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K-Bro Announces Record 2012 Annual Results and Declares March Dividend


News provided by

K-Bro Linen Inc.

Mar 13, 2013, 20:00 ET

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(TSX: KBL)

2012 Annual Financial Results

  • Revenue for the three and twelve months ended December 31, 2012 was $31.6 million and $126.3 million, respectively, increases of 8.3% and 8.0% over the comparable 2011 periods.

  • EBITDA for the fourth quarter increased by $1.2 million to $5.8 million from 2011; for the 2012 year, EBITDA increased by $4.6 million to $24.5 million compared to the 2011 fiscal year.

  • EBITDA margin increased in the fourth quarter to 18.3% from 15.6% in the comparative period of 2011 due primarily to flow-through of increased revenues arising from the Saskatoon Health Region contract and weaker commodity pricing on input costs.  For the year, the EBITDA margin increased to 19.4% in 2012 from 17.1% in 2011, again primarily as a result of increased volumes and revenues, various cost control measures and favorably weak utilities pricing.

  • K-Bro declared dividends of $1.13 per common share and distributable cash was $2.73 per common basic on a fully diluted basis.  This amounted to annual dividends of $7.98 million compared to distributable cash of $19.1 million for an overall payout ratio of 41.8%.

  • Net earnings after taxes increased by $3.2 million to $11.1 million from fiscal 2011. The increase is the direct result of increased EBITDA realized during the year.

Highlights and Significant Items for Fiscal 2012

  • Earned the healthcare linen business of Saskatoon Health Region (the "Region") under a 16-month contract, while the Region explores its options for longer-term processing arrangements.  K-Bro was awarded a portion of the total volume processed by the Region and was subsequently awarded the remaining volume under a contract extension.

  • Awarded a ten-year contract with Alberta Health Services ("AHS") for laundry and linen services for the Edmonton and surrounding areas. The contract encompasses a comprehensive linen supply and service program covering general, operating room and specialty linens as well as on-site services at certain facilities. Services under the terms and conditions of this contract will commence on April 1, 2013. The contract is renewable for an additional five years at AHS' option.

  • Commenced development on a new Edmonton facility in an alternate location at an estimated cost of $25 million, whereby K-Bro expects improvements to its efficiency and productivity once the commissioning and transition is complete.  K-Bro believes that EBITDA margin will be negatively impacted during the transition to the new facility in Q2 and Q3, 2013, and by up to 3% on a consolidated basis.

EDMONTON, March 13, 2013 /CNW/ - K-Bro Linen Inc. ("K-Bro" or the "Corporation") today announced revenue of $126.3 million and EBITDA of $24.5 million for the year ended December 31, 2012.  Net earnings after tax were $11.1 million, diluted earnings per common share were $1.59, and distributable cash was $2.73 per diluted common share for the year.

(thousands, except per share amounts For the three months ended December 31
and percentages) 2012 2011 $ Change % Change
               
Revenue $ 31,586  $ 29,158 2,428 8.3%
Operating expenses   25,809   24,602 1,207 4.9%
EBITDA(1)   5,777   4,556 1,221 26.8%
EBITDA(1) as a % of revenue   18.3%   15.6% - 2.7%
Earnings before income taxes   3,880   2,331 1,549 66.5%
Income tax expense   1,122   688 434 63.1%
Net earnings   2,758   1,643 1,115 67.9%
Basic earnings per Share $ 0.39  $ 0.24 0.15 62.5%
Diluted earnings per Share $ 0.39  $ 0.24 0.15 62.5%
             
Total assets   94,800   91,425 3,375 3.7%
Long-term debt, end of year   5,818   6,095 (277) -4.5%
             
Cash provided by operating activities   7,928   3,929 3,999 101.8%
Net change in non-cash working capital items   2,866   (583) 3,449 -588.0%
Share-based compensation expense (2)   176   503 (327) -61.4%
Maintenance capital expenditures   486   179 307 171.2%
Distributable cash flow(1)   4,400   3,830 570 14.9%
Dividends declared   2,028   1,927 101 5.2%
Payout ratio(1)   45.8%   50.2% - -4.4%
             
(thousands, except per share amounts For the year ended December 31
and percentages) 2012 2011 $ Change % Change
             
Revenue $ 126,290  $ 116,859 9,431 8.0%
Operating expenses   101,773   96,913 4,860 5.0%
EBITDA(1)   24,517   19,946 4,571 22.9%
EBITDA(1) as a % of revenue   19.4%   17.1% - 2.3%
Earnings before income taxes   15,324   10,888 4,436 40.7%
Income tax expense   4,175   2,960 1,215 41.0%
Net earnings   11,149   7,928 3,221 40.6%
Basic earnings per Share $ 1.60  $ 1.15 0.45 39.3%
Diluted earnings per Share $ 1.59  $ 1.14 0.45 39.6%
             
