North American Energy Partners Inc. (“NAEP” or “the Company”)
(TSX:NOA) (NYSE:NOA) today announced results for the fourth quarter
ended December 31, 2017.
Martin Ferron, Chairman and Chief Executive
Officer of the Company stated, “Although the weather could have
been kinder to us, we were pleased to achieve a strong end to a
solidly profitable year, in which we grew revenue and EBITDA by 37%
and 24% respectively, above 2016 levels.”
Additionally Mr. Ferron commented, “Currently we
are flat out busy on three oil sands mines, one coal mine and a
copper mine, with a larger than usual rental fleet needed to
satisfy increased customer requirements. Based on bidding levels,
we expect another robust year for earthworks, supplemented by
heightened demand for seasonal heavy construction work. In this
healthy operating environment, we have added confidence in meeting
our financial growth targets for 2018.”
The Company has prepared its consolidated
financial statements in conformity with accounting principles
generally accepted in the United States (US GAAP). Unless otherwise
specified, all dollar amounts discussed are in Canadian dollars.
Please see the Company’s Management’s Discussion and Analysis
(“MD&A”) for the year ended December 31, 2017, for further
detail on the matters discussed in this release.
Highlights of the Fourth Quarter Ended
December 31, 2017
- Revenue for the quarter ended December 31, 2017 was $82.0
million, compared to $62.2 million for the quarter ended December
31, 2016, an increase of 31.8%. Consolidated EBITDA for the quarter
was $17.2 million, compared to $13.5 million for the quarter ended
December 31, 2016, an improvement of 27.4%.
- On October 31, 2017 the Company announced a change to the Board
of Director and Management structure. Martin R. Ferron assumed the
role of Chairman of the Board, in addition to his role as Chief
Executive Officer, taking over from Ronald A. McIntosh who stepped
down from his Chairman role. Joseph C. Lambert assumed the role of
President in addition to that of Chief Operating Officer, taking
over from Martin R. Ferron who stepped down from his President
role. Bryan D. Pinney assumed the role of Lead Director of the
Board.
- On November 23, 2017 the company announced the appointment of
John J. Pollesel to its Board of Directors.
- In December 2017 the Board of Directors approved $28 million of
growth capital expenditure to purpose design and build a new
maintenance facility just outside of Edmonton, Alberta. The new
facility will allow the Company to replace its current less
efficient leased maintenance facility and provide enough space for
consolidation of its office staff from the current leased office
space. The Company plans to be fully up and running in this
facility by very early 2019 and it expects cash payback on the
investment within approximately 5 years.
Highlights of Events Post Fourth
Quarter
- On February 13, 2018 the Board of Directors approved a name
change for the Company to North American Construction Group Ltd.,
conditional upon approval by shareholders at the next Annual and
Special Meeting of Shareholders.
Declaration of Quarterly
Dividend
On February 13, 2018 the NAEP Board of Directors
declared a quarterly dividend (the “Dividend”) of two Canadian
cents ($0.02) per common share, payable to common shareholders of
record at the close of business on March 6, 2018. The
Dividend will be paid on April 6, 2018 and is an eligible dividend
for Canadian income tax purposes.
