CALGARY, May 15 /CNW/ - Trimac Income Fund (TSX Symbol TMA.UN) (the "Fund") today released the financial results of the Fund and Trimac Transportation Services Limited Partnership ("Trimac" or the "Partnership") for the first quarter ended March 31, 2009.
Three months
Partnership ended March 31
(millions of dollars) 2009 2008
-------------------------
Revenues 64.1 76.8
EBITDA(1) 5.5 7.0
Net (loss) earnings (0.7) 0.6
Three months
ended March 31
Fund 2009 2008
-------------------------
Distributable cash per unit(1)(2) $0.1106 $0.1127
Distributions per unit(1) $0.1200 $0.2313
Basic (loss) earnings per unit $(0.0050) $0.0382
Fully diluted (loss) earnings per unit $(0.0449) $0.0200
Weighted average number of units outstanding
used in computing basic (loss) earnings per
unit 12,584,679 12,551,319
Number of units outstanding used in computing
diluted (loss) earnings per unit 25,304,697 24,107,340
(1) EBITDA, distributable cash per unit and distributions per unit are
not recognized measures under generally accepted accounting
principles (GAAP) and do not have a standardized meaning prescribed
by GAAP. Therefore, these amounts may not be comparable to similar
measures presented by other issuers. Management considers EBITDA and
distributable cash to be key measures that indicate the ability of
the Fund to meet its capital and financing commitments.
(2) Distributable cash available will fluctuate on a monthly basis due to
seasonal cash flows, sustaining capital incurred, income taxes, and
interest paid. See "Distributable Cash" for additional commentary.
Trimac's revenue in the three-month period ended March 31, 2009 ("current period") decreased by $12.7 million or 16.5 percent from the three-month period ended March 31, 2008 ("prior period"). Contributing to this decrease was a $5.5 million reduction in revenue from fuel surcharges. As previously reported by Trimac, the impact of changes in fuel prices on profitability has generally been neutral. In addition, revenue was affected by competitive pressures and reduced levels of activity in the construction, drilling, mining, automotive, and forestry industries. EBITDA decreased by $1.5 million or 21.4 percent from the prior period. Expressed as a percent of revenue, EBITDA was 8.6 percent in the current period suffering only a moderate decline from the 9.1 percent recorded in the prior period as various cost reduction programs were implemented to mitigate lower volumes.
Divisional highlights in the first quarter were as follows:
- Western division revenue declined by $7.7 million or 16.8 percent and
EBITDA decreased by $1.3 million or 25.0 percent over the prior
period.
- Eastern division revenue decreased by $4.2 million or 15.5 percent
and EBITDA declined by $0.3 million or 25.0 percent over the prior
period.
- Bulk Plus Logistics experienced improved profitability as EBITDA
increased by $0.6 million on lower revenue than the prior period.
This increase was primarily due to the non-recurrence of one time
costs in the prior period.
In commenting on the results for the first quarter, Jeffrey J. McCaig, Chairman and CEO of Trimac, said:
"Despite the challenging operating environment in Canada, Trimac was able to maintain a relatively stable EBITDA margin when compared to the first quarter of 2008 as a result of proactive cost management. Trimac's management is continuing to implement cost controls and pursuing additional profitable business in an attempt to mitigate the impact of the current recession."
For comments regarding management's outlook for the remainder of 2009 please see Trimac's Management's Discussion and Analysis for the three-month period ended March 31, 2009.
Financial Highlights
Three months ended
March 31
-------------------------
(millions of dollars) 2009 2008
-------------------------------------------------------------------------
Revenues 64.1 76.8
Direct costs 48.0 58.3
Selling and administrative 10.6 11.5
-------------------------
EBITDA(1) 5.5 7.0
Depreciation net of gains on disposal of
capital assets 5.0 5.1
-------------------------
Operating earnings 0.5 1.9
Interest expense (net) 1.0 1.2
-------------------------
(Loss) earnings before taxes (0.5) 0.7
Income tax expense 0.2 0.1
-------------------------
Net (loss) earnings (0.7) 0.6
-------------------------
-------------------------
As a percentage of revenue(2)
------------------------------------------------
Direct costs 74.9% 75.9%
Selling and administrative 16.5% 15.0%
EBITDA(1) 8.6% 9.1%
Depreciation 7.8% 6.6%
Operating earnings 0.8% 2.5%
As at As at
March 31, December 31,
(millions of dollars) 2009 2008
-------------------------
Total assets 147.2 152.7
Total long-term liabilities 48.7 47.2
(1) EBITDA (earnings before interest, taxes, depreciation and
amortization) is not a recognized measure under GAAP, does not have a
standardized meaning prescribed by GAAP and, therefore, may not be
comparable to similar measures presented by other issuers. Management
believes that EBITDA is a useful complementary measure of cash
available for distribution before debt servicing expense, capital
expenditures and income taxes.
