BADGER DAYLIGHTING LTD. ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED JUNE 30, 2014
Calgary, Alberta – Badger Daylighting Ltd. (the “Company” or “Badger”) is pleased to announce its results for the six months ended June 30, 2014.
Highlights for the three months ended June 30, 2014:
- Revenues increased by approximately 37 percent to $100.7 million from $73.7 million for the comparable quarter of 2013 due to a 43 percent increase in Canadian revenues and a 30 percent increase in United States revenues. This is the second full quarter in which Fieldtek, acquired in November 2013, has been part of the financial results. Without Fieldtek, Canadian revenues would have increased by 25 percent. As a result of the increase in revenues, the Company’s quarterly Adjusted EBITDA increased by 13 percent to $25.1 million for the second quarter of 2014 from $22.3 million in the second quarter of 2013;
- Adjusted EBITDA margins were 25 percent for the three months ended June 30, 2014 compared to 29 percent for the three months ended June 30, 2013;
- Funds generated from operations increased by 15 percent period-over-period to $19.7 million from $17.1 million in the comparable quarter of 2013;
- Adjusted EBITDA margins in Canada decreased to 23 percent from 29 percent for the comparable period of last year due to a combination of factors. These factors include reduced margins in the western Canadian corporate operations due to slower activity in Northern Alberta and wet weather in Saskatchewan. Adjusted EBITDA margins in the United States decreased to 27 percent from 31 percent for the comparable period of last year due to increased costs and investment required for growth, mainly associated with recruiting and training additional people.
- Badger had 908 daylighting units at the end of the second quarter of 2014, reflecting the addition of 120 daylighting units to the fleet to date in 2014 (57 units Q1; 63 units Q2) and the retirement of three units. Of the total, 391 units were operating in Canada and 517 in the United States at quarter-end. Badger had 330 units in Canada and 377 in the United States for a total of 707 units at June 30, 2013. The new units were financed from cash generated from operations and existing credit facilities.