BURNABY, BC, March 19, 2015 /CNW/ - GLENTEL Inc. (TSX:
GLN) today reported its results for the three months and year ended
December 31, 2014. Financial
highlights (tabular amounts in thousands of Canadian dollars,
except per share data) follow.
|
|
|
|
Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Sales
|
$533,148
|
$401,420
|
$1,648,626
|
$1,366,481
|
Income before
amortization, change in fair value of
financial instruments, impairment of intangibles and
goodwill, gain on disposition of property and
equipment and intangible assets, finance income and
expense, and taxes ("EBITDA")1
|
$10,802
|
$16,048
|
$54,335
|
$54,626
|
Operating income
("EBIT") 1
|
$5,576
|
$8,397
|
$27,461
|
$28,154
|
Impairment of
intangible assets and goodwill
|
$ -
|
$ -
|
$(24,987)
|
$(23,057)
|
Net
(loss)/income
|
$830
|
$8,251
|
$(4,616)
|
$4,629
|
Basic and diluted net
(loss)/income per common share
|
$0.04
|
$0.37
|
$(0.21)
|
$0.21
|
Adjusted
EBITDA2
|
$19,540
|
$17,840
|
$64,852
|
$62,394
|
Adjusted net
income2
|
$7,018
|
$9,327
|
$20,053
|
$25,044
|
Adjusted basic net
income per common share2
|
$0.31
|
$0.42
|
$0.90
|
$1.13
|
Adjusted diluted net
income per common share2
|
$0.31
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$0.42
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$0.90
|
$1.12
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1 EBITDA
and EBIT are additional GAAP Measures. EBITDA is income
before amortization, change in fair value of financial
instruments,
impairment of intangibles and goodwill, gain on disposition of
property and equipment and intangible assets, finance income
and
expense, and taxes as shown in the Company's consolidated statement
of operations and comprehensive income. EBIT is operating
income as shown on the Company's consolidated statement of
operations and comprehensive income.
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2Adjusted
EBITDA, Adjusted net income, and Adjusted basic and diluted net
income per common share are non-GAAP measures and
are not defined under IFRS and, as a result, may not be comparable
to similarly titled measures presented by other publicly traded
entities, nor should they be construed as an alternative to other
earnings measures determined in accordance with IFRS. Adjusted
net income, and Adjusted basic and diluted net income per common
share normalize net income/(loss) for impairment of intangibles
and goodwill, startup costs, provisions for lawsuits and
settlements and onerous leases, restructuring charges, transaction
costs,
gain on repurchase of non-controlling interests, and gain on sale
of tower site assets, non-core assets in Australia and MSAT
assets.
Adjusted EBITDA normalizes EBITDA for startup costs, provision for
lawsuits and settlements and onerous leases, restructuring
charges, and transaction costs. See reconciliations and
explanations of "Additional GAAP Measures and Non-GAAP Measures"
in
the Company's Management's Discussion and Analysis for the year
ended December 31, 2014.
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"We are pleased to report solid financial results for the fourth
quarter and year ended December 31,
2014. The year ended December 31,
2014 was GLENTEL's best performing year from a revenue
perspective, with the Company earning $1.65
billion in revenues, a 21% increase from the record set last
year. The Company also continued to generate consistent
adjusted EBITDA year over year." stated Tom
Skidmore, GLENTEL's President and Chief Executive
Officer.
"The Retail Canada Division generated a 20% increase in revenue
and 23% increase in EBITDA year over year, driven specifically by
the solid fundamentals at our Wireless Wave, Tbooth Wireless, and
WIRELESS etc. (at Costco Canada) businesses. We continue to
see consumers return to our stores to upgrade their old device for
a feature-rich smartphone with a competitive plan suited to their
lifestyle. With the significant network and mobile content
capital investments by the Canadian carriers, we do expect
smartphone penetration in Canada
to continue. The Canadian retail mobile phone market appears
to be recovering from the negative ramifications experiences from
the Canadian government's introduction of the Wireless Code of
Conduct ("WCOC") in the second half of 2013, and management is
confident that consumers are adapting to the newer pricing schemes
that were brought on by WCOC.
"In the United States, Diamond
Wireless experienced another record breaking revenue year in 2014,
generating a 47% increase in revenues year over year.
