Trimac Announces Third Quarter Results
Three months ended Nine months ended
September 30, September 30,
Partnership 2009 2008 2009 2008
-----------------------------------------------
(millions of dollars)
Transportation revenue 62.9 71.6 181.9 206.9
Fuel surcharges 4.7 17.2 13.1 41.7
Total revenue 67.6 88.8 195.0 248.6
EBITDA(1) 9.1 14.4 21.8 30.8
Net earnings 3.8 7.6 4.2 10.8
Three months ended Nine months ended
September 30, September 30,
The Fund 2009 2008 2009 2008
-----------------------------------------------
(millions of dollars,
except per unit
amounts and numbers
of units)
Distributable cash per
unit(1)(2) $0.1758 $0.4582 $0.4769 $0.8208
Distributions per unit(1) $0.1200 $0.2313 $0.3600 $0.6939
Basic earnings per unit $0.0887 $0.2305 $0.1168 $0.3602
Fully diluted earnings per
unit $0.0887 $0.2305 $0.1162 $0.3602
Weighted average number of
units used in computing
basic earnings per unit 12,584,679 12,571,134 12,584,679 12,571,134
Number of units
outstanding used in
computing diluted
earnings per unit 25,734,152 24,530,426 25,734,152 24,530,426
(1) EBITDA, distributable cash per unit and distributions per unit are
not recognized measures under generally accepted accounting
principles (GAAP) and do not have a standardized meaning prescribed
by GAAP. Therefore, these amounts may not be comparable to similar
measures presented by other issuers. Management considers EBITDA and
distributable cash to be key measures that indicate the ability of
the Fund to meet its capital and financing commitments.
(2) Distributable cash available will fluctuate on a monthly basis due to
seasonal cash flows, sustaining capital incurred, income taxes, and
interest paid. See "Distributable Cash" for additional commentary.
Trimac's revenue, including fuel surcharges, for the three-month period ended
The Partnership has entered into commitment letters with two Canadian Chartered Banks to expand its revolving line of credit from
In commenting on the results for the third quarter, Jeffrey J. McCaig, Chairman and CEO of Trimac, said:
"Despite the continuation of a challenging operating environment throughout
For comments regarding management's outlook for the remainder of 2009 please see Trimac's Management's Discussion and Analysis for the nine-month period ended
Financial Highlights
Three months ended Nine months ended
September 30 September 30
-----------------------------------------------
(millions of dollars) 2009 2008 2009 2008
-------------------------------------------------------------------------
Revenues
Transportation revenue 62.9 71.6 181.9 206.9
Fuel surcharges 4.7 17.2 13.1 41.7
-----------------------------------------------
67.6 88.8 195.0 248.6
Direct costs 48.6 62.9 141.9 183.0
Selling and admini-
strative 9.9 11.5 31.3 34.8
-----------------------------------------------
EBITDA(1) 9.1 14.4 21.8 30.8
Depreciation net of
gains on disposal of
capital assets 5.2 5.3 15.2 15.7
-----------------------------------------------
Operating earnings 3.9 9.1 6.6 15.1
Interest expense (net) 0.9 1.2 2.9 3.7
-----------------------------------------------
Earnings before taxes 3.0 7.9 3.7 11.4
Income tax (recovery)
expense (0.8) 0.3 (0.5) 0.6
-----------------------------------------------
Net earnings 3.8 7.6 4.2 10.8
-----------------------------------------------
-----------------------------------------------
As a percentage
of revenue(2)
-------------------------
Direct costs 71.9% 70.8% 72.8% 73.6%
Selling and admini-
strative 14.6% 13.0% 16.1% 14.0%
EBITDA(1) 13.5% 16.2% 11.2% 12.4%
Depreciation 7.7% 6.0% 7.8% 6.3%
Operating earnings 5.8% 10.2% 3.4% 6.1%
As at As at
September December
(millions of dollars) 30, 2009 31, 2008
-----------------------
Total assets 141.3 152.7
Total long-term lia-
bilities 44.7 47.2
The above selected financial and operating information has been derived from, and should be read in conjunction with, the unaudited interim consolidated financial statements of the Partnership.
