From the Wires
Empire Company Reports Second Quarter Results
Dec. 13, 2012 10:24 AM
STELLARTON, NS, Dec. 13, 2012 /CNW/ - Empire Company Limited (TSX:
EMP.A) today announced financial results for its second quarter ended
November 3, 2012. For the second quarter, the Company recorded net
earnings, net of minority interest, of $93.3 million ($1.37 per share)
compared to $78.1 million ($1.15 per share) in the second quarter last
year, a $15.2 million or 19.5 percent increase.
Adjusted net earnings, net of minority interest, in the second quarter
were $85.7 million ($1.26 per share) compared to $74.9 million ($1.10
per share) in the second quarter last year, a $10.8 million or 14.4
percent increase.
Second Quarter Highlights
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Sales of $4.40 billion, up $367.8 million or 9.1 percent (up 2.7 percent
excluding the impact of the acquisition of 236 retail gas locations and
related convenience store operations).
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Sobeys' same-store sales increased 1.3 percent.
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Operating income of $140.9 million versus $125.8 million last year.
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Adjusted net earnings (1), net of minority interest, of $85.7 million ($1.26 per share) versus
$74.9 million ($1.10 per share) last year.
-
Net earnings, net of minority interest, of $93.3 million ($1.37 per
share) compared to $78.1 million ($1.15 per share) last year.
-
Funded debt to total capital ratio of 21.5 percent compared to 25.3
percent last year.
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__________________
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(1)
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Excludes items which are considered not indicative of underlying
business operating performance.
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"We are pleased with Empire's second quarter financial performance and
the dedication and hard work of our employees and franchisees," said
Paul Sobey, Empire's President and CEO. "During the second quarter we
continued to execute on our strategic initiatives which resulted in
profitable growth despite a highly competitive marketplace. We remain
committed to further enhancing the shopping experience of our customers
and improving our cost structure and productivity."
Dividend Declaration
The Board of Directors declared a quarterly dividend of 24.0 cents per
share on both the Non-Voting Class A shares and the Class B common
shares that will be payable on January 31, 2013 to shareholders of
record on January 15, 2013. These dividends are eligible dividends as
defined for the purposes of the Income Tax Act (Canada) and applicable
provincial legislation and, therefore, qualify for the favourable tax
treatment applicable to such dividends.
CONSOLIDATED FINANCIAL RESULTS
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13 Weeks Ended
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26 Weeks Ended
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($ in millions, except per share amounts)
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Nov. 3, 2012
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Nov. 5, 2011
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($) Change
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Nov. 3, 2012
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Nov. 5, 2011
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($) Change
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Sales
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$
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4,404.1
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$
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4,036.3
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$
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367.8
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$
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8,961.8
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$
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8,190.5
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$
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771.3
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EBITDA (1)
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229.6
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210.3
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19.3
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493.8
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444.5
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49.3
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Operating income (1)
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140.9
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125.8
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15.1
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316.0
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274.7
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41.3
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Net earnings, net of minority interest
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93.3
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78.1
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15.2
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202.2
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167.3
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34.9
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Adjusted net earnings, net of minority interest (1) (2)
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85.7
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74.9
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10.8
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189.1
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160.0
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29.1
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EPS (fully diluted)
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$
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1.37
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$
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1.15
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$
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0.22
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$
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2.97
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$
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2.46
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$
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0.51
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Adjusted EPS (fully diluted) (2)
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$
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1.26
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$
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1.10
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$
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0.16
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$
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2.78
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$
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2.35
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$
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0.43
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(1)
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See Non-GAAP Financial Measures contained in this news release.
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(2)
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Excludes items which are considered not indicative of underlying
business operating performance.
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Sales
Consolidated sales for the 13 weeks ended November 3, 2012 were $4.40
billion compared to $4.04 billion in the second quarter last year, an
increase of $367.8 million or 9.1 percent. Sobeys contributed sales to
Empire of $4.34 billion versus $3.98 billion in the second quarter last
year, an increase of $361.3 million or 9.1 percent. Excluding sales of
$257.0 million related to the acquisition of 236 retail gas locations
and related convenience store operations in the fourth quarter last
year, Sobeys' sales contribution to Empire increased by $104.3 million
or 2.6 percent.