Consolidated Financial
Highlights
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
(dollars in thousands, except per share
amounts) |
|
2017 |
|
|
|
2016 |
|
|
|
Change |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Change |
|
Revenue |
$ |
82,046 |
|
|
$ |
62,201 |
|
|
$ |
19,845 |
|
|
|
$ |
292,557 |
|
|
$ |
213,180 |
|
|
$ |
79,377 |
|
Project costs |
33,720 |
|
|
24,442 |
|
|
9,278 |
|
|
|
116,346 |
|
|
80,023 |
|
|
36,323 |
|
Equipment costs |
24,460 |
|
|
18,666 |
|
|
5,794 |
|
|
|
91,829 |
|
|
60,020 |
|
|
31,809 |
|
Depreciation |
11,854 |
|
|
12,701 |
|
|
(847 |
) |
|
|
44,735 |
|
|
40,794 |
|
|
3,941 |
|
Gross
profit |
12,012 |
|
|
6,392 |
|
|
5,620 |
|
|
|
39,647 |
|
|
32,343 |
|
|
7,304 |
|
Gross profit
margin |
14.6 |
% |
|
10.3 |
% |
|
4.3 |
% |
|
|
13.6 |
% |
|
15.2 |
% |
|
(1.6 |
)% |
Select
financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative expenses(excluding stock-based
compensation) |
5,738 |
|
|
4,996 |
|
|
742 |
|
|
|
21,304 |
|
|
21,192 |
|
|
112 |
|
Stock-based compensation expense |
1,617 |
|
|
2,753 |
|
|
(1,136 |
) |
|
|
3,995 |
|
|
6,030 |
|
|
(2,035 |
) |
Operating
income |
4,538 |
|
|
(1,182 |
) |
|
5,720 |
|
|
|
13,407 |
|
|
3,923 |
|
|
9,484 |
|
Interest
expense |
1,989 |
|
|
1,136 |
|
|
853 |
|
|
|
6,943 |
|
|
5,784 |
|
|
1,159 |
|
Net income
(loss) |
$ |
2,450 |
|
|
$ |
(497 |
) |
|
$ |
2,947 |
|
|
|
$ |
5,264 |
|
|
$ |
(445 |
) |
|
$ |
5,709 |
|
Net income (loss)
margin(1) |
3.0 |
% |
|
(0.8 |
)% |
|
3.8 |
% |
|
|
1.8 |
% |
|
(0.2 |
)% |
|
2.0 |
% |
EBIT(1) |
$ |
4,510 |
|
|
$ |
195 |
|
|
$ |
4,315 |
|
|
|
$ |
13,411 |
|
|
$ |
5,290 |
|
|
$ |
2,296 |
|
EBIT margin(1) |
5.5 |
% |
|
0.3 |
% |
|
5.2 |
% |
|
|
4.6 |
% |
|
2.5 |
% |
|
0.8 |
% |
EBITDA(1) |
$ |
16,478 |
|
|
$ |
13,033 |
|
|
$ |
3,445 |
|
|
|
$ |
59,064 |
|
|
$ |
47,772 |
|
|
$ |
11,292 |
|
Consolidated
EBITDA(1) |
$ |
17,238 |
|
|
$ |
13,504 |
|
|
$ |
3,734 |
|
|
|
$ |
62,012 |
|
|
$ |
50,073 |
|
|
$ |
11,939 |
|
Consolidated EBITDA
margin(1) |
21.0 |
% |
|
21.7 |
% |
|
(0.7 |
)% |
|
|
21.2 |
% |
|
23.5 |
% |
|
(2.3 |
)% |
Adjusted
EBITDA(1) |
$ |
18,100 |
|
|
$ |
15,474 |
|
|
$ |
2,626 |
|
|
|
$ |
63,082 |
|
|
$ |
53,312 |
|
|
$ |
9,770 |
|
Adjusted EBITDA
Margin(1) |
22.1 |
% |
|
24.9 |
% |
|
(2.8 |
)% |
|
|
21.6 |
% |
|
25.0 |
% |
|
(3.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
information |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) - Basic |
$ |
0.10 |
|
|
$ |
(0.02 |
) |
|
$ |
0.12 |
|
|
|
$ |
0.20 |
|
|
$ |
(0.01 |
) |
|
$ |
0.21 |
|
Net
income (loss) - Diluted |
$ |
0.09 |
|
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
|
|
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend declared
per share |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
— |
|
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
— |
|
(1) See “Non-GAAP Financial Measures”. A reconciliation of net
income (loss) to EBIT, EBITDA, Consolidated EBITDA, and Adjusted
EBITDA in the section titled “Non-GAAP Financial Measures”.
Results for the Fourth Quarter Ended
December 31, 2017
For the three months ended December 31,
2017, revenue was $82.0 million, up from $62.2 million in the same
period last year. The increase in revenue was a result of an
earlier ramp up of the Company’s expanded winter work programs at
the Mildred Lake and Millennium mines coupled with the award of an
early-works heavy civil construction project at the Kearl mine.
