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Q2, 2013 Financial Results-- Revenue for the three months ended June 30, 2013 was $32.迷你倉沙田7 million, an increase of 3.6% over the comparable 2012 period.-- EBITDA for the second quarter decreased by $0.1 million or by 2.3% to $6.3 million compared to $6.4 million in Q2, 2012. The quarter-over-quarter decline in EBITDA is consistent with the Company's expectation and was anticipated primarily as the result of price concessions provided to Alberta Health Services as part of the new 10-year Edmonton contract. We expect the impact of these price concessions to be offset by cost savings from efficiencies in our new Edmonton facility. The transition costs associated with the new facility have been delayed and will primarily be incurred in Q3 and Q4, 2013. -- -- EBITDA margin decreased on a quarter over quarter basis at 19.2% in Q2, 2013 compared to 20.3% in Q2, 2012. The quarter-over-quarter margin decline was primarily the result of price concessions provided to Alberta Health Services.-- Net earnings after taxes for the first quarter decreased by $0.1 million to $2.9 million compared to $3.0 million in Q2, 2012.EDMONTON, Aug. 9, 2013 /CNW/ - K-Bro Linen Inc. ("K-Bro" or the "Corporation") today announced revenue of $32.7 million and EBITDA of $6.3 million for the three-months ended June 30, 2013.? Net earnings after tax were $2.9 million, earnings of $0.41 per share, and distributable cash of $0.688 per diluted share for the quarter.(thousands, except per share amounts For the three months ended June 30and percentages) 2013 2012 $ Change % ChangeRevenue $ 32,660 $ 31,526 1,134 3.6%Operating expenses 26,403 25,122 1,281 5.1%EBITDA(1) 6,257 6,404 (147) -2.3%EBITDA(1) as a % of revenue 19.2% 20.3% - -1.2%Earnings before income taxes 4,112 4,084 28 0.7%Income tax expense 1,226 1,121 105 9.4%Net earnings 2,886 2,963 (77) -2.6%Basic earnings per Share $ 0.41 $ 0.42 (0.01) -2.4%Diluted earnings per Share $ 0.41 $ 0.42 (0.01) -2.4%Total assets 104,226 90,505 13,721 15.2%Long-term debt, end of year 15,338 7,113 8,225 115.6%Cash provided by operating activities (1,499) 5 (1,504) -30080.0%Net change in non-cash working capital items (6,956) (5,518) (1,438) 29.7%Share-based compensation expense(2) 377 250 127 54.4%Maintenance capital expenditures 240 232 8 3.4%Distributable cash flow(1) 4,840 5,041 (201) -4.0%Dividends declared 2,036 1,994 41 2.1%Payout ratio(1) 41.9% 39.2% - 2.7%(1)Refer to the Terminology section for further details(2)Share-based compensation expenses have historically been excluded from the calculation of distributable cash flow. Previously the share-based compensation was recorded as part of the net changes in non-cash working capital items, however the amount has been disclosed separately commencing in Q4, 2012. The comparative figures for the periods presented have been restated to reflect this revised presentation.?(thousands, except per share amounts For the six months ended June 30and percentages) 2013 2012 $ Change % ChangeRevenue $ 64,307 $ 61,691 2,616 4.1%Operating expenses 52,146 49,690 2,456 4.9%EBITDA(1) 12,161 12,001 160 1.3%EBITDA(1) as a % of revenue 18.9% 19.5% - -0.5%Earnings before income taxes 7,919 7,261 658 9.1%Income tax expense 2,271 1,829 442 24.2%Net earnings 5,648 5,432 216 4.0%Basic earnings per Share $ 0.81 $ 0.78 0.03 3.8%Diluted earnings per Share $ 0.80 $ 0.78 0.02 2.6%Total assets 104,226 90,505 13,721 15.2%Long-term debt, end of year 15,338 7,113 8,225 115.6%Cash provided by operating activities 7,681 6,658 1,023 15.4%Net change in non-cash working capital items (2,907) (3,859) 952 -24.7%Share-based compensation expense (2) 697 752 (55) -7.3%Maintenance capital expenditures 413 366 47 12.8%Distributable cash flow(1) 9,478 9,399 79 0.9%Dividends declared 4,064 3,921 143 3.6%Payout ratio(1) 43.1% 41.4% - 1.7%(1)Refer to the Terminology section for further details.