Total assets   94,800   91,425 3,375 3.7%
Long-term debt, end of year   5,818   6,095 (277) -4.5%
             
Cash provided by operating activities   20,809   18,860 1,949 10.3%
Net change in non-cash working capital items   (421)   (419) (2) 0.5%
Share-based compensation expense (2)   1,105   1,161 (56) -4.8%
Maintenance capital expenditures   1,020   835 185 22.2%
Distributable cash flow(1)   19,105   16,783 2,322 13.8%
Dividends declared   7,977   7,706 271 3.5%
Payout ratio(1)   41.8%   45.9% - -4.1%
(1) Refer to the Terminology section for further details.        
(2) Share-based compensation expenses have historically been excluded from the calculation of distributable cash flow. 
Previously the share-based compensation was recorded as part of the net changes in non-cash working capital items,
however the amount has been disclosed separately commencing in Q4, 2012.  The comparative figures for the periods
presented have been restated to reflect this revised presentation.

 

In the fourth quarter of 2012, revenue was $31.6 million, which was 8.3% higher than the $29.2 million generated in the comparable period in 2011. This year-over-year increase was due to a combination of additional volume from the Saskatoon Health Region and organic growth in other volumes and revenues.  EBITDA increased from $4.6 million in Q4, 2011 to $5.8 million in Q4, 2012 from the addition of new and organic growth in volume and revenues.

Indirect and administrative expenses amounted to $1.2 million in the quarter, compared to $1.4 million in the comparable period of 2011. Indirect and administrative costs were lower in 2012 as a result of lower professional fees associated with the Corporation's conversion from GAAP to International Financial Reporting Standards ("IFRS") in fiscal 2011 as well as lower acquisition diligence costs in 2012.

DIVIDEND

K-Bro also announces a dividend of $0.09580CAD per common share of the Corporation for the period from March 1 to 31, 2013, to be paid on April 15, 2013 to holders of record of common shares on March 31, 2013.

The Corporation's policy is for shareholders of record on the last business day of a calendar month to receive dividends during the fifteen days following the end of such month.  K-Bro designates this dividend as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation.

OUTLOOK

"During 2012 we enjoyed considerable successes - we once again achieved new records in revenue and EBITDA.  We remained focused on disciplined growth and operational excellence in all that we did across the country. Over the past five years we've invested over $50 million in assets and acquisitions, which has led to significant growth in EBITDA, earnings and cash flow," said Linda McCurdy, President & Chief Executive Officer. "Looking forward, our goal is to continue expanding K-Bro and to find sustainable increases in cash flow, earnings and EBITDA. For seven consecutive years K-Bro has excelled in providing stable growth and reliable dividends to our stakeholders. I remain confident that we will achieve our vision of being the leading laundry and linen services company in Canada and we will continue to generate strong returns for our shareholders while providing a meaningful place for our employees to grow and contribute."

CORPORATE PROFILE

K-Bro is the largest owner and operator of laundry and linen processing facilities in Canada. K-Bro provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts.  K-Bro currently operates eight processing facilities under three distinctive brands, including K-Bro Linen Systems Inc., Buanderie HMR and Les Buanderies Dextraze, in seven Canadian cities: Victoria, Vancouver, Calgary, Edmonton, Toronto, Montréal and Québec City.

Additional information regarding the Corporation including required securities filings are available on our website at www.k-brolinen.com and on the Canadian Securities Administrators' website at www.sedar.com; the System for Electronic Document Analysis and Retrieval ("SEDAR").
_______________________________________________________________________________________________________________________________________________________

K-Bro est le plus important propriétaire et exploitant de buanderies au Canada. K-Bro fournit une gamme étendue de services de buanderie aux établissements de soins de santé, hôtels et autres clients commerciaux. K-Bro exploite actuellement huit usines sous trois marques distinctives, incluant K-Bro Linen Systems Inc., Buanderie HMR et Les Buanderies Dextraze, dans sept villes canadiennes: Québec, Montréal, Toronto, Edmonton, Calgary, Vancouver et Victoria.

Vous pouvez obtenir des renseignements supplémentaires sur la Société, y compris les documents déposés auprès des autorités de réglementation, sur notre site Web, au www.k-brolinen.com et sur le site Web des autorités canadiennes en valeurs mobilières au www.sedar.com, le site Web du Système électronique de données, d'analyse et de recherche (« SEDAR »).

