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Mullen Group Ltd. Reports 2012 Financial Results

OKOTOKS, AB, Feb. 20, 2013 /PRNewswire/ - (TSX:MTL)  Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") reported its financial and operating results for the period ended December 31, 2012, with comparisons to the same period last year.

For the twelve month period ended December 31, 2012, Mullen Group generated record revenue of $1,427.6 million, operating income of $293.8 million and net cash from operating activities of $279.9 million. Cash was used, among other things, to acquire net property, plant and equipment of $103.2 million, pay cash dividends of $82.6 million and fund an acquisition of $5.8 million.

Mullen Group's revenue of $1,427.6 million for the year ended December 31, 2012, increased by $40.3 million or 2.9 percent from the $1,387.3 million generated in 2011.  The year over year increase in consolidated revenue was largely attributable to the revenue growth experienced in the first and second quarters of 2012 compared to the same quarters in 2011, which was somewhat offset by the decrease in consolidated revenue experienced in the third and fourth quarters of 2012 compared to same quarters in 2011.

The Oilfield Services segment generated $897.3 million in revenue for the year ended December 31, 2012, which represents a marginal 0.7 percent decrease in revenue compared to $903.8 million reported in 2011.  The increase in revenue in the first and second quarters of 2012 compared to 2011 resulted mainly from increased demand in drilling activity along with increased demand for core drilling services. However, the increases in revenue from the first and second quarters of 2012 were offset by decreases in revenue in the third and fourth quarters, which generally came from a slow down in drilling activity, the completion of the Thin Fine Tailings ("TFT") barge system project and the delay in pipeline construction activity.  The Trucking/Logistics segment generated $535.6 million in revenue for the year ended December 31, 2012, which represents a 9.5 percent increase in revenue compared to the $489.3 million reported in 2011.  This $46.3 million increase in the Trucking/Logistics segment's revenue is mainly attributable to recognizing a full year of Hi-Way 9 revenue, increased demand for multi-modal and specialized transportation services in western Canada and an increase in fuel surcharge revenue.

Mullen Group generated record operating income of $293.8 million in 2012, an increase of $5.8 million or 2.0 percent over the $288.0 million generated in 2011. The increase in operating income was the combined effect of a marginal $6.4 million decrease in operating income reported by the Oilfield Services segment which was more than offset by an $11.0 million increase in operating income reported by the Trucking/Logistics segment and decreased corporate costs.  Operating income as a percentage of revenue for 2012 was 20.6 percent compared to 20.8 percent in 2011.

"Mullen Group's record performance in 2012, in terms of revenue generation and operating income, reinforces the strength of our self-managed business unit model which provides Mullen Group diversity in service offerings in multiple geographical regions.  This is not to say that 2012 was not without its challenges. The combined effect of the completion of the TFT barge system project by Canadian Dewatering L.P. in the second quarter of 2012, decreased drilling activity in the last half of the year and the delay in a number of pipeline construction projects did have an unfavourable impact on our results in 2012.  However, the demand for core hole delineation services, well servicing and fluid hauling along with the continued demand for specialized and multi-modal transportation services benefited a number of our business units and was key in driving our record performance," said Mr. Stephen H. Lockwood, President and Co-Chief Executive Officer.

In 2012 Mullen Group generated net income of $130.9 million, or $1.58 per share, an increase of $11.5 million or 9.6 percent, as compared to $119.4 million or $1.50 per share in 2011.  The $11.5 million increase in net income was mainly attributable to an $11.6 million positive variance in unrealized foreign exchange and Mullen Group's improved operating performance, which contributed $5.8 million of additional operating income.  These increases were somewhat offset by $5.1 million of higher income tax expense and a $2.8 million negative variance in the fair value of investments.  Adjusting Mullen Group's net income and earnings per share to eliminate the impact of unrealized foreign exchange and the change in fair value of investments resulted in adjusted net income of $133.0 million and adjusted earnings per share of $1.60, as compared to $125.4 million and $1.57 per share in 2011, respectively.  These adjustments more clearly reflect earnings from an operating perspective.