Following its introduction on August 1,
2013, the now 161 wireless kiosks at BJ's Wholesale
locations across the U.S. eastern seaboard, have been instrumental
to Diamond's increased sales performance, by providing GLENTEL
long-term access to a committed customer base. GLENTEL
expects continued solid results from Diamond Wireless' mall-based
corporate stores and BJ's wireless kiosks for the short-term and
long-term future. Wireless Zone continues to be a solid
performer for GLENTEL, generating a year over year 26% increase in
revenues and an 18% increase in EBITDA. Both Diamond Wireless
and Wireless Zone continue to be accretive to GLENTEL's overall
earnings, and we continue to see the U.S. as a significant growth
market for the Company.
"In Australia, AMT continues to
develop its Allphones relationship with its main carrier partner,
Vodafone. As part of Vodafone's growth strategy, Vodafone
plans to expand its branded store footprint into more metro and
regional areas, and in the 4th quarter of 2014, AMT negotiated a
new licensing agreement with Vodafone whereby AMT will manage up to
14 Vodafone branded retail stores under the Australian Retail
Management Services ("ARMS") business by the end of 2015. At
December 31, 2014, AMT managed 4
Vodafone corporate stores. GLENTEL continues to view the ARMS
business as an area of opportunity and growth for AMT in both
Australia and the
Philippines. At December 31,
2014, ARMS operated a total of 70 Allphones locations in
the Philippines through its
partnership with Tao Corporation and Globe Telecom of the Philippines.
"In the 4th quarter of 2014, BCE Inc. and GLENTEL entered into
an arrangement agreement whereby BCE Inc. will acquire all of the
fully diluted shares of GLENTEL for a total consideration of
approximately $594.0 million.
Including net debt and minority interest of
approximately $78.0 million, the total enterprise value of
GLENTEL is approximately $670.0 million. On January 12, 2015, at a special meeting of
securityholders, GLENTEL shareholders and optionholders approved
the acquisition by BCE Inc. of all of the fully diluted common
shares of GLENTEL.
"The full year of 2014 results reflect the positive benefits
from the company's international buying power, consistent marketing
focus, and continued revenues from its supply partners based on
performance. By leveraging its marketing strength and highly
trained tech savvy sales professionals with the brand power of
Bell, Rogers, Verizon, and Vodafone, coupled with global smartphone
brands such as Samsung and Apple, GLENTEL is well equipped to
provide the success fundamentals of consumer choice and independent
advice to its customers for many years to come. GLENTEL is
committed to providing its global customer base in Canada, the United
States, Australia, and
the Philippines with industry
leading quality, service, and integrity in its delivery of a unique
customer experience. With the commitment of our carriers and
smartphone supply partners, GLENTEL expects strong retail sales
performance with profitability in 2015."
Consolidated highlights
3 months ended December 31,
2014 compared to respective period in 2013
- Sales increased 33% to $533.1
million compared to $401.4
million in 2013. EBITDA decreased 33% to $10.8 million compared to $16.0 million in 2013. EBIT decreased 34%
to $5.6 million compared to
$8.4 million in 2013.
- Net income for the period was $0.8
million and basic income per common share was $0.04, compared to net income of $8.3 million and basic earnings per common share
of $0.37 in 2013.
- Consolidated adjusted EBITDA was $19.5
million compared to $17.8
million in 2013. Adjusted net income and adjusted
basic earnings per share were $7.0
million and $0.31, compared to
$9.3 million and $0.42 in 2013, respectively.
Year ended December 31, 2014
compared to respective period in 2013
- Sales increased 21% to $1,648.6
million compared to $1,366.5
million in 2013. EBITDA decreased 1% to $54.3 million compared to $54.6 million in 2013. EBIT decreased 2% to
$27.5 million compared to
$28.2 million in 2013.
- Net loss for the period was $4.6
million and basic loss per common share was $0.21 compared to net income of $4.6 million and basic earnings per common share
of $0.21.
- Consolidated adjusted EBITDA was $64.9
million compared to $62.4
million in 2013. Consolidated adjusted net income and
adjusted basic earnings per share were $20.1
million and $0.90 in 2014,
compared to $25.0 million and
$1.13 in 2013, respectively.
