Business
Badger Daylighting Ltd. Announces Results for the Third Quarter Ended September 30, 2013
Badger Daylighting Ltd. Announces Results for the Third Quarter Ended September 30, 2013 Cal...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"Badger Daylighting Ltd. Announces Results for the Third Quarter Ended September 30, 2013Badger Daylighting Ltd. Announces Results for the Third Quarter Ended September 30, 2013\nCalgary, Alberta CANADA, November 13, 2013 /FSC/ - Badger Daylighting Ltd. (BAD - TSX), (the \"Company\" or \"Badger\") is pleased to announce its results for the nine and three months ended September 30, 2013\nHighlights for the three months ended September 30, 2013:\n* Revenues increased by approximately 41 percent to $87.5 million from $62.0 million for the comparable quarter of 2012 due to a 29 percent increase in Canadian revenues and a 56 percent increase in United States revenues. As a result of the increase in revenues, the Company's quarterly EBITDA and funds generated from operations also increased from the same period in 2012;\n* EBITDA increased by approximately 44 percent to $23.7 million from $16.5 million in the same quarter of 2012;\n* Funds generated from operations increased by approximately 44 percent period-over-period to $19.6 million from $13.6 million in the comparable quarter of 2012;\n* EBITDA margins in Canada decreased to 22 percent from 28 percent for the comparable period of last year mainly due to an additional accrual of $2.2 million of executive, director and employee incentive compensation to account for the increase in the obligation for payments under the Company's Deferred Unit Plan, due to the increase in Badger's share price. EBITDA margins in the United States increased to 32 percent from 25 percent for the comparable period of last year due to improvements in operational efficiencies;\n* Badger had 748 daylighting units at the end of the third quarter of 2013, reflecting the addition of 129 daylighting units to the fleet to date in 2013 (41 units in the first quarter, 43 in the second quarter and 45 in the third quarter) and the retirement of 11 units. Of the total, 340 units were operating in Canada and 408 in the United States at quarter-end. At September 30, 2012, Badger had 289 units in Canada and 311 in the United States for a total of 600 units. The new units were financed from cash generated from operations and existing credit facilities; and\n* Effective November 1, 2013, Badger acquired the business and operating assets of Fieldtek Holdings Ltd. (\"Fieldtek\"). Fieldtek provides general vacuum truck and au...