In the fourth quarter of 2012 Mullen Group generated revenue of $346.1 million, a decrease of $48.0 million or 12.2 percent from the $394.1 million generated for the same period in 2011.  The decrease in revenue is primarily due to decreased revenue experienced in the Oilfield Services segment, which reported a $47.7 million reduction in revenue in the fourth quarter of 2012 compared to the same period in 2011.  The decrease in revenue in the Oilfield Services segment generally reflects the completion of the TFT barge system project along with a reduction in revenue related to tailing reduction operations for a large oil sands customer, reduced drilling activity, and the delay of a number of large pipeline construction projects.  Revenue in the Trucking/Logistics segment was generally flat in the fourth quarter of 2012 compared to the same period last year.

Mullen Group generated operating income for the fourth quarter of $71.2 million, a decrease of $12.6 million or 15.0 percent over the same period in 2011.  Generally the decrease in operating income came from the reduced revenue recorded by the Oilfield Services segment while the Trucking/Logistics segment reported a marginal increase in operating income in the quarter.  Operating income as a percentage of revenue was 20.6 percent for the fourth quarter of 2012 compared to 21.3 percent in 2011.

"At the start of 2012, Mullen Group expected our operating results for the year to be consistent with 2011 as we did not see any catalyst for significant growth.  This, as our results show, was fairly accurate.  What I am particularly pleased with, in addition to our record operating results, is the validation that our business model works very well as is evidenced in the strength of Mullen Group's balance sheet which includes $122.8 million in cash.  This strength in our balance sheet is imperative as we enter what we expect to be somewhat of an unpredictable 2013. The fact remains that Mullen Group will continue to invest in our business units to ensure they remain best in class, be opportunistic when accretive acquisitions meeting our economic model are presented and very importantly, reward our shareholders,'' said Mr. Murray K. Mullen, Chairman and Chief Executive Officer.

A summary of Mullen Group's results for the quarter and year ended December 31, 2012, along with revenue and operating results by segment are as follows:

       
SUMMARY      
(unaudited)
(millions, except per share amounts)
Three month periods ended
December 31
  Twelve month periods ended
December 31
 
2012 2011 Change   2012 2011 Change
  $ $ %   $ $ %
Revenue 346.1 394.1 (12.2)   1,427.6 1,387.3 2.9
               
Operating income(1) 71.2 83.8 (15.0)   293.8 288.0 2.0
Unrealized foreign exchange (gain) loss 2.7 (7.3) (137.0)   (5.2) 6.4 181.3
Change in fair value of investments 6.0 (100.0)   6.7 3.9 (71.8)
Net income 21.8 47.5 (54.1)   130.9 119.4 9.6
Net Income - adjusted(2) 29.7 38.8 (23.5)   133.0 125.4 6.1
Earnings per share(3) 0.25 0.59 (57.6)   1.58 1.50 5.3
Earnings per share - adjusted(2) 0.34 0.48 (29.2)   1.60 1.57 1.9
Net cash from operating activities 67.7 71.6 (5.5)   279.9 221.4 26.4
Net cash from operating activities per share(3) 0.77 0.89 (13.5)   3.37 2.77 21.7
Cash dividends declared per Common Share 0.25 0.25   1.00 1.00
Notes:
    (1) Operating income is defined as net income before depreciation on property, plant and equipment, amortization
on intangible assets, finance costs, unrealized foreign exchange gains and losses, other (income) expense and
income tax expense.
    (2) Net income - adjusted and earnings per share - adjusted are calculated by adjusting net income and basic
earnings per share by the amount of any unrealized foreign exchange gains and losses and by the change in
fair value of investments.
    (3) Earnings per share and net cash from operating activities per share are calculated based on the weighted
average number of Common Shares outstanding for the period.
    Operating income, net income - adjusted and earnings per share - adjusted are not recognized terms under IFRS
and do not have standardized meanings prescribed by IFRS.  Management believes these measures are useful
supplemental measures.  Investors should be cautioned that these indicators should not replace net income and
earnings per share as indicators of performance.

