Uni-Select Inc.: Third Quarter Results
- Increase in sales of 41%; - Increase in EBITDA of 27% and; - Increase in net earnings of 26%
(firmenpresse) - BOUCHERVILLE, QUEBEC, CANADA -- (Marketwire) -- 11/08/11 -- Uni-Select Inc. (TSX: UNS) had sales of 472 million dollars in the third quarter of 2011, compared to 335 million dollars in 2010. Net earnings increased to 16.6 million dollars in the third quarter of 2011 or $0.77 per share compared to 13.2 million dollars or $0.67 per share last year.
(Unless otherwise indicated, all the amounts in this press release are expressed in US dollars.)
The increase in total sales stems primarily from the addition of FinishMaster's operations combined with an organic growth of 4.1%. Sales from Canadian operations reached 149.6 million dollars, an increase of 19 million dollars compared to the corresponding quarter of 2010. This increase arises from an organic growth of 8.2% during the quarter as well as from the positive effects of the variation of the Canadian dollar vis-a-vis the US dollar. American operations, for their part, recorded an organic growth of 2.4% to reach sales of 322.9 million dollars.
The EBITDA margin was 6.3% in the third quarter of 2011, a decrease over the corresponding quarter of last year. This variation mainly comes from rising energy prices, decreasing product prices and changes in the product mix.
"We are pleased to report significant increase in sales resulting from organic and acquisition growth. FinishMaster contributed significantly to the improvement of our quarterly results and the integration of activities such as the consolidation of certain stores is proceeding as planned. We are very confident that we can reach the expected 10 million per year synergies within three years" declared Mr. Richard G. Roy, President and CEO of Uni-Select.
"Finally, the fourth quarter results will benefit from the implementation in the third quarter of proactive margin improvement, for which we have begun to see the benefits. Moreover, the impact on sales from the operations in Florida acquired from Parts Depot in late October should help results. By the end of 2012, these operations will have been fully integrated within our operations, as well as with those of FinishMaster" added Mr. Roy.
For the nine-month period ended September 30, 2011, sales amounted to 1,344 million dollars, compared to 980 million dollars for the same period of last year. Net earnings rose to 44.8 million dollars or $2.07 per share compared to net earnings of 34.9 million dollars or $1.77 per share for the corresponding period of last year.
For the nine-month period ended September 30, 2011, Canadian operations reached total sales of 415 million dollars compared to 379 million dollars for the same period of last year. If we exclude the impact of the exchange rate, organic growth was over 4.1%.
Total sales from the American operations reached 929 million dollars for the first nine months of 2011 compared to 601 million dollars for the same period of 2010, including an organic growth of 1.5%.
Finally, the Board of Directors of Uni-Select Inc. approved the payment on January 20, 2012 of a quarterly dividend of $0.12 Canadian per common share to shareholders of record at December 30, 2011. This dividend is an eligible dividend for tax purposes.
About Uni-Select
Founded in 1968, Uni-SelectTM is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories. Uni-Select USA, Inc., a subsidiary of Uni-Select, offers the same products and services to its customers in the United States, where it is the 6th largest distributor; in addition, Uni-Select is, in this market, the premier independent distributor of coatings, body and equipment products to the collision repair industry. 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 Montreal. Uni-Select shares (UNS) are traded on the TSX.
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.
Additional Information
It is possible to consult the management report and the unaudited financial statements as well as accompanying notes for the Third Quarter of 2011 in the "Investor Information" section found at the Corporation's website at: as well as on SEDAR's website: . The reader will also find on these websites the Corporation's Annual Management report as well as other information related to Uni-Select, including the Annual Notice.
Conference Call with the Financial Community
Tuesday November 8, 2011, at 3 pm (EST), Uni-Select will host a conference call for the financial community. To join the conference, dial 1-866-696-5910 followed by 8567461
The accompanying notes are an integral part of the Consolidated Financial Statements.
Contacts:
Source: UNI-SELECT INC.
(450) 641-6903
Mr. Richard G. Roy
President and Chief Executive Officer
Mr. Denis Mathieu
Vice President and Chief Financial Officer
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Datum: 08.11.2011 - 17:55 Uhr
Sprache: Deutsch
News-ID 85364
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BOUCHERVILLE, QUEBEC, CANADA
Kategorie:
Parts and Accessories
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