Sales up 13.4% to $448.8 million, driven by the contribution of TPA and organic growth;
Consolidated organic growth(1) of 3.4% with positive organic growth(1) in all 3 segments;
EBITDA(1) of $29.7 million; adjusted EBITDA(1) of $34.9 million, up 3.0%;
EPS of $0.25, adjusted EPS(1) of $0.37, same as 2017;
Launched strategic alternatives review;
2018 guidance reiterated; and
Expanded the 20/20 initiative to at least $25.0 million of recurring cost savings by 2020.
Boucherville (Québec), November 14, 2018 – Uni-Select Inc. (TSX:UNS) today reported its financial results for the third quarter ended September 30, 2018.
“Our third quarter results demonstrated our focus on execution with improved organic sales growth in all our business units, higher adjusted EBITDA and strong cash flow generation. During the quarter, we deleveraged our balance sheet, bringing our funded debt to adjusted EBITDA ratio to 3.1x and we amended and extended our credit facility to increase flexibility,” said André Courville, Interim President and Chief Executive Officer of Uni-Select.
“On September 18, we announced the formation of a Special Committee of independent members of the Board of Directors to oversee a review of strategic alternatives. Since then, the Special Committee and the Board of Directors have had multiple meetings with its advisors and management to identify, review, analyze and evaluate a comprehensive range of alternatives with the goal of maximizing value for our shareholders.”
“We continued to execute on our 20/20 cost savings initiative launched a year ago to generate annual recurring savings of $20.0 million by 2020. To date, we have realized $12.0 million in annualized savings or 60% of the target. In the spirit of continuous improvement and to further drive efficiency, we have identified an additional $5.0 million in cost savings, bringing the total recurring savings to at least $25.0 million by 2020. To achieve the remaining $13.0 million in cost savings, we will need to incur restructuring and other charges estimated at between $9.0 and $11.0 million.”
“In conclusion, we have the management team and strategy in place to drive the business forward. We will continue to open greenfields and actively pursue select acquisitions, all in an effort to drive our operations to generate continued growth and increased profitability with the aim of maximizing shareholder value. All of this would not be possible without the on-going support of all stakeholders, including our employees and shareholders,” concluded Mr. Courville.
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