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TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- EnerCare Inc. ("EnerCare") (TSX: ECI), one of Canada's leading providers of energy conservation products and services, today reported its financial results for the fourth quarter and year ended December 31, 2012.
Fiscal 2012 Highlights - Year ended December 31, 2012 versus year ended December 31, 2011 (in thousands of Canadian dollars except per unit amounts)(1)
-- Total revenues of $256,582 increased by 5% in 2012-- EBITDA(2) increased by $1,335 to $145,306 in 2012-- Net losses increased by $7,158 compared to 2011-- Attrition in the rentals portfolio decreased by 3,000 units or 4% in 2012-- The Payout Ratio(3) increased to 63% in 2012 from 55% in 2011, primarily due to the increase in current taxes, and higher dividend payments-- Conclusion of refinancing activity in February 2013, ladders debt maturities and creates substantial future interest expense savings
Debt Restructuring
With the recent financing activity completed in February of 2013, EnerCare has successfully laddered its maturities with three, five and seven year debt tranches. Not only has this new capital structure allowed EnerCare to capitalize on the low interest rate environment by crystalizing significant future reductions in interest expense, it has provided flexibility to further reduce leverage.
Dividend Increase
EnerCare intends to increase its monthly dividend to $0.057 per share effective in respect of the dividend payable to shareholders as of the record date on the applicable date in March.
"The decision to increase our dividend was due to EnerCare's strong performance in 2012, our long-term stable financial structure, reductions in attrition and the confidence the board has in the company moving forward," said John Macdonald, President and CEO.
RESULTS OF OPERATIONS
Overview
----------------------------------------------------------------------------Consolidated Financial Highlights (000's) 2012 2011 2010----------------------------------------------------------------------------Total revenues $ 256,582 $ 244,501 $ 207,418----------------------------------------------------------------------------Earnings/(loss) before income taxes 5,375 178 (16,487)Current tax expense (14,548) (5,708) -Deferred income tax recovery 5,998 9,513 18,208----------------------------------------------------------------------------Net earnings (3,175) $ 3,983 $ 1,721----------------------------------------------------------------------------EBITDA 145,306 143,971 134,678Adjusted EBITDA(2) 160,454 163,528 156,018Per Share information Shareholder distributions declared $ 0.67 $ 0.65 $ 0.65 Net earnings $ (0.06) $ 0.07 $ 0.03Total assets 802,046 906,958 935,423Total debt 529,475 591,562 600,361Cash provided by operating activities 96,090 127,918 120,356Distributable Cash $ 61,564 $ 65,194 $ 55,143Payout Ratio(3) 63% 55% 62%---------------------------------------------------------------------------- IFRS IFRS IFRS----------------------------------------------------------------------------
