Press release from Marketwire
Parkland Fuel Corporation Reports Second Quarter 2013 Results
- Positive Results from Elbow River and Other Initiatives Offset Weaker External Environment -
Wednesday, August 07, 2013
Parkland Fuel Corporation Reports Second Quarter 2013 Results18:16 EDT Wednesday, August 07, 2013
RED DEER, ALBERTA--(Marketwired - Aug. 7, 2013) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX:PKI), Canada's largest independent supplier and reseller of fuels and petroleum products, today announced the financial and operating results for the three and six months ended June 30, 2013.
Parkland delivered Adjusted EBITDA of $58.2 million in the second quarter of 2013, a 7% improvement over the same period in 2012, due to the positive results from Elbow River and Parkland's supply initiatives partially offset by lower contribution in the Commercial and Retail divisions with less business activity in the oil and gas sector and a return to seasonally historic retail margins.
|2013 Q2 Operational Highlights:|
||For the three months ended June 30,||
||For the six months ended June 30,||
|2013||2012||% Change||2013||2012||% Change|
|(in millions of litres)|
|Total fuel volume||1,580||1,003||57||2,980||2,088||43|
|Retail fuel volume||438||458||(4||)||838||873||(4||)|
|Commercial fuel volume*||312||315||(1||)||745||777||(4||)|
|(in millions of Canadian dollars)|
|Adjusted EBITDA (1)||58.2||54.2||7||119.6||97.3||23|
|Distributable cash flow (2)||42.3||38.6||10||87.5||64.6||35|
|Dividend to distributable cash flow payoutratio||43||%||44||%||41||%||52||%|
|(1)||Please see Adjusted EBITDA in the Non-GAAP Measures section in the MD&A and the reconciliation later in this press release.|
|(2)||Please see Distributable Cash Flow reconciliation table and definition in Non-GAAP Measures, both of which can be found in the MD&A.|
- Volumes increased 58% or 577 million litres year over year primarily due to the acquisition of Elbow River Marketing, TransMontaigne, and Sparlings Propane;
- Branded retail marketer agreement signed with Chevron in British Columbia. This is expected to drive volume growth through Chevron's brand strength and access to a major refiner brand in regions of British Columbia previously lacking this offering;
- Ready to Roll in-fleet fueling program growth exceeds expectations. Offering being expanded to other regions and additional capacity being added in the Toronto marketplace; and
- Base volumes (volumes prior to acquisitions) decreased by 44 million litres or 4% year over year due to planned retail site closures, lower Commercial volumes, partially offset by increased wholesale.
- Supply initiatives continue to bolster Supply and Wholesale profits; and
- Refiners' margins weaker in second quarter of 2013 compared to 2012.
- Excluding operating costs (Opex) and marketing, general and administrative (MGA) expenses of acquired companies and one time acquisition costs, Opex and MGA in Parkland's base business were flat compared with the same period last year and on plan.
"Growing through acquisition while maintaining control on costs is essential to Parkland`s growth strategy, and in the second quarter we continued to demonstrate that we are following this discipline," said Bob Espey, President and Chief Executive Officer of Parkland. "In addition, the fact that our supply and wholesale division is up year- over-year, despite weaker refiners' margins, demonstrates the strong progress we've made on our supply initiatives."
"While we continue to experience some softness in our core commercial markets, new product offerings such as Ready to Roll, Parkland's in-fleet fueling offer, have gained more traction in the market than expected. In addition, our new agreement with Chevron is expected to support new dealer growth in British Columbia. We believe both of these areas could be a source of additional organic growth going forward." added Mr. Espey.
