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07.08.2014 20:23
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AutoCanada Inc. announces strong results for the quarter ended June 30, 2014:
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PR Newswire
EDMONTON, Aug. 7, 2014
A conference call to discuss the results for the reporting period ended June 30, 2014 will be held on August 8, 2014 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time). To participate in the conference call, please dial 1-888-231-8191 or (647) 427-7450 approximately 10 minutes prior to the call. A live and archived audio webcast of the conference call will also be available on the Company's website www.autocan.ca.
EDMONTON, Aug. 7, 2014 /CNW/ - AutoCanada Inc. (the "Company" or "AutoCanada") (TSX: ACQ) today announced financial results for the reporting period ended June 30, 2014.
| 2014 Second Quarter Highlights | |
|
In commenting on the second quarter of 2014, Pat Priestner, Chairman and Chief Executive Officer of AutoCanada Inc., stated that, "The second quarter of 2014 was productive, the Company having completed seven dealership acquisitions, as well as two additional acquisitions in early July. We are pleased with the quality of dealerships we have acquired, which includes the Hyatt Group of Dealerships in Calgary, our largest acquisition to date; two new brands to our portfolio, being BMW and MINI, through our acquisition of BMW Canbec and MINI Mont Royal, located in Montreal, Quebec, which is also a new market for the Company; and an expansion of our Saskatoon platform with the addition of Dodge City; one of the highest volume Chrysler Dodge Jeep Ram stores in the prairies."
Mr. Priestner further added, "Our experience over the past 18 months has made it clear to us that dealership succession has become a key issue in the Canadian automotive retail market, and, as a result, the Company increased its acquisition guidance in June of 2014. As the deal pipeline remains strong, Management maintains this guidance and is confident that, in addition to acquisitions completed to date, it shall add an additional 8 to 10 dealerships by May 31, 2015. In order to fund the higher rate of growth, the Company successfully completed a $150 million bond offering in May, followed in early July by a $200 million equity offering providing the Company with the necessary liquidity to enable it to execute upon this increased guidance, which we believe will create substantial shareholder value in the future."
Commenting on the results for the second quarter of 2014, Mr. Priestner stated, "In addition to the acquisition activity, Management is pleased with second quarter operating performance. In addition to revenues, gross profit and earnings each benefitting from our acquisitions over the past 12 months, Management is pleased to report further improved same store gross profit in all four operating departments, a testament to the hard work and commitment of our dealer principals, dealership staff, and our head office dealer support services team."
Regarding the increase in dividend, Mr. Priestner commented, "Since our IPO in 2006, the Company has not changed its philosophy of returning profits to our shareholders as a means of enhancing shareholder value. With the continued strength of the Canadian auto retail market generally and the Company's strong performance, the Board decided to raise the quarterly dividend for the fourteenth consecutive quarter to $0.24 per share or $0.96 per share on an annualized basis."
Second Quarter 2014 Highlights
- The Company generated net earnings of $12.8 million or earnings per share of $0.588 versus earnings per share of $0.532 in the second quarter of 2013. Pre-tax earnings increased by $2.5 million to $17.3 million in the second quarter of 2014 as compared to $14.8 million in the same period in 2013.
- Same store revenue increased by 4.1% in the second quarter of 2014, compared to the same quarter in 2013. Same store gross profit increased by 5.4% in the second quarter of 2014, compared to the same quarter in 2013.
- Revenue from existing and new dealerships increased 19.8% to $465.3 million in the second quarter of 2014 from $388.4 million in the same quarter in 2013.
- Gross profit from existing and new dealerships increased 20.4% to $78.0 million in the second quarter of 2014 from $64.9 million in the same quarter in 2013.
- EBITDA increased 31.5% to $21.7 million in the second quarter of 2014 from $16.5 million in the same quarter in 2013.
- Free cash flow decreased to $9.9 million in the second quarter of 2014 or $0.45 per share as compared $13.5 million or $0.66 per share in the first quarter of 2013.
- Adjusted free cash flow increased to $15.5 million in the second quarter of 2014 or $0.71 per share as compared to $13.4 million or $0.66 per share in 2013.
Dividends
Management reviews the Company's financial results on a monthly basis. The Board of Directors reviews the financial results on a quarterly basis, or as requested by Management, and determine whether a dividend shall be paid based on a number of factors.
The following table summarizes the dividends declared by the Company in 2014:
| (In thousands of dollars) | | | | | | | ||||||
| | | | | | | Total | ||||||
| Record date | Payment date | | | | | Declared | Paid | | ||||
| | | | | | | $ | $ | | ||||
| February 28, 2014 | March 17, 2014 | | | | | 4,760 | 4,760 | | ||||
| May 30, 2014 | June 16, 2014 | | | | | 5,022 | 5,022 | | ||||
| | | | | | | | | | ||||
On August 7, 2014, the Board declared a quarterly eligible dividend of $0.24 per common share on AutoCanada's outstanding Class A common shares, payable on September 15, 2014 to shareholders of record at the close of business on August 29, 2014. The quarterly eligible dividend of $0.24 represents an annual dividend rate of $0.96 per share.
Eligible dividend designation
For purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) (the "ITA") and any corresponding provincial and territorial tax legislation, all dividends paid by AutoCanada or any of its subsidiaries in 2010 and thereafter are designated as "eligible dividends" (as defined in 89(1) of the ITA), unless otherwise indicated. Please consult with your own tax advisor for advice with respect to the income tax consequences to you of AutoCanada Inc. designating dividends as "eligible dividends".
SELECTED QUARTERLY FINANCIAL INFORMATION
The following table shows the unaudited results of the Company for each of the eight most recently completed quarters. The results of operations for these periods are not necessarily indicative of the results of operations to be expected in any given comparable period.
| (in thousands of dollars, | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Income Statement Data | | | | | | | | |
| New vehicles | 190,065 | 159,026 | 174,279 | 254,261 | 257,222 | 197,097 | 216,524 | 289,918 |
| Used vehicles | 62,816 | 57,260 | 62,656 | 77,113 | 85,975 | 75,137 | 85,968 | 102,025 |
| Parts, service and collision | 28,488 | 29,920 | 29,515 | 34,455 | 37,104 | 41,267 | 40,724 | 46,078 |
| Finance, insurance and other | 16,783 | 14,931 | 17,604 | 22,557 | 22,533 | 20,276 | 21,050 | 27,304 |
| Revenue | 298,152 | 261,137 | 284,054 | 388,386 | 402,834 | 333,777 | 364,266 | 465,325 |
| New vehicles | 15,556 | 15,527 | 16,039 | 20,792 | 20,694 | 18,326 Werbung Mehr Nachrichten zur AutoCanada Aktie kostenlos abonnieren
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