Retail Canada Division
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Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
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Sales
|
$171,331
|
$129,518
|
$501,093
|
$418,286
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EBITDA
|
$12,874
|
$12,357
|
$51,099
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$41,564
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EBIT
|
$11,245
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$10,553
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$44,943
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$35,556
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- Sales in the 4th quarter of 2014 were 32% higher than the same
period in 2013 principally due to an increase in activations and
upgrades across all Retail Canada banners, as well as an increase
in store count, primarily Target Mobile locations, which increased
by 9 locations year over year.
- The 4th quarter of 2014 was the fifth full quarter under the
new Wireless Code of Conduct ("WCOC") that the Canadian government
legislated in 2013. Our carrier partners began to implement the
change in wireless contract terms from three to two years in
August 2013, and these changes were a
factor in softer same-store sales for the first nine months of
2014, as consumers continued to be slow to embrace the higher
handset costs, and the higher monthly plan fees. Given the solid
financial results in the 4th quarter of 2014, management is
confident that consumers are adapting to the newer pricing schemes
that were brought on by WCOC. Consumers have also focused on
hardware upgrades whereby they can still obtain the newest mobile
device and continue to stay with their existing carrier.
- In the 3rd quarter of 2014, Costco Canada reintroduced Apple
iPhone, into WIRELESS etc… and SANS FIL etc… after a three year
hiatus. The steady historic financial performance of the WIRELESS
etc… banner has further improved in 2014, and evidences GLENTEL's
commitment to providing Costco Canada locations with a world class
store-in-store offering.
- Consumers continue to migrate to smartphones versus feature
phones, and smartphones come with a higher selling price and higher
cost of goods than traditional feature phones. Smartphones do
provide for the opportunity to earn additional commissions with the
sale of voice and data plans. In the 4th quarter of 2014, Samsung
and Apple smartphones, supported by solid product promotions,
continued to be the highest-selling of all offerings.
- On January 15, 2015, Target
Canada announced that it was seeking creditor protection under the
Companies' Creditors Arrangement Act ("CCAA") and that it would be
exiting the Canadian marketplace by the beginning of the 2nd
quarter of 2015. On January 20, 2015
GLENTEL terminated its agreement with Target Canada for the
operation of the Target Mobile banner, and exited all Target Canada
locations on January 26, 2015. Per
the operating contract with Target Canada, GLENTEL was entitled to
a net loss recovery payment of $5.4
million upon the termination of the contract. Given that
Target Canada is now under CCAA protection, GLENTEL has recorded a
full allowance against the loss recovery receivable owing from
Target Canada in the amount of $5.4
million. GLENTEL will continue to pursue the collection of
this receivable. The Retail Canada Division restructured in 2015,
to account for redundancies attributable to its termination of the
Target Mobile contract.
- In July 2014, the Retail Canada
Division extended its multi-year agreement with Rogers to offer
Rogers, FIDO, and Chatr products and services in all of the
Division's retail locations across Canada. In July
2013, the Retail Canada Division extended its multi-year
agreement with Bell to offer Bell and Virgin Mobile products and
services in all of the Division's retail locations across
Canada.
- At December 31, 2014, the Retail
Canada Division operated a total of 494 retail stores in major
shopping malls and high-pedestrian-traffic locations, MacStation
stores, Target retail stores, and Costco Warehouses in Canada, compared to 479 stores in 2013.
Retail U.S. Division – Diamond Wireless
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Three
months ended
December
31
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Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Sales
|
$156,404
|
$113,695
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$465,281
|
$316,715
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EBITDA
|
$8,214
|
$9,593
|
$24,974
|
$22,365
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EBIT
|
$7,393
|
$9,010
|
$22,061
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$19,795
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- The sales increase in the 4th quarter of 2014 and for the year
ended December 31, 2014 is mainly
attributable to: 1) an increase in store count year-over-year, and
particularly a full fiscal year operating BJ's Wholesale locations
across 13 U.S. states; 2) continued consumer shift to more
expensive higher-end smartphones and new devices, including tablets
and wearable technology; 3) consumers have positively embraced the
EDGE program wherein they can finance a wireless device at full
retail price while still maintaining a month-to-month service
agreement with Verizon; 4) Diamond Wireless' continued commitment
to refreshing its locations, providing consumers with a great
customer experience; 5) working closely with manufacturers to most
effectively promote the newest high-end devices to customers; and,
6) solid sale performance of the iPhone 6 and iPhone 6 Plus since
their release in mid-September
2014.
