TORONTO, Jan. 29, 2014 /CNW/ - Wheels Group Inc. ("Wheels" or the "Company") (TSXV: WGI, OTCQX: WGIJF), a leading North American non-asset third party logistics ("3PL")
provider, expects to release its fourth quarter and year end 2013
results after close of markets on Wednesday, March 26, 2014.
Commenting on the upcoming year end results, Wheels' Chief Executive
Officer, Doug Tozer, said, "2013 was a successful year for Wheels.
Revenue is expected to grow in excess of 30% and adjusted EBITDA is
expected to grow by 25%, over the prior year." Mr. Tozer added, "Our
two acquisitions, the MSM Group of Companies and BBL Worldwide, were
successfully integrated into the operations of Wheels with both
contributing positively to the business while expanding our reach in
the North American 3PL industry."
A conference call to review the results is scheduled for Thursday, March
27, 2014 at 10:00AM (EST). The call can be accessed live by dialing
647-427-7450 (local) or 1-888-231-8191 (toll free North America).
Please reference Conference ID 49607684. The call will also be
available via webcast which can be accessed at www.newswire.ca.
The term adjusted EBITDA is used to describe earnings before any
deduction for income taxes, net finance cost, depreciation,
amortization, one-time non-recurring expenses and share-based
compensation. EBITDA and adjusted EBITDA are metrics used by many
investors and analysts to compare organizations on the basis of ability
to generate cash from operations. Management considers adjusted EBITDA
(as defined) to be an indirect measure of operating cash flows, which
is a significant indicator of the success of any business. EBITDA and
adjusted EBITDA are not intended to be representative of cash flow from
operations or results of operations determined in accordance with IFRS.
EBITDA and adjusted EBITDA are not recognized measures under IFRS.
Wheels' method of calculating EBITDA and adjusted EBITDA may differ
from methods used by other companies, and accordingly may not be
comparable to similar measures presented by other companies.
The financial statements and related management's discussion and
analysis will be available on the Company's website at www.wheelsgroup.com and on SEDAR at www.sedar.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking statements within the meaning of certain securities
laws, including the Securities Act (Ontario). Forward-looking
statements can be generally identified by the use of words such as
"anticipate", "continue", "estimate", "expect", "expected", "intend",
"may", "will", "project", "plan", "should", "believe" and similar
expressions. Specifically, forward-looking statements in this news
release include statements respecting certain future expectations
about: prices and demand for commodities, products and services,
capital expenditures, the ability of the Company to access tax losses
and tax attributes, sources and use and sufficiency of cash flows, the
Company's ability to renew its term debt at maturity, the effect of
changes in the exchange and interest rates and the prices of key
services. Forward-looking statements in this news release describe the
expectations of the Company as of the date hereof. These statements
involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking statements for a variety of
reasons, including without limitation the RISKS AND UNCERTAINTIES
section of the Company's most recent Management Discussion and
Although the Company believes the expectations reflected in these
forward-looking statements and the assumptions upon which they are
based are reasonable, no assurance can be given that actual results
will be consistent with such forward-looking statements, and they
should not be unduly relied upon. With respect to the forward-looking
statements contained in this news release, the Company has made
assumptions regarding: there being no significant disruptions affecting
the Company's operations, whether due to labour disruptions, damage to
equipment or otherwise; the ability of Wheels to obtain transportation
services and supplies in a timely manner to carry out its activities
and at prices consistent with current levels or in line with the
Company's expectations; the ability of the Company to successfully
access tax losses and tax attributes; the ability of the Company to
obtain financing on acceptable terms; currency exchange and interest
rates being consistent with current levels or in line with Wheels'
expectations; and global economic performance.
Wheels disclaims any intention or obligation to update any
forward-looking statement even if new information becomes available, as
a result of future events or for any other reason. The forward-looking
statements contained herein are expressly qualified in their entirety
by this cautionary statement.
Further information can be found in the disclosure documents filed by
Wheels Group Inc. with the securities regulatory authorities, available
under the profile of the Company at www.SEDAR.com.
Founded in 1988, Wheels is a leading North American 3PL, supply chain
logistics provider. As a non-asset provider, the Company develops
advanced supply chain solutions delivered through its qualified partner
network of over 6,000 truck, rail, air and ocean carriers. Wheels
serves consumer goods, food and beverage, manufacturing and retail
clients through 26 offices throughout the US and Canada. Wheels has
been named one of Canada's 50 Best Managed Companies since 1997,
Platinum since 2003. Wheels has been named one of North America's Top
100 Third-Party Logistics ("3PL") Companies, one of the Top 100 Food
3PL's and one of the Top Five IMC's (intermodal marketing companies).
Neither the TSX Venture Exchange, nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wheels Group Inc.
For further information:
Patrick J Marshall
VP Corporate Development & Investor Relations
Tel: (905) 602-2700