economy in 2012, the global demand for commodities and the associated impact on the Canadian mining and energy sectors, our revenue and earnings outlook, our plans and expectations for revenue and earnings growth, planned marketing, strategic, operational and growth initiatives and their expected outcomes, our current and future plans regarding the expansion of our business, the addition of new product offerings and expansion into new geographic territories, and our objective with respect to the future payment of dividends. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding general business and economic conditions, the supply and demand for, and the level and volatility of prices for, commodities, financial market conditions, including interest rates, the future financial performance of the Corporation, our costs, market competition, our ability to attract and retain skilled staff, our ability to procure quality products and inventory and our ongoing relations with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive.
Factors that may cause actual results to vary materially include, but are not limited to, a deterioration in general business and economic conditions, volatility in the supply and demand for, and the level of prices for, commodities, fluctuations in financial market conditions, including interest rates, the level of demand for, and prices of, the products and services we offer, market acceptance of the products we offer, termination of distribution or original equipment manufacturer agreements, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of quality products or inventory, supply disruptions, job action and unanticipated events related to health, safety and environmental matters), our ability to attract and retain skilled staff and our ability to maintain our relationships with suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information concerning the risks and uncertainties associated with these forward looking statements and the Corporation's business may be found in this MD&A under the heading "Risk Management and Uncertainties" and in our Annual Information Form for the year ended December 31, 2011, filed on SEDAR. The forward-looking statements contained in this MD&A are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. Readers are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes.
International Financial Reporting Standards
In February 2008, The Accounting Standards Board of the Canadian Institute of Chartered Accountants confirmed that the use of IFRS is required in Canada for publicly accountable profit oriented enterprises for fiscal years beginning on or after January 1, 2011. The Corporation's IFRS transition date is January 1, 2010 and has prepared its Consolidated Financial Statements and accompanying notes for the year ending December 31, 2011, with comparatives, in accordance with IFRS as published by the International Accounting Standard Board ("IASB"). Prior to the adoption of IFRS, the financial statements of the Corporation were prepared in accordance with Canadian GAAP.
The most significant impacts on the Corporation's Consolidated Financial Statements resulting from the adoption of IFRS are discussed within the applicable sections of this MD&A and Note 29 of the Consolidated Financial Statements.
All comparative figures have been restated in accordance with IFRS, unless otherwise indicated.
Consolidated Results
Revenue
Revenue in 2011 of $1,377.1 million increased 24%, or $266.2 million, from $1,110.9 million in 2010 and included $49.3 million of revenue from the acquisition of the assets of Harper by the Power Systems segment effective May 2, 2011. Equipment segment revenue increased 23%, or $130.0 million, due mainly to stronger market demand for construction, forestry, mining and material handling equipment and related parts and service volumes. Industrial Components segment revenue increased 15%, or $45.3 million, attributable to improved oil and gas drilling activity in western Canada and higher mining and industrial sector volumes in all regions. Power Systems segment revenue increased 35%, or $90.1 million, due to the acquisition of Harper and an increase in equipment and parts and service revenues, mostly to off-highway oil and gas customers in western Canada, that more than exceeded a reduction in eastern Canada (Quebec and the Atlantic provinces) volumes.
Gross profit
Gross profit increased $54.5 million, or 23%, in 2011 due to the positive impact of higher volumes compared to last year. The gross profit margin percentage decreased slightly to 21.2% from 21.4% last year as the negative sales mix variance resulting from a higher proportion of equipment sales was partially offset by increased equipment margins.
Selling and administrative expenses
Selling and administrative expenses increased $20.7 million in the year. This was due primarily to increased personnel costs including a $2.6 million increase in annual and mid-term incentive accruals, $7.5 million of selling and administrative expenses relating to Harper and higher sales related and occupancy costs. These increases were offset partially by lower bad debt expenses in the Equipment segment. Selling and administrative expenses as a percentage of revenue decreased to 14.5% in 2011 from 16.2% in 2010.
Finance costs
Finance costs of $4.6 million increased $0.3 million compared to 2010 due to the impact of higher funded net debt, mainly attributable to the acquisition of Harper on May 2, 2011. Funded net debt includes bank debt and obligations under finance leases, net of cash.
Earnings before income taxes
Earnings before income taxes increased $33.6 million in the year. The positive impact of higher volumes more than offset the slightly lower gross profit margin percentage, increased selling and administrative costs and higher finance costs compared to 2010.
Income tax expense
Effective January 1, 2011, Wajax converted from an income fund to a corporation. As a result, Wajax and its subsidiaries are subject to tax on all of their taxable income from that date forward.