Investments and other operations' sales in the second quarter were $61.8
million versus $55.3 million in the second quarter last year, an
increase of $6.5 million or 11.8 percent.
EBITDA
Consolidated EBITDA in the second quarter was $229.6 million compared to
$210.3 million in the second quarter last year, an increase of $19.3
million or 9.2 percent. Adjusting EBITDA for items which are
considered not indicative of underlying business operating performance,
as presented in the following table, resulted in second quarter
adjusted EBITDA of $219.6 million compared to $206.1 million in the
second quarter last year, an increase of $13.5 million or 6.6 percent.
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13 Weeks Ended
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26 Weeks Ended
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($ in millions)
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Nov. 3, 2012
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Nov. 5, 2011
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Nov. 3, 2012
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Nov. 5, 2011
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EBITDA (consolidated)
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$
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229.6
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$
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210.3
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$
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493.8
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$
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444.5
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Adjustments:
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Sobeys' organizational realignment costs
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0.9
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4.1
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3.8
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4.1
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Sobeys Québec distribution network restructuring
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(0.5)
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0.7
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2.6
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1.1
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Gain on disposal of assets
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(10.4)
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(1.7)
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(11.8)
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(5.1)
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Dilution gains
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-
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(7.3)
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(12.1)
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(10.0)
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(10.0)
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(4.2)
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(17.5)
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(9.9)
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Adjusted EBITDA
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$
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219.6
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$
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206.1
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$
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476.3
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$
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434.6
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Operating Income
Consolidated operating income in the second quarter was $140.9 million,
an increase of $15.1 million or 12.0 percent from the $125.8 million
recorded in the second quarter last year. Adjusting operating income
for items which are considered not indicative of underlying business
operating performance, as presented in the previous table for EBITDA,
resulted in quarterly adjusted consolidated operating income of $130.9
million compared to $121.6 million in the second quarter last year, a
$9.3 million or 7.6 percent increase.
Adjusted Net Earnings
The table below adjusts reported net earnings, net of minority interest,
for items which are considered not indicative of underlying business
operating performance. After factoring in the impact of the
adjustments noted in the table, Empire recorded adjusted net earnings,
net of minority interest, of $85.7 million ($1.26 per share) for the 13
weeks ended November 3, 2012 compared to $74.9 million ($1.10 per
share) recorded in the second quarter last year, an increase of $10.8
million or 14.4 percent.
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13 Weeks Ended
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26 Weeks Ended
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($ in millions, except per share amounts, net of tax)
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Nov. 3, 2012
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Nov. 5, 2011
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Nov. 3, 2012
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Nov. 5, 2011
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Net earnings, net of minority interest
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$
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93.3
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$
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78.1
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$
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202.2
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$
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167.3
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Adjustments:
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Sobeys' organizational realignment costs
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0.7
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2.9
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2.8
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2.9
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Sobeys Québec distribution network restructuring
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(0.4)
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0.5
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1.9
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0.8
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Gain on disposal of assets
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(7.9)
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(1.5)
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(9.2)
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(4.0)
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Dilution gains
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-
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(5.1)
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(8.6)
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(7.0)
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(7.6)
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(3.2)
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(13.1)
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(7.3)
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Adjusted net earnings, net of minority interest
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$
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85.7
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$
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74.9
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$
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189.1
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$
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160.0
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Adjusted net earnings, net of minority interest, by segment:
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Food retailing
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$
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77.4
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$
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70.1
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$
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177.0
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$
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149.0
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Investments and other operations
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8.3
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4.8
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12.1
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11.0
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Adjusted net earnings, net of minority interest
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$
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85.7
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$
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74.9
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$
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189.1
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$
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160.0
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Adjusted EPS (fully diluted)
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$
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1.26
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$
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1.10
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$
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2.78
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$
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2.35
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Net Earnings
Consolidated net earnings, net of minority interest, in the second
quarter equalled $93.3 million ($1.37 per share) compared to $78.1
million ($1.15 per share) in the second quarter last year, a $15.2
million or 19.5 percent increase.