|Three months ended June 30,||Six months ended June 30,|
|(in millions of Canadian dollars, except volume and per Share amounts)||
|Income Statement Summary:|
|Sales and operating revenues||1,342.7||1,011.3||33||2,555.5||2,075.7||23|
|Marketing, general and administrative||27.0||19.7||(37||)||52.0||39.4||(32||)|
|Depreciation and amortization expense||15.1||13.0||(16||)||28.3||26.5||(7||)|
|Customer finance income||(0.7||)||(1.1||)||(36||)||(1.2||)||(1.7||)||(29||)|
|Loss on disposal of property, plant and equipment||0.1||0.1||-||0.4||0.7||43|
|Loss on risk management activities||11.3||1.4||(707||)||14.0||5.6||(150||)|
|Earnings before income taxes||29.5||35.1||(16||)||69.0||58.7||18|
|Income tax expense||9.2||9.2||-||18.2||15.3||(19||)|
|Net earnings per share|
|- Diluted (1)||0.28||0.37||(24||)||0.72||0.62||16|
|Non-GAAP Financial Measures:|
|Adjusted EBITDA (2)(3)||58.2||54.2||7||119.6||97.3||23|
|Distributable cash flow (2)(4)||42.3||38.6||10||87.5||64.6||35|
|Distributable cash flow per share (2)(4)||0.60||0.58||3||1.25||0.97||28|
|Dividend to distributable cash flow payout ratio (2)(4)||43||%||44||%||41||%||52||%|
|Fuel volume (millions of litres)||1,580.0||1,003.0||58||2,980.0||2,088.0||43|
|Return on capital employed (ROCE)(2)(5)||26.3||%||20.1||%|
|Fuel Key Metrics - Cents per litre:|
|Average Retail fuel adjusted gross profit (6)||4.73||5.46||(13||)||4.63||4.98||(7||)|
|Average Commercial fuel adjusted gross profit (6)||9.33||8.19||14||10.70||10.00||7|
|Marketing, general and administrative||1.71||1.96||13||1.74||1.89||8|
|Depreciation and amortization expense||0.96||1.30||26||0.95||1.27||25|
|Liquidity and bank ratios:|
|Net debt:adjusted EBITDA (2)(7)||1.13||1.34|
|Senior debt:adjusted EBITDA (2)(7)||0.54||0.55|
|Interest coverage (2)(6)||9.26||5.91|
||Diluted earnings (loss) per share can be impacted by an anti-dilutive impact of conversion of the debentures. Quarterly diluted earnings (loss) per share may therefore not accumulate to the same per share value as the year-to-date calculation.|
|(2)||Please refer to the Non-GAAP Measures section in the MD&A for definitions.|
|(3)||Please see Adjusted EBITDA discussion in the MD&A.|
|(4)||Please see Distributable Cash Flow reconciliation table in the MD&A.|
|(5)||Please see ROCE discussion in the MD&A.|
|(6)||Please see Segmented Results discussion in the MD&A|
|(7)||Please refer to the Non-GAAP Measures section in the MD&A for reconciliations.|
Parkland Penny Plan Update
The Parkland Penny Plan, announced on May 15, 2012, is targeting:
- Growth to seven billion litres in fuel volumes by 2016 through organic growth and acquisitions; and
- 1 cent per litre in additional EBITDA margin by 2016 through economies of scale, better supply options, and efficiencies.
Penny Plan Scorecard Summary:
|Area||Commitment||Analysis||2016 Target||Q2 2013||2012|
Lower Consumption in Oil and Gas Sector
Base volumes, excluding Elbow River Marketing,
continue to be down due to softness across several commercial sectors partially offset by strong sales efforts.
|0.5 billion litres||(56.7) YTD million litres||(29.7) YTD million litres|
$27 million in Adjusted EBITDA Added
The acquisition of Elbow River Marketing, Sparling's Propane, and TransMontaigne will contribute towards the $55 million in Adjusted EBITDA Parkland is targeting by 2016. The mergers and acquisitions environment remains very active. The year to date results exclude 824 million litres of fuel and propane volume from Elbow River Marketing.
|2.5 billion litres||620 million litres||-|
Parkland continues to extend its progress on replacing the average normalized profit† of its refiners' margin contract through the negotiation of supply contracts, supply management, terminals, and the addition of
Elbow River Marketing. No problems are foreseen in replacing the volume.
