AutoCanada Inc. Announces 2015 Annual Adjusted Net Earnings Per Share of $1.64

EDMONTON, March 17, 2016 /CNW/ - AutoCanada Inc. (the "Company" or "AutoCanada") (TSX: ACQ) today announced financial results for the year ended December 31, 2015 and the three month period ended December 31, 2015.

2015 Annual Highlights

  • Revenue from existing and new dealerships increased by 31.1%, or $689.0 million, to $2,903.8 million in 2015 from $2,214.8 million in 2014.

  • Gross profit from existing and new dealerships increased by 30.7%, or $114.6 million, to $487.7 million in 2015 from $373.1 million in 2014.

  • Adjusted EBITDA attributable to AutoCanada shareholders increased by 5.3%, or $4.7 million, to $93.9 million in 2015 from $89.2 million in 2014.

  • EBITDA attributable to AutoCanada shareholders remained flat at $89.8 million in 2015 compared to $89.4 million in 2014.

  • The Company generated net earnings attributable to AutoCanada shareholders of $22.8 million (after impairment expense of $18.1 million) and basic earnings per share of $0.93 versus basic earnings per share of $2.31 in 2014. Pre-tax earnings attributable to AutoCanada shareholders decreased by 44.5%, or $31.3 million, to $39.0 million in 2015 as compared to $70.3 million in 2014.

  • The Company generated adjusted net earnings attributable to AutoCanada shareholders of $40.2 million from $51.6 million in 2014. Basic adjusted net earnings per share of $1.64 versus $2.24 in 2014. 

  • Same store revenue decreased by 5.9% in 2015, compared to 2014. Same store gross profit decreased by 11.7% in 2015, compared to 2014.

  • Free cash flow decreased to $38.7 million in 2015 or $1.57 per share as compared to $63.7 million or $2.70 per share in 2014.

  • Adjusted free cash flow decreased to $38.8 million in 2015 or $1.59 per share as compared to $62.1 million or $2.67 per share in 2014.

  • Same store new vehicle retail revenue decreased by 14.2%, or $119.7 million, to $722.0 million in 2015 from $841.7 million in 2014.

  • Same store used vehicle retail revenue increased by 10.4%, or $27.5 million, to $292.3 million in 2015 from $264.8 million in 2014.

  • Same store parts, service and collision repair revenue increased by 2.8%, or $4.9 million, to $177.3 million in 2015 from $172.4 million in 2014.

 

2015 Fourth Quarter Highlights

  • Revenue from existing and new dealerships increased by 2.6%, or $17.0 million, to $672.3 million in the fourth quarter of 2015 from $655.3 million in the same quarter in 2014.

  • Gross profit from existing and new dealerships increased by 8.8%, or $10.0 million, to $123.9 million in the fourth quarter of 2015 from $113.9 million in the same quarter in 2014.

  • Adjusted EBITDA attributable to AutoCanada shareholders increased by 7.0%, or $1.7 million, to $25.9 million in the fourth quarter of 2015 from $24.2 million in the same quarter in 2014.

  • EBITDA attributable to AutoCanada shareholders decreased by 4.9%, or $1.2 million, to $23.4 million in the fourth quarter of 2015 from $24.6 million in the same quarter in 2014.

  • The Company generated net loss attributable to AutoCanada shareholders of $7.4 million (after impairment expense of $18.1 million) and basic earnings per share of ($0.29) versus basic earnings per share of $0.60 in the fourth quarter of 2014. Pre-tax (loss) earnings attributable to AutoCanada shareholders decreased by 120.3%, or $23.1 million, to ($3.9) million in the fourth quarter of 2015 as compared to $19.2 million in the same period in 2014.

  • The Company generated adjusted net earnings attributable to AutoCanada shareholders of $8.5 million compared to $12.6 million in the same quarter in 2014. Basic adjusted net earnings per share of $0.34 versus $0.52 in the fourth quarter of 2014. 

  • Same store revenue decreased by 12.1% in the fourth quarter of 2015, compared to the same quarter in 2014. Same store gross profit decreased by 14.3% in the fourth quarter of 2015, compared to the same quarter in 2014.