(2) Direct costs, selling and administrative and depreciation, expressed
as a percentage of revenue, were impacted by significant fluctuations
in fuel surcharge revenue between the prior and current period. For
additional commentary regarding these expenses please see page 7 and
8 of Trimac's Management's Discussion and Analysis for the
three-month period ended March 31, 2009.
Distributable Cash
The table below illustrates distributable cash to unitholders beginning
with net cash provided by the Partnership's operations.
Three months ended
March 31
(millions of dollars except unit amounts, -------------------------
certain percentages and number of units) 2009 2008
-------------------------------------------------------------------------
Net cash provided by operations 5.0 8.5
Net change in non-cash working capital(1) (0.7) (2.9)
-------------------------
Cash provided by operations 4.3 5.6
Less adjustments for:
Net sustaining capital expenditures (net of
proceeds)(2)(3) (1.2) (2.5)
Provision for long-term unfunded
contractual operational
obligations(4) 0.1 -
-------------------------
Total estimated cash available for
distribution (before public
expenses) 3.2 3.1
Percentage of available cash distributable to
unitholders(5) 50% 52%
-------------------------
Cash available for distribution to
unitholders (before public
expenses) 1.6 1.6
Public expenses(6) (0.2) (0.2)
-------------------------
Distributable cash from operations(2)(7) 1.4 1.4
Distributions declared and payable 1.5 2.9
Distributable cash per unit(2)(7) 0.1106 0.1127
Distributions declared per unit(9) 0.1200 0.2313
Payout ratio(2)(7) 108.5% 205.2%
Weighted average number of units outstanding 12,584,679 12,551,319
Net capital expenditures
Sustaining capital expenditures(2) 2.1 3.4
Proceeds on disposal of replaced assets (0.9) (0.9)
-------------------------
Net sustaining capital expenditures(2)(3) 1.2 2.5
Growth capital expenditures(2)(8) 0.7 2.5
-------------------------
1.9 5.0
-------------------------
-------------------------
(1) Changes in non-cash operating assets and liabilities are not included
in the calculation of distributable cash. Working capital investments
are funded through a combination of cash flow not distributed and the
use of credit facilities available to the Partnership.
(2) Distributable cash from operations, sustaining capital expenditures,
net sustaining capital expenditures, payout ratio, and growth capital
expenditures are not measures recognized by GAAP, do not have
standardized definitions prescribed by GAAP and may not be comparable
to similarly named measures presented by other issuers.
(3) Net sustaining capital expenditures refers to capital expenditures,
net of proceeds on disposal of assets replaced, which are necessary
to sustain current revenue levels. See "Capital Expenditures" on
page 8 of this press release.
(4) Represents a provision for cash requirements relating to a long-term
incentive plan and an executive pension liability. During the current
period, a partial reversal of $0.1 million previously provided for
was recorded.
(5) Percentage is equal to weighted average number of units outstanding
of 12,584,679 divided by fully diluted units of 25,304,697.
(6) Represents expenses associated with the Fund's status as a reporting
issuer.
(7) Distributable cash available will fluctuate on a monthly basis due to
seasonal cash flows, sustaining capital expenditures incurred, income
taxes paid and interest costs on outstanding debt.
(8) Cash used to fund growth capital expenditures does not affect
distributable cash to unitholders where financing is available for
these purposes. The Partnership funds growth capital from
undistributed cash from operations, cash available from distributions
on non-cash exchangeable shares and, to the extent available,
existing lines of credit.
(9) Effective January 2009 the monthly distribution per unit was reduced
from $0.0771 to $0.04.
During the current period the Partnership's cash provided by operations decreased by $1.3 million. This was offset by a reduction in net sustaining capital expenditures of $1.3 million and a decrease in the provision for unfunded long-term executive compensation plans of $0.1 million. The Fund's distributable cash was $1.4 million in the current period, a similar amount to that recorded in the prior period.
