Business
Rocky Mountain Dealerships Inc. announces record annual and fourth quarter 2011 results
Achieves strong results in key operating metrics; net earnings increase of 55.8% for the y...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\n\n\nAchieves strong results in key operating metrics; net earnings increase\n of 55.8% for the year\n\n\nCALGARY, March 19, 2012 /CNW/ - Rocky Mountain Dealerships Inc. (TSX: RME, hereinafter \"Rocky\") today reported financial results for the three\n and twelve months ended December 31, 2011.\n\n\nFourth Quarter Highlights\n\n\nIncreased revenues by 27.3% to $240.6 million (M) as compared to 2010.\n\n\nEBITDA* increased by 28.3% to $14.6M.\n\n\nGenerated net earnings of $9.0M, an increase of $2.6M or 41.2%.\n\n\nNormalized Diluted Earnings per Share* of $0.42, up 35.5% over the prior\n year.\n\n\nAnnual Highlights\n\n\nIncreased revenues by 33.2% to $802.8M as compared to 2010.\n\n\nEBITDA* increased by 44.3% to $41.2M.\n\n\nGenerated net earnings of $23.2M, an increase of $8.3M or 55.8%.\n\n\nNormalized Diluted Earnings per Share* of $1.22, up 52.5% over the prior\n year.\n\n\n* Non-IFRS measures are defined and discussed further in the\n Management's Discussion and Analysis for the three and twelve month\n periods ended December 31, 2011, which can be found at www.sedar.com.\n\nCommenting on the results, Matt Campbell, CEO of Rocky stated \"We\n continue to deliver outstanding results to our shareholders, thanks to\n the dedication and hard work of our people throughout our many\n locations.    Our customers need a reliable partner for their equipment\n needs, and our success in becoming that reliable partner is reflected\n in both the quarterly and annual results.\n\n\nAlberta's economic improvement combined with solid crop prices and\n conditions to fuel growth in both construction and agriculture\n equipment sales in that region.  These results were somewhat tempered\n by a softer market in the Eastern Prairies that drove increased sales\n of used rather than new equipment.\n\n\nOverall, our efforts to integrate our acquired stores and drive\n efficiency, resulted in improved revenue, gross profits and EBITDA* and substantially improved profit conversion. Cash flow generation\n improved substantially on the year to $33.1 million.\n\n\nWestern Canada's recovering economic outlook and solid commodity prices,\n combined with the progress we have made in the last twelve months,\n positions Rocky for continued success.\"\n\n\nQuarterly Cash Dividend\n\n\nOn February 17, 2012, Rocky's Board of Directo...