(1) EBITDA (earnings before interest, taxes, depreciation and
amortization) is not a recognized measure under GAAP, does not have a
standardized meaning prescribed by GAAP and, therefore, may not be
comparable to similar measures presented by other issuers. Management
believes that EBITDA is a useful complementary measure of cash
available for distribution before debt servicing expense, capital
expenditures and income taxes.
(2) Direct costs, selling and administrative and depreciation, expressed
as a percentage of revenue, were impacted by significant fluctuations
in fuel surcharge revenue between the prior and current period and
the prior and current nine month year-to-date period. For additional
commentary regarding these expenses please see page 8 and 9 of
Trimac's Management's Discussion and Analysis for the nine-month
period ended September 30, 2009.
Distributable Cash
The table below illustrates distributable cash to unitholders beginning with net cash provided by the Partnership's operations.
(millions of dollars Three months ended Nine months ended
except unit amounts, September 30 September 30
certain percentages -----------------------------------------------
and number of units) 2009 2008 2009 2008
-------------------------------------------------------------------------
Net cash provided by
operations 8.5 11.3 22.0 24.8
Net change in non-cash
working capital(1) (0.4) 1.4 (3.3) 1.3
-----------------------------------------------
Cash provided by
operations 8.1 12.7 18.7 26.1
Less adjustments for:
Net sustaining capital
expenditures (net of
proceeds)(2)(3) (2.8) (1.1) (4.7) (4.9)
Provision for long-term
unfunded contractual
operational
obligations(4) (0.3) 0.2 (0.5) 0.3
-----------------------------------------------
Total estimated cash
available for dist-
ribution (before public
expenses) 5.0 11.8 13.5 21.5
Percentage of available
cash distributable to
unitholders(5) 49% 51% 49% 51%
-----------------------------------------------
Cash available for dist-
ribution to unitholders
(before public expenses) 2.4 6.0 6.6 11.0
Public expenses(6) (0.2) (0.2) (0.6) (0.7)
-----------------------------------------------
Distributable cash from
operations(2)(7) 2.2 5.8 6.0 10.3
Distributions declared
and payable 1.5 2.9 4.6 8.7
Distributable cash per
unit(2)(7) 0.1758 0.4582 0.4769 0.8208
Distributions declared
per unit(9) 0.1200 0.2313 0.3600 0.6939
Payout ratio(2)(7) 68.3% 50.5% 75.5% 84.5%
Weighted average number
of units outstanding 12,584,679 12,571,134 12,584,679 12,571,134
Net capital expenditures
Sustaining capital
expenditures(2) 2.9 1.6 6.1 7.3
Proceeds on disposal of
replaced assets (0.1) (0.5) (1.4) (2.4)
-----------------------------------------------
Net sustaining capital
expenditures(2)(3) 2.8 1.1 4.7 4.9
Growth capital ex-
penditures(2)(8) 1.8 0.8 5.7 5.6
-----------------------------------------------
4.6 1.9 10.4 10.5
-----------------------------------------------
-----------------------------------------------
(1) Changes in non-cash operating assets and liabilities are not included
in the calculation of distributable cash. Working capital investments
are funded through a combination of cash flow not distributed and the
use of credit facilities available to the Partnership.
(2) Distributable cash from operations, sustaining capital expenditures,
net sustaining capital expenditures, payout ratio, and growth capital
expenditures are not measures recognized by GAAP, do not have
standardized meanings prescribed by GAAP and may not be comparable to
similarly named measures presented by other issuers.
(3) Net sustaining capital expenditures refers to capital expenditures,
net of proceeds on disposal of assets replaced, which are necessary
to sustain current revenue levels.
(4) Represents a provision for cash requirements relating to a long-term
incentive plan and an executive pension liability.
(5) Percentage is equal to weighted average number of units outstanding
of 12,584,679 divided by fully diluted units of 25,734,152.
(6) Represents expenses associated with the Fund's status as a reporting
issuer.