The 2011 effective income tax rate of 27.1% was less than the Corporation's statutory income tax rate of 27.7%. The positive impact of partnership income generated in 2011 which will be subject to tax in 2012 at a lower tax rate, more than offset the negative impact of expenses not deductible for tax purposes.
Net earnings
Net earnings for the year ended December 31, 2011 increased $7.4 million to $63.8 million, or $3.84 per share, from $56.4 million, or $3.39 per share, in 2010. The $33.6 million increase in earnings before income taxes, was partially offset by a $26.2 million increase in income tax expense.
Comprehensive income
Comprehensive income for the year ended December 31, 2011 of $62.9 million increased $6.7 million from $56.2 million the previous year due to higher net earnings of $7.4 million, offset partially by a $0.7 million increase in other comprehensive loss. The increase in other comprehensive loss resulted from increased actuarial losses on pension plans and a decrease in losses on derivative instruments designated as cash flow hedges in prior periods reclassified to cost of inventory or finance costs in the current year, offset partially by gains on derivative instruments designated as cash flow hedges outstanding at the end of the year.
Funded net debt
Funded net debt of $63.7 million at December 31, 2011 increased $18.1 million compared to December 31, 2010. This increase was mainly a result of net cash flows generated from operating activities of $61.2 million being less than the $29.2 million of cash flows used in investing activities including $23.2 million used for the Harper acquisition, distributions and dividends of $44.7 million, finance lease payments of $3.5 million and debt facility renewal costs of $1.1 million. As a result, Wajax's year-end funded net debt-to-equity ratio of 0.28:1 increased from last year's ratio of 0.23:1.
On August 12, 2011, Wajax amended and extended the term of its $175 million bank credit facility to August 12, 2016 from December 31, 2011. The terms of the fully secured facility, comprised of a $30 million non-revolving term portion and a $145 million revolving term portion, are no more restrictive than in the previous facility. See Liquidity and Capital Resources section.
Dividends
For the twelve months ended December 31, 2011 monthly dividends declared totaled $2.14 per share. For the twelve months ended December 31, 2010 monthly cash distributions declared as an income fund were $3.40 per unit.
Tax information relating to 2011 dividends and prior year distributions is available on Wajax's website at .
Backlog
Consolidated backlog at December 31, 2011 of $267.7 million increased $50.4 million, or 23%, from $217.3 million at December 31, 2010. Increases in the Equipment segment, due mainly to higher mining and construction equipment orders, and increases in the Industrial Components segment more than offset the decreases in the Power Systems segment. Backlog includes the total retail value of customer purchase orders for future delivery or commissioning.
CEO Succession
Neil Manning retired as President and CEO and a director of Wajax on March 5, 2012. His successor, Mark Foote, assumed the role of President and CEO, and was appointed a director on March 5, 2012. Mark has extensive experience in distribution, supply chain management and logistics. Most recently, he served as the President and Chief Executive Officer of Zellers, and prior to that, was the President and Chief Merchandising Officer at Loblaws Companies. Mark also had a career of more than 20 years at Canadian Tire Corporation, including five years as President, Canadian Tire Retail.
Results of Operations
Equipment
Revenue increased 23%, or $130.0 million, to $685.8 million in 2011 from $555.8 million in 2010. Segment earnings increased $11.2 million to $50.2 million in 2011 compared to $39.0 million in 2010. The following factors contributed to the improved results:
Backlog of $146.6 million at December 31, 2011 increased $52.6 million compared to December 31, 2010 due mainly to increases in mining equipment orders in all regions and construction equipment orders in western Canada. The backlog includes $25.5 million of LeTourneau equipment orders.
During the second quarter of 2011, the Equipment segment entered into an equipment supply agreement with Shell Canada Energy for a total of seven Hitachi mining shovels and construction excavators, adding to the already existing fleet of Hitachi equipment at Shell Albian Sands, Shell's oil sands operation in the province of Alberta. In support of Shell Albian Sands' fleet of Hitachi equipment, Wajax has also renewed and extended the existing commercial arrangement with Shell Canada Energy for the supply of parts, components and services until the end of April 2014.
On October 17, 2011, Wajax announced it had reached an agreement with LeTourneau Technologies, Inc. ("LeTourneau") providing for the dealer agreement relating to Wajax's distribution of LeTourneau mining equipment and parts products in Canada to be discontinued effective April 27, 2012. Joy Global Inc. initially announced the closing of its acquisition of LeTourneau on June 22, 2011 and indicated its intention to integrate the LeTourneau field facilities and distribution activities with its P&H mining equipment operations. Sales and service of LeTourneau products in 2011 generated approximately $35 million of revenue for Wajax and contributed approximately $11 million to its earnings before finance costs and income tax expense. Exit costs or write downs, if any, are expected to be minimal.