The following table presents Empire's segmented net earnings, net of
minority interest, for the 13 and 26 weeks ended November 3, 2012
compared to the 13 and 26 weeks ended November 5, 2011.
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13 Weeks Ended
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26 Weeks Ended
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($ in millions, net of tax)
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Nov. 3, 2012
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Nov. 5, 2011
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($) Change
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Nov. 3, 2012
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Nov. 5, 2011
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($) Change
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Food retailing
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$
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85.0
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$
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68.4
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$
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16.6
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$
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182.0
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$
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150.0
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$
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32.0
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Investments and other operations
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8.3
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9.7
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(1.4)
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20.2
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17.3
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2.9
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Consolidated
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$
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93.3
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$
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78.1
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$
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15.2
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$
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202.2
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$
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167.3
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$
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34.9
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SEGMENTED FINANCIAL RESULTS
The Company operates and reports on two business segments:
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1)
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Food Retailing, which consists of wholly-owned Sobeys Inc. ("Sobeys"), and
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2)
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Investments and Other Operations, the principal components of which include investments in Crombie REIT
(43.0 percent ownership interest; 40.8 percent fully diluted), an
approximate 40.0 percent ownership interest in Genstar, as well as
wholly-owned ETL Canada Holdings Limited ("Empire Theatres").
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FOOD RETAILING
The following table presents the food retailing segment's contribution
to Empire's consolidated sales, EBITDA, adjusted EBITDA, operating
income, adjusted operating income, net earnings, net of minority
interest, and adjusted net earnings, net of minority interest.
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13 Weeks Ended (1)
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($)
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(%)
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26 Weeks Ended (1)
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($)
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(%)
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($ in millions)
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Nov. 3, 2012
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Nov. 5, 2011
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Change
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Change
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Nov. 3, 2012
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Nov. 5, 2011
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Change
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Change
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Sales
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$
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4,342.3
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$
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3,981.0
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$
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361.3
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9.1%
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$
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8,849.4
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$
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8,084.2
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$
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765.2
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9.5%
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EBITDA
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212.0
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190.4
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21.6
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11.3%
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453.2
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407.1
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46.1
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11.3%
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Adjusted EBITDA (2)
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202.0
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193.2
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8.8
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4.6%
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447.1
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406.2
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40.9
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10.1%
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Operating income
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|
127.7
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|
|
109.8
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|
|
17.9
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16.3%
|
|
|
284.0
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|
245.2
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38.8
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15.8%
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Adjusted operating income (2)
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117.7
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|
|
112.6
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5.1
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4.5%
|
|
|
277.9
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|
244.3
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33.6
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13.8%
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Net earnings, net of minority interest
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85.0
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68.4
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16.6
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24.3%
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182.0
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150.0
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32.0
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21.3%
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Adjusted net earnings, net of minority interest (2)
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77.4
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70.1
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7.3
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10.4%
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177.0
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149.0
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28.0
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18.8%
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(1)
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Net of consolidation adjustments which includes a purchase price
allocation from the privatization of Sobeys.
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(2)
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Excludes items which are considered not indicative of underlying
business operating performance.
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Sales
Empire's food retailing segment contributed sales of $4.34 billion in
the second quarter of fiscal 2013 compared to $3.98 billion in the same
period last year, an increase of $361.3 million or 9.1 percent.
Excluding sales of $257.0 million related to the acquisition of 236
retail gas locations and related convenience store operations in the
fourth quarter last year, the food retailing segment realized a sales
increase of $104.3 million or 2.6 percent.
During the second quarter, same-store sales increased 1.3 percent.