|100% Normalized profit plus 1/3
|On Track||On Track|
Elbow River Marketing's volumes and operating costs have been excluded. Commercial and Retail continued to maintain low costs on a cpl basis.
|3.60 cpl||3.57 cpl TTM||3.61 cpl TTM|
|Marketing, General and Administration costs
MGA Decreases on Base Business
Elbow River Marketing's volumes and MG&A costs have been excluded. Acquisition costs of approximately $3.3 million in the first half of 2013 have also been excluded to present a fair portrayal of the ongoing MGA costs in Parkland's base business.
|1.59 cpl||1.83 cpl TTM||1.87 cpl TTM|
|Total Recordable Injury Frequency
Safety remains a focus
TTM Lost Time Injury Frequency increased to 0.96 in Q2 2013 from 0.55 in Q1. TTM Total Recordable Injury Frequency was similar in Q2 2013 compared to 2.53 in Q1 2013.
|Less than 2||2.55 TTM||2.33 TTM|
|* Normalized for Cango and one-time costs; †The average annualized benefit under this contract excluding performance from outlier years|
|Note: 2016 cost targets will be updated in the event of a significant change to Parkland's business mix.|
|Abbreviations:||CPL = Cents per litre|
|YTD = Year-to-date|
|TTM = Trailing twelve months|
This five year strategic plan aims to double 2011 normalized EBITDA of $125 million by the end of 2016. (Normalized EBITDA ignores one-time costs and irregular profits). $70 million is expected to be derived through a one cent increase in EBITDA margin, $55 million is expected to be derived through acquisitions.
A more detailed explanation of the Parkland Penny Plan and the full scorecard can be found in this quarter's Management's Discussion and Analysis.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
Due to the acquisition of Elbow River Marketing and ongoing mergers and acquisition activities Parkland will utilize "Adjusted EBITDA". Adjusted EBITDA represents earnings before finance costs (accretion on refinery remediation, accretion on asset retirement obligation, interest on long-term debt, interest and accretion on convertible debentures and loss on interest rate swaps), income tax expense (recovery), depreciation and amortization, unrealized loss (gain) on commodities forward contracts and US dollar forward exchange contracts, acquisition related costs and gain on disposal of property, plant and equipment. Adjusted EBITDA differs from the previously disclosed EBITDA due to the exclusion of acquisition related costs in the calculation. See the Adjusted EBITDA discussion of the MD&A for a reconciliation of Adjusted EBITDA.
|Three Months Ended June 30,||Six Months Ended June 30,|
|(in thousands of Canadian dollars)|
|Finance costs (1)||4,308||5,942||9,584||11,460|
|Loss/(gain) on disposal of property, plant and equipment||125||120||400||680|
|Income tax expense||9,211||9,190||18,195||15,258|
|Unrealized (gain) loss from the change in fair value of risk||-|
|and US dollar forward exchange contracts||7,323||-||8,860||-|
|Acquisition related costs||1,795||24||3,320||24|
|Amortization and depreciation||15,123||12,971||28,334||26,452|
|Adjusted EBITDA (2)(3)||58,219||54,193||119,552||97,325|
|(1)||Includes realized and unrealized (gain) loss on the interest rate|
|(2)||Includes the realized and unrealized (gain) loss on put options|
|(3)||Please refer to the Non-GAAP Measures section in the MD&A for definitions.|
Increased Distributable Cash Flow Driven by Acquisitions
Q2 2013 vs. Q2 2012
Distributable cash flow exceeded dividends in the second quarter by $24.1 million compared with $21.7 million in the second quarter of 2012. The dividend payout ratio for the second quarter of 2013 was 43% compared with 44% in the second quarter of 2012. Distributable cash flow increased $3.7 million to $42.3 million in the second quarter of 2013 compared with $38.6 million in the second quarter of 2012. The increase in distributable cash flow and decrease in the dividend payout ratio is primarily due to the $4.0 million increase in Adjusted EBITDA.
