Business
TerraVest announces continued growth in EBITDA, closing of the NWP Acquisition, Declaration of its Quarterly Dividend and Quarterly Conference Call
VEGREVILLE, AB , Aug. 13, 2014 /CNW/ - TerraVest Capital Inc. (TSX: TVK ) ("TerraVest" o...
About this update from Terravest Industries, Inc.
[{"type":"text","content":"\n\nVEGREVILLE, AB, Aug. 13, 2014 /CNW/ - TerraVest Capital Inc. (TSX: TVK) (\"TerraVest\" or the \"Company\") a manufacturer of fuel containment and pressure vessels as well as an oil field service provider is pleased to announce growth in EBITDA for the three and nine months ended June 30th, 2014; the closing of the acquisition of substantially all the operating assets and liabilities from NWP Industries Inc. (\"NWP\"); and the declaration of its quarterly dividend.\n\nAs previously announced, on August 8th 2014, TerraVest successfully closed the acquisition of substantially all the operating assets and liabilities from NWP.  Management believes the transaction will be immediately accretive to cash available for distribution by approximately 10%.  In addition, management anticipates material operating efficiencies to accrue over the next 12 to 18 months.\n\nThe integration of Gestion Jerico Inc. (\"Jerico\"), TerraVest's acquisition completed on February 15th 2014, continues to move forward as planned.  Jerico made a significant contribution to TerraVest's EBITDA in the quarter and management anticipates even greater contribution for the remainder of the fiscal year.\n\n\"We continue to take the necessary steps to deliver on what we conveyed to the market place; which was to enhance shareholder value\" said Charles Pellerin, Executive Chairman of Gestion Jerico and TerraVest.\n\nThe quarter ended June 30th is generally TerraVest's weakest quarter as two out of three of its businesses are subject to seasonal effects known as spring breakup and Jerico prepares for greater retail sales in the winter months.\n\nFINANCIAL INFORMATIONAll amounts in this news release are stated in thousands of Canadian dollars, except per share data.\n\nFor the three months ended June 30th, 2014 TerraVest reported:\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended June 30, 2014\n\n\n\n\nFabrication\n\n\nService\n\n\nFuel Containment \n\n\nCorporate 1\n\n\nConsolidated\n\n\n\n\n$\n\n\n$\n\n\n$\n\n\n$\n\n\n$\n\n\n\nRevenue\n\n\n7,921\n\n\n6,123\n\n\n15,688\n\n\n-\n\n\n29,732\n\n\n\nEBITDA\n\n\n1,065\n\n\n973\n\n\n2,839\n\n\n(546)\n\n\n4,331\n\n\n\nEBIT 2\n\n\n936\n\n\n334\n\n\n1,941\n\n\n(549)\n\n\n2,662\n\n\n\nNon-cash items\n\n\n48\n\n\n53\n\n\n(406)\n\n\n18\n\n\n(287)\n\n\n\nFinancial expense\n\n\n88\n\n\n73\n\n\n206\n\n\n418\n\n\n785\...