Category Archives: Market News

Empire Energy Group Limited (EEGNY: OTCQX International) | Update on Farm-out Agreement

Update on Farm-out Agreement

Feb 11, 2016

OTC Disclosure News Service

Sydney, NSW, Australia

This release includes additional documents. Select the link(s) below to view.

16.02.12 ASX Announcement update on Farm Out Assignment.pdf

Copyright © 2016 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/EEGNY/news?id=125193

TransForce Inc. (TFIFF: OTCQX International Premier) | TransForce Announces 2015 Fourth Quarter and Year-End Results

TransForce Announces 2015 Fourth Quarter and Year-End Results

Feb 11, 2016

OTC Disclosure News Service


Marketwire

MONTREAL, QUEBEC–(Marketwired – Feb. 11, 2016) –

  • 2015 revenue before fuel surcharge from continuing operations up 23% to $3.63 billion
  • Operating income from continuing operations of $276.5 million in 2015, up 21% from last year
  • Adjusted net income from continuing operations* of $185.6 million in 2015, or $1.82 per diluted share*, versus $155.9 million in 2014, or $1.54 per diluted share
  • Free cash flow from continuing operations* increased by 20% to $291.5 million, or $2.91 per share* for the year

TransForce Inc. (TSX:TFI)(OTCQX:TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the fourth quarter and fiscal year ended December 31, 2015. During the year, TransForce ceased its U.S. rig moving operations and announced the sale of its Waste Management segment, which was completed on February 1, 2016. Results for these activities are accordingly presented as discontinued operations in the Company’s financial statements. Data for corresponding periods of the previous year have been restated.

“The sudden and rapid decline in the price of oil caught most by surprise in 2015. It caused a significant decline in economic activity in Canada and a serious deterioration in the U.S. energy market. Our decentralized and diversified business model enabled us to rapidly adapt to the evolving market conditions. TransForce moved decisively to reduce its exposure in operations affected by the downturn. We accelerated cost-savings initiatives, adjusted supply to demand in several areas and discontinued unprofitable rig moving operations. Our rigorous execution allowed TransForce to conclude the year with a strong free cash flow. In 2015, our geographical revenue distribution was approximately 47% from Eastern Canada, 16% from Western Canada and 37% from the United States,” said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.

“We also moved proactively to unlock shareholder value by initiating the sale of our Waste Management segment for $800 million. This transaction, completed earlier this month, allowed TransForce to realize the full value of this business which, in our view, had never been fully recognized. The monetization of Waste Management positions TransForce to continue its growth through selective acquisitions and to repurchase shares under its normal course issuer bid. In keeping with our proven strategy, we will invest in initiatives that generate superior returns, meet our main objective of generating cash flow and creating lasting value for our shareholders,” added Mr. Bédard. 

Financial highlights
Quarters ended Dec. 31
Years ended Dec. 31
(in millions of dollars, except per share data)
2015
2014
2015
2014
Total revenue from continuing operations
1,026.8
986.2
4,029.9
3,395.1
Revenue before fuel surcharge from continuing operations
938.7
859.1
3,630.9
2,942.9
Operating income from continuing operations1
66.5
66.5
276.5
227.6
Net cash from continuing operations
136.8
97.3
358.8
228.5
Free cash flow from continuing operations2, 3
125.8
79.7
291.5
243.4
Adjusted net income from continuing operations2, 4
42.9
43.3
185.6
155.9
 
Per share – diluted5 ($)
0.43
0.41
1.82
1.54
Net income from continuing operations
40.6
32.4
145.7
116.2
 
Per share – diluted ($)
0.41
0.31
1.43
1.15
Net income
43.6
43.2
163.4
127.9
 
Per share – diluted ($)
0.44
0.41
1.60
1.26
Weighted average shares outstanding (‘000s)
97,777
102,437
100,206
99,437
1
Earnings before finance income and costs, and income taxes.
2
This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Measures” section below.
3
Net cash from continuing operations, less additions to property and equipment, plus proceeds from sale of property and equipment and assets held for sale.
4
Excluding amortization of intangible assets related to acquisitions, net changes in the fair value of derivatives, net foreign exchange gain or loss, net income or loss from discontinued operation and items not in the Company’s normal business, net of tax.
5
Adjusted net income from continuing operations divided by the weighted average number of diluted common shares outstanding.

