Another Record Year for Westburne.Business Editors MONTREAL--(BUSINESS WIRE)--Feb. 8, 2000 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :WBI (WeB Intermediaries) A technology from IBM that provides a framework for intermediate processing between the user's browser and the Web server. WBI provides a middleware standard that can be used for password and privacy management, for transcoding from one format to .) Solid organic growth and recently completed acquisitions resulted in sales for the fourth quarter of 1999 of $678.6 million compared with $586.9 million in 1998, representing an increase of $91.7 million or 15.6 %. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the quarter increased by 7.5 %. Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations generated fourth quarter year-over-year growth of 9.3 % (8.4 % excluding acquisitions), primarily in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. and Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and Ohio. US same store sales increased by 3.9 %. Earnings before income taxes, goodwill amortization and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the quarter totaled $36.3 million versus $28.7 million in 1998, an improvement of 26.2 %. Included in the fourth quarter net earnings is a $2.6 million gain on disposition of a non-core investment. Excluding the gain, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings for the quarter increased by 15.6 % as compared to the same period a year ago. Westburne generated net earnings of $20.9 million for the fourth quarter ended December December: see month. 31, 1999, compared with $17.7 million for the same period in the preceding year, representing an increase of 18.6 %. Earnings per share for the quarter rose $0.10 or 26.3 % to $0.48 as compared to $0.38 in 1998.
Fourth Quarter 1999 % Increase over 1998
($ millions, except per Previous Year
share amounts)
-----------------------------------------------------------------------
Sales $678.6 15.6 % $586.9
Earnings before income taxes,
amortization of goodwill and
discontinued operations $36.3 26.2 % $28.7
Net Earnings
-----------------------------------------------------------------------
* Before discontinued operations
and amortization of goodwill $21.6 18.6 % $18.3
* Before discontinued operations $20.9 17.1 % $17.9
* Net earnings $20.9 18.6 % $17.7
Earnings per Share
* Before discontinued operations
and amortization of goodwill $0.50 25.0 % $0.40
* Before discontinued operations $0.48 23.1 % $0.39
* Net earnings $0.48 26.3 % $0.38
EBITDA $43.4 26.9 % $34.2
Strong momentum in the fourth quarter propelled Westburne to record net earnings of $67.5 million for the year ended December 31, 1999 compared with $60.8 million in the preceding year, representing an increase of $6.7 million or 11.1 % over 1998. Sales for the year ended December 31, 1999 totaled $2,466.7 million (including $110.0 million from acquisitions), an increase of $253.7 million or 11.5 % over the previous year. Sales growth in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of reflected a strong industrial and commercial market in Ontario, Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. and the Atlantic region, partially offset by the impact of regional economic weaknesses in Western Canada
Western Canada, commonly referred to as the West . Electrical Group acquisitions completed in 1999, coupled with good organic growth from existing Plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum divisions, resulted in strong growth in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Earnings before income taxes, goodwill amortization and discontinued operations for fiscal 1999 increased by $14.9 million or 15.3 % from $97.5 million in 1998 to $112.4 million. Included in the full year results are a $13.3 million pre-tax gain on disposition of a non-core investment, partially offset by a $10.7 million non-cash write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of software development costs. Earnings per share increased $0.22 or 16.9 % from $1.30 in 1998 to $1.52 in 1999. The earnings per share increase resulted from a combination of improved pre-tax profitability due to revenue growth, net gain on the disposition of the non-core investment and the impact of the share buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program, offset by the previously mentioned non-cash write-down of software development costs and a higher income tax rate related to our core operations. Total debt as at December 31, 1999 was $65.5 million as compared to $48.3 million a year ago. The increase related primarily to funding required for acquisitions completed in 1999, offset by proceeds from the disposition of non-core investments, increases in securitizations and improved cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . Year Ended December 31st 1999 % Increase Over 1998 ($ millions, except per share amounts) Previous Year ----------------------------------------------------------------------- Sales $2,466.7 11.5 % $2,213.0 Earnings before income taxes, goodwill amortization and discontinued operations $112.4 15.3 % $97.5 Net Earnings * Before