Distributions in the current period were paid using cash generated from operations including cash retained in the business relating to non-cash exchangeable shares. Due to the seasonal nature of the Partnership's business and the timing of sustaining capital purchases, the amount of distributable cash may vary from quarter to quarter. Trimac's Board of Directors approves the level of monthly distributions based upon estimated cash flow on an annual basis, less estimated cash required for debt service, cash taxes, other amounts (including sustaining capital expenditures, working capital and provisions) to stabilize the monthly amount of distributions to unitholders. Growth capital expenditures are funded from undistributed cash from operations, cash available from notional distributions on non-cash exchangeable shares, and, to the extent available, cash and existing lines of credit.
Distributable cash from operations is not a defined term under GAAP but is determined by the Partnership as net cash provided by operations for the period, adjusted to remove specific non-cash items, including changes in working capital, and reduced by sustaining capital expenditures, provisions for funding long- term liabilities, provisions for committed capital purchases in progress and public costs.
Management believes that distributable cash from operations is a useful supplemental measure of performance as it provides investors with an indication of the amount of cash available for distribution to unitholders. Investors are cautioned, however, that distributable cash from operations should not be construed as an alternative to using net income as a measure of profitability or as an alternative to the statement of cash flows. In addition, the Fund's method of calculating distributable cash from operations may not be comparable to calculations used by other issuers.
Operating Results
Revenue
-------------------------------------------------------------------------
Three months ended March 31
-------------------------------------------------------------------------
(millions of
dollars) 2009 2008 Gross Revenue Net Revenue
-------------------------------------------------------------------------
Tran- Tran-
spor- spor-
Fuel ta- Fuel ta-
Total Sur- tion Total Sur- tion
Re- char- Re- Re- char- Re- Var- Var-
venue ges venue venue ges venue iance % iance %
-------------------------------------------------------------------------
Bulk
trucking
----------
Western
division 38.0 3.0 35.0 45.7 6.6 39.1 (7.7) -16.8% (4.1) -10.5%
Eastern
division 22.9 1.7 21.2 27.1 3.6 23.5 (4.2) -15.5% (2.3) -9.8%
-------------------------------------------------------------------------
Total bulk
trucking 60.9 4.7 56.2 72.8 10.2 62.6 (11.9) -16.3% (6.4) -10.2%
-------------------------------------------------------------------------
Bulk Plus
Logistics 3.2 - 3.2 3.9 - 3.9 (0.7) -17.9% (0.7) -17.9%
-------------------------------------------------------------------------
Other - - - 0.1 - 0.1 (0.1) (0.1)
-------------------------------------------------------------------------
Total
revenue 64.1 4.7 59.4 76.8 10.2 66.6 (12.7) -16.5% (7.2) -10.8%
-------------------------------------------------------------------------
For the current period, total revenue decreased by $12.7 million or 16.5 percent from the prior period. Fuel surcharges as a percentage of bulk trucking revenue totalled approximately 7.7 percent in comparison to 14 percent in the prior period, resulting in a decrease of $5.5 million. Trimac has fuel surcharge programs in place with substantially all of its customers and the impact of changes in fuel prices on profitability has generally been neutral. Revenue net of fuel surcharges decreased by $7.2 million or 10.8 percent from the prior period primarily as a result of business losses and lower volumes with existing customers.
The western division's revenue decreased by $7.7 million or 16.8 percent. Fuel surcharge revenue was $3.6 million lower than the prior period. Revenue net of fuel surcharges decreased by $4.1 million or 10.5 percent compared to the prior period. Incremental revenue of $1.4 million from the December 5, 2008 acquisition of Canamera Carriers Inc. (Canamera) and increased revenue in the edible product line was offset by net business losses and reduced volumes with existing customers. This reduction in volumes was primarily in response to a slowdown in the construction, oilfield drilling, mining, and forestry industries.
The eastern division's revenue decreased by $4.2 million or 15.5 percent. Fuel surcharge revenue was $1.9 million lower than the prior period. Revenue net of fuel surcharges decreased by $2.3 million or 9.8 percent compared to the prior period. Increased revenue from the industrial gas product line was offset by net business losses and decreased volumes with existing customers. These decreased volumes were primarily the result of continued economic weakness in central Canada, predominantly in the construction, chemical, and automotive industries.
For the current period, Bulk Plus Logistics's (BPL) revenue decreased by $0.7 million or 17.9 percent. This decrease was primarily due to the exiting of a transload management contract in May 2008 and decreased freight brokerage volumes in Canada and the U.S. These decreases were mitigated by a $0.2 million increase in third-party logistics management revenue.