Wajax Equipment's strategy is to continue to focus on building the market share of its key product lines, particularly construction and material handling equipment, and to improve product support capabilities across all lines of business. As well, the segment will work to expand its operations in the growing mining sector by building its organizational and support infrastructure to capitalize on market opportunities, particularly in Ontario and eastern Canada.
During 2011, the segment made significant strides toward improving its aftermarket support capabilities. Parts availability and customer fill rates have been increased, and upgraded processes adopted for inventory forecasting, ordering and stocking. In addition, the sales force compensation plans were revamped to be better aligned with market share targets.
The segment's focus going forward will include the following specific initiatives to continue to build its equipment market share and its aftermarket parts and service business:
Industrial Components
Revenue increased $45.3 million, or 15%, to $347.5 million from $302.2 million in 2010. Segment earnings increased $11.1 million to $23.1 million compared to $12.0 million in the previous year. The year-over-year changes in revenue and earnings were a result of the following factors:
Backlog of $44.8 million as of December 31, 2011 increased $9.4 million compared to December 31, 2010.
The strategic direction of the Industrial Components segment is to continue to grow revenue and earnings by capitalizing on its technical and engineering capabilities by providing engineered solutions built around its product offering. The segment also plans to continue to take steps to maximize its operational efficiency in order to increase margins and lower its working capital requirements.
Considerable effort has been undertaken over the last number of years to improve Industrial Components revenue and profitability. In 2011, the segment was able to leverage its selling and administrative expense base as revenue grew 15% and segment earnings margins increased from 4.0% in 2010 to 6.6% in 2011. Initiatives to further drive earnings improvements include:
Power Systems
Revenue increased $90.1 million, or 35%, to $347.4 million in 2011 from $257.3 million in 2010. Excluding the Harper acquisition effective May 2, 2011, Power Systems revenue increased $40.8 million, or 16%, compared to last year. Segment earnings increased $13.7 million to $32.9 million in 2011 from $19.2 million in 2010. The following factors impacted year-over-year revenue and earnings:
Backlog of $76.3 million as of December 31, 2011 decreased $11.6 million compared to December 31, 2010 as significant deliveries out of backlog more than offset the increase attributable to the Harper acquisition.
Effective December 13, 2011, Richard Plain was appointed to the position of Senior Vice President, Wajax Power Systems subsequent to the departure of Tim Zawislak. Prior to his appointment, Richard held the position of Vice President Sales and Marketing since joining Wajax Power Systems in 2009 and brings eighteen years of experience in the power systems and equipment distribution businesses in western Canada.
On May 2, 2011, Wajax Power Systems purchased the assets of Harper the authorized Ontario distributor for Detroit Diesel, Mercedes-Benz, MTU and Deutz engines, MTU Onsite Energy generator sets and Allison transmissions with adjusted 2010 annual revenue of approximately $71 million. The cash purchase price paid for the assets was $23.2 million, including post closing adjustments. The segment has assumed the operation of Harper's nine branches in Ontario located in Toronto, Ottawa, Hamilton, London, Sudbury, Timmins, Cornwall, Niagara Falls and Pembroke. With the exception of Deutz engines, Wajax Power Systems is presently the authorized distributor of these lines in the rest of Canada except for portions of British Columbia. The Harper business is well established in the on-highway sector of the market and has been rebranded as Wajax Power Systems.
The Harper acquisition represents a major step towards the segment's strategic objective of expanding its off-highway and power generation business to become a Canada-wide total power systems solution provider. Initiatives going forward will include the following:
Selected Quarterly Information
The following table summarizes unaudited quarterly consolidated financial data for the eight most recently completed quarters. This quarterly information is unaudited but has been prepared on the same basis as the 2011 annual audited Consolidated Financial Statements.
Trends in quarterly revenue and earnings have not been evident over the last two years due in part to the recent strength of the Canadian economy.
A discussion of Wajax's previous quarterly results can be found in Wajax's quarterly MD&A reports available on SEDAR at .
Selected Annual Information
Revenue in 2011 of $1,377.1 million increased $266.2 million compared to 2010 due to the increased market demand for equipment and parts and service in all segments and the Harper acquisition in May 2011 that accounted for $49.3 million of the increase. Revenue in 2010 of $1,110.9 million increased $103.7 million from $1,007.2 million in 2009 due to the general uplift in the Canadian economy that was experienced in all segments.
