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(1) Operating leases relate to our vehicle fleet with terms ranging between 1 and 5 years.
(2) Senior long-term debt is gross of transaction costs. Interest payments are not included.
(3) Other obligations is comprised primarily of accounts payable and accrued liability balances.
SUMMARY OF QUARTERLY RESULTS
($000s except per share data) 2012 Q4 Q3 Q2 Q1----------------------------------------------------------------------------Revenue 198,445 190,136 171,130 166,498Earnings before taxes 4,830 21,951 22,992 7,143Net earnings 4,124 15,236 18,626 4,819Earnings per share ($) 0.08 0.31 0.38 0.10Earnings per share ($) - adjusted 0.17 0.32 0.10 0.28Diluted earnings per share ($) 0.08 0.31 0.38 0.10Weighted average shares - basic 52,741 48,698 48,682 48,579Weighted average shares - diluted 53,473 49,497 49,613 49,519EBITDA 27,865 37,544 37,200 27,269Adjusted EBITDA 33,290 42,526 30,248 36,073----------------------------------------------------------------------------($000s except per share data) 2011 Q4 Q3 Q2 Q1----------------------------------------------------------------------------Revenue 184,089 182,023 164,294 152,422Earnings before taxes 8,609 16,537 13,632 8,971Net earnings 6,031 11,815 10,483 5,233Earnings per share ($) 0.12 0.24 0.22 0.11Earnings per share ($) - adjusted 0.19 0.25 0.20 0.21Diluted earnings per share ($) 0.12 0.24 0.21 0.11Weighted average shares - basic 48,569 48,607 48,523 48,495Weighted average shares - diluted 49,286 49,403 49,318 48,949EBITDA 33,515 41,691 33,648 29,942Adjusted EBITDA 36,677 41,871 33,044 34,883----------------------------------------------------------------------------
Quarterly performance is affected by, among other things, weather conditions, timing of onsite projects, the value of our products, foreign exchange rates, market demand and the timing of our growth capital investments as well as acquisitions and the contributions from those investments. Growth capital investments completed in the first half of the year will tend to strengthen the second half financial performance. Revenue from certain business units is impacted by seasonality. However, due to the diversity of our business, the impact is limited on a consolidated basis. For example, waste volumes received at our oilfield facilities decline in the second quarter due to road bans which restrict drilling activity. This decline is offset by increased activity in our Eastern Onsite business unit due to the aqueous nature of work performed, as well as potentially by fluctuations in the value of our products or event-based waste receipts at SCL. As experienced over the last eight quarters, fluctuations in the value of our products can impact results.