(7) Distributable cash available will fluctuate on a monthly basis due to
seasonal cash flows, sustaining capital expenditures incurred, income
taxes paid and interest costs on outstanding debt.
(8) Cash used to fund growth capital expenditures does not affect
distributable cash to unitholders where financing is available for
these purposes. The Partnership funds growth capital from
undistributed cash from operations, cash available from distributions
on non-cash exchangeable shares and, to the extent available,
existing lines of credit.
(9) Effective January 2009, the monthly distribution per unit was reduced
from $0.0771 to $0.04.
During the current period the Partnership's cash provided by operations decreased by
Distributions in the current period were paid using cash generated from operations including cash retained in the business relating to non-cash exchangeable shares. Due to the seasonal nature of the Partnership's business and the timing of sustaining capital purchases, the amount of distributable cash may vary from quarter to quarter. Trimac's Board of Directors approves the level of monthly distributions based upon estimated cash flow on an annual basis, less estimated cash required for debt service, cash taxes, other amounts (including sustaining capital expenditures, working capital and provisions) to stabilize the monthly amount of distributions to unitholders as may be considered appropriate by the Board of Directors. Growth capital expenditures are funded from undistributed cash from operations, cash available from notional distributions on non-cash exchangeable shares, and, to the extent available, cash and existing lines of credit.
Distributable cash from operations is not a defined term under GAAP but is determined by the Partnership as net cash provided by operations for the period, adjusted to remove specific non-cash items, including changes in working capital, and reduced by sustaining capital expenditures, provisions for funding long- term liabilities, provisions for committed capital purchases in progress and public costs.
Management believes that distributable cash from operations is a useful supplemental measure of performance as it provides investors with an indication of the amount of cash available for distribution to unitholders. Investors are cautioned, however, that distributable cash from operations should not be construed as an alternative to using net income as a measure of profitability or as an alternative to the statement of cash flows. In addition, the Fund's method of calculating distributable cash from operations may not be comparable to calculations used by other issuers.
Operating Results
Revenue - Q3
-------------------------------------------------------------------------
Three months ended September 30
-------------------------------------------------------------------------
(millions of
dollars) 2009 2008 Gross Revenue Net Revenue
-------------------------------------------------------------------------
Tran- Tran-
spor- spor
Fuel ta- Fuel ta-
Total Sur- tion Total Sur- tion
Re- char- Re- Re- char- Re- Var- Var-
venue ges venue venue ges venue iance % iance %
-------------------------------------------------------------------------
Bulk
trucking
---------
Western
division 39.5 2.7 36.8 55.2 11.6 43.6 (15.7) -28.4% (6.8) -15.6%
Eastern
division 25.0 2.0 23.0 29.9 5.6 24.3 (4.9) -16.4% (1.3) -5.3%
-------------------------------------------------------------------------
Total bulk
trucking 64.5 4.7 59.8 85.1 17.2 67.9 (20.6) -24.2% (8.1) -11.9%
-------------------------------------------------------------------------
Bulk Plus
Logistics 3.1 - 3.1 3.7 - 3.7 (0.6) -16.2% (0.6) -16.2%
-------------------------------------------------------------------------
Total
revenue 67.6 4.7 62.9 88.8 17.2 71.6 (21.2) -23.9% (8.7) -12.2%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the current period, total revenue decreased by
The western division's revenue decreased by
The eastern division's revenue decreased by
For the current period, Bulk Plus Logistics' (BPL) revenue decreased by
Revenue - YTD Q3
-------------------------------------------------------------------------
Nine months ended September 30
-------------------------------------------------------------------------
(millions of
dollars) 2009 2008 Gross Revenue Net Revenue
-------------------------------------------------------------------------
Tran- Tran-
spor- spor
Fuel ta- Fuel ta-
Total Sur- tion Total Sur- tion
Re- char- Re- Re- char- Re- Var- Var-
venue ges venue venue ges venue iance % iance %
-------------------------------------------------------------------------
Bulk
trucking
---------
Western
division 112.4 7.7 104.7 149.9 27.3 122.6 (37.5) -25.0% (17.9) -14.6%
Eastern
division 73.1 5.4 67.7 86.5 14.4 72.1 (13.4) -15.5% (4.4) -6.1%
-------------------------------------------------------------------------
Total bulk
trucking 185.5 13.1 172.4 236.4 41.7 194.7 (50.9) -21.5% (22.3) -11.5%
-------------------------------------------------------------------------
Bulk Plus
Logistics 9.5 - 9.5 12.2 - 12.2 (2.7) -22.1% (2.7) -22.1%
-------------------------------------------------------------------------
Total
revenue 195.0 13.1 181.9 248.6 41.7 206.9 (53.6) -21.6% (25.0) -12.1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the current year, total revenue decreased by
The western division's revenue decreased by
The eastern division's revenue decreased by
For the current year, Bulk Plus Logistics' (BPL) revenue decreased by
EBITDA - Q3
-------------------------------------------------------------------------
Three months ended September 30
-------------------------------------------------------------------------
(millions of % Rev.
