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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:PVI | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.
Pro-Trans Ventures Inc. (the "Company") (TSX VENTURE:PVI) today reported
financial results for the Company's three and nine months ended September 30,
2013.
"We are pleased with the results for the quarter and the continued profitability
trend we have seen throughout this year," stated Mr. Martin Carsky, President
and Chief Executive Officer of the Company. "From the fourth quarter of 2012,
our worst quarter in the Company's history, we have shown steady improvement
throughout each quarter this year. The credit for that lies with our unique
business model supported by our talented and dedicated team at Maple Leaf
Loading who have worked hard during a challenging period for the Company," added
Mr. Carsky.
THIRD QUARTER HIGHLIGHTS
-- Revenue for the third quarter was $15.4 million as compared to $15.5
million in the second quarter
-- EBITDA for the third quarter increased to $1.6 million from $1.2 million
in the second quarter
-- Comprehensive income for the third quarter was $0.3 million as compared
to a loss of $0.2 million in the second quarter
-- Successfully re-negotiated contract terms with a key customer
-- Completed a short term contract with a new client for an end-to-end
logistics solution
-- Extended the repayment term of our convertible debenture
To view the graph "Quarterly EBITDA," please visit the following link:
http://media3.marketwire.com/docs/pro-trans_ventures_graph01_nov22.pdf
Summary Financial Results
----------------------------------------------------------------------------
(millions of Cdn. Dollars) Q4 FY2012 Q1 FY2013 Q2 FY2013 Q3 FY2013
----------------------------------------------------------------------------
Revenue 10.3 13.3 15.5 15.4
----------------------------------------------------------------------------
EBITDA (1.2) 0.7 1.2 1.6
----------------------------------------------------------------------------
Comprehensive income/(loss) (1.8) (0.3) (0.2) 0.3
----------------------------------------------------------------------------
The full version of the Company's financial statements and Management's
Discussion and Analysis can be viewed on the Company's website at
www.protransventures.com, or on SEDAR at www.sedar.com. All financial
information is prepared in accordance with IFRS and all dollar amounts are
expressed in Canadian dollars unless otherwise indicated.
OUTLOOK
The financial results for the third quarter continue to demonstrate the trend of
improved operating performance shown during 2013 as compared to the results in
the fourth quarter of 2012.
Revenues for the third quarter reflect the increased capacity resulting from the
arrival of additional power trailers, which enable the Company to more
efficiently haul 110 tonnes of coal per load. As well, the revenues include the
short term contract with a new client for an end-to-end logistics solution. The
business with this new client was concluded at the end of the quarter and the
Company does not expect any significant revenue from this customer in the near
term.
The Company plans to continue to add additional power trailers to its fleet
during the fourth quarter of 2013 and the first quarter of 2014 to service its
client's requirement for increased volumes. To effectively manage maintenance of
these power trailers, the Company expects to complete the fully integrated
onsite maintenance facility, started during the second quarter of 2013, by the
end of November 2013. The Company expects this facility to support the increased
uptime of the fleet combined with a continued focus on safety from a more robust
preventative maintenance program.
The Company continues to closely review its profitability by line of business
for each customer, proposing adjustments where necessary. To broaden its revenue
and customer base, the Company continues to prospect new customers for
brownfield and greenfield opportunities.
ABOUT PRO-TRANS
Pro-Trans is a Calgary based public company listed on the TSX Venture Exchange.
The Company is actively involved in specialized transportation and logistics
services within Western Canada, primarily through its wholly owned subsidiary,
Maple Leaf Loading Ltd. ("Maple Leaf"), based in Prince George, BC. Maple Leaf,
a mining support company, offers specialized transportation services related to
the management, handling, and transportation of coal and ore concentrates for
customers in the mining industry in BC, Alberta, and the Yukon.
NON-IFRS MEASURES
The discussion of financial results in this press release includes reference to
EBITDA which is a non-IFRS measure. The Company provides this measure as
additional information regarding the Company's financial results and
performance. Please refer to the Company's MD&A for the three and nine months
ended September 30, 2013 for a definition and reconciliation of this measures to
the Company's financial statements.
