Q1 2013 vs. Q1 2012
Marketing, general and administrative expenses ("MGA") increased 26% to $24.9 million (1.8 cpl) in the first quarter of 2013 compared with $19.8 million (1.8 cpl) in the first quarter of 2012. Marketing, general and administrative costs increased primarily due to the acquisition of Elbow River Marketing effective February 15, 2013, which increased marketing, general and administrative expenses by $3.6 million. There were $1.5 million in acquisition related costs in the first quarter of 2013 and none in the prior year.
EBITDA Grows by 42 Percent
Q1 2013 vs. Q1 2012
Adjusted EBITDA for the first quarter of 2013 increased by 42% to $61.3 million compared with $43.1 million in the first quarter of 2012. The increase in Adjusted EBITDA is the result of the acquisition of Elbow River Marketing with Adjusted EBITDA of $5.2 million, higher refiner's margins and operating cost reductions in the first quarter of 2013, partially offset by lower adjusted gross profit in Commercial and Retail.
Net Earnings Increase 74%
Q1 2013 vs. Q1 2012
Parkland's net earnings in the first quarter of 2013 were $30.5 million, an increase of $13.0 million compared with net earnings of $17.5 million in the first quarter of 2012. The increase in net earnings in the first quarter of 2013 compared with the prior year was due to a $18.2 million increase in Adjusted EBITDA, a $0.3 million decrease in depreciation and amortization expense and a $0.2 million decrease in finance costs, partially offset by a $2.9 million increase in income taxes, $1.5M increase in acquisition related costs and an increase of $1.5 million in unrealized loss from the change in fair value of commodity forward contracts and US dollar forward exchange contracts.
MD&A and Financial Statements
Management's Discussion and Analysis, the audited Consolidated Financial Statements, and the Notes to the Consolidated Financial Statements for the three months ended March 31, 2013 are available online at http://bit.ly/PKI-Results.
Conference Call Information
On Wednesday, May 8, 2013 Parkland Fuel Corporation will host a webcast and conference call at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) to discuss the results for the three months ended March 31, 2012.
President and CEO Bob Espey and Senior Vice President and CFO Mike Lambert will discuss Parkland's financial results for the quarter and then take questions from securities analysts, brokers and investors.
Please log into the webcast slide presentation 10 minutes before the start time at:
http://www.snwebcastcenter.com/custom_events/parkland-20130508-q1/site/
To access the conference call by telephone from within Canada dial toll free 1-888-241-0394. International callers or callers from the Toronto area should use (647) 427-3413. Please connect approximately 10 minutes prior to the beginning of the call and quote the conference ID: 5573 4785.
The webcast will be available for replay within 24 hours of the end of the conference call.
Annual and Special Meeting
The holders of common shares of Parkland are invited to the Annual and Special Meeting of Shareholders taking place Wednesday, May 8, 2013 at 9:00 a.m. MT (11:00 a.m. ET) at the Calgary Marriott Downtown Hotel.
Calgary Marriott Downtown HotelKensington Room110 9th Ave SECalgary, Alberta, Canada