Contributing to the stronger results in the quarter was mine
support services activity at the Fording River coal mine in
southeast British Columbia, the start of a three year mine support
services contract at the Highland Valley copper mine in central
British Columbia and the wrap-up of a site development project by
the Dene North Site Services partnership at the Aurora mine. The
Company’s ability to take on these stronger volumes was aided by
the expansion of its heavy haul fleet capacity with the investment
in growth capital earlier in the year, as the Company acquired
certain used heavy equipment pieces from a competitor exiting the
large earthworks marketplace and it further leveraged its prior
year capital investment in equipment technology that expanded the
haul capacity of certain of its existing heavy haul trucks.
This increased activity in the quarter more than
offset a reduction, compared to the previous period, in heavy civil
construction work at the Mildred Lake and Aurora mines, lower mine
support volumes at the Kearl mine and the completion of a site
development project at the Red Chris copper mine in northern
British Columbia.
For the three months ended December 31,
2017, gross profit was $12.0 million or 14.6% of revenue, up from a
gross profit of $6.4 million or 10.3% of revenue during the same
period last year. The higher gross profit in the current period was
driven by the higher volume of activity in the quarter coupled with
improved productivity on the Company’s winter works programs at the
Mildred Lake and Millennium mines with the earlier onset of winter
conditions, compared to last year. Equipment costs as a percent of
revenue were consistent between the two periods, despite the
expansion of active project sites, which included a large heavy
equipment fleet located at the Fording River coal mine, the
mobilization of an equipment fleet to the Highland Valley copper
mine and the demobilization of the equipment fleet from the Red
Chris copper mine.
For the three months ended December 31,
2017, depreciation was $11.9 million, or 14.4% of revenue, down
from $12.7 million, or 20.4% of revenue in the same period last
year. The current period decrease in depreciation as a percent of
revenue is starting to reflect the benefits the Company is
realizing from its recent program of securing quality used
equipment at discounted prices from sellers looking to exit the
market place, while also leveraging its strong maintenance
expertise and programs to extend the expected lives of the current
fleet.
For the three months ended December 31,
2017, operating income was $4.5 million, compared to operating loss
of $1.2 million during the same period last year. G&A expense
(excluding stock-based compensation expense) was $5.7 million for
the three months ended December 31, 2017, up from $5.0 million
in the same period last year, reflecting the timing of accruals for
short-term incentive plan costs recorded in the quarter, compared
to the previous year.
Stock-based compensation expense decreased $1.1
million compared to the prior year primarily as a result of the
effect of the previous year's more significant upward movement in
share price and its effect on the carrying value of the liability
classified award plans.
For the three months ended December 31,
2017, net income was $2.5 million (basic income per share of $0.10
and diluted income per share of $0.09), compared to a net loss of
$0.5 million (basic and diluted loss per share of $0.02) during the
same period last year. The previous period's net loss included $1.4
million in other income generated from the sale of other current
assets.
Total interest expense was $2.0 million during
the three months ended December 31, 2017, up from $1.1 million in
the same period last year. The Company recorded $0.6 million,
in interest during the three months ended December 31, 2017 on its
March 31, 2017 issued $40.0 million Convertible Debentures.
Interest on the Company’s credit facilities during the three months
ended December 31, 2017 remained comparable to the corresponding
prior year period. Interest on capital lease obligations of $0.7
million during the three months December 31, 2017, was slightly
higher than corresponding prior year period. The higher expense in
the current period was primarily due to an increase in the
Company’s assets under capital lease during the year.
For the three months ended December 31,
2017, the Company recorded no current income tax expense and a
deferred income tax expense of $0.1 million, providing a total
income tax expense of $0.1 million. This compares to a combined
income tax benefit of $0.4 million recorded for the same period
last year.
Income tax as a percentage of taxable income for
the three months ended December 31, 2017 differs from the statutory
rates of 27.0% primarily due to temporary differences resulting
from the non-taxable portion of capital gains and permanent
differences resulting from stock-based compensation. Income tax as
a percentage of taxable income for the three months ended December
31, 2016 differs from the statutory rate of 27.0% primarily due to
temporary differences resulting from the non-taxable portion of
capital gains and permanent differences resulting from stock-based
compensation and book to filing differences.