Earnings before income taxes increased $55.3 million from 2009 to 2011. The increase was attributable to the increases in revenue noted above and higher gross profit margins, offset somewhat by increased selling and administrative and slightly higher finance costs.
Net earnings increased $29.6 million, or $1.78 per share, from 2009 to 2011. The $55.3 million increase in earnings before income taxes more than offset the $25.7 million increase in income tax expense resulting from the conversion from an income fund to a corporation effective January 1, 2011.
Total assets increased $141.7 million between December 31, 2009 and December 31, 2011. The overall increase in total assets is mainly attributable to higher inventories, accounts receivable and rental equipment resulting from the increased sales activity throughout 2010 and 2011. The increase also includes $32.9 million of total assets resulting from the acquisition of Harper.
Non-current liabilities at December 31, 2011 of $99.9 million increased $81.0 million from December 31, 2010. This was primarily due to the reclassification of bank debt to non-current liabilities as the bank credit facility was extended from December 31, 2011 to August 12, 2016 and an increase in deferred taxes payable as the partnership income generated in 2011 will be subject to tax in 2012. Non-current liabilities at December 31,2010 of $18.9 million was lower compared to $87.8 million at December 31, 2009 as the $79.7 million of bank debt was included in current liabilities at December 31, 2010 due to the December 31, 2011 maturity of the bank credit facility at that time. In addition, non-current liabilities as at December 31, 2009 did not include obligations under finance leases under Canadian GAAP.
Cash Flow, Liquidity and Capital Resources
Net Cash Flows Generated from Operating Activities
For the year ended December 31, 2011, net cash flows generated from operating activities amounted to $61.2 million, compared to $88.7 million the previous year. The $27.5 million decrease was due primarily to an increased use of operating assets and liabilities of $42.7 million, higher rental equipment additions in the Equipment and Power Systems segments of $14.4 million and higher income taxes paid of $1.9 million. This was partially offset by higher cash flows from operating activities before changes in operating assets and liabilities of $32.8 million.
Changes in operating assets and liabilities in 2011 compared to 2010 include the following components:
Changes in operating assets and liabilities
Significant components of the changes in operating assets and liabilities for the twelve months ended December 31, 2011 are as follows:
On the consolidated statement of financial position at December 31, 2011, Wajax had employed $165.0 million in current assets net of current liabilities, exclusive of funded net debt, compared to $118.3 million at December 31, 2010. The $46.7 million increase was due primarily to the cash flow factors listed above, the Harper acquisition and a $9.1 million decrease in dividends payable related to the payment in January 2011 of distributions declared in December 2010 prior to converting from an income fund to a corporation.
While the IFRS adjustments do not impact the Corporation's total cash flows, cash flows generated from operating activities and cash flows used in investing activities have each been adjusted, by equal and offsetting amounts to reflect the reclassification of rental equipment additions as operating activities.
Investing Activities
For the year ended December 31, 2011, Wajax invested $5.3 million in capital asset additions net of disposals and $0.7 million in intangible asset additions, compared to $1.7 million and $3.2 million for the year ended December 31, 2010, respectively. In addition, the Power Systems segment paid a total of $23.2 million for the acquisition of the assets of Harper on May 2, 2011.
Financing Activities
For the year ended December 31, 2011, Wajax used $69.3 million of cash in financing activities compared to $50.0 million in 2010. Financing activities in the year included distributions and dividends paid to shareholders totaling $44.7 million, or $2.69 per share, bank debt and finance lease payments of $23.5 million, and debt facility renewal costs of $1.1 million.
Funded net debt of $63.7 million at December 31, 2011 increased $18.1 million compared to December 31, 2010. This increase was mainly a result of net cash flows generated from operating activities of $61.2 million being less than the $29.2 million of cash flows used in investing activities including $23.2 million used for the Harper acquisition, distributions and dividends of $44.7 million, finance lease payments of $3.5 million and debt facility renewal costs of $1.1 million. As a result, Wajax's year-end funded net debt-to-equity ratio of 0.28:1 increased from last year's ratio of 0.23:1.
Fourth Quarter Consolidated Results
Revenue
Revenue in the fourth quarter of 2011 increased 19% or $60.8 million to $377.2 million, from $316.4 million in the fourth quarter of 2010 and included $19.9 million of revenue from the acquisition of the assets of Harper by the Power Systems segment effective May 2, 2011. Segment revenue increased 20% in Equipment, 16% in Industrial Components and 19% in Power Systems (a decrease of 6% excluding Harper revenue) compared to the same quarter last year.