  • Free cash flow decreased to $9.1 million in the fourth quarter of 2015 or $0.36 per share as compared to $39.8 million or $1.63 per share in the same quarter in 2014.

  • Adjusted free cash flow decreased to $8.1 million in the fourth quarter of 2015 or $0.32 per share as compared to $17.1 million or $0.70 per share in the same quarter in 2014.

  • Same store new vehicle retail revenue decreased by 21.0%, or $39.2 million, to $147.4 million in the fourth quarter of 2015 from $186.6 million in the same quarter in 2014.

  • Same store used vehicle retail revenue increased by 16.5%, or $10.2 million, to $71.9 million in the fourth quarter of 2015 from $61.7 million in the same quarter in 2014.

  • Same store parts, service and collision repair revenue increased by 2.6%, or $1.2 million, to $47.2 million in the fourth quarter of 2015 from $46.0 million in the same quarter in 2014.

 

"As I consider and reflect on the past year, it is abundantly obvious that fiscal 2015 was a year of challenges as well as opportunities. Almost half of our dealerships are located in Alberta and have been significantly impacted by a decline in consumer confidence which directly impacted consumer willingness to buy a new vehicle," stated Tom Orysiuk, President & Chief Executive Officer. "We are continuing to closely monitor the macroeconomic environment in our key markets, and specifically Alberta, and present indications suggests that fiscal 2016 will be more challenging than last year. The increase in unemployment levels and erosion of consumer confidence will likely continue throughout the year. To ensure that we have the flexibility to operate our businesses and the ability to take advantage of potential opportunities, we have embarked on a number of initiatives including the reduction of capital expenditures in fiscal 2016 by $39 million dollars compared to what we reported in November 2015, as well as a cost reduction plan which is intended to result in $15 million in annualized savings."

"Throughout fiscal 2015 all except two of our dealerships were profitable though in the case of our Western Canadian dealerships some were at significantly reduced levels as compared to previous years. We recently disposed of Newmarket Nissan Infiniti at a gain, despite not being profitable in 2015. This location was marginally profitable since its acquisition," stated Chris Burrows, Chief Financial Officer. "We will proceed throughout 2016 with prudent and pragmatic management that maintains a strong and conservatively managed balance sheet, while meeting all of our capital requirements and providing the necessary capital to take advantage of buying opportunities."

Dividends

Management reviews the Company's financial results on a monthly basis. The Board of Directors reviews the financial results periodically to determine whether a dividend shall be paid based on a number of factors.

The following table summarizes the dividends declared by the Company in 2015:





Record Date

Payment Date

Per Share ($)

Total ($)

February 28, 2015

March 16, 2015

0.25

6,102

May 31, 2015

June 15, 2015

0.25

6,111

August 31, 2015

September 15, 2015

0.25

6,110

November 30, 2015

December 15, 2015

0.25

6,109



1.00

24,432

 

On February 19, 2016, the Board declared a quarterly eligible dividend of $0.25 per common share on AutoCanada's outstanding Class A shares, payable on March 15, 2016 to shareholders of record at the close of business on February 29, 2016.

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".

Outlook

The Canadian economy remains flat overall, with continued downward pressure on the Alberta economy, mitigated by growth in British Columbia and Ontario. Economic uncertainty is expected to continue to define 2016. Canadian unemployment has increased to 7.3%, with unemployment at 7.9% in Alberta and 5.9% in Saskatchewan. With increased unemployment, our customers in Alberta and Saskatchewan are experiencing greater challenges in obtaining consumer retail financing. Management believes that increased unemployment and continued crude oil price volatility has negatively impacted consumer confidence in Alberta and Saskatchewan and continues to challenge the auto retail sector.

To mitigate these impacts, Management has set a five point strategy:

First, the Company continues to seek regional diversity to acquisitions when possible. Management believes the Company remains well positioned to continue to patiently seek out and acquire quality acquisitions at reasonable multiples which will provide sustainable, long term shareholder value.

Second, the Company has directed resources to increase integration efforts for the dealerships recently acquired, as well as actively monitoring the dealerships acquired in the prior year to ensure integration has been effective. Due to the increase of acquisition activity over the past two years, integration of individual dealerships has been a main focus. Implementation of policies, procedures, and best practices are the key to successful integration and Management believes these are main drivers in delivering long term shareholder value.

