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BOUCHERVILLE, QUEBEC -- (Marketwire) -- 02/28/13 -- Uni-Select Inc. (TSX: UNS)
(Unless otherwise indicated, all amounts are expressed in US dollars)
----------------------------------------(In thousands of dollars, except per share amounts) 4th QUARTER TWELVE-MONTH PERIOD ---------------------------------------- 2012 2011 2012 2011---------------------------------------------------------------------------Sales 424,272 436,650 1,821,173 1,780,570------------------------------------------------------------------------------------------------------------------------------------------------------Adjusted EBITDA 13,045 18,558 97,715 105,760---------------------------------------------------------------------------EBITDA 11,133 17,187 90,010 101,094------------------------------------------------------------------------------------------------------------------------------------------------------Adjusted earnings 5,860 10,151 46,479 57,825---------------------------------------------------------------------------Net earnings (net loss) 4,651 9,089 30,041 53,888------------------------------------------------------------------------------------------------------------------------------------------------------Adjusted earnings per share 0.27 0.47 2.15 2.67---------------------------------------------------------------------------Earnings per share 0.22 0.42 1.39 2.49---------------------------------------------------------------------------
Uni-Select Inc. generated sales of $424.3 million in the fourth quarter of 2012, compared to $436.7 million over the same period in 2011. Adjusted EBITDA amounted to $13.1 million this quarter compared to $18.6 million in the fourth quarter of 2011. Adjusted earnings stood at $5.9 million in the fourth quarter compared to $10.2 million for the same quarter in 2011.
The 2.8% decrease in sales for the quarter is mainly due to a temporary slowdown in the aftermarket, mainly in the Northeast of the United States and Eastern Canada. These negative factors were partially offset by the addition of the sales derived from the assets in Florida purchased in the fourth quarter of 2011 and an additional billing day. Sales of US operations totaled $298 million in the fourth quarter while sales of Canadian operations totaled $126 million.
The adjusted EBITDA margin stood at 3.1% in the fourth quarter of 2012 compared to 4.3% in the corresponding quarter of 2011. This decrease is mainly attributable to the rapid decline in sales while expenses could not be adjusted at the same rate. In addition, higher IT maintenance and support costs related to the transition to the new ERP system had an adverse effect on adjusted EBITDA margin. The savings derived from the optimization plan implemented during the third quarter of 2012 combined with improved purchasing conditions from suppliers helped to partially offset the items mentioned above and should have long term benefits.