Gross profit
Gross profit in the fourth quarter of 2011 increased $15.0 million due to the positive impact of higher volumes and gross profit margins compared to the fourth quarter last year. The gross profit margin percentage for the quarter of 21.0% increased from 20.3% in the fourth quarter of 2010 due mainly to improved gross profit margins in all segments.
Selling and administrative expenses
Selling and administrative expenses increased $7.3 million in the fourth quarter of 2011 compared to the same quarter last year. Of this increase, $3.0 million related to Harper with most of the remainder attributable to higher sales related costs and annual and mid-term incentive accruals. Selling and administrative expenses as a percentage of revenue decreased to 14.8% in the fourth quarter of 2011 from 15.3% in the same quarter of 2010.
Finance costs
Quarterly finance costs of $1.2 million increased $0.2 million compared to the same quarter last year due to higher funded net debt, mainly attributable to the acquisition of Harper on May 2, 2011.
Earnings before income taxes
Quarterly earnings before income taxes increased $7.6 million as the positive impact of the higher volumes and increased gross profit margin percentage, more than offset additional selling and administrative costs and higher finance costs compared to the same quarter last year.
Income tax expense
For the three months ended December 31, 2011, the effective income tax rate of 26.3% was less than the Corporation's statutory income tax rate of 27.7%. The positive impact of partnership income generated in 2011, which will be subject to tax in 2012 at a lower rate, more than offset the negative impact of expenses not deductible for tax purposes.
Net earnings
Quarterly net earnings increased $0.8 million to $16.6 million, or $1.00 per share, from $15.8 million, or $0.95 per share, in the same quarter of 2010. The $7.6 million increase in net earnings before income taxes more than offset the $6.8 million increase in income tax expense resulting from the conversion from an income fund to a corporation effective January 1, 2011.
Comprehensive income
Comprehensive income for the fourth quarter of $13.0 million decreased $2.4 million from $15.4 million compared to the same quarter in the previous year as a $3.2 million increase in other comprehensive loss more than offset the $0.8 million increase in net earnings. The increase in other comprehensive loss resulted from increased actuarial losses on pension plans and gains on derivative instruments designated as cash flow hedges in prior periods reclassified to cost of inventory or finance costs in the current period.
Funded net debt
Funded net debt of $63.7 million at December 31, 2011 decreased $33.8 million compared to September 30, 2011. The decrease resulted mainly from net cash flows generated from operating activities of $48.7 million which were offset partially by dividends paid of $10.0 million, investing activities of $3.0 million and finance lease payments of $1.0 million. Wajax's quarter-end funded net debt-to-equity ratio of 0.28:1 at December 31, 2011 decreased from the September 30, 2011 ratio of 0.43:1.
Dividends
For the fourth quarter ended December 31, 2011 monthly dividends declared totaled $0.60 per share. For the fourth quarter ended December 31, 2010 monthly cash distributions declared as an income fund were $1.65 per unit.
Backlog
Consolidated backlog at December 31, 2011 of $267.7 million increased $3.9 million from $263.8 million at September 30, 2011 and increased $50.4 million from $217.3 million at December 31, 2010. Backlog includes the total retail value of customer purchase orders for future delivery or commissioning.
Fourth Quarter Results of Operations
Equipment
Revenue in the fourth quarter of 2011 increased $32.6 million, or 20%, to $192.3 million from $159.7 million in the fourth quarter of 2010. Segment earnings for the quarter increased $3.5 million to $14.3 million compared to the fourth quarter of 2010. The following factors contributed to the Equipment segment's fourth quarter results:
Backlog of $146.6 million at December 31, 2011 increased $0.7 million compared to September 30, 2011 and increased $52.6 million compared to December 31, 2010.
Industrial Components
Revenue of $90.2 million in the fourth quarter of 2011 increased $12.4 million, or 16%, from $77.8 million in the fourth quarter of 2010. Segment earnings increased $3.3 million to $5.9 million in the fourth quarter compared to the same quarter in the previous year. The following factors contributed to the segment's fourth quarter results:
Backlog of $44.8 million as of December 31, 2011 decreased $2.5 million compared to September 30, 2011 and increased $9.4 million compared to December 31, 2010.