- In 2014, Diamond Wireless opened a net of 5 locations, bringing
the total to 195 corporate retail stores and 161 BJ's wireless
kiosks, for a total of 356 locations at December 31, 2014, compared to 197 corporate
retail stores and 154 BJ's wireless kiosks, a total of 351
locations at December 31, 2013.
Diamond Wireless corporate stores operated in 18 U.S. states, while
BJ's locations operated in 13 U.S. states at December 31, 2014.
Retail U.S. Division – Wireless Zone®
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|
|
|
Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Sales
|
$185,967
|
$108,289
|
$554,011
|
$440,404
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EBITDA
|
$9,653
|
$6,801
|
$28,996
|
$24,639
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EBIT
|
$8,485
|
$5,716
|
$24,312
|
$20,605
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- Wireless Zone's revenues are derived from payments by Verizon
for commissions for new activations, related services, and airtime
residual payments; a wholesale business that sells phones,
accessories, and general merchandise to its franchisees for resale;
and franchisee fees. Wireless Zone's wholesale business had sales
of $81.3 million for the 4th quarter
ended December 31, 2014 compared to
$22.6 million in 2013.
Traditionally, the wholesale business operates on low margins, and
this results in Wireless Zone having a lower operating income as a
percentage of sales than Diamond Wireless.
- In 2014, Wireless Zone closed a net of 14 franchised locations
and 8 corporate stores, thereby operating 360 franchised and 22
corporate stores at December 31,
2014, compared to 374 franchised and 30 corporate stores at
December 31, 2013. The 382 Wireless
Zone locations are located in 26 U.S. states and Washington, D.C.
- In the 4th quarter of 2014, despite a 5% reduction in store
count, Wireless Zone saw strong top line performance driven by
increased activations year-over-year. This increase in activations
is the culmination of Wireless Zone's continued focus on developing
initiatives that attract customers to its stores, offering solid
product promotions, and ensuring that all sales staff are
appropriately trained on all product offerings so as to provide a
superior in store customer experience. Wireless Zone
management continues to emphasize increased productivity to its
franchisees, and uses this metric as a key performance indicator
when evaluating store performance. Given its long-standing,
positive relationship with Verizon Wireless, in the 2nd quarter of
2014 Wireless Zone renewed and extended its agent agreement with
Verizon Wireless.
- In order to promote increased store sales, Wireless Zone has
continued its numerous operational efforts in 2014, the top three
of which were for exceeding key performance indicators, remodeling
stores to enhance customer experience, and increasing training
directed towards franchisees and sales representatives.
Retail Australia Division – AMT (Allphones)
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|
|
|
Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Sales
|
$15,426
|
$37,761
|
$104,990
|
$154,930
|
EBITDA
|
$(4,411)
|
$480
|
$(2,870)
|
$6,501
|
EBIT
|
($5,140)
|
($2,776)
|
($12,782)
|
($4,489)
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- The Australian retail environment continues to remain highly
competitive, driven particularly by Telstra, the largest national
wireless carrier. Allphones has remained competitive in the market;
however, same-store sales declined as a result of the Virgin Mobile
Australia brand and the Optus brand exiting Allphones retail stores
in 2013. Management has been actively pursuing additional
cash flows to supplement the exit of the Optus and Virgin Mobile
Australia brands in Allphones locations. Since the exit of the
Optus and Virgin Mobile Australia brands from its Australia-based Allphones locations, AMT has
worked closely with Vodafone who, with its new national 4G/LTE
network, is now the premier carrier brand offering of Allphones in
Australia. As part of Vodafone's
acquisition strategy, Vodafone is looking to expand its branded
store footprint into more metro and regional areas. In the 4th
quarter of 2014, AMT negotiated a new licensing agreement with
Vodafone where AMT will manage up to 14 Vodafone branded retail
stores under the ARMS business by the end of 2015. At December 31, 2014, AMT managed 4 Vodafone
corporate stores.