Gross Profit
Sobeys recorded gross profit of $996.2 million in the second quarter, an
increase of $45.7 million over the second quarter last year. Gross
margin decreased 91 basis points, from 23.91 percent in the second
quarter last year to 23.00 percent in the current quarter, due to lower
margins on the fuel business. Excluding the impact of lower margin fuel
sales, gross margin was 24.26 percent in the second quarter of fiscal
2013 compared to 24.11 percent in the same quarter last year.
EBITDA
Sobeys contributed EBITDA to Empire in the second quarter of $212.0
million compared to $190.4 million last year, a $21.6 million or 11.3
percent increase. Adjusting for items which are considered not
indicative of underlying business operating performance, as presented
in the following table, resulted in an adjusted EBITDA contribution
from Sobeys to Empire of $202.0 million in the second quarter compared
to a $193.2 million contribution in the second quarter last year.
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13 Weeks Ended
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26 Weeks Ended
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($ in millions)
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Nov. 3, 2012
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Nov. 5, 2011
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Nov. 3, 2012
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Nov. 5, 2011
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EBITDA (contributed by Sobeys)
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$
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212.0
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$
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190.4
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$
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453.2
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$
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407.1
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Adjustments:
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Sobeys' organizational realignment costs
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0.9
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4.1
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3.8
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4.1
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Sobeys Québec distribution network restructuring
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(0.5)
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0.7
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2.6
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1.1
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Gain on disposal of assets
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(10.4)
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|
(1.7)
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|
(11.8)
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(5.7)
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Dilution gains
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-
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(0.3)
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|
(0.7)
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|
|
(0.4)
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|
(10.0)
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|
2.8
|
|
|
(6.1)
|
|
|
(0.9)
|
|
Adjusted EBITDA
|
$
|
202.0
|
|
$
|
193.2
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$
|
447.1
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$
|
406.2
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Operating Income
Sobeys' operating income contribution to Empire in the second quarter
was $127.7 million compared to $109.8 million in the same quarter last
year, an increase of $17.9 million or 16.3 percent.
Adjusting Sobeys' operating income for items which are considered not
indicative of underlying business operating performance, as presented
in the previous table for EBITDA, resulted in adjusted operating income
contribution of $117.7 million in the second quarter compared to $112.6
million in the second quarter last year.
Net Earnings
During the second quarter of fiscal 2013, Sobeys contributed net
earnings, net of minority interest, to Empire of $85.0 million versus
$68.4 million in the second quarter last year, an increase of $16.6
million or 24.3 percent. Sobeys contributed adjusted net earnings, net
of minority interest, to Empire of $77.4 million versus $70.1 million
in the second quarter last year, an increase of $7.3 million or 10.4
percent.
INVESTMENTS AND OTHER OPERATIONS
The table below presents the investments and other operations segment's
contribution to Empire's consolidated sales, EBITDA, adjusted EBITDA,
operating income, net earnings and adjusted net earnings.
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|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
($)
|
|
26 Weeks Ended
|
|
($)
|
|
($ in millions)
|
Nov. 3, 2012
|
|
Nov. 5, 2011
|
|
Change
|
|
Nov. 3, 2012
|
|
Nov. 5, 2011
|
|
Change
|
|
Sales
|
$
|
61.8
|
|
$
|
55.3
|
|
$
|
6.5
|
|
$
|
112.4
|
|
$
|
106.3
|
|
$
|
6.1
|
|
EBITDA
|
|
17.6
|
|
|
19.9
|
|
|
(2.3)
|
|
|
40.6
|
|
|
37.4
|
|
|
3.2
|
|
Adjusted EBITDA (1)
|
|
17.6
|
|
|
12.9
|
|
|
4.7
|
|
|
29.2
|
|
|
28.4
|
|
|
0.8
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crombie REIT (2)
|
|
4.2
|
|
|
4.8
|
|
|
(0.6)
|
|
|
9.7
|
|
|
9.6
|
|
|
0.1
|
|
|
Real estate partnerships (3)
|
|
4.6
|
|
|
2.9
|
|
|
1.7
|
|
|
9.2
|
|
|
10.4
|
|
|
(1.2)
|
|
|
Other operations, net of corporate expenses (4)
|
|
4.4
|
|
|
8.3
|
|
|
(3.9)
|
|
|
13.1
|
|
|
9.5
|
|
|
3.6
|
|
|
|
13.2
|
|
|
16.0
|
|
|
(2.8)
|
|
|
32.0
|
|
|
29.5
|
|
|
2.5
|
|
Net earnings
|
|
8.3
|
|
|
9.7
|
|
|
(1.4)
|
|
|
20.2
|
|
|
17.3
|
|
|
2.9
|
|
Adjusted net earnings (1)
|
|
8.3
|
|
|
4.8
|
|
|
3.5
|
|
|
12.1
|
|
|
11.0
|
|
|
1.1
|
|
(1)
|
Excludes items which are considered not indicative of underlying
business operating performance.