       
SEGMENTED RESULTS      
(unaudited)
(millions)
Three month periods ended
December 31
  Twelve month periods ended
December 31
 
2012 2011 Change   2012 2011 Change
  $ $ %   $ $ %
Revenue              
  Oilfield Services 209.8 257.5 (18.5)   897.3 903.8 (0.7)
  Trucking/Logistics 137.6 137.5 0.1   535.6 489.3 9.5
  Corporate (0.1)   0.7 0.1
Intersegment eliminations              
  Oilfield Services (0.4) (0.2)   (1.9) (0.7)
  Trucking/Logistics (0.8) (0.7)   (4.1) (5.2)
Total 346.1 394.1 (12.2)   1,427.6 1,387.3 2.9
Operating Income              
  Oilfield Services 45.9 59.5 (22.9)   200.1 206.5 (3.1)
  Trucking/Logistics 26.3 25.8 1.9   98.4 87.4 12.6
  Corporate (1.0) (1.5)   (4.7) (5.9)
Total 71.2 83.8 (15.0)   293.8 288.0 2.0

 

       
CONSOLIDATED STATEMENT OF FINANCIAL POSITION      
(thousands)   December 31
2012 2011
    $ $
Assets      
Current assets:      
  Cash and cash equivalents   122,772 65,934
  Trade and other receivables   219,423 262,587
  Inventory   32,097 38,826
  Prepaid expenses   10,663 10,498
  Current tax receivable   2,083 916
    387,038 378,761
Non-current assets:      
Property, plant and equipment   843,318 798,362
Goodwill   239,595 241,513
Intangible assets   52,985 69,297
Investments   27,612 34,319
Deferred tax assets   5,029 4,583
Other assets   327 302
    1,168,866 1,148,376
Total Assets   1,555,904 1,527,137
       
Liabilities and Equity      
Current liabilities:      
  Accounts payable and accrued liabilities   104,810 125,002
  Dividends payable   21,917 20,209
  Current tax payable   20,902 12,724
  Current portion of long-term debt   1,471 4,974
    149,100 162,909
Non-current liabilities:      
Long-term debt   392,814 399,232
Convertible debentures - debt component   39,773 103,276
Deferred tax liabilities   147,092 157,421
    579,679 659,929
Equity:      
  Share capital   720,836 641,918
  Convertible debentures - equity component   1,843 4,826
  Contributed surplus   12,125 11,844
  Retained earnings   92,321 45,711
    827,125 704,299
       
Total Liabilities and Equity   1,555,904 1,527,137

 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND RETAINED EARNINGS
  Three month periods ended
December 31
  Twelve month periods ended
December 31
(thousands, except per share amounts) 2012 2011   2012 2011
  $ $   $ $
  (unaudited)      
Revenue 346,166 394,069   1,427,640 1,387,293
           
Direct operating expenses 238,648 270,257   983,535 951,825
Selling and administrative expenses 36,332 40,009   150,298 147,493
  71,186 83,803   293,807 287,975
           
Depreciation on property, plant and equipment 18,026 16,574   65,335 61,803
Amortization on intangible assets 4,610 4,714   18,334 19,015
Finance costs 7,084 8,877   32,897 36,279
Unrealized foreign exchange (gain) loss 2,749 (7,332)   (5,194) 6,345
Other (income) expense 7,993 1,089   6,668 5,335
Income before income taxes 30,724 59,881   175,767 159,198
           
Income tax expense 8,954 12,388   44,858 39,765
           
Net income and total comprehensive income 21,770 47,493   130,909 119,433
           
Retained earnings (deficit), beginning of period 92,468 18,427   45,711 (538,917)
Dividends declared to common shareholders (21,917) (20,209)   (84,299) (80,255)
Reduction of stated capital   545,450
Retained earnings, end of period 92,321 45,711   92,321 45,711
           