Outlook
The Company has just completed the first year of
a three year organic growth plan that is targeting a minimum of a
15% compound growth in revenue and EBITDA over that three year
period. The Company’s strategy to achieve that growth is to:
- Build production related recurring services volumes in the
Company’s core oil sands market, together with the addition of
value creating services.
- Expand the Company’s market coverage to include other resource
mines (e.g. coal, copper, gold, diamonds etc.) and infrastructure
related projects that involve major earthworks.
Despite the very adverse impact of a severe
plant fire at one of the Company’s busiest work sites in 2017, the
Company actually achieved 37% and 24% growth in revenue and EBITDA
respectively, for the full year. The Company is also on track to
achieve its growth objectives for 2018 and 2019, with this very
positive outlook supported by:
- The successful renewal of all of the Company’s oil sands
long-term services agreements such that the Company is not faced
with a contract expiration until late 2020;
- The Company’s customers continuing to use economies of scale in
production to dramatically lower oil sands operating costs per
barrel. On this theme the Company is currently executing two large
earthworks jobs for the winter season with volumes expected to be
roughly 10% higher than last year. The combined value of the work
could exceed $90.0 million and will likely continue to benefit all
of the first quarter of 2018;
- The new Fort Hills oil sands mine is anticipated to provide a
direct benefit in terms of incremental demand for the Company’s
services and an indirect benefit from the overall tightening of
heavy equipment supply.
- A good line of sight to meaningful heavy construction activity
for the summer season of 2018, after a four year hiatus, due to the
deep cyclical downturn in the oil industry;
- Continuation of earthworks at the Fording River coal mine, as
the Company builds a strong relationship with an important new
customer. Depending on how coal prices hold up, the Company expects
to remain on the work site well into the first half of 2018;
- The award of a minimum three year site support contract at the
Highland Valley copper mine. Revenue, which started in the
fourth quarter, was modest at first, but it is expected to increase
over the work duration;
- The availability of several bidding opportunities for further
natural resource related contracts, both in Canada and the USA. The
Company expects to build on its bidding success of 2017, with
further awards in 2018 and 2019.
- Further success at pre-qualifying to bid for major
infrastructure projects. In late 2017 the Company was chosen (three
from seven), as part of a strong international consortium, to bid
for a significant gravel road construction job in the Northwest
Territories; and
- Good progress with leveraging the Company’s core equipment
maintenance competence into work for third parties. The Company
already has jobs for two customers in its Edmonton maintenance
facility and it believes that this initiative could have a
discernible impact on the Company’s 2018 results. Beyond that the
Company hopes to be up and running in a new, purpose designed and
built, state of the art maintenance facility, which will be capable
of handling the largest of its customers’ equipment assets.
Eventually, this external maintenance business could provide more
than $30.0 million in annual revenue stream for the Company.
Overall the Company is very encouraged by this
bright outlook and are even more confident about meeting its growth
targets, while maintaining a strong balance sheet.
Conference Call and Webcast
Management will hold a conference call and
webcast to discuss the Company’s financial results for the quarter
ended December 31, 2017 tomorrow, Wednesday, February 14, 2018 at
9:00am Eastern time.
The call can be accessed by dialing:
Toll free: 1-866-521-4909International: 1-647-427-2311
A replay will be available through March 14, 2018, by
dialing:
Toll Free: 1-800-585-8367International: 1-416-621-4642
Conference ID: 4096139
The live and archived webcast can be accessed at:
http://event.on24.com/r.htm?e=1586939&s=1&k=EC54DF30004EAB3396BE71A56B24550D
Non-GAAP Financial Measures
This release contains non-GAAP financial
measures. A non-GAAP financial measure is generally defined by the
Canadian regulatory authorities as one that purports to measure
historical or future financial performance, financial position or
cash flows, but excludes or includes amounts that would not be
adjusted in the most comparable GAAP measures. In this release,
non-GAAP financial measures are used, such as “gross profit”,
“gross profit margin”, “EBIT”, “EBITDA”, “Consolidated EBITDA”, and
“Adjusted EBITDA”.
