Highlights:
- Record first quarter revenues of $804.3 million, an increase of 12% excluding sport boat
- Revenues from Year-Round Products increased by 27% led by the Can-Am Spyder ST and the Maverick side-by-side vehicle
- Net income of $25.7 million resulting in basic earnings per share of $0.25
- Normalized net income[1] of $53.4 million, an increase of 7.7% which resulted in normalized basic earnings[1] per share of $0.52
- Outlook strong with normalized EPS[1] forecast to be in the range of “$1.45 – $1.50” for the FY14
BRP Inc. (TSX: DOO) today reported its financial results for the first quarter ended April 30, 2013. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available at www.sedar.com.
“We are pleased to report our first results as a public company and we take this opportunity to welcome our new shareholders to BRP. Our first quarter puts us on track for a strong performance this year,” remarked President and CEO José Boisjoli. “Our revenues from our Year-Round Products increased by 27% during the quarter led by the sales of our Can-Am Spyder ST and Maverick side-by-side vehicle which add to our solid track record of successfully
introducing new products and generating strong consumer acceptance,” he added. “During Q1, we also launched the new Rotax 900 ACE snowmobile engine which was well received by the network and we registered strong spring orders of snowmobiles to be delivered during the second half of the year. In addition, our Spyder retail sales performance has continued to outpace the on-highway motorcycle industry.”
“International growth is at the heart of our business strategy; we are pleased with our 8% revenue increase from the International market, especially given the challenging economic situation in Western Europe. The construction of our second Mexican manufacturing site inQuerétaro, is on schedule,” he concluded.
Fiscal Year 2014 First Quarter Revenues Highlights
Revenues for the first quarter ended April 30, 2013 were $804.3 million, an increase of 5.5% or $41.6M compared to Q1 of FY13. Revenues increased by 12% when excluding the impact of the exit of the sport boat business in the fall 2012. The increase in revenues includes a favourable foreign exchange rate variation of $13 million mainly related to the strengthening of the U.S. dollar against the Canadian dollar. The Company’s revenues are derived from the sales of its Seasonal Products (Ski-Doo and Lynx snowmobiles and Sea-Doo watercraft), Year- Round Products (Can-Am all-terrain (ATV) and side-by-side vehicles (SSV) and Spyder), itsPropulsion Systems (Rotax engines and Evinrude outboard engines) and related Parts, Accessories and Clothing (PAC).
NET INCOME DATA
Three-month period ended (millions of Canadian dollars) April 30, 2013 April 30, 2012 (Restated) [2]
- Revenues by category Seasonal Products $ 206.7 $ 253.6
- Year-Round Products 404.7 317.7
- Propulsion Systems 92.9 93.1
- PAC 100.0 98.3
- Total Revenues 804.3 762.7
- Cost of sales 586.3 550.5
- Gross profit 218.0 212.2
- As a percentage of revenues 27.1% 27.8%
- Total operating expenses 131.9 123.0
- Operating income 86.1 89.2
- Net financing costs 16.9 20.4
- Foreign exchange (gain) loss on long-term debt 8.3 (11.2)
- Increase in fair value of common shares 19.6 4.8
- Income before income taxes 41.3 75.2
- Income taxes expense 15.6 20.6
- Net income $ 25.7 $ 54.6
- EBITDA [1] $ 87.6 $ 104.9
- Normalized EBITDA [1] $ 107.8 $ 109.7
- Normalized net income [1] $ 53.4 $ 49.6
- Normalized earnings per share[1] $ 0.52 $ 0.49