EBITDA - Current period
-------------------------------------------------------------------------
Three months ended March 31
-------------------------------------------------------------------------
(millions of % Rev.
dollars) 2009 % Rev. 2008 % Rev. Variance % change
-------------------------------------------------------------------------
Bulk trucking
-------------------
Western division 3.9 10.3% 5.2 11.4% (1.3) -25.0% -1.1%
Eastern division 0.9 3.9% 1.2 4.4% (0.3) -25.0% -0.5%
-------------------------------------------------------------------------
Total bulk trucking 4.8 7.9% 6.4 8.8% (1.6) -25.0% -0.9%
-------------------------------------------------------------------------
Bulk Plus Logistics 0.8 25.0% 0.2 5.1% 0.6 300.0% 19.9%
-------------------------------------------------------------------------
Other (0.1) 0.4 (0.5)
-------------------------------------------------------------------------
Total EBITDA 5.5 8.6% 7.0 9.1% (1.5) -21.4% -0.5%
-------------------------------------------------------------------------
EBITDA for the current period totaled $5.5 million, a $1.5 million or 21.4 percent decrease from the prior period. The western division experienced a $1.3 million or 25 percent decrease in the current period, while the eastern division experienced a $0.3 million or 25 percent decrease. These decreases were primarily the result of lower revenue and increased accident claims which were mitigated by lower direct costs, primarily due to various cost reduction programs implemented to reflect lower volumes. BPL's EBITDA was $0.6 million higher than in the prior period as lower revenue was offset by improved profitability. Improved profitability resulted from one time costs in the prior period and a shift in product mix from lower margin revenue to higher margin third-party logistics revenue.
Capital Expenditures
Three months ended
March 31
-------------------------
(millions of dollars) 2009 2008
-------------------------------------------------------------------------
Gross sustaining capital expenditures 2.1 3.4
Less: proceeds on disposal of capital assets (0.9) (0.9)
-------------------------
Net sustaining capital expenditures 1.2 2.5
Growth capital expenditures 0.7 2.5
-------------------------
Net capital expenditures 1.9 5.0
-------------------------
-------------------------
The Partnership's net capital expenditures, including growth and sustaining capital, totalled $1.9 million in the current period compared to $5.0 million in the prior period. The decrease of $3.1 million over the prior period was due to decreased sustaining capital expenditures of $1.3 million and reduced growth expenditures of $1.8 million.
Gross sustaining capital purchases of $2.1 million were made up primarily of replacement tractors and trailers, accounting for approximately 89 percent of the total, with the balance applicable to other operating assets. Net sustaining capital expenditures were $1.3 million lower than in the prior period due to reduced trailer purchases. Proceeds on the disposal of capital assets were similar to that recorded in the prior period.
Reduced growth capital spending of $1.8 million was due to lower current period tractor and trailer purchases and the completion of a transload facility in the prior period. Growth capital expenditures of $0.7 million in the current period consisted of tractor and trailer purchases of approximately 80% with the majority of the remainder being used for a transload facility upgrade. Growth capital purchases are funded from undistributed cash from operations, cash available from notional distributions on non-cash exchangeable shares and, to the extent required, available cash and existing lines of credit.
Net annual capital expenditures relating to sustaining capital requirements will vary from year to year based on: the economic life of the capital assets; historical purchase dates; the mix of life cycles expiring in a given year; other factors affecting equipment cost; disposal proceeds of replaced assets; and, annual equipment utilization. Sustaining capital purchases are funded from the Partnership's net cash provided by operations in the year, cash available from notional distributions on non-cash exchangeable shares and, thereafter, to the extent required, available credit facilities.
You are invited to join management of the Partnership on a conference call at 2:30 p.m. Eastern Time on Friday, May 15, 2009. North American participants, please dial 1-888-300-0053; international participants, please dial ++1 647-427-3420, at least 10 minutes prior to the indicated time.
A playback of the call will be available from 5:30 p.m. Eastern Time on Friday, May 15, 2009 until midnight May 22, 2009. To hear the playback, please dial 1-888-562-2823 (international participants, please dial ++1 402-220-7738) and when prompted please enter the conference ID number 98435332.
