|By Marketwired .||
|May 6, 2014 05:00 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/06/14 -- All financial figures are in Canadian dollars unless otherwise stated
Gibson Energy Inc. ("Gibson" or the "Company") (TSX: GEI) announced today operating and financial results for the three months ended March 31, 2014.
-- Adjusted EBITDA(1) increased by 13% to $136.9 million in the first quarter of 2014, compared to the same period in 2013. For the twelve month period ended March 31, 2014, Pro Forma Adjusted EBITDA(1) was $442.9 million representing an 11% increase over the same period in 2013; -- Capital expenditures were $100.8 million in the first quarter of 2014, of which $89.0 million was related to internal growth projects, primarily the construction of storage tanks and connection infrastructure that are back stopped by long-term contracts at the Company's Hardisty Terminal; -- Distributable Cash Flow(2) for the twelve month period ended March 31, 2014 increased by 17% to $257.1 million ($2.11 per share(3)) compared to the same period in 2013; -- Dividends declared in the first quarter of 2014 were $36.9 million ($0.30 per share). This represented a 9% increase from the prior quarterly distribution and resulted in a trailing twelve month payout ratio of 53%; -- On April 14, 2014, the Company announced an expansion of its Canwest propane business with the closing of the purchase of Stittco Energy Limited, a leading supplier of propane in Northern Manitoba and the Northwest Territories and the signing of a letter of intent to acquire Cal-Gas Inc., a national retail propane company; and -- On April 30, 2014, the Company announced it had received long-term committed customer support for the construction of two additional 300,000 barrel oil storage tanks at its Hardisty Terminal. These are the fifth and sixth large capacity storage tanks to be announced since initiating the expansion of this facility in the third quarter of 2012. Total new storage capacity under development at the Company's Hardisty Terminal is now 2.3 million barrels representing a 53% increase in total capacity.
"This record quarter for the Company provides a tremendous start to the year for our financial and operating performance," said Stewart Hanlon, Gibson's President and Chief Executive Officer. "The results announced today also highlight the benefits of our integrated business model that continues to provide consistent and stable results. Additionally, we are pleased with the progression of our current infrastructure growth projects and the expansion of our retail propane business. We look forward to capturing incremental opportunities that expand and strengthen our business in 2014 and beyond."
(1) Adjusted EBITDA and Pro Forma Adjusted EBITDA are defined in Gibson's Management's Discussion and Analysis. (2) Distributable Cash Flow is defined in Gibson's Management's Discussion and Analysis. (3) Per share amounts are based on basic weighted average common shares outstanding.
Management's Discussion and Analysis and Financial Statements
The Management's Discussion and Analysis and Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's operating results for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013. These documents are available at www.gibsons.com and at www.sedar.com.
2014 First Quarter Results Conference Call
A conference call to discuss Gibson's first quarter results will be held at 7:00 a.m. MT (9:00 a.m. ET) on Wednesday, May 7, 2014 for interested investors, analysts and media representatives. The conference call dial-in numbers are:
-- 416-340-2217 or 866-696-5910 -- Participant Pass Code: 8111827#
Shortly after the call, an audio archive will be posted on the Investors/News section at www.gibsons.com. The call will also be recorded and available for playback 60 minutes after the meeting end time, until August 5, 2014, using the following dial in process:
-- 905-694-9451 or 800-408-3053 -- Participant Pass Code: 5148008#
Gibson is a large, independent midstream energy company in Canada and an integrated service provider to the oil and gas industry in the U.S. Gibson is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, NGLs, water, oilfield waste and refined products. The Company transports energy products by using its network of terminals, pipelines, storage tanks and trucks located throughout western Canada and through its significant truck transportation and injection station network in the U.S. The Company also provides environmental and production services, including fluid handling, emulsion treating, water disposal and oilfield waste management services in Canada and the U.S., and is the second largest retail propane distribution company in Canada.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements") including, but not limited to, statements concerning the Company's future payment of dividends and the amount thereof and management's expectation with respect to the Company's business and financial prospects and opportunities. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In addition, this news release may contain forward-looking statements and forward-looking information attributed to third party industry sources. The Company does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in the Company's Annual Information Form dated March 4, 2014 as filed on SEDAR and available on the Gibson website at www.gibsons.com.
This news release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ("IFRS"). Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries with similar capital structures. See "Summary of Quarterly Results" in the Company's MD&A for a reconciliation of EBITDA to net income, the IFRS measure most directly comparable to EBITDA, and for a reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA to EBITDA. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. See "Distributable Cash Flow" in the Company's MD&A for a reconciliation of distributable cash flow to cash flow from operations, the IFRS measure most directly comparable to distributable cash flow. Investors are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Investors are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of the Company's performance.
Selected Financial Highlights
Three months ended Mar 31 ------------------------ 2014 2013 ---------------------------------------------------------------------------- (in thousands) Segment Profit(i): Terminals and Pipelines $ 26,731 $ 22,742 Truck Transportation 19,884 20,679 Environmental Services 21,979 16,935 Propane and NGL Marketing and Distribution 34,405 19,465 Processing and Wellsite Fluids 17,084 17,658 Marketing 25,777 29,489 ------------------------ Total Segment Profit $ 145,860 $ 126,968 ------------------------ Adjusted EBITDA $ 136,945 $ 121,044 Pro Forma Adjusted EBITDA $ 442,938 $ 398,925 Capital Expenditures: Growth Capital $ 89,031 $ 34,205 Upgrade and Replacement Capital 11,815 12,455 ------------------------ Total $ 100,846 $ 46,660 ------------------------ Trailing Twelve Month Metrics: Dividends Declared to Shareholders $ 137,345 $ 114,592 Distributable Cash Flow $ 257,125 $ 220,051 Payout Ratio 53% 52% Leverage Metrics: Total Debt Ratio(ii) 1.9 1.5 Interest Coverage Ratio 8.6 10.9 (i) Segment profit is defined as revenue minus (i) cost of sales; and (ii) operating costs. It excludes depreciation, amortization, impairment charges, stock based compensation and corporate expenses. (ii) Total Debt Ratio is defined as total debt obligations minus unrestricted cash and cash equivalents divided by Pro Forma Adjusted EBITDA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 04:15 PM EST Reads: 5,395
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Jan. 19, 2017 04:00 PM EST Reads: 5,423
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 19, 2017 03:45 PM EST Reads: 1,785
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 19, 2017 03:30 PM EST Reads: 1,026
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 19, 2017 02:15 PM EST Reads: 1,044
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
Jan. 19, 2017 02:00 PM EST Reads: 4,774
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 19, 2017 01:15 PM EST Reads: 5,155
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 19, 2017 01:15 PM EST Reads: 3,521
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 19, 2017 01:15 PM EST Reads: 5,662
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jan. 19, 2017 01:00 PM EST Reads: 3,763
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 12:45 PM EST Reads: 6,355
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 19, 2017 12:45 PM EST Reads: 2,538
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 19, 2017 12:30 PM EST Reads: 1,190
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 19, 2017 12:15 PM EST Reads: 4,304
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Jan. 19, 2017 12:15 PM EST Reads: 2,006