dollars) 2009 % Rev. 2008 % Rev. Variance % change
-------------------------------------------------------------------------
Bulk trucking
-------------
Western division 6.0 15.2% 10.9 19.7% (4.9) -45.0% -4.6%
Eastern division 2.0 8.0% 2.9 9.7% (0.9) -31.0% -1.7%
-------------------------------------------------------------------------
Total bulk trucking 8.0 12.4% 13.8 16.2% (5.8) -42.0% -3.8%
-------------------------------------------------------------------------
Bulk Plus Logistics 0.5 16.1% 1.0 27.0% (0.5) -50.0% -10.9%
-------------------------------------------------------------------------
Other 0.6 (0.4) 1.0
-------------------------------------------------------------------------
Total EBITDA 9.1 13.5% 14.4 16.2% (5.3) -36.8% -2.7%
-------------------------------------------------------------------------
EBITDA for the current period totaled
EBITDA - Q3 YTD
-------------------------------------------------------------------------
Nine months ended September 30
-------------------------------------------------------------------------
(millions of % Rev.
dollars) 2009 % Rev. 2008 % Rev. Variance % change
-------------------------------------------------------------------------
Bulk trucking
-------------
Western division 14.9 13.3% 22.7 15.1% (7.8) -34.4% -1.9%
Eastern division 5.0 6.8% 6.0 6.9% (1.0) -16.7% -0.1%
-------------------------------------------------------------------------
Total bulk trucking 19.9 10.7% 28.7 12.1% (8.8) -30.7% -1.4%
-------------------------------------------------------------------------
Bulk Plus Logistics 1.9 20.0% 2.0 16.4% (0.1) -5.0% 3.6%
-------------------------------------------------------------------------
Other - 0.1 (0.1)
-------------------------------------------------------------------------
Total EBITDA 21.8 11.2% 30.8 12.4% (9.0) -29.2% -1.2%
-------------------------------------------------------------------------
EBITDA for the current year totalled
Capital Expenditures
Three months ended Nine months ended
September 30 September 30
-----------------------------------------------
(millions of dollars) 2009 2008 2009 2008
-------------------------------------------------------------------------
Gross sustaining capital
expenditures 2.9 1.6 6.1 7.3
Less: proceeds on disposal
of capital assets (0.1) (0.5) (1.4) (2.4)
-----------------------------------------------
Net sustaining capital
expenditures 2.8 1.1 4.7 4.9
Growth capital expenditures 1.8 0.8 5.7 5.6
-----------------------------------------------
Net capital expenditures 4.6 1.9 10.4 10.5
-----------------------------------------------
-----------------------------------------------
The Partnership's net capital expenditures, including growth and sustaining capital, totalled
Gross sustaining capital purchases of
Growth capital expenditures of
For the current year, net capital expenditures totalled
Net annual capital expenditures relating to sustaining capital requirements will vary from year to year based on: the economic life of the capital assets; historical purchase dates; the mix of life cycles expiring in a given year; other factors affecting equipment cost; disposal proceeds of replaced assets; and, annual equipment utilization. Sustaining capital purchases are funded from the Partnership's net cash provided by operations in the year, cash available from notional distributions on non-cash exchangeable shares and, thereafter, to the extent required, available credit facilities.