|
|
(2)
|
43.0 percent equity accounted interest in Crombie REIT (November 5, 2011
- 44.6 percent interest).
|
|
(3)
|
40.7 percent equity accounted interest in Genstar Development
Partnership, 45.9 percent equity accounted interest in Genstar
Development Partnership II, 42.1 percent equity accounted interests in
each of GDC Investments 4, L.P., GDC Investments 5, L.P. and GDC
Investments 6, L.P., and a 45.8 percent equity accounted interest in
GDC Investments 7, L.P. (collectively referred to as "Genstar").
|
|
(4)
|
Other operations' (net of corporate expenses) operating income for the
13 weeks ended November 3, 2012 includes a pre-tax gain of $3.8 million
associated with the conversion of Crombie REIT Series B convertible
unsecured subordinated debentures. Other operations' (net of corporate
expenses) operating income for the 13 weeks ended November 5, 2011
includes dilution gains of $7.0 million.
|
Sales
Investments and other operations' sales were $61.8 million in the second
quarter ended November 3, 2012 versus $55.3 million in the second
quarter last year, a $6.5 million or 11.8 percent increase. The
increase was primarily driven by higher sales at wholly-owned Empire
Theatres.
EBITDA
Investments and other operations contributed EBITDA to Empire in the
second quarter of $17.6 million compared to $19.9 million last year.
Adjusting for items which are considered not indicative of underlying
business operating performance, as presented in the following table,
resulted in adjusted EBITDA from investments and other operations of
$17.6 million compared to $12.9 million last year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
|
($ in millions)
|
Nov. 3, 2012
|
|
Nov. 5, 2011
|
|
Nov. 3, 2012
|
|
Nov. 5, 2011
|
|
EBITDA (investments and other operations)
|
$
|
17.6
|
|
$
|
19.9
|
|
$
|
40.6
|
|
$
|
37.4
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilution gains
|
|
-
|
|
|
(7.0)
|
|
|
(11.4)
|
|
|
(9.6)
|
|
|
Loss on disposal of assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.6
|
|
|
|
-
|
|
|
(7.0)
|
|
|
(11.4)
|
|
|
(9.0)
|
|
Adjusted EBITDA
|
$
|
17.6
|
|
$
|
12.9
|
|
$
|
29.2
|
|
$
|
28.4
|
Operating Income
Investments and other operations contributed operating income of $13.2
million in the second quarter ended November 3, 2012 compared to $16.0
million in the second quarter last year.
Adjusting investments and other operations' operating income for items
which are considered not indicative of underlying business operating
performance, as presented in the previous table for EBITDA, resulted in
an adjusted operating income contribution during the second quarter of
$13.2 million versus $9.0 million last year.
Net Earnings
Investments and other operations contributed $8.3 million to Empire's
consolidated second quarter fiscal 2013 net earnings compared to a $9.7
million contribution in the second quarter last year. Adjusted net
earnings contribution from investments and other operations was $8.3
million versus $4.8 million in the second quarter last year.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information that reflects
management's current expectations related to matters such as future
financial performance and operating results of the Company.
