Toromont Announces Results for the First Quarter of 2013 and Regular Quarterly Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/24/13 -- Toromont Industries Ltd. (TSX: TIH) today reported financial results for the three-month period ended March 31, 2013, with revenues up 11% and net earnings up 5% compared to the first quarter of 2012.
"We are pleased with results for the first quarter, traditionally our weakest due to seasonality. Revenues were up 11% from a year ago, fueled by increased equipment sales, rentals and product support," said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. "Earnings also increased, a testimony to our strong market position and product diversity following a period of heavy contributions from mining equipment sales. Gross margins were dampened by competitive equipment markets driven by a global surplus of new equipment, and additional costs associated with the growth of the product support organization."
Highlights:
"We are encouraged with the results for the first quarter of the year, our best ever first quarter. Activity levels and sentiment in the core construction markets, rental segments and improved performance at Power Systems were healthy," continued Mr. Medhurst. "In the short term, mining will not repeat the substantial contribution to results achieved last year, however growing product support and rental activity are expected to provide a measure of counter balance. At CIMCO, recreational bookings recovered to more normal levels and the order backlog position bodes well for performance this year."
Annual and Special Meeting of Shareholders
The Company will hold its Annual and Special Meeting of Shareholders on April 25, 2013, at 10 a.m. (ET) in the Imperial Room at the Fairmont Royal York Hotel in Toronto, Ontario. The meeting will also be available via live audio webcast at .
Quarterly Results Materials
The complete first quarter report for 2013, including MD&A and unaudited interim condensed financial statements, is available on our website at .
Quarterly Conference Call and Webcast
Interested parties are invited to join the quarterly conference call with investment analysts, in listen-only mode, on Wednesday, April 24, 2013 at 2:00 p.m. (ET). The call may be accessed by telephone at 1-866-226-1792 (toll free) or 416-340-2216 (Toronto area). A replay of the conference call will be available until Wednesday, May 8, 2013 by calling 1-800-408-3053 or 905-694-9451 and quoting passcode 3052783.
Both the live webcast and the replay of the quarterly conference call can be accessed at .
Advisory
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time including, but not limited to, general economic and industry growth rates, commodity prices, currency exchange and interest rates, competitive intensity and shareholder and regulatory approvals.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Toromont to control or predict. The actual results, performance or achievements of Toromont could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: business cycles, including general economic conditions in the countries in which Toromont operates; commodity price changes, including changes in the price of precious and base metals; changes in foreign exchange rates, including the Cdn$/US$ exchange rate; the termination of distribution or original equipment manufacturer agreements; equipment product acceptance and availability of supply; increased competition; credit of third parties; additional costs associated with warranties and maintenance contracts; changes in interest rates; the availability of financing; and, environmental regulation.
Any of the above mentioned risks and uncertainties could cause or contribute to actual results that are materially different from those expressed or implied in the forward-looking information and statements included in this press release. For a further description of certain risks and uncertainties and other factors that could cause or contribute to actual results that are materially different, see the risks and uncertainties set out in the "Risks and Risk Management" and "Outlook" sections of Toromont's most recent annual or interim Management Discussion and Analysis, as filed with Canadian securities regulators at and may also be found at . Other factors, risks and uncertainties not presently known to Toromont or that Toromont currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Toromont disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
About Toromont
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries can be found at .
Contacts:
Toromont Industries Ltd.
Paul R. Jewer
Executive Vice President and Chief Financial Officer
(416) 667-5638
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Datum: 24.04.2013 - 15:34 Uhr
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