You are invited to join us on a conference call at
A playback of the call will be available starting at
Trimac Income Fund
Consolidated Balance Sheet
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
As at As at
September December
30, 2009 31, 2008
$ $
-----------------------
Assets
Current assets
Cash 99 970
Interest receivable 233 241
Distributions receivable 344 719
Prepaid expenses 10 105
-----------------------
686 2,035
Investment in Trimac Transportation Services
Limited Partnership 64,171 67,412
Note receivable from Trimac Transportation
Services Inc. 35,438 35,438
-----------------------
100,295 104,885
-----------------------
-----------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 11 74
Due to associated companies and partnerships 7 967
Distributions payable 503 970
-----------------------
521 2,011
Deferred compensation plan 118 50
-----------------------
639 2,061
Unitholders' equity 99,656 102,824
-----------------------
100,295 104,885
-----------------------
-----------------------
The Fund commenced business operations on
Trimac Income Fund
Consolidated Statement of Earnings, Comprehensive Income and Unitholders'
Equity
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars, except per unit amounts and number of units)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
----------------------- -----------------------
$ $ $ $
Share of income (loss)
of Trimac Transportation
Services Limited
Partnership(1) 594 2,434 (58) 3,085
Interest income 716 707 2,105 2,123
Administrative costs (194) (242) (577) (680)
----------------------- -----------------------
Net earnings 1,116 2,899 1,470 4,528
Other comprehensive (loss)
income - share of
Partnership other
comprehensive (loss)
income (60) 13 (107) 33
----------------------- -----------------------
Comprehensive income 1,056 2,912 1,363 4,561
Opening unitholders'
equity 100,110 104,215 102,824 108,079
Issue of additional units - - - 297
Distributions declared (1,510) (2,912) (4,531) (8,722)
----------------------- -----------------------
Closing unitholders'
equity 99,656 104,215 99,656 104,215
----------------------- -----------------------
----------------------- -----------------------
Basic earnings per
unit(2) $ 0.0887 $ 0.2305 $ 0.1168 $ 0.3602
Fully diluted earnings
per unit(2) $ 0.0887 $ 0.2305 $ 0.1162 $ 0.3602
Weighted average number
of units outstanding used
in computing basic
earnings per unit 12,584,679 12,571,134 12,584,679 12,571,134
Number of units
outstanding used in
computing diluted
earnings per unit 25,734,152 24,530,426 25,734,152 24,530,426
(1) The net earnings of the Partnership are allocated between TTSI and
the Fund based on the terms of the partnership agreement. The
following is a reconciliation of net earnings recorded in the
consolidated financial statements of the Partnership to the amount
recorded by the Fund.
Three months ended Nine months ended
September 30 September 30,
2009 2008 2009 2008
$ $ $ $
-----------------------------------------------
Net earnings of the
partnership 3,785 7,566 4,158 10,775
Add: Interest expense
on TTSI debt included
in Partnership earnings 533 877 1,883 2,914
-------------------------------------------------------------------------
Adjusted Partnership
earnings 4,318 8,443 6,041 13,689
Less: Purchase price
allocation adjustments:
Increase in amortization
of capital assets and
loss on disposal of
capital assets (472) (513) (1,547) (1,743)
Amortization of
intangible assets (1,011) (1,011) (3,033) (3,033)
-------------------------------------------------------------------------
Partnership earnings after
purchase price adjustments 2,835 6,919 1,461 8,913
-------------------------------------------------------------------------
Share of Partnership
earnings (loss) 594 2,434 (58) 3,085
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(2) Pursuant to an investor liquidity agreement, holders of TTSI
Exchangeable Shares have the right to effectively liquidate their
10,230,538 shares of TTSI and receive units in the Fund. Following
the full exercise of such liquidation rights, the Fund would own
100 percent of the Partnership. The number of units used in the
calculation of diluted earnings per unit assumes full liquidation at
the beginning of the period. The calculated amount of fully diluted
earnings per unit for the three month periods ended September 30,
2009 and 2008 and for the nine month period ended September 30, 2008
have not been reported as they would have an anti-dilutive effect.