Third, the Company continues to manage the balance sheet. In 2015, the Company successfully negotiated an increase to its revolving credit facility by $50 million. As part of this process, the Company had renegotiated its covenants for this facility, which, together with the Company's free cash flow from operations, provide the necessary flexibility to meet all capital requirements, and provide the base to continue to pursue attractive acquisitions at reasonable multiples. The Company also used the proceeds from the equity offering for repayment of debt which strengthened the balance sheet by improving leverage ratios.

Fourth, to expedite the roll-out of certain marketing and sales process technologies to our dealerships to maximize all sales opportunities in a more challenging economic climate.

Fifth, to review all costs within the group and reduce or eliminate where possible. We are working with our dealer partners on a cost saving initiative target of $15 million in annualized operating cost reduction across the group. This goal has been communicated to the group as well as Head Office with expected timeline for meeting set targets throughout 2016, expected to be fully realized in 2017.

In regard to future growth, Management is pleased with the quality of potential acquisitions currently in the pipeline and expects to acquire additional dealerships in 2016.

SELECTED ANNUAL FINANCIAL INFORMATION
The following table shows the results of the Company for the years ended December 31, 2015, December 31, 2014 and December 31, 2013. The results of operations for these years are not necessarily indicative of the results of operations to be expected in any given comparable period.





(in thousands of dollars, except Gross Profit %,
Earnings per share, and Operating Data)

2015

2014

2013

Income Statement Data





New vehicles

1,668,237

1,342,346

882,858


Used vehicles

704,569

495,352

300,881


Parts, service and collision repair

387,614

255,707

142,343


Finance, insurance and other

143,383

121,373

82,958

Revenue

2,903,803

2,214,778

1,409,040


New vehicles

122,408

106,002

75,835


Used vehicles

40,629

29,501

20,273


Parts, service and collision repair

193,868

128,566

73,755


Finance, insurance and other

130,804

109,080

76,172

Gross profit

487,709

373,149

246,035

Gross Profit %

16.8%

16.8%

17.5%

Operating expenses

395,877

290,904

188,519

Operating expense as a % of gross profit

81.2%

78.0%

76.6%

Income from investments in associates

-

3,490

2,241

Income from loans to associates

49

-

-

Impairment (recovery) of intangible assets and goodwill

18,757

(1,767)

(746)

Net earnings attributable to AutoCanada shareholders

22,821

53,132

38,166

EBITDA attributable to AutoCanada shareholders

89,838

89,434

58,469

Basic earnings per share

0.93

2.31

1.83

Diluted earnings per share

0.92

2.30

1.83

Adjusted earnings per share

1.64

2.24

1.82

Dividends declared per share

1.00

0.94

0.88

Operating Data




Vehicles (new and used) sold excluding GM

51,503

46,393

35,774

Vehicles (new and used) sold including GM

62,799

52,147

40,136

New vehicles sold including GM

42,457

36,422

28,024

New retail vehicles sold

35,323

30,346

20,523

New fleet vehicles sold

7,134

6,076

4,876

Used retail vehicles sold

20,342

15,725

10,375

Number of service & collision repair orders completed

847,702

601,597

364,361

Absorption rate

91%

85%

87%

# of dealerships at year end

54

48

28

# of same store dealerships

28

23

21

# of service bays at year end

912

822

406

Same store revenue growth

(5.9)%

8.9%

17.2%

Same store gross profit growth

(11.7)%

7.9%

17.5%

Balance Sheet Data




Cash and cash equivalents

62,274

72,462

35,113

Trade and other receivables

90,821

92,138

57,771

Inventories

596,542

563,277

278,091

Revolving floorplan facilities

548,322

527,780

264,178


*See the Company's Management's Discussion and Analysis for the year ended December 31, 2015 for complete footnote disclosures.

