☰ MENU
Building on our success

Press Releases

January 22, 2019

Superior Plus Announces Preliminary 2018 Results

TORONTO--(BUSINESS WIRE)-- Superior Plus Corp. (“Superior”) today announced it expects Adjusted Operating Cash Flow Before Transaction and Other Costs (“AOCF”) per share and Adjusted EBITDA results for 2018 to be towards the high-end of the previously communicated guidance of $1.75-$1.95 per share and $345 million - $375 million, respectively. In regards to AOCF per share guidance, the company previously indicated it anticipated being in the lower part of the guidance range. The expected 2018 full year results are higher than anticipated due to stronger than expected preliminary Energy Distribution results, primarily fourth quarter results for U.S. Propane Distribution, and lower than anticipated cash taxes. These preliminary results are unaudited and remain subject to completion of the audit of Superior’s 2018 financial statements. Final results including the company’s financial statements and MD&A for the 2018 fiscal year scheduled to be released Thursday, February 14, 2019 after market close.

2018 Fourth Quarter and Year-End Results and Conference Call

Superior expects to release its 2018 fourth quarter and year-end results on Thursday, February 14, 2019 after market close. A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2018 Fourth Quarter and Year-End Results is scheduled for 10:30 a.m. EST on Friday, February 15, 2019. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty chemicals.

For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: investor-relations@superiorplus.com, Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of the unaudited preliminary 2018 financial results currently available to management. In this news release, such forward-looking information and statements can be identified by terminology such as "to be", "expects", "anticipated”, and similar expressions.

In particular, this news release contains forward-looking statements and information relating to Superior’s expected 2018 AOCF per share and Adjusted EBITDA. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the preliminary 2018 financial results currently available to management being substantially the same as the final audited 2018 financial results. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: completion of the year-end audit, which includes the inaugural audit of Superior’s recently acquired NGL Propane business, could result in the receipt of updated financial information that causes the final audited 2018 financial results to differ materially from the preliminary results disclosed herein; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2017, which can be found at www.sedar.com.

Accordingly, readers are cautioned that the final audited 2018 financial results could differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

Non-GAAP Financial Measures

In this news release, Superior has used the following terms (“non-GAAP financial measures”) that are not defined by International Financial Reporting Standards (“IFRS”), but are used by management to evaluate the performance of Superior and its business: AOCF per share and Adjusted EBITDA. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that non-GAAP financial measures are clearly defined and qualified and, in the case of historical measures, reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in the 2018 Third Quarter MD&A for additional discussion of non-GAAP measures and their reconciliations.

The intent of non-GAAP financial measures is to provide additional useful information to management, investors, analysts and others. The measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Investors are cautioned that AOCF per share and Adjusted EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance.

Non-GAAP financial measures are identified and defined as follows:

Adjusted Operating Cash Flow Before Transaction and Other Costs per Share

AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes, transaction and other costs and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.

AOCF is the main performance measure used by management and investors to evaluate the ongoing performance of Superior’s businesses and its ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities. AOCF is also used as one component in determining short-term incentive compensation for certain management employees.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenue and expenses, which can differ significantly from quarter to quarter.

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by management and investors to assess Superior’s consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.

Contacts

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: investor-relations@superiorplus.com
Toll Free: 1-866-490-PLUS (7587).