YTD 2013 vs. 2012
Distributable cash flow for the six months ended June 30, 2013 exceeded dividends by $51.6 million compared with $31.2 million for the six months ended June 30, 2012. The dividend payout ratio for the six months ended June 30, 2013 was 41% compared with 52% for the six months ended June 30, 2012. The increase in distributable cash flow and decrease in the dividend payout ratio are primarily due to a $22.2 million year over year increase in Adjusted EBITDA, a $1.7 million increase in share incentive compensation and a $2.6 million decrease in maintenance capital, partially offset by $3.5 million decrease in proceeds on disposals.
Commercial Team Partially Offsets Headwinds in Oil and Gas through New Offerings
Q2 2013 vs. Q2 2012
For the three months ended June 30, 2013, Parkland Commercial Fuels' volumes decreased to 312 million litres compared with 315 million litres in 2012 principally as a result of lower year over year industrial activity in key sectors including oil and gas and the discontinuation of low margin marketer agreements in Northern Alberta.
Strong sales activities with a focus on diversifying Parkland's customer mix helped to offset the impact of the foregoing challenges in the quarter.
For the three months ended June 30, 2013, the Canadian Association of Oilwell Drilling Contractors (CAODC) reported an average monthly drilling rig count of 151 per month, a 15 percent decrease compared with 178 per month for the same period in 2012. This drop continues to be attributed to the impact of decreased commodity pricing in the Western Canadian Sedimentary Basin.
Fuel volumes from Parkland Commercial Fuels for the three months ended June 30, 2013 accounted for 20% of the Corporation's total volumes compared with 31% for the same period in 2012. Commercial fuel revenue decreased by 4% to $279.8 million in the second quarter of 2013 compared with $290.8 million in 2012.
Average net fuel adjusted gross profit on a cents per litre basis for the second quarter of 2013 was 9.33 cpl, an increase of 14% or 1.14 cpl compared with 8.19 cpl in the second quarter of 2012 due to the discontinuation of low margin marketer agreements in Northern Alberta.
YTD 2013 vs. 2012
For the six months ended June 30, 2013, Parkland Commercial Fuels' volumes decreased 4% to 745 million litres compared with 777 million litres for the same period in 2012 due to the pullback in key industries as outlined in the second quarter review.
Average net fuel adjusted gross profit on a cents per litre basis for the six months ended June 30, 2013 was 10.70 cpl, an increase of 7% or 0.70 cpl compared with 10.00 cpl in 2012. The year to year increase is due to the same reasons described for the quarter.
Given lower activity within the oil and gas sector, Parkland has made appropriate adjustments to its variable cost structure to reflect current economic conditions.
Parkland's commercial operations team continue to simplify and standardize the business, which is expected to drive savings, better customer service and better performance going forward. These changes include the consolidation of branches, changes in branded distribution agreements, the roll out of Parkland's multi-product commercial offering at additional branches and the simplification and standardization of procedures and process.
The launch of Ready to Roll, Parkland's in-fleet fueling offering, has been very successful in the Southern Ontario test market. Ready to Roll delivers fuel to commercial vehicles during off peak hours, allowing customers to save time by fueling up outside of operating hours and to better manage their fuel consumption on a vehicle-by-vehicle basis through the Ready to Roll online portal. It also allows Parkland to increase the utilization of the existing delivery truck fleet. Demand in the test market has quickly outstripped capacity and Parkland is adding the drivers and technology necessary to meet the needs of new customers. Given the market opportunity, Parkland is actively looking at other urban markets across Canada in which to launch the Ready to Roll offering.
Parkland's Commercial Fuel division is Shell's largest branded distributor of fuels and lubricants to Canada's commercial segment. The relationship with Shell provides access to innovative products like Shell Diesel Extra, which can provide customers with an increase in fuel economy of between 3 - 8%, while also reducing engine wear and thereby extending engine life. Shell Diesel Extra will be added to Parkland's product portfolio in Western Canada in the coming months and is expected to be a source of product differentiation compared to competitive fuel products.
