2013 Capital Budget
Trican's 2013 capital budget is expected to be $32.3 million. This capital budget is directed at maintaining Trican's global equipment fleet and infrastructure. Given the current operating environment in all of our key regions, minimal expansion capital initiatives have been included in the 2013 capital budget. Although the 2013 budget is modest, Trican stands by our commitment to provide service to our customers with a state-of-the-art and well maintained fleet of equipment. Many of our maintenance spending requirements for 2013 were incurred in 2012 and we are confident our fleet will be maintained in top operating condition throughout the coming year. Trican will continue to closely monitor its capital program and make any necessary modifications as greater visibility is obtained throughout 2013.
NON-IFRS DISCLOSURE
Adjusted net income, operating income and funds provided by operations do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-IFRS measures.
Adjusted net income and funds provided by operations have been reconciled to net income and operating income has been reconciled to gross profit, being the most directly comparable measures calculated in accordance with IFRS. The reconciling items have been presented net of tax.
---------------------------------------------------------------------------- Three months ended Twelve months ended---------------------------------------------------------------------------- Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31, 2012 2011 2012 2012 2011----------------------------------------------------------------------------Adjusted net income ($5,375) $117,873 $24,716 $63,028 $351,014Deduct: Non-cash share-based compensation expense 2,455 3,003 2,068 9,689 12,378----------------------------------------------------------------------------Net income (IFRS financial measure) ($7,830) $114,870 $22,648 $53,339 $338,636------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Three months ended Twelve months ended---------------------------------------------------------------------------- Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31, 2012 2011 2012 2012 2011----------------------------------------------------------------------------Funds provided by operations ($13,976) $181,916 $49,682 $122,750 $558,811Charges to income not involving cash Depreciation and amortization 41,564 36,443 37,270 152,837 126,576 Stock-based compensation 2,455 3,003 2,068 9,689 12,378 Loss/ (gain) on disposal of property and equipment 352 678 1,736 2,423 (369) Unrealized foreign exchange (gain)/loss (4,863) (2,273) 1,160 (50) (3,157) Income tax expense (2,957) 44,805 1,284 4,824 139,531 Income tax paid (42,697) (15,610) (16,484) (100,312) (54,784)----------------------------------------------------------------------------Net income (IFRS financial measure) ($7,830) $114,870 $22,648 $53,339 $338,636------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Three months ended Twelve months ended---------------------------------------------------------------------------- Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31, 2012 2011 2012 2012 2011----------------------------------------------------------------------------Operating income $35,123 $197,295 $71,355 $240,068 $614,524Add: Administrative expenses 23,083 25,398 28,408 108,289 102,514Deduct: Depreciation expense (41,564) (36,443) (37,270) (152,837) (126,576)----------------------------------------------------------------------------Gross profit (IFRS financial measure) $16,642 $186,250 $62,493 $195,520 $590,462--------------------------------------------------------------------------------------------------------------------------------------------------------