Trimac Income Fund
Consolidated Balance Sheet
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
As at As at
March 31, December 31,
2009 2008
$ $
-------------------------
Assets
Current assets
Cash 125 970
Interest receivable 241 241
Distributions receivable 337 719
Prepaid expenses 73 105
-------------------------
776 2,035
Investment in Trimac Transportation Services
Limited Partnership 65,841 67,412
Note receivable from Trimac Transportation
Services Inc. 35,438 35,438
-------------------------
102,055 104,885
-------------------------
-------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 43 74
Due to associated companies and partnerships 178 967
Distributions payable 503 970
-------------------------
724 2,011
Deferred compensation plan 56 50
-------------------------
780 2,061
Unitholders' equity 101,275 102,824
-------------------------
102,055 104,885
-------------------------
-------------------------
The Fund commenced business operations on February 25, 2005 and earnings of the Fund's investment in Trimac have been accounted for using the equity method of accounting since commencement. Under this method, the Fund's share of earnings of Trimac, adjusted for the amortization of certain tangible and intangible assets arising from the use of purchase accounting is reflected in the statement of earnings of the Fund as "Share of earnings of Trimac Transportation Services Limited Partnership". The results of operations of the Fund are predominately dependent on the performance of the Partnership.
Trimac Income Fund
Consolidated Statement of Earnings, Comprehensive Income and Unitholders'
Equity
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars, except for per unit amounts and number of units)
Three months Three months
ended ended
March 31, March 31,
2009 2008
$ $
-------------------------
Share of loss of Trimac Transportation
Services Limited Partnership(1) (562) (28)
Interest income 682 710
Administrative costs (183) (202)
-------------------------
Net (loss) earnings (63) 480
Other comprehensive income - share of
Partnership other comprehensive income 25 24
-------------------------
Comprehensive (loss) income (38) 504
Opening unitholders' equity 102,824 108,079
Issue of additional units - 125
Distributions declared (1,511) (2,902)
-------------------------
Closing unitholders' equity 101,275 105,806
-------------------------
-------------------------
Basic (loss) earnings per unit(2) $ (0.0050) $ 0.0382
Fully diluted (loss) earnings per unit (2) $ (0.0449) $ 0.0200
Weighted average number of units outstanding
used in computing basic (loss) earnings per
unit 12,584,679 12,551,319
Number of units outstanding used in computing
diluted (loss) earnings per unit 25,304,697 24,107,340
(1) The net earnings of the Partnership are allocated between TTSI and
the Fund based on the terms of the partnership agreement. The
following is a reconciliation of net earnings recorded in the
consolidated financial statements of the Partnership to the amount
recorded by the Fund.
Three months ended
March 31,
2009 2008
$ $
-------------------------
Net (loss) earnings of the partnership (683) 594
Add: Interest expense on TTSI debt included in
Partnership earnings 671 1,018
-------------------------------------------------------------------------
Adjusted Partnership (loss) earnings (12) 1,612
Less: Purchase price allocation adjustments:
Increase in amortization of capital assets and
loss on disposal of capital assets (612) (629)
Amortization of intangible assets (1,010) (1,011)
-------------------------------------------------------------------------
Partnership earnings after purchase price
adjustments (1,634) (28)
-------------------------------------------------------------------------
Share of Partnership loss (562) (28)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(2) Pursuant to an investor liquidity agreement, holders of TTSI
Exchangeable Shares have the right to effectively liquidate their
10,060,405 shares of TTSI and receive units in the Fund. Following
the full exercise of such liquidation rights, the Fund would own
100 percent of the Partnership. The number of units used in the
calculation of diluted earnings per unit assumes full liquidation at
the beginning of the period.
Trimac Income Fund
Consolidated Statement of Cash Flows
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three months Three months
ended ended
March 31, March 31,
2009 2008
$ $
--------------------------
Cash provided (used)
Operations
Net (loss) earnings (63) 480
Add items not affecting cash:
Share of loss from Trimac Transportation
Services Limited Partnership 562 28
Deferred compensation costs 6 -
--------------------------
Cash provided by operations 505 508
Net change in non-cash working capital (788) 169
--------------------------
Net cash (used in) provided by operations (283) 677
--------------------------
Investments
Distributions from Trimac Transportation
Services Limited Partnership 1,416 2,468
--------------------------
Cash provided by investing activities 1,416 2,468
--------------------------
Financing
Distributions paid (1,978) (2,902)
--------------------------
Cash used in financing activities (1,978) (2,902)
--------------------------
(Decrease) increase in cash (845) 243
Cash, beginning of year 970 404
--------------------------
Cash, end of year 125 647
--------------------------
--------------------------
Supplemental information
Cash received from interest (net) 682 703
The financial statements included in this news release do not contain the
notes to the statements. Financial statements with note disclosure are filed
with securities regulators.
