Superior Plus Corp. ("Superior") (TSX:SPB) announced today the financial and operating results for the three months ended March 31, 2017. All financial figures are expressed in Canadian dollars.
"Superior has had an excellent start to 2017," said Luc Desjardins, Superior's President and Chief Executive Officer. "The acquisition of Canwest is anticipated to significantly enhance Superior's current Energy Distribution business, while positioning the business for oilfield activity recovery and increasing demand in Western Canada. I'm pleased with the results from the Energy Distribution business as we faced warmer than average weather in Central Canada and the Northeast U.S. in the early part of the quarter."
Operational and Financial Highlights
Income from the Canwest Transaction
Earnings from Canwest were attributable to Superior as of March 1, 2017. Canwest contributed $6.2 million in income for the first quarter.
Superior has updated its 2017 financial outlook of AOCF per share to $1.50 to $1.75 to reflect the impact of the Canwest acquisition and year-to-date results. Key assumptions related to the updated financial outlook are:
Total capital expenditures, including finance leases, in the first quarter were $17.1 million compared to $31.7 million in the prior year quarter due primarily to a decrease in maintenance capital. Maintenance capital was $15.3 million lower as Specialty Chemicals purchased chlorine rail cars in the first quarter of 2016.
Total Debt and Leverage
MD&A and Financial Statements
Superior's MD&A, the unaudited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements for the three months ended March 31, 2017 provide a detailed explanation of Superior's operating results. These documents are available online at Superior's website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior's profile at www.sedar.com.
2017 First Quarter Conference Call
Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2017 First Quarter Results at 10:30 a.m. EDT on Wednesday, May 3, 2017. 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.
Superior Plus Corp Website
Superior launched an updated investor relations website in the first quarter of 2017. The updated website is anticipated to provide improved access to information for investors, analysts and other stakeholders regarding Superior and its divisions, including financial information, investor relations presentations and press releases. The website has also been updated to improve viewing on mobile devices.
For more information about Superior, visit our website at www.superiorplus.com.
SOURCE: Superior Plus Corp.
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