FOURTH-QUARTER RESULTS

Total revenue from continuing operations reached $1.03 billion, up 4% over last year. Net of fuel surcharge, revenue from continuing operations rose 9% to $938.7 million. This increase reflects acquisitions completed in the previous twelve months and the effect of local currency appreciation on U.S.-dollar denominated revenue. Before fuel surcharge and acquisitions, revenue decreased slightly, as lower Less-Than-Truckload (LTL) volume and reduced activity in Specialized Truckload (TL) divisions servicing the oil and gas industry were partially offset by revenue increase from U.S. e-commerce initiatives in the Package and Courier (PC) segment and organic growth in the Logistics segment. 

Operating income from continuing operations was stable year-over-year at $66.5 million. As a percentage of revenue before fuel surcharge, operating income stood at 7.1% of revenue in the fourth quarter of 2015, versus 7.7% a year earlier. The stability in operating income reflects a positive contribution from acquisitions, higher gains on the disposition of property and equipment compared to last year’s fourth quarter and the effect of local currency appreciation on U.S.-dollar denominated operating income, offset by lower revenue and margins from existing operations, mainly for LTL and Specialized TL divisions servicing the oil and gas industry.

Net income from continuing operations reached $40.6 million, or $0.41 per diluted share, up from $32.4 million, or $0.31 per diluted share, a year ago. Adjusted net income from continuing operations, which excludes amortization of intangible assets related to acquisitions, net changes in the fair value of derivatives, net foreign exchange gain or loss, and items not in the Company’s normal business, net of tax, was $42.9 million, or $0.43 per diluted share, versus $43.3 million last year, or $0.41 per diluted share. Including net income from discontinued operations, net income stood at $43.6 million, or $0.44 per diluted share, compared with $43.2 million last year, or $0.41 per diluted share.

Net cash from continuing operations stood at $136.8 million, while free cash flow from continuing operations amounted to $125.8 million, or $1.29 per share, in the fourth quarter of 2015. Discontinued operations provided a further cash flow of $24.8 million.

YEAR-END RESULTS

For 2015, total revenue from continuing operations amounted to $4.03 billion, up 19% from $3.40 billion a year earlier. Net of fuel surcharge, revenue from continuing operations rose 23% to $3.63 billion. Operating income from continuing operations increased 21% to $276.5 million, or 7.6% of revenue before fuel surcharge, versus $227.6 million, or 7.7% of revenue before fuel surcharge, last year. Net income from continuing operations reached $145.7 million, or $1.43 per diluted share, versus $116.2 million, or $1.15 per diluted share, a year ago. Adjusted net income from continuing operations stood at $185.6 million, or $1.82 per diluted share, up from $155.9 million, or $1.54 per diluted share, last year. Including net income from discontinued operations, net income was $163.4 million, or $1.60 per diluted share, compared with $127.9 million, or $1.26 per diluted share, in the previous year.

Net cash from continuing operations reached $358.8 million, while TransForce generated free cash flow from continuing operations of $291.5 million in 2015, equivalent to $2.91 per share. Discontinued operations provided a further cash flow of $78.0 million resulting from Waste Management operations and the sale of excess assets. This free cash flow was returned to shareholders through the repurchase of $121.8 million in common shares and dividend payments of $68.6 million. TransForce also reimbursed a net amount of $139.1 million in long-term debt.

SEGMENTED RESULTS FROM CONTINUING OPERATIONS

(in millions of dollars)
  Quarters ended Dec. 31
 
Years ended Dec. 31
 
 
2015
 
2014
 
2015
 
2014
 
 
$
 
$
 
$
 
$
 
Revenue*
 
 
 
 
 
 
 
 
 
Package and Courier
340.1
 
307.0
 
1,249.8
 
1,169.0
 
 
Less-Than-Truckload
188.6
 
201.9
 
762.1
 
752.4
 
 
Truckload
368.7
 
314.5
 
1,439.2
 
910.8
 
 
Logistics
59.0
 
52.7
 
249.0
 
175.0
 
 
Eliminations
(17.7
)
(17.0
)
(69.3
)
(64.3
)
Total
938.7
 
859.1
 
3,630.9
 
2,942.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 
% of Rev.*
$
 
% of Rev.*
$
 
% of Rev.*
$
 
% of Rev.*
Operating Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
Package and Courier
26.5
 
7.8
26.6
 
8.7
90.2
 
7.2
91.2
 
7.8
 
Less-Than-Truckload
10.8
 
5.7
14.8
 
7.3
45.8
 
6.0
61.1
 
8.1
 
Truckload
30.1
 
8.2
28.8
 
9.1
134.1
 
9.3
86.9
 
9.5
 
Logistics
5.3
 
9.0
4.2
 
8.1
27.9
 
11.2
16.9
 
9.6
 
Corporate
(6.1
)
 
(7.9
)
 
(21.4
)
 
(28.4
)
 
Total
66.5
 
7.1
66.5
 
7.7
276.5
 
7.6
227.6
 
7.7

OUTLOOK

“As we look ahead, the U.S. economy remains healthy driven by higher consumer confidence and spending, which bodes well for PC and TL. In Canada, low oil prices have continued to depress the economy while the effects of a weak currency have yet to provide a boost to the manufacturing sector. It may take some time to reverse this situation, but we expect benefits from investments in productivity and cost reduction measures will help mitigate these negative effects. In 2016, TransForce will be proactive in repurchasing its common shares. Free cash flow will be used to reimburse debt and reward shareholders by buying back shares,” concluded Mr. Bédard. 

