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SPRUCE GROVE, ALBERTA -- (Marketwire) -- 03/12/13 -- ENTREC Corporation (TSX VENTURE: ENT) ("ENTREC" or the "Company"), a leading provider of cranes and heavy haul transportation services, is pleased to announce its 2012 fourth quarter and year-end financial results.
---------------------------------------------------------------------------- 3 Months 2 Months 12 Months 14 Months Ended Ended Ended Ended$ thousands, except December 31 December 31 December 31 December 31 per share amounts 2012 2011(1) 2012 2011(1)----------------------------------------------------------------------------Revenue 44,026 12,704 132,491 32,365Gross profit 14,164 3,216 45,100 8,914Gross margin 32.2% 25.3% 34.0% 27.5%Adjusted EBITDA(2) 10,417 2,108 32,203 4,899Adjusted EBITDA margin(2) 23.7% 16.6% 24.3% 15.1% Per share(2) 0.12 0.06 0.47 0.26Adjusted net income(2) 3,566 661 13,025 990 Per share(2) 0.04 0.02 0.19 0.05Net income 3,428 569 12,112 761 Per share - basic 0.04 0.02 0.18 0.04 Per share - diluted 0.04 0.02 0.17 0.04--------------------------------------------------------------------------------------------------------------------------------------------------------Notes: (1) Due to the change in the Company's year-end from October 31 to December 31, the comparative period to the three months ended December 31, 2012 is the two months ended December 31, 2011 and the comparative period to the year ended December 31, 2012 is the 14-month period ended December 31, 2011. (2) See "Non-IFRS Financial Measures" section of the Company's Management Discussion & Analysis for the year ended December 31, 2012.
"We are very pleased with the progress our Company has made over the past year towards achieving our growth objectives," comments John M. Stevens, ENTREC President and COO. "In 2012, we completed four strategic business acquisitions to propel our business into crane services, consolidate industry competitors, and expand our geographic reach into northern British Columbia and the Bakken region of North Dakota. We also completed a $49.3 million capital expenditure program to grow our fleet and enhance our position as a leading provider of crane and heavy haul transportation services."
In 2012, revenue increased by 309% to $132.5 million from $32.4 million in the comparative 14-month transitional year ended December 31, 2011. This growth reflects the positive impact of business acquisitions completed over the past year, together with strong organic growth. On a combined pro forma basis, revenue was $41.1 million or 45% higher than the $91.4 million ENTREC and each of its acquired businesses achieved independently in the 12-month period ended December 31, 2011. Organic revenue growth was achieved through higher rates of equipment utilization, cross-utilization of people and equipment resources among ENTREC's geographic areas, pricing improvements, and expansion of the Company's equipment fleet through capital spending.