- In 2014, AMT, in partnership with Tao Corporation of
the Philippines
(http://www.taocommunity.com), opened 30 additional Allphones
locations in Manila, Philippines,
thereby operating 70 locations in the
Philippines at December 31,
2014. The Allphones Philippines initiative presents a low
risk model for GLENTEL as AMT's local partners are responsible for
the operating expenses and the capital expenditures associated with
store locations. AMT is forecasting to operate 115 locations in
the Philippines by the end of
2015. In 2012, GLENTEL acquired AMT with the intent to
utilize its experienced management team, established carrier
relationships, market-leading point-of-sale system, and
well-recognized brand as a beachhead to develop its presence in the
Asia Pacific marketplace. GLENTEL
views the Asia Pacific market as a
significant area for growth, and believes the assets at AMT are
well-suited to be deployed though a similar Philippines program in that region.
- In the 2nd quarter of 2014, AMT received notice from Optus of
its intent to assume the management of its Virgin Mobile branded
corporate stores that were managed by AMT through ARMS business.
AMT ended its relationship managing the remaining 44 Optus' Virgin
Mobile corporate stores in the 4th quarter of 2014, and worked
throughout the 3rd and 4th quarter to ensure a clean
transition. In 2013, Optus decided to terminate its
agreements with dealer partners in an effort to take greater
control of the end-to-end customer experience for each of the Optus
and Virgin Mobile Australia brands. In the 2nd quarter of
2014, AMT recorded a pre-tax impairment charge of $24.9 million related to the early termination of
the Virgin Mobile ARMS agreement.
- At December 31, 2014, AMT, in
Australia, operated a total of 77
locations, consisting of 30 Allphones corporate, 40 Allphones
franchised and licensed stores, 4 Vodafone corporate retail stores,
and 3 Samsung locations managed through AMT's Australian Retail
Managed Services ("RMS") business. Since the exit of Optus and
Virgin Mobile Australia brands from Australia-based Allphones locations in 2013,
AMT has managed its store count to ensure that underperforming
stores either execute on their turn-around plan or close. The
Division closed 20 underperforming Australia-based Allphones locations in 2014.
Management has reduced its retail store exposure by eliminating
underperforming stores, while ensuring that customers' product
demands are still met. Management will continue to assess
underperforming stores, and their respective cost structures, in
the immediate future, as the Australian mobile phone retail market
stabilizes, and will look for strategic growth opportunities based
on carrier offerings. At December 31,
2014, AMT operated 70 mall-based Allphones locations in
the Philippines, opening 30
locations in 2014. At December 31,
2014, AMT operated and managed a total of 147 locations in
Australia and the Philippines.
Business Division
|
|
|
|
Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Sales
|
$4,020
|
$12,157
|
$23,251
|
$36,146
|
EBITDA
|
$(252)
|
$1,858
|
$445
|
$3,919
|
EBIT
|
$(681)
|
$1,371
|
$(1,388)
|
$2,108
|
- Sales decreased as the Division no longer operates the MSAT
business nor receives significant tower site lease revenue given
the recent divestiture of those assets. As a cyclical business, in
2014, the Division suffered from a general slowdown in large
capital projects in oil and gas and mining related investment in
Canada. In the second half of 2014, the Division experienced
a significant decline in both run-rate and project based business,
and was further impacted by the loss of recurring rental revenue
from tower sites, as the Division continued to divest its tower
site assets.
- In the 4th quarter of 2014, the Business Division completed 3
tranches of its tower site sale, resulting in net proceeds of
$0.6 million for the sale of 5 tower
site assets and related customer agreements. These asset sales were
pursuant to the August 2012 agreement
with the purchaser for the sale of GLENTEL's non-core tower site
assets. At December 31, 2014, all of
the Company's remaining tower site assets were classified as assets
held for sale.
Corporate
|
|
|
|
Three
months ended
December
31
|
Year
ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Corporate operating
and administrative
expenses
|
$15,276
|
$15,041
|
$48,309
|
$44,362
|
Corporate operating
and administrative
expenses as a % of sales
|
3%
|
4%
|
3%
|
3%
|
- Corporate costs include administrative, finance, information
technology, and marketing services that are managed in Canada, the U.S. and Australia and are not allocated directly to
the operating divisions. Management strives to leverage the
divisional cost structure to maximize productivity and value from
its resources.