Power Systems
Revenue in the fourth quarter of 2011 increased $15.3 million, or 19%, to $95.5 million compared to $80.2 million in the same quarter of 2010. Excluding the Harper acquisition, Power Systems revenue in the fourth quarter of 2011 decreased $4.6 million, or 6% compared to the same quarter last year. Segment earnings increased $1.4 million to $7.9 million in the fourth quarter compared to the same quarter in the previous year. The following factors impacted quarterly revenue and earnings:
Backlog of $76.3 million as of December 31, 2011 increased $5.8 million compared to September 30, 2011 and decreased $11.6 million compared to December 31, 2010.
Fourth Quarter Cash Flows
Net Cash Flows Generated from Operating Activities
Net cash flows generated from operating activities amounted to $48.7 million in the fourth quarter of 2011, compared to $41.4 million in the same quarter of the previous year. The $7.3 million increase was due mainly to higher cash flows from operating activities before changes in operating assets and liabilities of $8.7 million and a decreased use of operating assets and liabilities of $1.4 million, partially offset by higher rental equipment additions of $2.0 million in the Equipment and Power Systems segments.
Changes in operating assets and liabilities for the fourth quarter in 2011 compared to the same periods in 2010 include the following components:
Changes in operating assets and liabilities
Significant components of the changes in operating assets and liabilities for the quarter ended December 31, 2011 are as follows:
On the consolidated statement of financial position at December 31, 2011, Wajax had employed $165.0 million in current assets net of current liabilities, exclusive of funded net debt, compared to $191.9 million at September 30, 2011. The $26.9 million decrease was due primarily to the cash flow factors listed above.
Investing Activities
During the fourth quarter of 2011, Wajax invested $2.6 million in capital asset additions net of disposals and $0.4 million in intangible asset additions, compared to $2.1 million and $0.5 million in the fourth quarter of 2010, respectively.
Financing Activities
The Corporation used $37.9 million of cash in financing activities in the fourth quarter of 2011 compared to $21.8 million in the same quarter of 2010. Financing activities in the quarter included bank debt and finance lease payments of $28.0 million and dividends paid to shareholders totaling $10.0 million, or $0.60 per share.
Liquidity and Capital Resources
On August 12, 2011, Wajax amended and extended the term of its $175 million bank credit facility to August 12, 2016 from December 31, 2011. The $1.1 million cost of extending the facility has been capitalized and will be amortized over the five year term. The terms of the $175 million bank credit facility include the following:
At December 31, 2011, Wajax had borrowed $60.0 million and issued $6.0 million of letters of credit for a total utilization of $66.0 million of its $175 million bank credit facility. At December 31, 2011 borrowing capacity under the bank credit facility was equal to $175.0 million.
Wajax also has a $15 million demand inventory equipment financing facility with a non-bank lender. The equipment notes payable under the facility bear floating rates of interest at margins over Canadian dollar bankers' acceptance yields. Principal repayments commence between 6 and 12 months from the date of financing and the notes are due in full when the equipment is sold. At December 31, 2011 Wajax had no utilization of its $15 million equipment financing facility.
Since conversion to a corporation, Wajax has not made, and will not be required to make, any significant income tax payments until 2013 due to income tax payments being deferred as a result of its partnership structure. In January 2013, Wajax will be required to make an income tax payment of approximately $44 million. This includes approximately $23 million of tax on partnership income generated in 2011 and the balance representing income to be included in 2012 taxable income resulting from the recent change in tax legislation that has effectively removed the partnership income deferral benefit. The Corporation will also commence making monthly income tax installments in January 2013.
Wajax's $175 million bank credit facility along with an additional $15 million of capacity permitted under the credit facility, should be sufficient to meet Wajax's short-term normal course working capital, maintenance capital and growth capital requirements, including the January 2013 income tax payment. However, Wajax may be required to access the equity or debt markets in order to fund significant acquisitions and growth related working capital and capital expenditures.
Wajax sponsors certain defined benefit plans that cover executive employees, a small group of inactive employees and employees on long-term disability benefits. The fair value of the defined benefit plans' assets decreased $1.3 million to $11.3 million at December 31, 2011 due to a $0.7 million loss on plan assets and excess benefits paid over contributions for the year. The accrued benefit obligations of the plans at December 31, 2011 were $18.6 million and included a $4.3 million benefit obligation related to the Wajax Limited Supplemental Executive Retirement Plan (SERP) that is not funded but secured by a $4.6 million letter of credit. The resulting deficit for the plans at December 31, 2011 excluding the SERP was $3.1 million. The defined benefit plans are subject to actuarial valuations in 2012 and 2013. Management does not expect future cash contribution requirements to change materially from the 2011 contribution level of $1.0 million as a result of these valuations or any declines in the fair value of the defined benefit plans' assets.