discontinued operations and amortization of goodwill $69.5 12.1 % $62.0 * Before discontinued operations $67.5 10.7 % $61.0 * Net earnings $67.5 11.1 % $60.8 Earnings per Share ----------------------------------------------------------------------- * Before discontinued operations and amortization of goodwill $1.56 17.3 % $1.33 * Before discontinued operations $1.52 16.0 % $1.31 * Net earnings $1.52 16.9 % $1.30 EBITDA $138.0 16.3 % $118.7 Shares outstanding 43,319.9 45,540.3 Average shares outstanding 44,540.4 46,643.9 Pursuant to its strategic acquisition program, during 1999, Westburne completed 10 acquisitions, with 3 others in process, which combined are expected to generate, on an annual basis, approximately $368 million in additional sales. Through a normal course issuer bid renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. in December 1998, Westburne repurchased 1 million shares for $ 15.3 million during the fourth quarter of 1999. Since inception of the normal course issuer bid the Company has repurchased 2.28 million common shares, the maximum allowed under the bid, for a total of $34.3 million. In December 1999, Westburne renewed its normal course issuer bid and intends to purchase a maximum of 2.17 million shares over a 12 month period. Mr. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Chevrier, Chairman and Chief Executive Officer stated that &uot;We are extremely pleased to have ended this century with record level profitability. Our success reflects our employees and supply partners commitment to excel in servicing our customers and in setting the benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. for the distribution business. Our organic growth coupled with the continuation of our acquisition program is the foundation for creating shareholder value. Westburne will also capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its well-established EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. foundation and expertise to launch a number of business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. E-Commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. initiatives in the coming months.&uot; Westburne is a leading integrated distributor of industrial, construction-related and MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. (maintenance, repair and operations Maintenance management or Maintenance, (MRO'), is fixing any sort of mechanical or electrical device should it become out of order or broken (repair) as well as performing the routine actions which keep the device in working order (maintenance) or prevent trouble ) supplies and equipment to customers across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , operating through the following four autonomous product groups: Electrical, Plumbing and Waterworks waterworks: see water supply. , Refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free and Industrial products. Its Head Office is in Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and its shares are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (WBI). A conference call is scheduled for investors Tuesday Tuesday: see week. February February: see month. 8th, 2000 at 2:00 where Senior Management will review the 1999 results. Access to the call may be obtained through the operator at (905) 415-4944 five minutes prior to the call, or by dialing 1-888-598-6338 if assistance connecting is required. A playback Playback could mean:
Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant February 11, 2000 - Midnight at (619) 812-6450 reservation number 14268273.
Westburne Inc.
CONSOLIDATED BALANCE SHEETS
as at December 31st
(Unaudited)
(in thousands of Canadian dollars)
---------------------------------------------------------------------
ASSETS 1999 1998
---------------------------------------------------------------------
Current assets:
Accounts receivable $217,606 $187,153
Inventories 335,835 324,256
Other current assets 42,726 38,973
Deferred income taxes 1,187 3,940
---------------------------------------------------------------------
597,354 554,322
Fixed assets 89,793 87,914
Investments 15,212 50,400
Other long-term assets 123,455 58,752
---------------------------------------------------------------------
$825,814 $751,388
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans $13,889 $14,087
Accounts and other amounts payable 305,075 284,038
Income taxes payable 13,140 9,469
Current portion of long-term debt 232 132
---------------------------------------------------------------------
332,336 307,726
Long-term debt 51,341 34,111
Deferred income taxes 13,526 13,296
---------------------------------------------------------------------
397,203 355,133
Shareholders' equity:
Stated capital 358,779 377,054
Retained earnings 76,941 24,865
Cumulative currency translation loss (7,109) (5,664)
---------------------------------------------------------------------
428,611 396,255
---------------------------------------------------------------------
$825,814 $751,388
---------------------------------------------------------------------
---------------------------------------------------------------------
Westburne Inc.