FORWARD-LOOKING INFORMATION
This press release contains certain statements or disclosures relating to
Pro-Trans that are based on the expectations of Pro-Trans as well as assumptions
made by and information currently available to Pro-Trans which may constitute
forward-looking information under applicable securities laws. In particular,
this press release contains forward-looking information related to the future
financial and operational performance of the Corporation with respect to the
Corporations customer base, the addition of new equipment and the completion of
an on-site maintenance facility. Such forward looking information involves
material assumptions and known and unknown risks and uncertainties, certain of
which are beyond Pro-Trans' control. Many factors could cause the performance or
achievement by Pro-Trans to be materially different from any future results,
performance or achievements that may be expressed or implied by such forward
looking information. Pro-Trans' Annual Information Form, Management's Discussion
and Analysis and other documents filed with securities regulatory authorities
(accessible through the SEDAR website at www.sedar.com) describe certain risks,
material assumptions and other factors that could influence actual results.
Pro-Trans disclaims any intention or obligation to publicly update or revise any
forward looking information, whether as a result of new information, future
events or otherwise, except as may be expressly required by applicable
securities laws.
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive
Income (Loss)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------------------------------------------------------
2013 2012 2013 2012
$ $ $ $
------------------------------------------------
Revenue:
Operating 15,301,310 18,003,198 43,993,341 53,420,509
Leasing 75,141 75,140 225,421 225,420
------------------------------------------------
15,376,451 18,078,338 44,218,762 53,645,929
------------------------------------------------
Expenses:
Operating 11,760,893 13,499,372 34,560,144 40,576,793
Depreciation 895,483 750,330 2,578,885 2,142,300
Equipment rentals and leases 969,718 1,213,967 3,021,017 3,511,663
General and administrative 988,916 1,065,778 3,093,854 3,108,298
Amortization of intangible
asset 50,000 50,000 150,000 150,000
Net finance costs 421,541 382,430 1,221,302 1,126,966
Gain on sale of property,
plant and equipment (31,599) (171,591) (168,073) (181,706)
Share-based compensation 14,951 - 79,797 -
------------------------------------------------
Income (loss) before income
taxes 306,548 1,288,052 (318,164) 3,211,615
Income tax expense (benefit)
Current - 244,435 - 512,034
Deferred 87,500 38,719 (45,500) 293,359
------------------------------------------------
Net income (loss) and
comprehensive income (loss)
for the period 219,048 1,004,898 (272,664) 2,406,222
------------------------------------------------
Weighted average shares
outstanding 26,641,033 26,256,903 26,438,068 26,256,903
Earnings (loss) per share -
basic $0.01 $0.04 ($0.01) $0.10
Earnings (loss) per share -
diluted $0.01 $0.03 ($0.01) $0.07
------------------------------------------------
Condensed Consolidated Interim Statements of Financial Position
September 30, December 31,
2013 2012
$ $
-------------------------------
Assets
Current assets:
Cash 264,700 7,956
Accounts receivable 7,793,119 4,249,118
Corporate income taxes receivable 244,564 1,006,502
Inventories 1,605,414 1,332,229
Prepaid expenses and deposits 1,850,354 1,684,438
-------------------------------
11,758,151 8,280,243
Prepaid deposits on leases 173,610 260,726
Property, plant and equipment 23,062,637 22,811,252
Goodwill and intangible assets 8,823,754 8,973,754
-------------------------------
TOTAL ASSETS 43,818,152 40,325,975
----------------------------------------------------------------------------
September 30, December 31,
2013 2012
$ $
-------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Bank indebtedness 3,780,229 134,280
Accounts payable and accrued liabilities 6,708,546 4,970,648
Deferred revenue and customer deposits 407,542 1,562,541
Current portion of long term debt 410,674 291,566
Current portion of obligations under capital
leases 14,425,077 13,474,622
Current portion of due to former shareholder 119,549 159,319
Demand loans payable 475,592 571,442
-------------------------------
26,327,209 21,164,418
-------------------------------
Non-current liabilities
Long term debt - 80,935
Obligations under capital leases - 1,473,227
Convertible debenture loan 4,783,759 4,609,124
Payable to former shareholders of subsidiary - 79,720
Deferred income taxes 1,806,194 1,851,694
-------------------------------
32,917,162 29,259,118
