Business
Chemtrade Logistics Income Fund reports fourth quarter and full year 2013 operating results
TORONTO , Feb. 20, 2014 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) today...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\nTORONTO, Feb. 20, 2014 /CNW/ - Chemtrade Logistics Income Fund\n (TSX: CHE.UN) today announced results for the three months and year\n ended December 31, 2013. The financial statements and MD&A will be\n available on Chemtrade's website at chemtradelogistics.com and on SEDAR at sedar.com.\n\n\nFor the year ended December 31, 2013, distributable cash after\n maintenance capital expenditures was $75.5 million or $1.81 per unit.\n The comparable numbers for 2012 were $86.4 million and $2.07 per unit.\n The decline reflected higher maintenance capital expenditures relative\n to 2012, increased LTIP accruals, and costs related to the acquisition\n of General Chemical. Revenue for the year was $836.1 million (2012:\n $919.4 million).  EBITDA was $129.9 million compared with $141.5\n million in 2012. Cash flow from operating activities was $107.8 million\n (2012:  $108.3 million). Net earnings for 2013 were $5.5 million, which\n was lower than the $38.9 million reported in 2012, mainly due to\n certain non-cash items recorded in 2013. These included higher net\n finance costs in 2013 as a result of the fair value adjustments on the\n convertible unsecured debentures, a large unrealized foreign exchange\n loss in 2013 compared with a gain in 2012 and a write-down of property,\n plant and equipment. These were partially offset by a higher income tax\n recovery in 2013.\n\n\nChemtrade President and Chief Executive Officer, Mark Davis, said, \"Each\n of our operating segments performed well in 2013 and in the fourth\n quarter. EBITDA generated by our operating businesses for the year was\n $175.8 million, which was consistent with $178.8 million generated in\n 2012, and EBITDA generated by our businesses in the fourth quarter was\n also similar to the results achieved in 2012.\"\n\n\nFor the fourth quarter of 2013, revenue was $201.6 million, which was\n $21.4 million lower than the fourth quarter of 2012, mainly due to\n lower revenue in the International segment.  Aggregate cash flow from\n operating activities was $29.9 million compared with $39.6 million\n generated during the fourth quarter of 2012.\n\n\nDistributable cash after maintenance capital expenditures for the fourth\n quarter of 2013 was $3.4 million or $0.08 per unit.  The comparable\n numbers for the fourth quarter of 2012 were ...