Retail Margins Return to Normal
Q2 2013 vs. Q2 2012
For the three months ended June 30, 2013, Parkland Retail Fuels' volumes decreased 4% to 438 million litres compared with 458 million litres for the same period in 2012. The decrease was primarily the result of a 9 million litre reduction in volume contribution from the Cango network due to site rationalization, combined with temporary closures for the purpose of upgrades, competitive pressures in certain markets, partially offset by network growth in Parkland's company owned and dealer network.
Fuel volumes from Parkland Retail Fuels for the three months ended June 30, 2013 accounted for 28% of the Corporation's total volume compared with 46% for the same period of 2012. Retail fuel revenue decreased 3% to $422.2 million in the second quarter of 2013 compared with $435.2 million in the second quarter of 2012.
The second quarter of 2013 financial results for Parkland Retail Fuels continued to benefit from lower costs that helped offset the contraction in volumes described above. Disciplined management of repair, maintenance, travel, advertising and other costs, reductions in staffing and a refined approach to commission and dealer agreements continued to drive significant savings in operating and marketing, general and administrative costs in the quarter.
Average adjusted gross profit on a cents per litre basis decreased by 13% to 4.73 cpl in the second quarter of 2013 compared with 5.46 cpl in the second quarter of 2012. As can be seen in the sequential graph, margins in the second quarter of 2012 were unusually strong, the drop in margin reflects the market returning to normal conditions.
YTD 2013 vs. 2012
For the six months ended June 30, 2013, Parkland Retail Fuels' volumes decreased 4% to 838 million litres compared with 873 million litres in 2012. The decrease is mainly due to an 18 million litre reduction in volumes from the Cango network due to site rationalization.
Retail Fuels' adjusted gross profit decreased by 7% to 4.63 cpl for the six months ended June 30, 2013 compared with 4.98 cpl in 2012 which reflects the unusually high retailer operated margins experienced in the first two quarters of 2012.
Rising crude prices impact margins by increasing the wholesale prices of petroleum products, which in turn creates increased pressure on the wholesale to retail marketing margin as increases in the "street" pr ice for fuel products often lag increases in the wholesale price of petroleum products. Crude prices rose significantly in July, which could potentially put downward pressure on margins.
Parkland recently signed an agreement with Chevron to be a branded distributor of the Chevron retail service station brand in the British Columbia marketplace. Given the strength of the Chevron brand, and that the agreement provides Parkland with access to a major refining brand in certain British Columbia markets that it had previously lacked, Parkland expects that this will drive significant growth through new dealer signings.
Refiners' Margins Weaker in the Second Quarter of 2013
Parkland Wholesale, Supply and Distribution is responsible for managing Parkland's fuel supply and inventory, which includes the purchase of fuel from refiners, distributing fuel via third party long-haul carriers and railcars, and serving wholesale and reseller customers.
Q2 2013 vs. Q2 2012
For the three months ended June 30, 2013 Parkland Wholesale, Supply and Distribution fuel volumes (after eliminating intersegment sales) increased 261% to 830 million litres compared with 230 million litres for the same period in 2012 primarily due to 497 million litres added from the acquisition of Elbow River Marketing, 99 million litres from the acquisition of TransMontaigne and increased sales.
Fuel adjusted gross profits for the three months ended June 30, 2013 increased 42% to $52.5 million compared with $36.9 million for the same period in 2012 primarily due to $14.7 million in adjusted gross profits from the acquisition of Elbow River Marketing, profits from Parkland's ongoing supply initiatives, partially offset by marginally lower refiners' margins.