Trimac Transportation Services Limited Partnership
Consolidated Balance Sheet
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
As at As at
March 31, December 31,
2009 2008
$ $
--------------------------
Assets
Current assets
Cash 3,217 2,350
Accounts receivable 27,674 31,350
Materials and supplies 1,538 1,626
Due from related parties 2,587 3,088
Prepaid expenses 11,384 10,315
--------------------------
46,400 48,729
Capital assets 89,791 92,708
Intangible assets 3,252 3,495
Goodwill 6,182 6,182
Other 1,624 1,622
--------------------------
147,249 152,736
--------------------------
--------------------------
Liabilities
Current liabilities
Bank indebtedness - 1,969
Accounts payable and accrued liabilities 29,837 29,282
Distributions payable 3,010 3,080
Income taxes payable 66 570
Due to related parties 1 1,223
Current maturities of long-term debt 18,666 18,666
--------------------------
51,580 54,790
Long-term debt 46,280 44,723
Future income taxes 1,214 1,207
Other long-term liabilities 1,227 1,253
--------------------------
100,301 101,973
Partnership equity 46,948 50,763
--------------------------
147,249 152,736
--------------------------
--------------------------
The Partnership provides bulk trucking services throughout Canada and complementary logistics services in Canada and the United States. Effective January 1, 2005, the Partnership purchased substantially all of the assets of Trimac Transportation Services Inc. ("TTSI") relating to its Canadian bulk trucking business and its North American logistics business. TTSI and certain of its subsidiaries conducted the business operations of the Partnership prior to January 1, 2005.
Trimac Transportation Services Limited Partnership
Consolidated Statement of Earnings, Comprehensive Income and Partnership
Equity
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three months Three months
ended ended
March 31, March 31,
2009 2008
$ $
--------------------------
Revenue
Transportation revenue 59,449 66,587
Fuel surcharges 4,683 10,164
--------------------------
64,132 76,751
--------------------------
Operating costs and expenses
Direct 47,990 58,343
Selling and administrative 10,621 11,483
Depreciation and amortization 5,218 5,416
Gain on sale of assets (net) (190) (377)
--------------------------
Operating expense 63,639 74,865
--------------------------
Operating earnings 493 1,886
Interest on long-term debt 984 1,161
Other interest expense 23 11
--------------------------
1,007 1,172
--------------------------
(Loss) earnings before income taxes (514) 714
Income tax expense (recovery)
Current 161 126
Future 8 (6)
--------------------------
169 120
--------------------------
Net (loss) earnings (683) 594
Other comprehensive income - net change in
cumulative translation adjustments 100 70
--------------------------
Comprehensive (loss) income (583) 664
Opening partnership equity 50,763 55,186
Distributions declared (3,232) (4,777)
--------------------------
Closing partnership equity 46,948 51,073
--------------------------
--------------------------
Accumulated other comprehensive (losses)
income (included in partnership equity)
----------------------------------------------
Opening balance 264 (269)
Other comprehensive income 100 70
--------------------------
Closing balance 364 (199)
--------------------------
--------------------------
Trimac Transportation Services Limited Partnership
Consolidated Statement of Cash Flows
(unaudited)
-------------------------------------------------------------------------
(thousands of dollars)
Three months Three months
ended ended
March 31, March 31,
2009 2008
$ $
--------------------------
Cash provided (used)
Operations
Net (loss) earnings (683) 594
Add back (deduct) items not affecting cash:
Depreciation and amortization 5,218 5,416
Gain on sale of assets (net) (190) (377)
Future income tax expense (recovery) 8 (6)
Other non-cash items 14 (4)
--------------------------
Cash provided by operations 4,367 5,623
Net change in non-cash working capital 671 2,864
--------------------------
Net cash provided by operations 5,038 8,487
--------------------------
Investments
Purchases of capital assets (2,830) (5,932)
Proceeds on sale of capital assets 960 943
Increase (decrease) in accounts payable and
accrued liabilities relating to investing
activities 1,345 (67)
Decrease (increase) in accounts receivable
relating to investing activities 5 (37)
Other 65 39
--------------------------
Cash used in investing activities (455) (5,054)
--------------------------
Financing
Increase in long-term debt 1,557 2,619
Distributions paid (3,304) (5,557)
--------------------------
Cash used in financing activities (1,747) (2,938)
--------------------------
Increase in cash 2,836 495
Cash (bank indebtedness), beginning of year 381 (238)
--------------------------
Cash, end of period 3,217 257
--------------------------
--------------------------
Supplemental information
Income taxes paid 665 21
Interest paid 1,741 2,184
The financial statements included in this news release do not contain the notes to the statements. Financial statements with note disclosure are filed with securities regulators.