-------------------------------
Shareholders' equity
Share capital - common shares 8,879,419 8,851,069
Contributed surplus 1,603,348 1,524,901
Equity component of convertible debt 525,000 525,000
Retained earnings (deficit) (106,777) 165,887
-------------------------------
10,900,990 11,066,857
-------------------------------
Commitments
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 43,818,152 40,325,975
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
Equity
Portion
Contri- Conver- Retained
Common Shares buted tible Earnings
Number Amount Surplus Debt (Deficit) Total
------ ------ ------- ---- ------- -----
$ $ $ $ $
Balances
January 1,
2013 26,256,903 8,851,069 1,524,901 525,000 165,887 11,066,857
Grant of
options 79,797 79,797
Exercise of
options 270,000 28,350 (1,350) 27,000
Shares
issued on
conversion
of warrants 1,500,000 - -
Net income
(loss) and
comprehen-
sive income
(loss) for
the period (272,664) (272,664)
--------------------------------------------------------------
Balances
September
30, 2013 28,026,903 8,879,419 1,603,348 525,000 (106,777) 10,900,990
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balances
January 1,
2012 23,810,000 8,088,140 2,250,330 525,000 (478,990) 10,384,480
Shares
issued on
conversion
of warrants 2,446,903 762,929 (762,929)
Net income
and
comprehen-
sive income
for the
period 1,401,324 1,401,324
--------------------------------------------------------------
Balances
September
30, 2012 26,256,903 8,851,069 1,487,401 525,000 1,927,232 11,785,804
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Consolidated Interim Statements of Cashflow
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------------------------------------------------------
2013 2012 2013 2012
Cash provided by (used in): $ $ $ $
------------------------------------------------
Operations:
Net income (loss) for the
period 219,048 1,004,898 (272,664) 2,406,222
Adjustments for:
Depreciation and
amortization 895,483 750,330 2,578,885 2,142,300
Finance costs 421,541 382,430 1,221,302 1,126,966
Gain on sale of property,
plant and equipment (31,599) (171,591) (168,073) (181,706)
Share-based compensation 14,951 - 79,797 -
Change in prepaid deposits
on leases (87,565) 29,841 87,116 89,522
Amortization of intangible
assets 50,000 50,000 150,000 150,000
Income tax expense
(benefit) 87,500 283,154 (45,500) 805,393
Changes in items of working
capital:
Accounts receivable (526,566) (1,503,148) (3,544,001) (3,166,913)
Inventories (309,288) 67,408 (273,185) 46,384
Prepaid expenses and
deposits 128,368 (624,274) (165,916) (645,976)
Accounts payable and
accrued liabilities 412,428 (2,027,035) 1,737,898 157,786
Deferred revenue and
customer deposits (577,500) - (1,154,999) -
Interest paid (364,557) (320,410) (1,046,667) (936,895)
Income tax recovered (paid) 729,678 (127,686) 761,938 (388,807)
------------------------------------------------
Net cash provided by (used
in) operating activities 1,061,922 (2,206,083) (54,069) 1,604,276
------------------------------------------------
Financing:
Proceeds of bank
indebtedness 593,361 - 3,645,948 -
Repayment of demand loans
payable (32,020) (31,744) (95,850) (95,031)
Proceeds of long term debt - - 298,464 1,286,947
Repayment of long-term debt (57,062) (263,701) (260,291) (679,065)
Proceeds from capital lease
obligations 953,500 43,808 2,155,388 43,808
Repayment of obligations
under capital leases (897,555) (1,327,519) (2,678,160) (3,043,464)
Repayments to former
shareholders of subsidiary (53,107) (39,830) (119,490) (273,509)
Proceeds on exercise of
stock options - - 27,000 -
------------------------------------------------
Net cash provided by (used
in) financing activities 507,117 (1,618,986) 2,973,009 (2,760,314)
------------------------------------------------
Investing:
Proceeds on disposal of
property, plant and 1,195,681 979,830 2,147,368 1,030,830
equipment
Purchase of property, plant
and equipment (2,507,007) (291,136) (4,809,564) (1,684,252)
------------------------------------------------
Net cash used in investing
activities (1,311,326) 688,694 (2,662,196) (653,422)
------------------------------------------------
Increase (decrease) in cash 257,713 (3,136,375) 256,744 (1,809,460)
Cash, beginning of period 6,987 1,389,576 7,956 62,661
------------------------------------------------
Cash, end of period 264,700 (1,746,799) 264,700 (1,746,799)
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Pro-Trans Ventures Inc.
Martin Carsky
President & Chief Executive Officer
(250) 614-7277
mcarsky@protransventures.com
Pro-Trans Ventures Inc.
Derrek Wong, MBA, CFA, FCMA
Chief Financial Officer
(403) 452-7055
dwong@protransventures.com
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