2011, A Record-Breaking Year for Uni-Select
(firmenpresse) - BOUCHERVILLE, QUEBEC -- (Marketwire) -- 03/08/12 --
Dividend raise of 8.3%
Uni-Select Inc. (TSX: UNS) generated sales of 436.7 million dollars in the fourth quarter of 2011, compared to 305.4 million dollars in the same period of 2010. Net earnings increased to 11.7 million dollars in the fourth quarter of 2011 or $0.54 per share compared to 10.2 million dollars or $0.52 per share for the same quarter of the previous year.
(Unless otherwise indicated, all amounts in this press release are expressed in US dollars and are presented in keeping with International Financial Reporting Standards (IFRS).)
The increase in total sales stems primarily from the addition of FinishMaster's operations and the acquisition of the activities of Parts Depot in the last quarter combined with organic growth of 3.4%. The Canadian operations, with sales amounting to 123.5 million dollars, recorded organic growth of 1.6% during the fourth quarter. The American operations recorded organic sales growth of 4.2% to reach 313.2 million dollars.
The adjusted EBITDA margin was 5.2% in the fourth quarter of 2011, an increase of 0.2% compared to the same quarter in 2010. This increase is mainly the result of improvements in the terms and conditions extended by suppliers of products partially offset by pressures on margins resulting from an unfavourable variation in the mix of customers.
"We are proud to record improved sales and net earnings for the eighth quarter in a row. Growth has come from an increase in organic sales and a contribution of recently acquired businesses. FinishMaster largely contributed to the improvement of our quarterly results. The integration plan of FinishMaster, including store consolidation, evolves as planned. We remain confident that the target of 10 million dollars in annual synergies within two years is attainable." said Mr. Richard G. Roy, President and Chief Executive Officer of Uni-Select.
"In addition, the fourth quarter results were favourably impacted by the operations derived from the assets acquired from Parts Depot in the last quarter. The 2012 results will also benefit from the contribution of this latest addition and from the proactive margin management initially reflected in the results of the last quarter." added Mr. Roy.
Financial Highlights for Fiscal Year Ended December 31, 2011
For the period ended December 31, 2011, sales amounted to 1,780.6 million dollars compared to sales of 1,285.4 million in 2010. Net earnings totalled 56.5 million dollars or $2.61 per share compared to 45.1 million dollars or $2.29 per share for the same period in 2010.
Canadian operations recorded sales of 538.3 million dollars compared to 503.5 million dollars in the previous year. Organic growth was in excess of 3.5%. The organic growth calculation takes into account that there were two business days less in 2011 and excludes the exchange rate fluctuation from Canadian to American dollar.
Sales from American operations during the same period in 2011 reached 1,242.3 million dollars compared to 781.8 million dollars in 2010, including an organic growth of 2.1%.
The adjusted EBITDA margin stood at 6.2% in 2011, a slight decrease when compared to 6.3% recorded in 2010. This decrease is mainly due to an increase in fuel cost that negatively impacted delivery charges and to pressures on margins resulting from an unfavourable variation in customer mix. These items were partially offset by improvements in the terms and conditions extended by suppliers.
In closing, the Board of Directors of Uni-Select declared a dividend of CDN$0.13 per share payable on April 20, 2012 to common shareholders of record on March 30, 2012. This improvement in the dividend represents an increase of 8.3% compared to the preceding quarter. 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 leading independent distributor of automotive paint and related products. With 6,600 employees, the Uni- Select network includes over 2,500 independent jobbers and services more than 3,500 points of sale 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.
Adjustments have been made to some 2010 figures in order to reflect the transition from Canadian Generally Accepted Accounting Principles (GAAP) to international standards.
Additional Information
It is possible to consult the management report and the unaudited financial statements as well as accompanying notes for the Fourth Quarter of 2011 in the "Investor Information" section found at the Corporation's website at: as well as on SEDAR's: . The reader will also find on these websites the Corporation's audited Annual Report as well as other information related to Uni-Select, including the Annual Notice.
Conference Call
Thursday, March 8, 2012 at 3 PM (EST), Uni-Select will host a conference call to discuss the 2011 Fourth Quarter financial results. To join the conference, dial 1 866 696-5910 followed by 8567461.
The Statement of Earnings by nature required by International Financial Reporting Standards ("IFRS") is presented in Note 19.
The accompanying notes are an integral part of the Interim Consolidated Financial Statements.
The accompanying notes are an integral part of the Interim Consolidated Financial Statements.
The accompanying notes are an integral part of the Interim Consolidated Financial Statements.
The accompanying notes are an integral part of the Interim Consolidated Financial Statements.
The accompanying notes are an integral part of the Interim Consolidated Financial Statements.
Contacts:
Source:
UNI-SELECT INC.
Karine Vachon
Investor Relations and
Communications Manager
(450) 641-6972
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Datum: 08.03.2012 - 16:13 Uhr
Sprache: Deutsch
News-ID 123083
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Parts and Accessories
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