Business
Superior Plus Announces a 10% Increase in First Quarter Adjusted Operating Cash Flow per Share
TSX: SPB CALGARY, May 6 /CNW/ - HIGHLIGHTS
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPB\n\n\nCALGARY, May 6 /CNW/ -\n\n\nHIGHLIGHTS\n\n- Revenue for the first quarter of 2009 was $603.5 million compared to\n the prior year quarter of $681.4 million, a decrease of 11% primarily\n due to the lower selling price of propane and lower sales volumes in\n all divisions as a result of the impact from the global economic\n recession.\n- Gross profit increased by 11% to $188.3 million in the first quarter\n of 2009 from $169.9 million in the first quarter of 2008 as increased\n margins more than offset decreased sales volumes.\n- First quarter 2009 EBITDA from operations increased by 13% to\n $80.0 million from the prior year quarter of $70.7 million reflecting\n stronger performance at Superior Propane and ERCO, which was\n partially offset by weaker performance at Winroc and SEM.\n- Adjusted operating cash flow per share for the first quarter ending\n March 31, 2009 was $0.69, an increase of 10% from the prior year\n quarter.\n- The Port Edwards expansion project continues to be on-budget and is\n expected to be placed into service during the third quarter of 2009.\n- Four quarter trailing EBITDA was $251.9 million resulting in Senior\n Debt to EBITDA ratio of 2.2x and Total Debt to EBITDA ratio of 3.2x\n as at March 31, 2009.\n- As of May 6, 2009, Superior had received $570 million of credit\n commitments relating to the extension of its $595 million syndicated\n credit facility from June 28, 2010 to June 28, 2011.\n\nFINANCIAL SUMMARY\n-------------------------------------------------------------------------\n Three months ended\n March 31\n(millions of dollars except per share amounts) 2009 2008\n-------------------------------------------------------------------------\nRevenue 603.5 681.4\n-------------------------------------------------------------------------\nGross profit 188.3 169.9\n-------------------------------------------------------------------------\nEBITDA from operations(1) 80.0 70.7\n-------------------------------------------------------------------------\nInterest (10.3) (9.8)\nCash taxes (5.0) (1.7)\nCorporate costs (3.4) (3.5)\n-------------------------------------------------------------------------\nAdjusted operating cash flow(1) 61.3 55.7\n-------------------------------------------------------------------------\n-------------------------------------------------------------------...