“Gross profit” is defined as revenue less:
project costs, equipment costs, and depreciation.
The Company believes that gross profit is a
meaningful measure of the business as it portrays results before
general and administrative overheads costs, amortization of
intangible assets and the gain or loss on disposal of property,
plant and equipment and assets held for sale. Management reviews
gross profit to determine the profitability of operating
activities, including equipment ownership charges and to determine
whether resources, plant and equipment are being allocated
effectively.
The Company will often identify a relevant
financial metric as a percentage of revenue and refer to this as a
margin for that financial metric. “Margin” is defined as the
financial number as a percent of total reported revenue. Examples
where NAEP uses this reference and related calculation are in
relation to “gross profit margin”, “operating income margin”, “net
income (loss) margin”, “EBIT margin”, “Consolidated EBITDA margin”
or “Adjusted EBITDA margin”.
NAEP believes that presenting relevant financial
metrics as a percentage of revenue is a meaningful measure of its
business as it provides the performance of the financial metric in
the context of the performance of revenue. Management reviews
margins as part of its financial metrics to assess the relative
performance of its results.
"EBIT" is defined as net income (loss) before
interest expense and income taxes.
"EBITDA" is defined as net income (loss) before
interest expense, income taxes, depreciation and amortization.
"Consolidated EBITDA" is defined as EBITDA,
excluding the effects of unrealized foreign exchange gain or loss,
realized and unrealized gain or loss on derivative financial
instruments, non-cash (equity classified) stock-based compensation
expense, gain or loss on disposal of property, plant and equipment,
gain or loss on disposal of assets held for sale and certain other
non-cash items included in the calculation of net income
(loss).
The Company believes that Consolidated EBITDA is
a meaningful measure of business performance because it excludes
interest, income taxes, depreciation, amortization and the effect
of certain gains and losses and certain non-cash items that are not
directly related to the operating performance of the Company’s
business. Management reviews Consolidated EBITDA to determine
whether property, plant and equipment are being allocated
efficiently. In addition, the Company believes that Adjusted EBITDA
is a meaningful measure as it excludes the financial statement
impact of changes in the carrying value of the liability classified
award plans as a result of movement of our share price.
As EBIT, EBITDA, Consolidated EBITDA, and
Adjusted EBITDA are non-GAAP financial measures, the Company’s
computations of EBIT, EBITDA, Consolidated EBITDA, and Adjusted
EBITDA may vary from others in the industry. EBIT, EBITDA,
Consolidated EBITDA, and Adjusted EBITDA should not be considered
as alternatives to operating income or net income as measures of
operating performance or cash flows and have important limitations
as analytical tools and should not be considered in isolation or as
substitutes for analysis of the Company’s results as reported under
US GAAP. A reconciliation of Net income (loss) to EBIT, EBITDA,
Consolidated EBITDA and Adjusted EBITDA is as follows:
|
Three Months EndedDecember 31, |
|
|
Year Ended December 31, |
(dollars in
thousands) |
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
Net income (loss) |
$ |
2,450 |
|
|
$ |
(497 |
) |
|
|
$ |
5,264 |
|
|
$ |
(445 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
Interest
expense, net |
1,989 |
|
|
1,136 |
|
|
|
6,943 |
|
|
5,784 |
|
Income
tax expense (benefit) |
71 |
|
|
(444 |
) |
|
|
1,204 |
|
|
(49 |
) |
EBIT |
$ |
4,510 |
|
|
$ |
195 |
|
|
|
$ |
13,411 |
|
|
$ |
5,290 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation |
11,854 |
|
|
12,701 |
|
|
|
44,735 |
|
|
40,794 |
|
Amortization of intangible assets |
114 |
|
|
137 |
|
|
|
918 |
|
|
1,688 |
|
EBITDA |
$ |
16,478 |
|
|
$ |
13,033 |
|
|
|
$ |
59,064 |
|
|
$ |
47,772 |
|
Adjustments: |
|
|
|
|
|
|
|
|
(Gain)
loss on disposal of property, plant and equipment |
(54 |
) |
|
(292 |
) |
|
|
189 |
|
|
(116 |
) |
Loss
(gain) on disposal of assets held for sale |
59 |
|
|
(20 |
