OAKVILLE, ON, March 7, 2012 /CNW/ - Vicwest Inc. (the "Company") (TSX: VIC, VIC.DB
) today reported strong revenue and EBITDA1
growth for the three and twelve months ended December 31, 2011 and a
positive outlook for 2012.
Fourth Quarter Consolidated Results Summary
Revenue increased 24.1% to $108.8 million from $87.7 million a year ago.
Gross profit was $17.0 million (15.6% gross margin) compared to $15.9
million (18.2% gross margin) a year ago.
EBITDA1was $6.2 million, 14.6% above the prior year's EBITDA1 of $5.4 million.
EBT2 was $2.8 million compared to a loss of $0.3 million a year ago.
Net income was $1.8 million ($0.09 per share basic and diluted) compared
to $2.3 million ($0.13 per share basic and diluted) a year ago. Net
income was negatively impacted by a year over year increase in income
taxes due primarily to the conversion from an income trust to a
Fourth Quarter Divisional Results
Vicwest Building Product's revenue was $75.1 million, 19.2% higher than
a year ago primarily due to the contribution of All Weather Insulated
Panels ("All Weather") and modest increases noted in both light
commercial and ICI markets. EBITDA1 was $2.0 million compared to $3.8 million in the prior year; this
decrease is a reflection of a less favourable product sales mix and
one-time costs related to the launch of the new SAP enterprise resource
Westeel Storage Solution's revenue increased 36.4% to $33.7 million from
$24.7 million in the fourth quarter of 2010 on higher liquid storage
product shipments and sales of domestic agricultural products. EBITDA1 more than doubled to $4.3 million compared to $1.7 million a year ago
on higher sales and lower operating costs relative to sales.
"We achieved strong revenue growth throughout 2011 due to the strategic
expansion of our product lines and geographic scope," said Colin
Osborne, President and Chief Executive Officer. "The Company had very
positive sales trend in both divisions and the organic growth at All
Weather exceeded our expectations. From a margin perspective, in
building products we have not yet achieved full recovery of input
costs; however we expect to see margin expansion through 2012 as we
continue to focus on cost control and begin to benefit from recovering
Annual Consolidated Results
Revenue increased 16.9% to a record $417.3 million from $357.0 million
Gross profit was $67.7 million (16.2% gross margin) compared to $62.1
million (17.4% gross margin) a year ago.
EBITDA1 excluding business development and restructuring expenses increased
23.0% to $28.3 million compared to $23.0 million (6.4% EBITDA1 margin) a year ago. On an unadjusted basis, EBITDA1 increased 7.6% to $24.7 million (5.9% EBITDA1 margin).
Net income was $12.5 million ($0.67 per share basic, $0.53 per share
diluted) or $11.4 million excluding the effect of the gain on the
embedded derivative revaluation, restructuring and business development
expenses compared to $12.4 million ($0.71 per share basic and diluted)
a year ago.