TERMINOLOGY

Throughout this news release, and other documents referred to, and in order to provide a better understanding of the financial results, K-Bro uses the terms "EBITDA", "distributable cash" and "payout ratio". These terms do not have any standardized meaning under International Financial Reporting Standards ("IFRS") as set out in the CICA Handbook. Therefore, EBITDA, distributable cash and payout ratio may not be comparable to similar measures presented by other issuers.  Specifically, the terms "EBITDA", "distributable cash", and "payout ratio" have been defined as:

EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization. EBITDA is an additional GAAP measure for financial statement presentation as prescribed by IFRS. EBITDA is not intended to represent cash flow from operations, as defined by IFRS, and it should not be considered as an alternative to net earnings, cash flow from operations, or any other measure of performance prescribed by IFRS. The Corporation's EBITDA may also not be comparable to EBITDA used by other corporations, which may be calculated differently. The Corporation considers EBITDA to be a meaningful measure to assess its operating performance in addition to standardized IFRS measures. It is included because the Corporation believes it can be useful in measuring its ability to service debt, fund capital expenditures, and expand its business.

 
        Three Months Ended
December 31,
  Year Ended
December 31,
(thousands)       2012 2011   2012 2011
                           
      Net earnings    $ 2,758  $ 1,643    $ 11,149  $ 7,928
      Add:                    
    Income tax expense     1,122   688     4,175   2,960
    Interest expense and financial charges, net     (66)   93     357   412
    Depreciation of property, plant and equipment     1,617   1,409     6,350   5,938
    Amortization of intangible assets     307   673     2,327   2,628
    Loss on disposal of property, plant and equipment     39   50     159   80
      EBITDA    $ 5,777  $ 4,556    $ 24,517  $ 19,946

 

Distributable cash flow is defined by management as cash provided by operating activities, plus or minus the net change in non-cash working capital items, less maintenance capital expenditures and less cash taxes. Management believes this measure reflects the cash generated from the ongoing operation of the business. Distributable cash is a measure generally used by dividend paying corporations as an indicator of financial performance and it should not be seen as a measurement of liquidity or a substitute for comparable metrics prepared in accordance with IFRS.

       
  Three Months Ended
December 31,
  Year Ended
December 31,
(thousands) 2012 2011   2012 2011
                    
 Cash provided by operating activities  $ 7,928  $ 3,929    $ 20,809  $ 18,860
Deduct:                  
Net changes in non-cash working capital items    2,866   (583)     (421)   (419)
Share-based compensation expense    176   503     1,105   1,661
Maintenance capital expenditures    486   179     1,020   835
 Distributable cash flow  $ 4,400  $ 3,830    $ 19,105  $ 16,783

 Due to the impact of the weighted average number of shares outstanding and financial rounding throughout the interim periods the aggregate quarterly distributable cash per share may not equal the annual total for the corresponding year. The aggregate total of the quarterly distributable cash per share, compared with the amounts for the full year are as follows:

 
    2012   2011
    Quarterly Annual   Quarterly Annual
           
Distributable cash per share, diluted 2.72 2.73   2.40 2.40

Payout ratio is defined by management as the actual cash divided by distributable cash. This is a key measure used by investors to value K-Bro, assess its performance and provide an indication of the sustainability of dividends. The payout ratio depends on the distributable cash and the Corporation's dividend policy.

 
  Three Months Ended
December 31,
  Year Ended
December 31,
(thousands) 2012 2011   2012 2011
            
Cash dividends 2,028 1,927   7,977 7,706
                                  Distributable cash 4,400 3,830   19,105 16,783
 Payout ratio 45.8% 50.2%   41.8% 45.9%

 
Figures expressed in percentages are calculated from amounts rounded in thousands of dollars.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking information that represents internal expectations, estimates or beliefs concerning, among other things, future activities or future operating results and various components thereof. The use of any of the words "anticipate", "continue", "expect", "may", "will", "project", "should", "believe", and similar expressions suggesting future outcomes or events are intended to identify forward-looking information.  Statements regarding such forward-looking information reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future performance and are based on management's estimates and assumptions that are subject to inherent risks and uncertainties, which could cause K-Bro's actual performance and financial results in future periods to differ materially from the forward-looking information contained in this news release.  These risks and uncertainties include, among other things, (i) risks associated with acquisitions, including the possibility of undisclosed material liabilities; (ii) K-Bro's competitive environment; (iii) utility and labour costs; (iv) K-Bro's dependence on long-term contracts with the associated renewal risk, (v) increased capital expenditure requirements; (vi) reliance on key personnel; and (vii) the availability of future financing. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include: (i) volumes and pricing assumptions; (ii) utility costs; (iii) expected impact of labour cost initiatives; and (iv) the level of capital expenditures. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.  Certain statements regarding forward-looking information included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release.

All forward-looking information in this news release is qualified by these cautionary statements.  Forward-looking information in this news release is presented only as of the date made. Except as required by law, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

 

 

SOURCE: K-Bro Linen Inc.

Linda McCurdy
President & Chief Executive Officer

Chris Burrows
Vice-President & Chief Financial Officer

K-Bro Linen Inc.  (TSX: KBL)
Phone: 780.453.5218
Email: [email protected]
Web: www.k-brolinen.com

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K-Bro Linen Inc.

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