Expressions such as "anticipates", "expects", "believes", "estimates",
"could", "intend", "may", "plans", "will", "would" and other similar
expressions or the negative of these terms are generally indicative of
forward-looking statements. Forward-looking statements contained in
this press release include those relating to our expectations that we
will improve our cost structure and productivity which may be impacted
by economic and competitive conditions.
By its very nature, forward-looking information requires the Company to
make assumptions and is subject to inherent risks and uncertainties
which give rise to the possibility that the Company's expectations or
objectives will not prove to be accurate. These forward-looking
statements are subject to uncertainties and other factors that could
cause actual results to differ materially from such statements. These
uncertainties and risks are discussed in the Company's materials filed
with the Canadian securities regulatory authorities from time to time,
including the Risk Management section of the annual Management's
Discussion and Analysis.
Readers are urged to consider these and other risks, uncertainties and
assumptions carefully in evaluating the forward-looking information and
are cautioned not to place undue reliance on such forward-looking
information. The forward-looking information in this press release
reflects the Company's expectations as at December 13, 2012 and is
subject to change after this date. The Company does not undertake to
update any forward-looking statements that may be made from time to
time by or on behalf of the Company other than as required by
applicable securities laws.
NON-GAAP FINANCIAL MEASURES
There are measures included in this press release that do not have a
standardized meaning under GAAP and therefore may not be comparable to
similarly titled measures presented by other publicly traded
companies. The Company includes these measures because it believes
certain investors use these measures as a means of assessing financial
performance.
Empire's definition of the non-GAAP terms are as follows:
-
Same-store sales are sales from stores in the same locations in both
reporting periods.
-
Gross profit is calculated as sales less cost of sales.
-
Gross margin is gross profit divided by sales.
-
Operating income, or earnings before interest and taxes ("EBIT"), is
calculated as net earnings before minority interest, finance costs (net
of finance income) and income taxes.
-
Adjusted operating income is operating income excluding items which are
considered not indicative of underlying business operating performance.
-
Earnings before interest, taxes, depreciation and amortization
("EBITDA") is calculated as operating income plus depreciation and
amortization of intangibles.
-
Adjusted EBITDA is EBITDA excluding items which are considered not
indicative of underlying business operating performance.
-
Funded debt is all interest bearing debt, which includes bank loans,
bankers' acceptances and long-term debt.
-
Total capital is calculated as funded debt plus shareholders' equity,
net of minority interest.
-
Adjusted net earnings is net earnings excluding items which are
considered not indicative of underlying business operating performance.
CONFERENCE CALL INFORMATION
The Company will hold an analyst call on Thursday, December 13, 2012
beginning at 2:30 p.m. (Eastern Standard Time) during which senior
management will discuss the Company's financial results for the second
quarter ended November 3, 2012. To join this conference call, dial
(888) 231-8191 outside the Toronto area or (647) 427-7450 from within
the Toronto area. You may also listen to a live audiocast of the
conference call by visiting the Company's website located at www.empireco.ca. Replay will be available by dialing (855) 859-2056 and entering
passcode 74789066 until midnight December 20, 2012, or on the Company's
website for 90 days following the conference call.
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
To view and download the Company's unaudited consolidated financial
statements for the second quarter of fiscal 2013 ended November 3,
2012, please access the following link:
Q2 Fiscal 2013 Unaudited Consolidated Financial Statements
This information will be available for download at www.sedar.com or by accessing the Investor Centre of the Company's website at www.empireco.ca.
ABOUT EMPIRE
Empire Company Limited (TSX: EMP.A) is a Canadian company headquartered
in Stellarton, Nova Scotia. Empire's core businesses include food
retailing and related real estate. With over $16 billion in annual
sales and approximately $6.9 billion in assets, Empire and its
subsidiaries directly employ approximately 47,000 people.
Additional financial information relating to Empire, including the
Company's Annual Information Form, can be found on the Company's
website at www.empireco.ca or at www.sedar.com.
SOURCE EMPIRE COMPANY LIMITED
PDF available at: http://stream1.newswire.ca/media/2012/12/13/20121213_C7029_DOC_EN_21906.pdf
About PR NewswireCopyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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