 

SELECTED QUARTERLY 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, except Gross Profit %,
Earnings per share, and Operating Data)

Q4
2015

Q3
2015

Q2
2015

Q1
2015

Q4
2014

Q3
2014

Q2
2014

Q1
2014

Income Statement Data










New vehicles

368,242

471,018

483,435

345,542

379,094

456,810

289,918

216,524


Used vehicles

167,100

179,270

194,956

163,243

148,579

158,779

102,025

85,969


Parts, service and collision repair

102,220

93,139

99,304

92,951

91,225

77,680

46,078

40,724


Finance, insurance and other

34,752

37,778

39,182

31,671

36,355

37,267

27,038

20,713

Revenue

672.314

781,205

816,877

633,407

655,253

730,536

465,059

363,930


New vehicles

27,482

34,300

34,861

25,765

29,325

35,086

23,792

17,799


Used vehicles

10,326

10,949

11,000

8,354

7,808

9,637

6,505

5,551


Parts, service and collision repair

51,760

48,336

49,859

43,913

45,687

38,913

23,373

20,593


Finance, insurance and other

34,354

35,088

33,955

27,407

31,109

34,714

24,077

19,180

Gross profit

123,922

128,673

129,675

105,439

113,929

118,350

77,747

63,123

Gross Profit %

18.4%

16.5%

15.9%

16.6%

17.4%

16.2%

16.7%

17.3%

Operating expenses

101,310

100,824

100,568

93,175

90,283

90,695

59,227

50,699

Operating expenses as a % of gross profit

81.8%

78.4%

77.6%

88.4%

79.2%

76.6%

76.2%

80.3%

Income from investments in associates

-

-

-

-

-

359

2,238

893

Income from loans to associates

49

-

-

-

-

-

-

-

Impairment (recovery) of intangible assets and goodwill

18,757

-

-

-

(1,767)

-

-

-

Net (loss) earnings attributable to AutoCanada shareholders

(7,361)

11,690

13,523

4,969

14,240

17,765

12,831

8,296

EBITDA attributable to AutoCanada shareholders

23,352

26,379

27,397

12,687

24,605

28,674

21,702

14,453

Basic earnings per share

(0.29)

0.48

0.56

0.20

0.60

0.74

0.59

0.38

Diluted earnings per share

(0.29)

0.47

0.56

0.20

0.59

0.74

0.59

0.38

Adjusted earnings per share

0.34

0.51

0.56

0.23

0.52

0.71

0.61

0.40

Operating Data









Vehicles (new and used) sold excluding GM

12,345

13,092

14,723

11,343

12,774

14,966

9,887

8,766

Vehicles (new and used) sold including GM

14,150

17,086

17,739

13,824

15,415

18,079

12,414

9,945

New vehicles sold including GM

9,210

12,018

12,296

8,933

10,570

12,821

8,658

6,570

New retail vehicles sold

8,016

9,985

9,929

7,393

8,907

10,686

5,980

4,773

New fleet vehicles sold

1,194

2,033

2,367

1,540

1,663

2,135

1,146

1,132

Used retail vehicles sold

4,940

5,068

5,443

4,891

4,845

5,258

2,761

2,861

# of service and collision repair orders completed

230,772

202,692

215,142

199,096

216,427

198,612

97,559

91,999

Absorption rate

93%

91%

94%

85%

85%

93%

92%

85%

# of dealerships at period end

54

50

49

48

48

45

34

28

# of same store dealerships

28

26

24

23

23

23

23

23

# of service bays at period end

912

862

842

822

822

734

516

406

Same store revenue growth

(12.1)%

(6.9)%

(2.8)%

(3.5)%

10.9%

8.9%

4.1%

13.0%

Same store gross profit growth

(14.3)%

(14.1)%

(11.0)%

(8.5)%

5.7%

11.4%

5.4%

8.1%

Balance Sheet Data









Cash and cash equivalents

62,274

77,071

77,676

66,351

72,462

64,559

91,622

41,541

Trade receivables

90,821

118,853

124,683

104,753

92,138

115,074

85,837

69,747

Inventories

596,542

581,258

620,837

625,779

563,277

471,664

324,077

261,764

Revolving floorplan facilities

548,322

550,857

607,694

601,432

527,780

437,935

313,752

261,263



*See the Company's Management's Discussion and Analysis for the year ended December 31, 2015 for complete footnote disclosures.