CONFERENCE CALL

TransForce will hold a conference call for analysts and portfolio managers on Friday, February 12, 2016 at 9:00 a.m. Eastern Time, to discuss these results. Business media are also invited to listen to the call. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, February 26, 2016, by dialling 1-800-585-8367 or 416-621-4642 and entering passcode 20576721.

ABOUT TRANSFORCE

TransForce Inc. is a North American leader in the transportation and logistics industry operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TransForce umbrella, companies benefit from corporate financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:

  • Package and Courier; 
  • Less-Than-Truckload; 
  • Truckload;
  • Logistics.

TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:TFI) and the OTCQX marketplace in the U.S. (OTCQX:TFIFF). For more information, visit http://www.transforcecompany.com.

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management’s best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce’s products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

NON-IFRS MEASURES

Adjusted net income from continuing operations, adjusted earnings from continuing operations per share, free cash flow from continuing operations and free cash flow from continuing operations per share are financial measures not prescribed by IFRS and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Company’s profitability, liquidity and ability to generate funds to finance its operations. These measures do not have any standardize meaning under IFRS and could be calculated differently by other companies. These measures should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS.

Adjusted net income from continuing operations
Quarters ended Dec. 31
 
Years ended Dec. 31
 
(unaudited, in thousands of dollars, except per share data)
2015
 
2014
 
2015
 
2014
 
Net income
43,646
 
43,167
 
163,437
 
127,918
 
Amortization of intangible assets related to acquisitions, net of tax
7,651
 
6,321
 
28,785
 
21,679
 
Net change in fair value of derivatives, net of tax
(3,943
)
2,104
 
9,483
 
3,722
 
Net foreign exchange (gain) loss, net of tax
(1,568
)
(2,350
)
(993
)
2,851
 
Accelerated accretion expense on conversion of debentures, net of tax

 

 

 
7,018
 
Reclassification to income of accumulated unrealized gain on investment in equity securities, net of tax

 

 

 
(5,420
)
Transaction costs on business combinations, net of tax

 
2,762
 

 
7,792
 
Tax on multi-jurisdiction distributions
140
 
2,045
 
2,575
 
2,045
 
Discontinued operation, net of tax
(3,041
)
(10,797
)
(17,705
)
(11,689
)
Adjusted net income from continuing operations
42,885
 
43,252
 
185,582
 
155,916
 
Adjusted EPS from continuing operations – basic
0.44
 
0.42
 
1.85
 
1.57
 
Adjusted EPS from continuing operations – diluted
0.43
 
0.41
 
1.82
 
1.54
 
 
 
 
 
 
 
 
 
 
Free cash flow from continuing operations
Quarters ended Dec. 31
 
Years ended Dec. 31
 
(unaudited, in thousands of dollars, except per share data)
2015
 
2014
 
2015
 
2014
 
Net cash from continuing operations
136,787
 
97,320
 
358,845
 
228,532
 
Additions to property and equipment1
(29,117
)
(25,952
)
(157,802
)
(69,269
)
Proceeds from sale of property and equipment
16,235
 
8,344
 
68,065
 
84,179
 
Proceeds from sale of assets held for sale
1,857
 

 
22,410
 

 
Free cash flow from continuing operations
125,762
 
79,712
 
291,518
 
243,442
 
Free cash flow from continuing operations per share2
1.29
 
0.78
 
2.91
 
2.45
 

Note to readers: Consolidated financial statements and Management’s Discussion Analysis are available on TransForce’s website at www.transforcecompany.com.