In the second quarter of 2013, Parkland recorded a $0.4 million gain related to put option contracts in place to hedge and secure a portion of the future economic benefit that Parkland receives on its refiners' margins based contract. Refiners' margins refer to the profit made between the cost of the crude oil required to produce fuel and the wholesale price received by refiners for the fuel they sell.
The Wholesale Division continues the process of optimizing the entire wholesale portfolio to achieve an optimal mix between volume, margin and capital employed. By managing trade terms on accounts Parkland targets improved return on capital employed.
YTD 2013 vs. 2012
For the six months ended June 30, 2013 Parkland Wholesale, Supply and Distribution fuel volumes (after eliminating intersegment sales) increased 219% to 1.4 billion litres compared with 438 million litres in 2012 primarily due to 824 million litres from Elbow River Marketing and 99 million litres from the acquisition of TransMontaigne and volume growth due to the division's sales activities.
Fuel adjusted gross profits from Parkland Wholesale, Supply and Distribution for the six month period ended 2013 increased 56% to $90.3 million compared with $57.8 million in 2012 primarily due $24.7 million from Elbow River Marketing.
Planned shut downs are coming this year to a number of refinery operators in Canada. While it is expected that these refiners have the ability to cover product demand during their shut down, Parkland has contingencies in place to provide supply options during these periods. In addition, Parkland is working closely with refinery operators to ensure that they have access to additional terminal and distribution options such as the Bowden terminal. Fuel supplies are therefore expected to be sufficient in all Canadian markets for 2013.
For the first half of 2013, weak Canadian crude prices relative to Brent crude prices drove record high refiners' margins. Refiners' margins contracted significantly in July and remain closer to historic norms at present. In the second quarter of 2013, refiners' margins for gasoline were lower than the levels seen during the same period in 2012.
Simplification and Standardization Continue to Improve Costs
Q2 2013 vs. Q2 2012
Operating and direct costs increased by 17% to $41.5 million (2.6 cpl) for the three months ended June 30, 2013, compared with $35.5 million (3.5 cpl) in the three months ended June 30, 2012, primarily due to the acquisition of Elbow River Marketing, TransMontaigne and Sparling's Propane, partially offset by business simplification and standardization in Parkland's Retail Fuels Division, reduced volumes and cost reduction initiatives within the Commercial Fuels Division.
However, costs continue to be on target on a cents per litre basis, even when normalized to look at the base business without Elbow River's large volumes.
YTD 2013 vs.2012
Operating and direct costs increased by 5% to $83.7 million (2.8 cpl) in the six months ended June 30, 2013, compared with $79.9 million (3.8 cpl) in 2012 due to the same reasons as describe in the quarter.
Marketing, General and Administrative Costs per Litre Hold the Line Despite Acquisitions
Q2 2013 vs. Q2 2012
Marketing, general and administrative expenses ("MGA") increased 37% to $27.0 million (1.7 cpl) in the second quarter of 2013 compared with $19.7 million (2.0 cpl) in the second quarter of 2012. Marketing, general and administrative costs in the second quarter of 2013 increased $4.9 million as a result of the acquisition of Elbow River Marketing, $0.6 million from the acquisition of Sparling's Propane and $1.8 million of acquisition related costs.
MGA costs are also on target on a cents per litre basis, even when normalized to look at the base business without Elbow River's large volumes.
YTD 2013 vs. 2012
Marketing, general and administrative expenses increased 32% to $52.0 million (1.4 cpl) in the six months ended June 30, 2013, compared with $39.4 million (2.0 cpl) for the six months ended June 30, 2012. Marketing, general and administrative costs in the first six months of 2013 increased $8.5 million as a result of the acquisition of Elbow River Marketing, $0.6 million from the acquisition of Sparling's Propane and $3.3 million of acquisition related costs.
EBITDA Rises by 7 Percent on Acquisitions
Q2 2013 vs. Q2 2012
Adjusted EBITDA for the second quarter of 2013 increased by 7% to $58.2 million compared with $54.2 million in the second quarter of 2012. The increase in Adjusted EBITDA is the result of the acquisition of Elbow River Marketing with Adjusted EBITDA of $7.6 million, partially offset by lower adjusted EBITDA in Commercial and Retail.