 

The following tables summarizes the results for the year ended December 31, 2015 on a same store basis by revenue source and compares these results to the same period in 2014.

Same Store Revenue and Vehicles Sold



For the Year Ended

Revenue Source

(in thousands of dollars)

December 31,
2015

December 31,
2014

%
Change


New vehicles ‑ Retail

721,979

841,735

(14.2)%


New vehicles ‑ Fleet

151,160

145,473

3.9%

Total New vehicles

873,139

987,208

(11.6)%


Used vehicles ‑ Retail

292,314

264,769

10.4%


Used vehicles ‑ Wholesale

109,706

109,565

0.1%

Total Used vehicles

402,020

374,334

7.4%

Finance, insurance and other

79,389

93,207

(14.8)%

Subtotal

1,354,548

1,454,749

(6.9)%

Parts, service and collision repair

177,360

172,448

2.8%

Total

1,531,908

1,627,197

(5.9)%





New retail vehicles sold

18,978

22,593

(16.0)%

New fleet vehicles sold

4,868

4,634

5.0%

Used retail vehicles sold

11,006

11,542

(4.6)%

Total

34,852

38,769

(10.1)%

Total vehicles retailed

29,984

34,135

(12.2)%

 

 

Same Store Gross Profit and Profit Percentage




For the Year Ended


Gross Profit

Gross Profit %

Revenue Source

(in thousands of dollars)

December 31,
2015

December 31,
2014

%
Change

December 31,
2015

December 31,
2014

%
Change


New vehicles ‑ Retail

63,035

82,187

(23.3)%

8.7%

9.8%

(1.1)%


New vehicles ‑ Fleet

1,045

1,475

(29.2)%

0.7%

1.0%

(0.3)%

Total New vehicles

64,080

83,662

(23.4)%

7.3%

8.5%

(1.2)%


Used vehicles ‑ Retail

21,170

20,264

4.5%

7.2%

7.7%

(0.5)%


Used vehicles ‑ Wholesale

631

1,003

(37.1)%

0.6%

0.9%

(0.3)%

Total Used vehicles

21,801

21,267

2.5%

5.4%

5.7%

(0.3)%

Finance, insurance and other

73,017

86,055

(15.2)%

92.0%

92.3%

(0.3)%

Subtotal

158,898

190,984

(16.8)%

11.7%

13.1%

(1.4)%

Parts, service and collision repair

88,821

89,451

(0.7)%

50.1%

51.9%

(1.8)%

Total

247,719

280,435

(11.7)%

16.2%

17.2%

(1.0)%

 

The following tables summarizes the results for the three month period ended December 31, 2015 on a same store basis by revenue source and compares these results to the same period in 2014.

Same Store Revenue and Vehicles Sold




For the Three Months Ended

Revenue Source

(in thousands of dollars)

December 31,
2015

December 31,
2014

%
Change


New vehicles ‑ Retail

147,377

186,596

(21.0)%


New vehicles ‑ Fleet

16,964

27,175

(37.6)%

Total New vehicles

164,341

213,771

(23.1)%


Used vehicles ‑ Retail

71,900

61,747

16.4%


Used vehicles ‑ Wholesale

24,779

26,581

(6.8)%

Total Used vehicles

96,679

88,328

9.5%

Finance, insurance and other

17,971

23,079

(22.1)%

Subtotal

278,991

325,178

(14.2)%

Parts, service and collision repair

47,216

46,016

2.6%

Total

326,207

371,194

(12.1)%





New retail vehicles sold

3,889

5,092

(23.6)%

New fleet vehicles sold

709

976

(27.4)%

Used retail vehicles sold

2,633

2,702

(2.6)%

Total

7,231

8,770

(17.5)%

Total vehicles retailed

6,522

7,794

(16.3)%

 

 

Same Store Gross Profit and Gross Profit Percentage




For the Three Months Ended


Gross Profit

Gross Profit %

Revenue Source

(in thousands of dollars)