Financial Instruments
Wajax uses derivative financial instruments in the management of its foreign currency and interest rate exposures. Wajax's policy is not to utilize derivative financial instruments for trading or speculative purposes. Significant derivative financial instruments outstanding at the end of the year were as follows:
Wajax measures financial instruments held for trading and not accounted for as hedging items, at fair value with subsequent changes in fair value being charged to earnings. Derivatives designated as effective hedges are measured at fair value with subsequent changes in fair value being charged to other comprehensive income. The fair value of derivative instruments is estimated based upon market conditions using appropriate valuation models. The carrying values reported in the balance sheet for financial instruments are not significantly different from their fair values.
Wajax is exposed to non-performance by counterparties to short-term currency forward contracts. These counterparties are large financial institutions with "Stable" outlook and high short-term and long-term credit ratings from Standard and Poor's. To date, no such counterparty has failed to meet its financial obligations to Wajax. Management does not believe there is a significant risk of non-performance by these counterparties and will continue to monitor the credit risk of these counterparties.
The transition to IFRS did not have a material effect on the Corporation's accounting for financial instruments.
Currency Risk
Wajax's operating results are reported in Canadian dollars. While Wajax's sales are primarily denominated in Canadian dollars, significant portions of its purchases are in U.S. dollars. Changes in the U.S. dollar exchange rate can have a negative or positive impact on Wajax's revenue, margins and working capital balances. Wajax enters into short-term currency forward contracts to fix the cost of certain inbound inventory and to hedge certain foreign currency-denominated sales to (receivables from) customers as part of its normal course of business. See the Financial Instruments section.
A declining U.S. dollar relative to the Canadian dollar can have a negative effect on Wajax's revenue and cash flows as a result of certain products being imported from the U.S. Market conditions generally require Wajax to lower its selling prices as the U.S. dollar declines. As well, many of Wajax's customers export products to the U.S., and a strengthening Canadian dollar can negatively impact their overall competitiveness and demand for their products, which in turn may reduce product purchases from Wajax.
A strengthening U.S. dollar relative to the Canadian dollar can have a positive effect on Wajax's revenue as a result of certain products being imported from the U.S. Wajax will periodically institute price increases to offset the negative impact of foreign exchange rate increases and volatility on imported goods to ensure margins are not eroded.
Wajax maintains a hedging policy whereby significant transactional currency risks are identified and hedged.
Contractual Obligations
The $60.0 million bank debt obligation relates to the bank term credit facility. On August 12, 2011, Wajax amended and extended the term of its $175 million bank credit facility to August 12, 2016 from December 31, 2011.
The obligations under finance leases relate to certain vehicles financed under finance lease arrangements. The leases have a minimum one year term and are extended on a monthly basis thereafter until termination. For more information on Wajax's operating lease obligations, see the Off Balance Sheet Financing section.
Wajax also has contingent contractual obligations where Wajax has guaranteed the resale value of equipment sold ("guaranteed residual value contracts") or has guaranteed a portion of customer lease payments ("recourse contracts"). These contracts are subject to certain conditions being met by the customer. As at December 31, 2011, Wajax had guaranteed $5.3 million of contracts (2010 - $5.8 million) with commitments arising between 2012 and 2014. The commitments made by Wajax in these contracts reflect the estimated future value of the equipment, based on the judgment and experience of management. Wajax has recorded a $0.1 million provision in 2011 (2010 - $0.5 million) as an estimate of the financial loss likely to result from such commitments.
Off Balance Sheet Financing
Off balance sheet financing arrangements include operating lease contracts entered into for facilities with various landlords, a portion of the long-term lift truck rental fleet in Equipment with a non-bank lender and office equipment with various non-bank lenders. The total obligations for all operating leases are detailed in the Contractual Obligations section. At December 31, 2011, the non-discounted operating lease commitments for facilities totaled $67.9 million, rental fleet $2.5 million, and office equipment $0.9 million.
Although Wajax's consolidated contractual annual lease commitments decline year-by-year, it is anticipated that existing leases will either be renewed or replaced, resulting in lease commitments being sustained at current levels. In the alternative, Wajax may incur capital expenditures to acquire equivalent capacity.
Under IFRS, vehicle leases that were previously classified as operating leases under Canadian GAAP are assessed as financing leases. Assets under finance lease are capitalized at the commencement of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. The liability is recorded in the statement of financial position and classified between current and non-current amounts. Lease payments are apportioned between finance costs and a reduction of the obligations under finance leases liability so as to achieve a constant rate of return of interest on the remaining balance of the liability.