Earnings per share:          
    Basic 0.25 0.59   1.58 1.50
    Diluted 0.25 0.54   1.52 1.43
Weighted average number of Common Shares outstanding:          
    Basic 87,384 80,835   82,961 79,885
    Diluted 87,901 91,171   91,785 90,258

 
CONSOLIDATED STATEMENT OF CASH FLOWS
  Three month periods ended
December 31
  Twelve month periods ended
December 31
(thousands) 2012 2011   2012 2011
  $ $   $ $
                  (unaudited)      
Cash provided by (used in):          
Cash flows from operating activities:          
  Net income 21,770 47,493   130,909 119,433
  Adjustments for:          
    Depreciation on property, plant and equipment 18,026 16,574   65,335 61,803
    Amortization on intangible assets 4,610 4,714   18,334 19,015
    Finance costs 7,084 8,877   32,897 36,279
    Stock-based compensation expense 390 616   2,768 2,464
    Foreign exchange 2,615 (7,198)   (4,913) 5,983
    Change in fair value of investments 6,049 9   6,707 3,933
    Loss (gain) on sale of property, plant and equipment 944 1,080   (1,039) 1,402
    Income tax expense 8,954 12,388   44,858 39,765
    Impairment of goodwill 3,000   3,000
    Gain on contingent consideration (2,000)   (2,000)
  71,442 84,553   296,856 290,077
Changes in non-cash working capital items from operating
   activities:
         
  Trade and other receivables 10,794 (8,321)   45,097 (43,684)
  Inventory 78 (4,582)   6,915 (13,236)
  Prepaid expenses 1,410 612   (81) (1,273)
  Accounts payable and accrued liabilities (7,716) 3,927   (19,329) 16,215
Cash generated from operating activities 76,008 76,189   329,458 248,099
Income tax paid (8,401) (4,629)   (49,604) (26,689)
Net cash from operating activities 67,607 71,560   279,854 221,410
           
Cash flows from financing activities:          
  Cash dividends paid to common shareholders (21,836) (20,207)   (82,591) (69,886)
  Interest paid (10,050) (11,631)   (31,538) (35,488)
  Repayment of long-term debt and loans (2,510) (1,146)   (7,753) (22,688)
  Net proceeds from Common Share issuances 5,451 106   7,054 2,141
  Changes in non-cash working capital items from financing
   activities
33 (93)   (28) 34
Net cash used in financing activities (28,912) (32,971)   (114,856) (125,887)
Cash flows from investing activities:          
  Acquisitions 221   (5,781) (72,100)
  Purchase of property, plant and equipment (23,924) (17,449)   (122,750) (87,101)
  Proceeds on sale of property, plant and equipment 6,591 5,490   19,508 13,538
  Purchase of investments (546)   (546)
  Interest received 316 119   931 740
  Other assets 2 10   (25) 1,466
  Changes in non-cash working capital items from investment
   activities
(1,521) 779   238 739
Net cash used in investing activities (18,536) (11,376)   (107,879) (143,264)
Change in cash and cash equivalents 20,159 27,213   57,119 (47,741)
Cash and cash equivalents, beginning of period 102,479 38,855   65,934 113,313
Effect of exchange rate fluctuations on cash held 134 (134)   (281) 362
Cash and cash equivalents, end of period 122,772 65,934   122,772 65,934
         
 

 

This news release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy.  Mullen Group believes that the expectations reflected in this news release are reasonable, but results may be affected by a variety of variables.  Mullen Group relies on litigation protection for "forward-looking" statements.

Mullen Group is a company that owns a network of independently operated businesses.  Today the Mullen Group is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada and as one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen Group has strong business relationships and industry leadership.  Mullen Group provides management and financial expertise, technology and systems support to its independent businesses.

Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL".  Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.

SOURCE Mullen Group Ltd.

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