Total Energy's financial condition remains strong with a long-term debt (including convertible debentures) to long-term debt plus equity ratio of 0.18 to 1.0, $90.7 million of positive working capital and no net debt as at December 31, 2012. Total Energy's $35 million operating facility is currently fully available and undrawn.
Conference Call
At 2:30 p.m. MST today, Total Energy will conduct a conference call and webcast to discuss its fourth quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. The call is open to Shareholders and all other interested persons. A live webcast of the conference call will be accessible on Total's website at www.totalenergy.ca by selecting "Webcasts". Persons wishing to join the conference call live may do so by calling (866) 696-5910 or (416) 340-2217. Those who are unable to listen to the call live may listen to a recording of it on Total Energy's website. A recording of the conference call will also be available until March 19, 2013 by dialing (800) 408-3053 (passcode 8257802).
Annual Meeting of Shareholders
Shareholders and other interested persons are invited to attend the annual meeting of Shareholders which will commence at 10:00 a.m. (Calgary time) on Wednesday, May 22, 2013 at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta.
Selected Financial Information
Selected financial information relating to the three and twelve-month periods ended December 31, 2012 and 2011 is attached to this news release. This information should be read in conjunction with the consolidated financial statements of Total Energy and the attached notes to the consolidated financial statements and management's discussion and analysis to be issued in due course and reproduced in the Company's 2012 annual report.
Consolidated Statements of Financial Position(in thousands of Canadian dollars)-------------------------------------------------------------------------------------------------------------------------------------------------------- December 31, December 31, 2012 2011---------------------------------------------------------------------------- (audited) (audited)AssetsCurrent assets: Cash and cash equivalents $ 50,052 $ 35,658 Accounts receivable 63,511 94,556 Inventory 33,240 37,147 Income taxes receivable - 118 Prepaid expenses and deposits 2,547 1,795---------------------------------------------------------------------------- 149,350 169,274Property, plant and equipment 323,188 261,290Goodwill 4,053 4,053---------------------------------------------------------------------------- $ 476,591 $ 434,617--------------------------------------------------------------------------------------------------------------------------------------------------------Liabilities & Shareholders' EquityCurrent liabilities: Accounts payable and accrued liabilities $ 32,523 $ 41,556 Deferred revenue 6,971 3,064 Dividends payable 1,530 1,255 Income taxes payable 15,098 - Current portion of obligations under finance leases 2,520 2,613---------------------------------------------------------------------------- 58,642 48,488 Obligations under finance leases 2,723 2,763Convertible debentures 62,694 61,090 Deferred tax liability 46,463 46,955Shareholders' equity: Share capital 76,890 77,917 Contributed surplus 5,160 2,472 Equity portion of convertible debenture 4,601 4,601 Retained earnings 219,418 190,331---------------------------------------------------------------------------- 306,069 275,321---------------------------------------------------------------------------- $ 476,591 $ 434,617--------------------------------------------------------------------------------------------------------------------------------------------------------Consolidated Statements of Comprehensive Income(in thousands of Canadian dollars except per share amounts) Three months ended Year ended December 31, December 31, 2012 2011 2012 2011---------------------------------------- ----------- ----------- ----------- (unaudited) (unaudited) (audited) (audited)Revenue $ 78,404 $ 96,936 $ 307,702 $ 332,082Expenses: Cost of services 49,485 51,875 187,311 182,231 Selling, general and administration 6,809 7,792 28,403 28,959 Share-based compensation 1,042 314 3,065 1,360 Depreciation 6,262 5,749 23,702 23,299 ----------- ----------- ----------- -----------Results from operating activities 14,806 31,206 65,221 96,233 Gain on disposal of property, plant and equipment 675 1,653 2,153 2,502 Finance income 248 76 878 161 Finance costs (1,489) (1,434) (5,797) (5,441) ----------- ----------- ----------- -----------Net income before income taxes 14,240 31,501 62,455 93,455Income tax expense (recovery) Current 5,730 18 15,255 112 Deferred (2,015) 8,042 (492) 24,077 ----------- ----------- ----------- -----------Total income tax expense 3,715 8,060 14,763 24,189Net income and total comprehensive income for the period 10,525 23,441 47,692 69,266 ----------- ----------- ----------- -----------Retained earnings, beginning of period 211,558 170,844 190,331 131,808 Dividends (1,530) (1,256) (6,180) (5,032) Repurchase and cancellation of common shares in excess of stated common share capital (1,135) (2,698) (12,425) (5,711) ----------- ----------- ----------- -----------Retained earnings, end of period $ 219,418 $ 190,331 $ 219,418 $ 190,331 ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------Earnings per share : Basic $ 0.34 $ 0.75 $ 1.54 $ 2.20 Diluted $ 0.34 $ 0.69 $ 1.49 $ 2.08Consolidated Statements of Cash Flows(in thousands of Canadian dollars) Three months ended Year ended December 31, December 31, 2012 2011 2012 2011---------------------------------------- ----------- ----------- ----------- (unaudited) (unaudited) (audited) (audited)Cash provided by (used in):Operations: Net Income for the period $ 10,525 23,441 $ 47,692 $ 69,266 Add (deduct) items not affecting cash: Depreciation 6,262 5,749 23,702 23,299 Share-based compensation 1,042 314 3,065 1,360 Gain on disposal of property, plant and equipment (675) (1,653) (2,153) (2,502) Finance income (248) (76) (878) (161) Finance costs 1,489 1,434 5,797 5,441 Current income tax expense 5,730 18 15,255 112 Deferred income tax expense (2,015) 8,042 (492) 24,077 Income taxes (paid) - (18) (39) (112) ----------- ----------- ----------- ----------- 22,110 37,251 91,949 120,780 Changes in non-cash working capital items: Accounts receivable (5,300) (7,063) 31,045 (23,573) Finance lease receivable 1,610 - - - Inventory 1,614 2,851 3,907 (3,659) Prepaid expenses and deposits 206 1,314 (752) (48) Accounts payable and accrued liabilities 2,055 4,482 (5,551) 4,413 Deferred revenue 3,363 (7,936) 3,907 (270) ----------- ----------- ----------- ----------- 25,658 30,899 124,505 97,643Investments: Purchase of property, plant and equipment (29,074) (24,300) (89,365) (55,647) Proceeds on disposal of property, plant and equipment 2,766 4,630 8,973 8,739 Changes in non-cash working capital items (703) 4,037 (2,603) 8,021 ----------- ----------- ----------- ----------- (27,011) (15,633) (82,995) (38,887)Financing: Issuance of convertible debenture, net of issue costs - - - 65,927 Advances under long-term debt - - - (72,500) Repayment of obligations under finance leases (688) (1,132) (3,188) (3,874) Payment of dividends (1,535) (1,255) (5,905) (5,034) Issuance of common shares 1 1,265 1,198 2,213 Repurchase of common shares (1,393) (3,234) (15,027) (6,861) Interest paid (374) 18 (4,194) (3,197) ----------- ----------- ----------- ----------- (3,989) (4,338) (27,116) (23,326) ----------- ----------- ----------- -----------Change in cash and cash equivalents (5,342) 10,928 14,394 35,430Cash and cash equivalents, beginning of period 55,394 24,730 35,658 228 ----------- ----------- ----------- -----------Cash and cash equivalents, end of period $ 50,052 $ 35,658 $ 50,052 $ 35,658 ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