YTD 2013 vs. 2012
Adjusted EBITDA for the six months ended June 30, 2013 was $119.6 million, an increase of 23% compared with $97.3 million for the six months ended June 30, 2012, mainly due to the acquisition of Elbow River Marketing with Adjusted EBITDA of $12.9 million and higher refiners' margins, partially offset by lower adjusted EBITDA in Commercial.
Net Earnings Decrease Due to Unrealized Losses on Risk Management Tools
Q2 2013 vs. Q2 2012
Parkland's net earnings in the second quarter of 2013 were $20.3 million, a decrease of $5.6 million compared with net earnings of $25.9 million in the second quarter of 2012. The decrease in net earnings in the second quarter of 2013 compared with the prior year was due to an increase of $7.3 million in unrealized loss from the change in fair value of commodity forward contracts and US dollar forward exchange contracts, a $2.1 million increase in depreciation and amortization expense and a $1.8 million increase in acquisition related costs, partially offset by a $4.0 million increase in Adjusted EBITDA and a $1.6 million decrease in finance costs.
YTD 2013 vs. 2012
Net earnings for the six months ended June 30, 2013 were $50.9 million, an increase of $7.4 million compared with $43.5 million in 2012. The increase in net earnings was primarily due to $22.2 million in increased Adjusted EBITDA and $1.9 million in decreased finance costs, partially offset by $1.9 million in higher depreciation and amortization, a $2.9 million increase in income taxes, a $3.3 million increase in acquisition related costs and an increase of $8.9 million in unrealized loss from the change in fair value of commodity forward contracts and US dollar forward exchange contracts.
MD&A and Financial Statements
Management's Discussion and Analysis, the audited Consolidated Financial Statements, and the Notes to the Consolidated Financial Statements for the three and six months ended June 30, 2013 are available online at www.parkland.ca.
Conference Call Information
Parkland Fuel Corporation will host a webcast and conference call at 3:00 p.m. MT (5:00 p.m. ET) on Thursday, August 8th, 2013 to discuss the results for the three and six months ended June 30, 2013.
President and CEO Bob Espey and Senior Vice President and CFO Mike Lambert will discuss Parkland's financial results for the quarter and then take questions from securities analysts, brokers and investors.
Please log into the webcast slide presentation 10 minutes before the start time at:
To access the conference call by telephone from within Canada dial toll free 1-888-241-0394. International callers or callers from the Toronto area should use (647) 427-3413. Please connect approximately 10 minutes prior to the beginning of the call and quote the conference ID: 2385 0408.
The webcast will be available for replay within 24 hours of the end of the conference call.
Forward Looking Information
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding Parkland's future financial position, business and growth strategies, including the manner in which such strategies will be implemented, budgets, projected costs, sources of growth, capital expenditures, financial results, taxes, future acquisitions and the efficiencies to be derived therefrom, effectiveness of internal controls, sources of funding for growth capital expenditures, anticipated dividends and the amount thereof, if any, to be declared by Parkland Fuel Corporation, and plans and objectives of or involving Parkland. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "i ntends", "projects", "projected", "anticipates", "estimates", "continues", or similar words and include, but ar e not limited to, statements regarding the accretive effects of acquisitions and the anticipated benefits of acquisitions. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland's annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
About Parkland Fuel Corporation
Parkland Fuel Corporation is Canada's largest independent supplier and reseller of petroleum products, managing a nationwide network of sales channels. We are Canada's local fuel company, delivering gasoline, diesel, propane, lubricants, heating oil and other products to businesses, consumers and wholesale customers through community based operators who care.
FOR FURTHER INFORMATION PLEASE CONTACT:
Parkland Fuel Corporation
Director of Corporate Communications
1-800- 662-7177 ext. 2533
Parkland Fuel Corporation