Investors:
Alain Bedard
Chairman, President and CEO
TransForce Inc.
(647) 729-4079
abedard@transforcecompany.com

Media:
Rick Leckner
MaisonBrison Communications
(514) 731-0000
rickl@maisonbrison.com

Copyright © 2016 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/TFIFF/news?id=125176

Comdisco Holding Co., Inc. (CDCO: OTCQB) | Comdisco Announces Fiscal Year 2016 First Quarter Financial Results

Comdisco Announces Fiscal Year 2016 First Quarter Financial Results

Feb 11, 2016

OTC Disclosure News Service

Comdisco Holding Company, Inc. (OTCQB: CDCO) and (OTCQB: CDCOR)
(“Comdisco”) today reported financial results for its fiscal first
quarter ended December 31, 2015. Comdisco emerged from Chapter 11
bankruptcy proceedings on August 12, 2002. Under Comdisco’s First
Amended Joint Plan of Reorganization (the “Plan”), Comdisco was charged
with, and has been, liquidating its assets. Comdisco’s consolidated
financial statements are prepared in accordance with ASU 2013-07, Liquidation
Basis of Accounting
. The reporting discloses Comdisco’s estimate of
the value of the net assets available in liquidation for the common
stockholders. The liquidation basis of accounting requires the Company
to estimate net cash flows from operations and to accrue all costs
associated with implementing and completing the plan of liquidation and
requires management to make estimates that affect the amounts reported
in the consolidated financial statements and the related notes.

As of the quarter ended December 31, 2015, there were approximately
$35,363,000 in total assets, and approximately $17,002,000 in total
liabilities resulting in net assets in liquidation of approximately
$18,361,000. The net assets in liquidation as of the quarter ended
December 31, 2015 would result in the projected future liquidating
distribution of approximately $4.56 per common share, based on 4,028,951
shares of common stock outstanding on December 31, 2015. This estimate
of the projected future liquidating distribution includes projections of
costs and expenses to be incurred during the time period estimated to
complete the plan of liquidation. There is inherent uncertainty with
these estimates, and they could change materially based on the timing of
the completion of all the steps necessary for the liquidation. Actual
results could differ from these estimates and may affect net assets in
liquidation and actual cash flows.

During the period of September 30, 2015 through December 31, 2015, the
Company’s estimated net assets in liquidation increased by $319,000. The
reasons for the increase in net assets were primarily a result of
reduced accrued estimated disposal costs of liquidation of $369,000 and
an increase of $121,000 from a receivable from securities sold and
offset partially by an increase of $187,000 to the CDR Liability.

As a result of bankruptcy restructuring transactions, the adoption of
fresh-start reporting, multiple asset sales, and the adoption of
liquidation basis of accounting, Comdisco’s financial results are not
comparable to those of its predecessor company, Comdisco, Inc. Please
refer to Comdisco’s quarterly report on Form 10-Q filed with the
Securities and Exchange Commission (“SEC”) on February 11, 2016 for
complete financial statements and other important disclosures.

About Comdisco

Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12,
2002. The purpose of reorganized Comdisco is to sell, collect or
otherwise reduce to money in an orderly manner the remaining assets of
the corporation. Pursuant to the Plan and restrictions contained in its
certificate of incorporation, Comdisco is specifically prohibited from
engaging in any business activities inconsistent with its limited
business purpose. Accordingly, it is anticipated that Comdisco will have
reduced all of its assets to cash and made distributions of all
available cash to holders of its common stock and contingent
distribution rights in the manner and priorities set forth in the Plan
and is projecting no later than December 31, 2016 as the end date for
its wind down of operations. However, the projected remaining wind down
period could be shorter or longer as a result of other intervening
matters not currently known to management. The company filed on August
12, 2004 a Certificate of Dissolution with the Secretary of State of the
State of Delaware to formally extinguish Comdisco Holding Company,
Inc.’s corporate existence with the State of Delaware except for the
purpose of completing the wind down contemplated by the Plan. Under the
Plan, Comdisco was charged with, and has been, liquidating its assets.
Comdisco consolidated financial statements are prepared in accordance
with ASU 2013-07, Liquidation Basis of Accounting.

Safe Harbor

The foregoing contains forward-looking statements regarding Comdisco.
They reflect the company’s current views with respect to current events
and financial performance, are subject to many risks, uncertainties and
factors relating to the company’s operations and business environment
which may cause the actual results of the company to be materially
different from any future results, express or implied by such
forward-looking statements. The company intends that such
forward-looking statements be subject to the Safe Harbor created by
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The words and phrases ”expect,”
”estimate,” and ”anticipate” and similar expressions identify
forward-looking statements. Certain factors that could cause actual
results to differ materially from these forward-looking statements are
listed from time to time in the company’s SEC reports, including, but
not limited to, the Annual Report on Form 10-K for the fiscal year ended
September 30, 2015 and Form 10-Q for the fiscal quarter ended December
31, 2015. Comdisco disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.

Copyright © 2016 Businesswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/CDCO/news?id=125153

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