December 31,
2015

December 31,
2014

%
Change

December 31,
2015

December 31,
2014

%
Change


New vehicles ‑ Retail

12,152

16,005

(24.1)%

8.2%

8.6%

(0.4)%


New vehicles ‑ Fleet

322

611

(47.3)%

1.9%

2.2%

(0.3)%

Total New vehicles

12,474

16,616

(24.9)%

7.6%

7.8%

(0.2)%


Used vehicles ‑ Retail

5,375

4,311

24.7%

7.5%

7.0%

0.5%


Used vehicles ‑ Wholesale

235

(29)

910.3%

0.9%

(0.1)%

1.0%

Total Used vehicles

5,610

4,282

31.0%

5.8%

4.8%

1.0%

Finance, insurance and other

16,625

20,979

(20.8)%

92.5%

90.9%

1.6%

Subtotal

34,709

41,877

(17.1)%

12.4%

12.9%

(0.5)%

Parts, service and collision repair

21,745

23,970

(9.3)%

46.1%

52.1%

(6.0)%

Total

56,454

65,847

(14.3)%

17.3%

17.7%

(0.4)%

 

MD&A and Financial Statements

Information included in this press release is a summary of results. It should be read in conjunction with AutoCanada's consolidated financial statements and management's discussion and analysis for the year ended December 31, 2015, which can be found on the company's website at www.autocan.ca or on www.sedar.com.

Non-GAAP Measures

This press release contains certain financial measures that do not have any standardized meaning prescribed by Canadian GAAP. Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned these measures should not be construed as an alternative to net earnings (loss) or to cash provided by (used in) operating, investing, and financing activities determined in accordance with Canadian GAAP, as indicators of our performance. We provide these measures to assist investors in determining our ability to generate earnings and cash provided by (used in) operating activities and to provide additional information on how these cash resources are used. The following "Non-GAAP Measures" are defined in the annual MD&A; EBITDA; Adjusted EBITDA; Adjusted Net Earnings and Adjusted Net Earnings per Share; EBIT; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Average Capital Employed; Absorption Rate; Average Capital Employed; Return on Capital Employed; and Adjusted Return on Capital Employed.

Conference Call

A conference call to discuss the results for the year ended December 31, 2015 will be held on March 18, 2016 at 11:00am Eastern time (9:00am Mountain time). To participate in the conference call, please dial 1.888.231.8191 approximately 10 minutes prior to the call. A live and archived audio webcast of the conference call will also be available at the following:

http://event.on24.com/r.htm?e=1138776&s=1&k=5670927D507BA6F8F63D120F3127D98C

About AutoCanada

AutoCanada is one of Canada's largest multi‑location automobile dealership groups, currently operating 53 dealerships, comprised of 60 franchises, (see "GROWTH, ACQUISITIONS, RELOCATIONS AND REAL ESTATE") in 8 provinces and has over 3,700 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW and MINI branded vehicles. In 2014, our dealerships sold approximately 57,000 vehicles and processed approximately 786,000 service and collision repair orders in our 822 service bays.

Our dealerships derive their revenue from the following four inter‑related business operations: new vehicle sales; used vehicle sales; parts, service and collision repair; and finance and insurance. While new vehicle sales are the most important source of revenue, they generally result in lower gross profits than used vehicle sales, parts, service and collision repair operations and finance and insurance sales. Overall gross profit margins increase as revenues from higher margin operations increase relative to revenues from lower margin operations. We earn fees for arranging financing on new and used vehicle purchases on behalf of fourth parties. Under our agreements with our retail financing sources we are required to collect and provide accurate financial information, which if not accurate, may require us to be responsible for the underlying loan provided to the consumer. 

Forward Looking Statements

Certain statements contained in management's discussion and analysis are forward‑looking statements and information (collectively "forward‑looking statements"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward‑looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is  anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe" and similar expressions are not historical facts and are forward‑looking and may involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward‑looking statements. Therefore, any such forward‑looking statements are qualified in their entirety by reference to the factors discussed throughout this document.

The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.

Further, any forward‑looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward‑looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward‑looking statement.

Additional Information

Additional information about AutoCanada is available at the Company's website at www.autocan.ca and www.sedar.com.

SOURCE AutoCanada Inc.



For further information: Christopher Burrows, Vice-President & Chief Financial Officer, Phone: 780.509.2808, Email: cburrows@autocan.ca

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