In addition, the Equipment segment had $41.5 million (2010 - $39.4 million) of consigned inventory on-hand from a major manufacturer at December 31, 2011. In the normal course of business, Wajax receives inventory on consignment from this manufacturer which is generally sold to customers or purchased by Wajax. This consigned inventory is not included in Wajax's inventory as the manufacturer retains title to the goods.
In the event the inventory consignment program was terminated, Wajax would utilize interest free financing, if any, made available by the manufacturer and/or utilize capacity under its credit facilities. Although management currently believes Wajax has adequate debt capacity, Wajax would have to access the equity or debt markets, or temporarily reduce dividends to accommodate any shortfalls in Wajax's credit facilities. See the Liquidity and Capital Resources section.
Dividends and distributions
Dividends to shareholders for the periods January 1, 2011 to December 31, 2011 and distributions to unitholders as an income fund for the periods January 1, 2010 to December 31, 2010 were declared as follows:
For the year ending December 31, 2011, Wajax declared dividends to shareholders totaling $2.14 per share. For the year ending December 31, 2010, Wajax declared monthly cash distributions to unitholders totaling $3.40 per unit. Dividends paid in 2011 and distributions paid in 2010 were funded from cash generated from operating activities.
Commencing in 2012, the Corporation has established an objective of declaring annual dividends equal to at least 75% of earnings subject to the Corporation's financial condition, economic outlook and capital requirements for growth including acquisitions. The Corporation's intention is to continue paying dividends on a monthly basis.
Tax information relating to 2011 dividends and prior year distributions is available on Wajax's website at .
Productive Capacity and Productive Capacity Management
Wajax is a distributor and service support provider. As such, Wajax's productive capacity is determined primarily by its branch infrastructure across Canada, manufacturer relationships and other maintenance and growth capital employed.
Wajax operates from 117 facilities throughout Canada, of which 88 are leased. During the second quarter of 2011, Wajax increased its productive capacity through the acquisition of Harper which increased the Power Systems' Ontario infrastructure by an additional 9 branches. Wajax's principal properties are primarily sales and service branches.
Wajax seeks to distribute leading product lines in each of its regional markets and its success is dependent upon continuing relationships with the manufacturers it represents. Wajax endeavours to align itself in long-term relationships with manufacturers that are committed to achieving a competitive advantage and long-term market leadership in their targeted market segments. In the Equipment and Power Systems segments, and in certain cases in the hydraulics and process pumps portion of the Industrial Components segment, manufacturer relationships are governed through effectively exclusive distribution agreements. Distribution agreements are for the most part open-ended, but are cancellable within a relatively short notification period specified in the agreement.
Maintenance capital employed includes rental fleet in the Equipment and Power Systems segments, which will vary with market demand, and other capital which is employed primarily to support and maintain the branch network operations.
In addition, Wajax enters into off balance sheet financing arrangements including operating lease contracts entered into for a portion of the long-term lift truck rental fleet in Equipment and office equipment. At December 31, 2011, the non-discounted operating lease commitments for rental fleet totaled $2.5 million and office equipment $0.9 million.
Financing Strategies
Wajax's $175 million bank credit facility along with the $15 million demand inventory equipment financing facility should be sufficient to meet Wajax's short-term normal course working capital, maintenance capital and growth capital requirements.
Wajax's short-term normal course requirements for current assets net of current liabilities, exclusive of funded net debt ("working capital") can swing widely quarter-to-quarter due to the timing of large inventory purchases and/or sales and changes in market activity. In general, as Wajax experiences growth, there is a need for additional working capital as was the case in 2011. Conversely, as Wajax experiences economic slowdowns working capital reduces reflecting the lower activity levels as was the case in 2009. Fluctuations in working capital are generally funded by, or used to repay, the bank credit facility.
Wajax may be required to access the equity or debt markets in order to fund significant acquisitions and growth related working capital and capital expenditures.
Borrowing capacity under the bank credit facility is dependent on the level of Wajax's inventories on-hand and outstanding trade accounts receivables. At December 31, 2011, total borrowing capacity under the bank credit facility was equal to $175 million of which $66 million was utilized at December 31, 2011.
The bank credit facility contains covenants that could restrict the ability of Wajax to make dividend payments, if (i) the leverage ratio (Debt to EBITDA) is greater than 3.0 at the time of declaration of the dividend, and (ii) an event of default ex
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Datum: 06.03.2012 - 13:10 Uhr
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