The amount disclosed for these periods as fully diluted earnings per
unit is therefore equal to the amount disclosed for basic earnings
per unit.
Trimac Income Fund
Consolidated Statement of Cash Flows
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
----------------------- -----------------------
$ $ $ $
Cash provided (used)
Operations
Net earnings 1,116 2,899 1,470 4,528
Add items not affecting
cash:
Share of (income) loss
from Trimac
Transportation Services
Limited Partnership (594) (2,434) 58 (3,085)
Distributions from
Trimac Transportation
Services Limited
Partnership - 2,434 - 3,085
Deferred compensation
costs 25 26 68 52
----------------------- -----------------------
Cash provided by operations 547 2,925 1,596 4,580
Net change in non-cash
working capital 21 137 (920) 336
----------------------- -----------------------
Net cash provided by
operations 568 3,062 676 4,916
----------------------- -----------------------
Investments
Distributions from Trimac
Transportation Services
Limited Partnership 1,017 (38) 3,451 4,195
----------------------- -----------------------
Cash provided by (used in)
investing activities 1,017 (38) 3,451 4,195
----------------------- -----------------------
Financing
Distributions paid (1,508) (2,911) (4,998) (8,719)
----------------------- -----------------------
Cash used in financing
activities (1,508) (2,911) (4,998) (8,719)
----------------------- -----------------------
Increase (decrease) in cash 77 113 (871) 392
Cash, beginning of period 22 683 970 404
----------------------- -----------------------
Cash, end of period 99 796 99 796
----------------------- -----------------------
----------------------- -----------------------
Supplemental information
Cash received from interest
(net) 716 707 2,113 2,128
The financial statements included in this news release do not contain the notes to the statements. Financial statements with note disclosure are filed with securities regulators.
Trimac Transportation Services Limited Partnership
Consolidated Balance Sheet
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
As at As at
September December
30, 2009 31, 2008
$ $
-----------------------
Assets
Current assets
Cash 702 2,350
Accounts receivable 28,913 31,350
Materials and supplies 1,332 1,626
Due from related parties 1,686 3,088
Income taxes recoverable 23 -
Prepaid expenses 9,235 10,315
-----------------------
41,891 48,729
Capital assets 88,634 92,708
Intangible assets 2,868 3,495
Goodwill 6,182 6,182
Other 1,756 1,622
-----------------------
141,331 152,736
-----------------------
-----------------------
Liabilities
Current liabilities
Bank indebtedness - 1,969
Accounts payable and accrued liabilities 28,180 29,282
Distributions payable 4,068 3,080
Income taxes payable - 570
Due to related parties 1,023 1,223
Current maturities of long-term debt 18,667 18,666
-----------------------
51,938 54,790
Long-term debt 42,799 44,723
Future income taxes 393 1,207
Other long-term liabilities 1,526 1,253
-----------------------
96,656 101,973
Partnership equity 44,675 50,763
-----------------------
141,331 152,736
-----------------------
-----------------------
The Partnership provides bulk trucking services throughout
Trimac Transportation Services Limited Partnership
Consolidated Statement of Earnings, Comprehensive Income and Partnership
Equity
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
----------------------- -----------------------
$ $ $ $
Revenue
Transportation revenue 62,886 71,582 181,890 206,901
Fuel surcharges 4,662 17,254 13,103 41,707
----------------------- -----------------------
67,548 88,836 194,993 248,608
----------------------- -----------------------
Operating costs and
expenses
Direct 48,522 62,894 141,868 183,017
Selling and administrative 9,906 11,532 31,273 34,798
Depreciation and
amortization 5,154 5,476 15,481 16,438
Loss (gain) on sale of
assets, net 14 (192) (260) (718)
----------------------- -----------------------
Operating expense 63,596 79,710 188,362 233,535
----------------------- -----------------------
Operating earnings 3,952 9,126 6,631 15,073
