Business
Superior Plus Announces 2009 Annual and Fourth Quarter Financial Results
Superior Plus Announces 2009 Annual and Fourth Quarter Financial Results
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nFeb. 18, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 18 /CNW/ --FOURTH QUARTER HIGHLIGHTS-------------------------- Adjusted operating cash flow per share for the fourth quarter andyear ended 2009 were $0.65 and $1.80 per share, respectively,compared to $0.74 and $2.18 per share in the comparative periods.Fourth quarter results were impacted by:- The ongoing impact of the economic recession which reducedcustomer demand in all of Superior's businesses.- The start-up of the Port Edwards chloralkali facility did notreach full capacity until late December, resulting in no netcontribution to the Specialty Chemicals business in the fourthquarter. The facility is now operating above pre-expansion levels.- Reduced Canadian propane sales volumes due to the impact of theeconomic recession and a delay in the arrival of cold weather,offset in part by the impact of the acquisitions of the U.S.refined fuels businesses.- Propane margins were negatively impacted by contract delays inpassing through the rapid rise in wholesale propane costs to ourcustomers and the impact of competitive pressures.- Superior continued to expand its Energy Services business; completingtwo U.S. refined fuels acquisitions. The US$125 million acquisitionof Griffith Holdings, Inc. (Griffith Rochester) with operations inupstate New York on January 20, 2010, and the US$77.4 millionacquisition of certain assets of Griffith Energy Services (GES) withoperations throughout the northeast U.S. on December 11, 2009.- Superior successfully closed $264.3 million of long-term financing,consisting of $114.3 million in equity financing and $150.0 million,8.25% Senior Unsecured Debentures, due October 27, 2016.- The Specialty Chemicals business completed the US$138.0 millionexpansion and conversion of its Port Edwards, Wisconsin chloralkalifacility from mercury based technology to membrane technology. Duringthe fourth quarter, the facility was fully commissioned and begancommercial operations, operating above pre-expansion levels. Theproject is expected to result in long-term incremental EBITDA ofUS$20-$30 million.FINANCIAL SUMMARY-------------------------------------------------------------------------Three months ended Year ended(millions of dollars except December 31, December 31,per share amounts) 2009 2008 2009 2008------------------------------------------------------...