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Exchange Income Corporation Reports Financial Results for First Quarter 2010


🞛 This publication is a summary or evaluation of another publication
- Consolidated revenue increased 43% to $53.3 million - EBITDA increased 70% to $7.0 million - Net earnings increased 71% to $2.4 million - Distributable cash increased 92% to $5.2 million - Free cash flow increased 63% to $5.6 million - Excluding the dilutive impact of financings earmarked for debt reduction and the conversion of the Corporation from an income trust fund, distributable cash on a per basic share basis increased 15% to $0.53 - Total debt to equity ratio is 0.62 versus 1.05 at March 31, 2009, a 42% year over year decline - Invested $3.5 million in growth capital expenditures, relating primarily to the acquisition of Aviation segment equipment.
- Completed on a bought deal basis a $30 million offering of Series H convertible senior secured debentures with a seven year maturity and a 6.5% per annum interest rate.
Selected Financial Highlights ------------------------------------------------------------------------- All amounts in thousands except % and share data Q1 2010 Q1 2009 Change ------------------------------------------------------------------------- Revenue $53,256 $37,196 +43% ------------------------------------------------------------------------- EBITDA(1) $6,962 $4,086 +70% ------------------------------------------------------------------------- Net Earnings $2,362 $1,385 +71% ------------------------------------------------------------------------- Earnings per Share (fully diluted) $0.20 $0.24 -$0.04 ------------------------------------------------------------------------- Dividends/Distributions declared per share $0.39 $0.39 $0 ------------------------------------------------------------------------- ----------------------------- (1) EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, other non-cash expenses and any unusual non-operating one-time items. EBITDA is not a defined performance measure under Canadian generally accepted accounting principles (GAAP). It is used by Management to assess the performance of the Corporation and its operating segments.
Selected Key Performance Indicators ------------------------------------------------------------------------- All amounts in thousands except % and share data Q1 2010 Q1 2009 Change ------------------------------------------------------------------------- Free Cash Flows(2) $5,640 $3,465 +63% ------------------------------------------------------------------------- Distributable Cash(3) $5,225 $2,715 +92% ------------------------------------------------------------------------- Distributable Cash per Share (basic) $0.47 $0.46 +$0.01 ------------------------------------------------------------------------- Dividends/Distributions Declared $4,450 $2,331 +91% ------------------------------------------------------------------------- Total Dividends/Distributions Declared (basic) as a Percentage of Distributable Cash 83% 85% - 2% ------------------------------------------------------------------------- ------------------------------ (2) Free cash flows is a financial metric used by Management to assess the Corporation's performance and assess its ability to sustain its dividend policy. Free cash flows for the period is equal to the cash flow from operating activities as defined by Canadian GAAP, adjusted for changes in non-cash working capital and any unusual non-operating one-time items. It is not a recognized measure under Canadian GAAP. (3) Distributable cash is a performance measure used by Management to summarize the funds available for the payment of dividends to shareholders. Distributable cash is defined as EBITDA less cash interest, cash taxes and capital expenditures required to maintain the operations at their current level. It is not a recognized measure under Canadian GAAP.
Caution concerning forward-looking statements ---------------------------------------------