Interest on long-term debt 888 1,247 2,873 3,687
Other interest expense 9 16 54 42
----------------------- -----------------------
897 1,263 2,927 3,729
----------------------- -----------------------
Earnings before income
taxes 3,055 7,863 3,704 11,344
Income tax expense
(recovery)
Current 104 283 367 581
Future (834) 14 (821) (12)
----------------------- -----------------------
(730) 297 (454) 569
----------------------- -----------------------
Net earnings 3,785 7,566 4,158 10,775
Other comprehensive (loss)
income - net change in
cumulative translation
adjustments (229) 37 (418) 94
----------------------- -----------------------
Comprehensive income 3,556 7,603 3,740 10,869
Opening partnership equity 44,432 49,001 50,763 55,186
Distributions declared (3,313) (4,683) (9,828) (14,134)
----------------------- -----------------------
Closing partnership equity 44,675 51,921 44,675 51,921
----------------------- -----------------------
----------------------- -----------------------
Accumulated other
comprehensive income
(losses) (included in
partnership equity)
--------------------------
Opening balance 75 (212) 264 (269)
Other comprehensive (loss)
income (229) 37 (418) 94
----------------------- -----------------------
Closing balance (154) (175) (154) (175)
----------------------- -----------------------
----------------------- -----------------------
Trimac Transportation Services Limited Partnership
Consolidated Statement of Cash Flows
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
----------------------- -----------------------
$ $ $ $
Cash provided (used)
Operations
Net earnings 3,785 7,566 4,158 10,775
Add back (deduct) items not
affecting cash:
Depreciation and
amortization 5,154 5,476 15,481 16,438
Gain on sale of assets,
net 14 (192) (260) (718)
Future income tax
(recovery) expense (834) 14 (821) (12)
Other non-cash items (24) (202) 140 (357)
----------------------- -----------------------
Cash provided by operations 8,095 12,662 18,698 26,126
Net change in non-cash
working capital 365 (1,325) 3,287 (1,264)
----------------------- -----------------------
Net cash provided by
operations 8,460 11,337 21,985 24,862
----------------------- -----------------------
Investments
Purchases of capital assets (4,752) (2,370) (11,848) (12,874)
Proceeds on sale of capital
assets 104 478 1,431 2,337
Increase (decrease) in
accounts payable and
accrued liabilities
relating to investing
activities 208 (139) (2) (527)
(Increase) decrease in
accounts receivable
relating to investing
activities - (4) 5 10
Other (379) 40 (487) 74
----------------------- -----------------------
Cash used in investing
activities (4,819) (1,995) (10,901) (10,980)
----------------------- -----------------------
Financing
Increase in long-term debt 15,916 15,986 16,744 22,438
Repayments of long-term
debt (18,667) (18,667) (18,667) (18,667)
Distributions paid (2,741) (4,910) (8,840) (15,517)
----------------------- -----------------------
Cash used in financing
activities (5,492) (7,591) (10,763) (11,746)
----------------------- -----------------------
(Decrease) increase in cash (1,851) 1,751 321 2,136
Cash (bank indebtedness),
beginning of period 2,553 147 381 (238)
----------------------- -----------------------
Cash, end of period 702 1,898 702 1,898
----------------------- -----------------------
----------------------- -----------------------
Supplemental information
Income taxes (recovered)
paid (1) 61 960 282
Interest paid 1,756 2,538 3,843 4,888
The financial statements included in this news release do not contain the notes to the statements. Financial statements with note disclosure are filed with securities regulators.
For further information: Jeffrey J. McCaig, Chairman & Chief Executive Officer, Trimac Transportation Services Inc., Telephone: (403) 298-5100, Facsimile: (403) 298-5258; Edward V. Malysa, Executive Vice President & Chief Operating Officer, Trimac Transportation Services Inc., Telephone: (403) 298-5100, Facsimile: (403) 298-5146; Investor Relations: [email protected]
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