VANCOUVER, BRITISH COLMBIA -- (Marketwire) -- 03/14/13 -- Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the fourth quarter of 2012.
-- Revenue for the quarter increased by 6.3% to $244.0 million after taking into account an extra week of operations in 2011. Revenue for 2012 increased by $179.8 million or 22.8% to $968.8 million.-- Record Adjusted EBITDA for the quarter of $15.0 million as compared to $14.4 million in the fourth quarter of 2011. For the year, Adjusted EBITDA increased by $13.3 million or 24.2% to $68.3 million.-- A quarterly dividend of $6.2 million or $0.294 per share.-- Free cash flow for 2012 of $46.9 million resulting in a dividend to free cash flow ratio of 52.0%.-- During 2012 the Company commissioned three new manufacturing facilities and brought a fourth facility, constructed in 2011, into full production.-- Subsequent to the quarter, the Company purchased certain segments of the business of Harbour Marine Products Inc., namely its salmon and high grade tuna sushi processing businesses, for $1.4 million.SUMMARY FINANCIAL INFORMATION(In thousands of dollars except per share amounts and ratios) 13 Weeks 14 Weeks 52 Weeks 53 Weeks Ended Ended Ended Ended Dec 29, Dec 31, Dec 29, Dec 31, 2012 2011 2012 2011Revenue 244,049 245,237 968,775 788,932Adjusted EBITDA 15,011 14,380 68,256 54,944Net earnings 2,501 1,525 15,274 13,099EPS 0.12 0.07 0.73 0.68Free cash flow 46,851 38,225Declared dividends 24,381 22,672Declared dividend per share 1.176 1.176Payout ratio 52.0% 59.3%
"We are pleased to report another quarter and year of record performance," said Mr. George Paleologou, President and CEO. "2012 was, however, a building year as considerable resources and time were invested in developing the infrastructure, including the construction of three new production facilities, that will support our growth objectives in the coming years.
"Overall, most of our businesses were in line with or exceeded our expectations for 2012 with the one major exception being our National Direct-to-Store Distribution or NDSD business, which is facing a number of challenges relating to structural changes occurring in the convenience store channel. We are, however, confident that NDSD is putting into place the solutions needed to address these challenges and expect a better performance by it in 2013.
"We are also very encouraged by the strong growth opportunities we are seeing across many of our businesses through a combination of product innovation, geographical expansion and entry into new market segments. With the investments we made in 2012 we are very well positioned to capitalize on these opportunities," added Mr. Paleologou.