) |
|
|
(166 |
) |
|
(374 |
) |
Equity
classified stock-based compensation expense |
755 |
|
|
783 |
|
|
|
2,925 |
|
|
2,791 |
|
Consolidated EBITDA |
$ |
17,238 |
|
|
$ |
13,504 |
|
|
|
$ |
62,012 |
|
|
$ |
50,073 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Liability classified stock-based compensation expense |
862 |
|
|
1,970 |
|
|
|
1,070 |
|
|
3,239 |
|
Adjusted EBITDA |
$ |
18,100 |
|
|
$ |
15,474 |
|
|
|
$ |
63,082 |
|
|
$ |
53,312 |
|
Forward-Looking Information
The information provided in this release
contains forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the
words “expect”, “may”, “could”, “believe”, “anticipate”,
“continue”, “should”, “estimate”, “potential”, “likely”, “target”
or similar expressions. Forward looking statements include
the statements that the Company expects another robust year for
earthworks, supplemented by heightened demand for seasonal heavy
construction work, that it expects to meet its financial growth
targets for 2018, that its new maintenance facility should be fully
up and running by very early 2019 and that such facility will have
a cash payback on investment within approximately 5 years, expects
to be able to achieve our objective of a minimum 15% compound
growth in revenue and EBITDA over the period of our three year
organic growth plan while maintaining a strong balance sheet,
believes it can achieve that growth through its stated strategy,
expects that customers will continue to use economies of scale in
production to lower oil sands operating costs per barrel, believes
that the two large earthworks jobs we are executing in the winter
season will have volumes roughly 10% higher than last year, that
the combined value of the work could exceed $90.0 million and will
likely continue to benefit all of the first quarter of 2018,
expects that the new Fort Hills oil sands mine will provide a
direct benefit in terms of incremental demand for our services and
an indirect benefit from the overall tightening of heavy equipment
supply, expects that there will be meaningful heavy construction
activity for the summer season of 2018, expects that we will remain
on the Fording River coal mine site well into the first half of
2018, expects that revenue at the Highland Valley copper mine will
increase over the work duration, believes that we will be
successful on several bids for further natural resource related
contracts, both in Canada and the USA, in 2018 and 2019, expects
that we will be successful at pre-qualifying to bid major
infrastructure projects, and believes that our initiative of
leveraging our core equipment maintenance competence into work for
third parties could have a discernible impact on our 2018 results
and that the external maintenance business could eventually provide
more than $30.0 million in annual revenue stream for us.
The material factors or assumptions used to develop the above
forward-looking statements include, and the risks and uncertainties
to which such forward-looking statements are subject, are
highlighted in the Company’s Management’s Discussion and Analysis
(“MD&A”) for the quarter ended June 30, 2017. Actual results
could differ materially from those contemplated by such
forward-looking statements as a result of any number of factors and
uncertainties, many of which are beyond NAEP’s control. Undue
reliance should not be placed upon forward-looking statements and
NAEP undertakes no obligation, other than those required by
applicable law, to update or revise those statements. For more
complete information about NAEP, you should read the Company’s
disclosure documents filed with the SEC and the CSA. You may obtain
these documents for free by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
About the Company
North American Energy Partners Inc.
(www.nacg.ca) is the premier provider of heavy construction and
mining services in Canada. For more than 50 years, NAEP has
provided services to large oil, natural gas and resource companies.
The Company maintains one of the largest independently owned
equipment fleets in the region.
For further information contact:
David Brunetta, CPA, CMADirector; Finance, Investor Relations,
Information Technology and TreasuryNorth American Energy Partners
Inc.(780) 969-5574dbrunetta@nacg.cawww.nacg.ca
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