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Superior Plus Announces Third Quarter Results, a US Refined Fuels Asset Acquisition of $76 Million and Completion of the Port Edwards Membrane Expansion
Superior Plus Announces Third Quarter Results, a US Refined Fuels Asset Acquisition of $76 Millio...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nNov. 4, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 4 /CNW/ --STRATEGIC GROWTH INITIATIVES----------------------------- On November 4, 2009, Superior announced that it entered into an assetpurchase agreement to acquire certain assets of Griffith EnergyServices, Inc. (\"GES\") that comprise a retail heating oil, propaneand motor fuels distribution business for an aggregate purchase priceof approximately US$76 million. For details on the acquisition,please refer to press release entitled \"Superior Plus AnnouncesExpansion of its US Refined Fuels Business with a US$76 MillionAcquisition\" dated November 4, 2009.- Construction was substantially completed on the Port Edwards membraneexpansion project in the third quarter of 2009. The plant wascommissioned during October with first production expected in earlyNovember 2009. The project is expected to have annualized incrementalEBITDA of US$20 - $30 million at full capacity.- On September 24, 2009, Superior completed its acquisition of theshares of Specialty Products & Insulation Co. (\"SPI\") forconsideration of CDN$141.8 million.- On September 30, 2009, Superior acquired the retail heating oil andpropane distribution business from Sunoco, Inc. (\"SRH\") for anaggregate purchase price of CDN$96.1 million.- Superior completed the issuance of 6,773,135 common shares for grossproceeds of approximately $77.7 million and convertible debenturesfor gross proceeds of approximately $69.0 million during the thirdquarter of 2009.- On October 27, 2009, Superior completed the issuance of 8.25% seniorunsecured debentures for gross proceeds of $150 million.- Long-term funding is now in place for all of Superior's completedgrowth initiatives.OPERATIONAL HIGHLIGHTS----------------------- Superior's revised forecast for adjusted operating cash flow pershare is $1.90 - $2.05 in 2009 compared to $2.18 per share in 2008, adecrease of approximately 10% based upon the mid-point of the 2009financial outlook range.- Positive leading indicators in each of the businesses provideevidence that the economy has bottomed over the past two quarters asa number of Superior's customers are beginning to increaseinventories, restart deferred projects, and commence work on newprojects as the global economy recovers from the downturn.- The third quarter results reflected seasonality and the impact from aglobal rec...