- Corporate operating and administrative expenses for the year
ended December 31, 2014 increased to
$48.3 million compared to
$44.4 million in 2013. Corporate
operating costs were 3% (2013 – 3%) of consolidated sales for the
year ended December 31, 2014.
Corporate operating costs include Retail U.S. Division – Diamond
Wireless corporate costs of $9.3
million (2013 - $9.2 million),
Retail U.S. Division – Wireless Zone corporate costs of
$10.2 million (2013 - $9.4 million), and Retail Australia Division –
AMT (Allphones) corporate costs of $5.1
million (2013 - $4.9 million)
for the year ended December 31, 2014.
Corporate costs increased primarily as a result of a $1.9 million accrual, recorded in the 4th quarter
of 2014, for transaction costs related to the BCE acquisition of
GLENTEL.
Income Taxes
- Income taxes for the year ended December
31, 2014 increased to $1.3
million expense compared to the $0.4
million tax recovery in 2013. The resulting 2014 tax
expense is comprised of realized gains associated with the disposal
of certain assets in Canada and
Australia, non-deductible fair values losses related to the
Company's redeemable financial instruments, and prior period
adjustments related to the alignment of carrying values on certain
Australian capital assets. The tax expense was partially
offset by the utilization of available business losses in
Canada and the overall lower
operating income in Australia.
Subsequent Events
- On January 12, 2015, at a special
meeting of securityholders, GLENTEL shareholders and optionholders
approved the acquisition by BCE Inc. of all of the outstanding
common shares of GLENTEL and the purchase for cancellation by
GLENTEL of all of the outstanding options to purchase common shares
of GLENTEL, subject to the provisions of the arrangement agreement
dated November 28, 2014 between
GLENTEL and BCE Inc. The closing of this transaction is subject to
certain conditions which have not yet been fulfilled.
About GLENTEL
Based in Burnaby, BC,
Canada, GLENTEL (TSX: GLN) is one
of the leading providers of innovative and reliable wireless
communications services and solutions, offering a choice of network
carrier and wireless or mobile products and services to consumers
and commercial customers. GLENTEL is one of the largest independent
multicarrier mobile phone retailers in Canada and Australia. In the United States, GLENTEL operates two of the
six National Premium Retailers for Verizon Wireless. To its
business and government customers, GLENTEL offers wireless systems
and hardware, rental equipment, and system implementation
services. GLENTEL celebrated its 50th anniversary in
2013.
GLENTEL's own brands, including GLENTEL Wireless Solutions,
WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil,
WIRELESS etc…, SANS FIL etc…, MacStation, iStation, Diamond
Wireless, Wireless Zone®, and Allphones span four countries and
three continents. At December 30,
2014, the Company employed over 4,800 employees and operated
more than 1,388 locations, including: 503 locations in Canada, located in retail malls, Costco
Wholesale stores, Target retail stores, and business centres; 738
corporate, franchise, and BJ's Wholesale Inc. kiosk retail
locations in the United States;
and 147 retail locations in Australia and the
Philippines.
Forward-Looking Statements
This news release contains statements about financial and
operating performance of GLENTEL and future events that are forward
looking. By their nature, forward-looking statements require
GLENTEL to make assumptions and predictions and are subject to
inherent risks and uncertainties. There is significant risk that
the forward-looking statements will not prove to be accurate.
Readers are cautioned not to place undue reliance on
forward-looking statements as a number of factors could cause
actual future performance and events to differ materially from that
expressed in the forward-looking statements. Accordingly, this news
release is subject to the disclaimer and qualified by the
qualifications and risk factors referred to in GLENTEL's 2014
Annual Information Form, in the 2014 annual report, and any
assumptions, qualifications and risk factors contained in other
GLENTEL public disclosure documents and filings with securities
commissions in Canada (on SEDAR at
sedar.com). Except as required by law, GLENTEL disclaims any
intention or obligation to update or revise forward-looking
statements, and reserves the right to change, at any time at its
sole discretion, its current practice of updating annual targets
and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN.
For a copy of GLENTEL's annual report or for additional
information visit www.glentel.com or www.sedar.com.
SOURCE Glentel Inc.