April 27, 2011 by staff
Revenue Canada, Improved revenue and 7.5 million (11.4%) and 73.0 million
Revenue excluding fuel surcharges rose by 8.3% to 65.1 million
EBITDA increased 3.8% to 6.2 million
Market share growth in most commodities
Construction of an income fund company
Purchased and canceled Trimac 1100000 Class a common shares
Trimac wins two out of five safety performance awards from the Canadian Institute of Petroleum Products
Four professional drivers will receive recognition of excellence in transport industry
CALGARY, April 27 / PRNewswire / – Trimac Transportation Ltd. (TSX symbol TMA) (“Trimac” or the “Company”), the leader in bulk transportation of Canada, is pleased to announce the release of financial results first quarter ended March 31, 2011.
Trimac’s consolidated revenue, including fuel surcharges, for the three months ended March 31, 2011 and increased by 7.5 million (11.4%) compared with the same period last year. This increase was the result of higher volumes in most products shipped from new and existing customers, market share and increased fuel surcharge revenue and 2.5 million. Revenue excluding fuel surcharges by 8.3% to close the quarter with 65.1 million y.
Compared with the first quarter of 2010, net cash flow generated by operating activities increased to 2.9 million and net income before taxes and minority interest increased liability revaluation and 1.0 million. With revenues reclassified as extra fuel cost recovery, direct costs as a percentage of revenue in the current quarter improved to 71.8% of revenues compared to 72.7% for the first quarter of 2010. This was mainly as a result of higher revenue volumes referred to above prices, improvement, improvement of public services, and improved productivity as a result of strong cost controls.
Commenting on the results for the quarter Malysa Edward V., President & Chief Operating Officer of Trimac, said: “Our drivers are dedicated professionals and support team of mechanics, technicians and administrative staff to continue creating value for our shareholders by delivering value to our customers safely. As a result of exceeding the expectations of customers, Trimac is being rewarded with more transportation options. ”
Safety Recognition Awards and professional traders
“For over 65 years, security has been our core value,” says Jeffrey J. McCaig, president and CEO. An example of the commitment to safety Trimac includes appointments with the program Camino Caballero Ontario Association of trucks and the Alberta Motor Association. “Being appointed as a Knight by road is the greatest compliment that a professional driver can achieve. Caballeros Road underwent a demanding selection process, and in this role, they do an excellent job promoting our industry to the general public. ” Trimac is very proud of the professional drivers:
Ravinder Athwal, the owner-operator of the last 7 years, currently working out of our Concord, Ontario chemical transport terminals;
Dan Santoro, a company driver for 20 years Trimac currently carrying food items in Port Colborne, Ontario;
Dennis Hokanson, a company driver with 15 years experience, based in Edmonton, Alberta, that specializes in transporting chemicals and
Darwin Clark, an owner-operator of transport of petroleum products, based in Edmonton, Alberta.
An example of Trimac outstanding safety performance includes the Canadian Institute of Petroleum Products – Distribution Trimac National Committee ad that won two of a maximum of five awards in 2010. Trimac, on behalf of its professional drivers, is proud of this impressive achievement.
At the time of issuing this press release, the unaudited interim consolidated financial statements and Management’s Discussion and Analysis (“MD & A”), including a reconciliation of non-GAAP financial measures can be found on page Web Www.trimac Company. Ca.
Quarterly Dividend Declaration
At present, the Board of Directors declared a dividend of 0.0625 per share and Class a common stock, payable on July 15, 2011 to shareholders of record at the close of business on June 30, 2011. This dividend is designated as an eligible dividend pursuant to subsection 89 (14) of the Law on Income Tax (Canada) and corresponding provincial legislation applicable to eligible dividends.
Significant development – Share Repurchase
Trimac Management believes that, from time to time the market price of the shares may not reflect the underlying value of the shares and that at that time the stock build-up and in the best interests of Trimac. Such purchases will increase the proportionate share of, and may be advantageous to, all remaining shareholders. In addition, Trimac purchases may increase liquidity to shareholders Trimac wishing to sell their shares.
On March 22, 2011, Trimac announced that the Toronto Stock Exchange had accepted Trimac Notice of Intention to make a normal course offer of purchase for cancellation up to 700,000 of its Class A common shares Trimac purchased for cancellation 700,000 Class A common shares on March 28, 2011. A copy of the Notice of Intent Trimac can be obtained for free by Trimac shareholders upon request.
On March 17, 2011, Trimac purchased and canceled 400,000 shares of Class A Common Maurice W. McCaig, a director of the Company, pursuant to an exemption from issuer bid requirements contained in Canadian securities laws. Mr. McCaig chosen to sell some of its Class common shares in connection with its objectives of retirement planning.
Certain information included in this press release constitutes “forward-looking statements.” Trimac cautions that, by its very nature, forward-looking statements are based on assumptions, risks and uncertainties, and in the best possible evaluation of future events management. Trimac cautions that its assumptions may not materialize and that current economic conditions make such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and actual results or performance of Trimac or transport industry may be materially different from those prospects or future results or performance implied by such statements. Please see “Forward-Looking Statements” in the MD & A of Trimac Income Fund and Trimac Transportation Services Limited for the year ended December 31, 2010 for a discussion of material factors that could cause actual results to differ from the forward-looking information contained in this document and the material factors and assumptions that were applied in the preparation of such information in the future.
Trimac is Canada’s largest provider of bulk transportation services, with operations from coast to coast. In addition, through its National Services Division of the tank, Trimac performs repairs, maintenance and towing tank cleaning, both for the fleet Trimac’s customers and commercial third parties. Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary percent bulk addition Logistics. The Trimac Transport SA shares traded on the Toronto Stock Exchange under the symbol “TMA.
For more detailed information, please visit our website or SEDAR at www.sedar.com www.trimac.ca and review our MD & Financial Statements of the Company.
You are invited to join us on a conference call (conference ID 8590626) at 3:30 pm ET on Wednesday, April 27, 2011. For North American participants, please call 1-800-820-0231 or for international participants, please call + +1-416-640-5926 at least 10 minutes before the start time of call. An audio playback of the call will be available from Thursday, April 28, 2011 on our website at http://www.trimac.ca/page/eventscalendar.
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