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands of Canadian dollars, except for per share figures)
Three months Twelve months
ended Dec 31st ended Dec 31st
---------------------------------------------------------------------
1999 1998 1999 1998
---------------------------------------------------------------------
Sales $678,573 $586,921 $2,466,727 $2,213,004
---------------------------------------------------------------------
Earnings before
the undernoted
items $36,081 $30,713 $121,328 $103,907
Interest
Long-term debt 1,240 828 4,157 3,950
Other 115 107 486 495
Depreciation 4,061 2,719 14,402 10,240
Interest and
other income (3,019) (1,687) (7,477) (8,308)
---------------------------------------------------------------------
2,397 1,967 11,568 6,377
---------------------------------------------------------------------
33,684 28,746 109,760 97,530
Write-down of
software - - (10,700) -
Gain on sale
of investments 2,600 - 13,300 -
---------------------------------------------------------------------
Earnings before
income taxes
,amortization of
goodwill
and discontinued
operations 36,284 28,746 112,360 97,530
Provision for
income taxes 14,639 10,495 42,878 35,532
---------------------------------------------------------------------
Earnings before
amortization of
goodwill and
discontinued
operations 21,645 18,251 69,482 61,998
Amortization of
goodwill, net of
income taxes 707 372 1,995 1,025
---------------------------------------------------------------------
Net earnings
before
discontinued
operations 20,938 17,879 67,487 60,973
Net loss from
discontinued
operations - (158) - (221)
---------------------------------------------------------------------
Net earnings
for the period $20,938 $17,721 $67,487 $60,752
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per share:
Before amortization
of goodwill
and discontinued
operations $0.50 $0.40 $1.56 $1.33
---------------------------------------------------------------------
---------------------------------------------------------------------
Before
discontinued
operations $0.48 $0.39 $1.52 $1.31
---------------------------------------------------------------------
---------------------------------------------------------------------
Net earnings $0.48 $0.38 $1.52 $1.30
---------------------------------------------------------------------
---------------------------------------------------------------------
Westburne Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31st
(Unaudited)
(in thousands of Canadian dollars)
---------------------------------------------------------------------
1999 1998
---------------------------------------------------------------------
Cash flows
from operating
activities
Net earnings
before discontinued
operations 67,487 60,973
Depreciation and
amortization 17,026 11,553
Deferred income taxes 2,875 2,518
Write-down of software 10,700 -
Gain on sale of investments (13,300) -
Gain on sale of fixed assets (302) (1,825)
---------------------------------------------------------------------
84,486 73,219
Changes in working capital
items excluding
bank loans:
Decrease in accounts receivable 3,790 17,121
Decrease in inventories 13,775 292
Increase (decrease)
in accounts and
other amounts payable 5,528 (11,735)
Increase (decrease)
in income taxes payable 3,844 (1,773)
Other items (3,567) (1,388)
---------------------------------------------------------------------
23,370 2,517
---------------------------------------------------------------------
107,856 75,736
Discontinued operations - 873
Cash flows from
investing
activities
Additions to
fixed assets (24,525) (24,116)
Proceeds from
the sale
of fixed assets 1,158 10,744
Proceeds from
the sale
of investments 48,488 -
Business acquisitions (122,856) (25,302)
---------------------------------------------------------------------
(97,735) (38,674)
Cash flows from
financing activities
Increase (decrease)
in long-term debt 27,242 (8,868)
Repurchase of
common shares (34,227) (30,889)
Issue of
common shares 541 138
Other items (4,397) (2,165)
---------------------------------------------------------------------
(10,841) (41,784)
Effect of exchange rate changes 918 (1,715)
---------------------------------------------------------------------
Net cash inflow (outflow) 198 (5,564)
Cash position, beginning of year (14,087) (8,523)
---------------------------------------------------------------------
Cash position, end of period $(13,889) $(14,087)
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