(2)Share-based compensation expenses have historically been excluded from the calculation of distributable cash flow. Previously the share-based compensation was recorded as part of the net changes in non-cash working capital items, however the amount has been disclosed separately commencing in Q4, 2012. The comparative figures for the periods presented have been restated to reflect this revised presentation.?In the second quarter of 2013, revenue was $32.7 million which was 3.6% higher than the $31.5 million generated in the comparable period in 2012. This year-over-year increase was due to a combination of additional volume from the Saskatoon Health Region and organic growth in other volumes and revenues. EBITDA decreased from $6.4 million in Q2, 2012 to $6.3 million in Q2, 2013.OUTLOOK"We are pleased with the results in the second quarter and first half of 2013. ?We successfully renewed agreements with several existing customers and commenced negotiations with other existing and potential new clients." said Linda McCurdy, President & Chief Executive Officer.? "During the quarter our EBITDA declined, which was consistent with our expectations as previously forecast. ?We remain focused on completing our new Edmonton facility and expect the transition and start-up of the new facility to occur over the next two quarters.? Transition costs associated with the new facility will be incurred in Q3 and Q4, 2013, and we continue to believe that our EBITDA margin will be impacted by up to 3% on a consolidated basis.? Once the transition is complete, we expect efficiencies to produce cost savings which will offset contractual price concessions which came into effect in Q2, 2013."CORPORATE PROFILEK-Bro is the largest owner and operator of laundry and linen processing facilities in Canada. K-Bro provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts.? K-Bro currently operates eight processing facilities under three distinctive brands, including K-Bro Linen Systems Inc., Buanderie HMR and Les Buanderies Dextraze, in seven Canadian cities: Qu�bec City, Montr�al, Toronto, Edmonton, Calgary, Vancouver and Victoria.Additional information regarding the Corporation including required securities filings are available on our website at .k-brolinen.com and on the Canadian Securities Administrators' website at .sedar.com; the System for Electronic Document Analysis and Re迷你倉價錢rieval ("SEDAR").------------------------------K-Bro est le plus important propri�taire et exploitant?de buanderies au Canada. K-Bro fournit une gamme �tendue de services de buanderie?aux �tablissements?de soins de sant�,?h?tels et autres clients commerciaux. K-Bro exploite actuellement huit usines sous trois marques distinctives, incluant K-Bro Linen Systems Inc., Buanderie HMR?et Les Buanderies Dextraze,?dans sept villes canadiennes: Qu�bec, Montr�al, Toronto, Edmonton, Calgary, Vancouver et Victoria.Vous pouvez obtenir des renseignements suppl�mentaires sur la Soci�t�, y compris les documents d�pos�s aupr�s des autorit�s de r�glementation, sur notre site Web, au .k-brolinen.com et sur le site Web des autorit�s canadiennes en valeurs mobili�res au .sedar.com, le site Web du Syst�me �lectronique de donn�es, d'analyse et de recherche (??SEDAR??).TERMINOLOGYThroughout this news release, and other documents referred to, and in order to provide a better understanding of the financial results, K-Bro uses the terms "EBITDA", "distributable cash" and "payout ratio". These terms do not have any standardized meaning under International Financial Reporting Standards ("IFRS") as set out in the CICA Handbook. Therefore, EBITDA, distributable cash and payout ratio may not be comparable to similar measures presented by other issuers.? Specifically, the terms "EBITDA", "distributable cash", and "payout ratio" have been defined as:EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization. EBITDA is not a recognized measure for financial statement presentation under IFRS.? EBITDA is not intended to represent cash flow from operations, as defined by IFRS, and it should not be considered as an alternative to net earnings, cash flow from operations, or any other measure of performance prescribed by IFRS.? The Corporation's EBITDA may also not be comparable to EBITDA used by other corporations, which may be calculated differently.? The Corporation considers EBITDA to be a meaningful measure to assess its operating performance in addition to standardized IFRS measures.? It is included because the Corporation believes it can be useful in measuring its ability to service debt, fund capital expenditures, and expand its business.Three Months Ended Six Months Ended June 30, June 30,(thousands) 2013 2012 2013 2012Net earnings $ 2,886 $ 2,963 $ 5,648 $ 5,432Add:Income tax expense 1,226 1,121 2,271 1,829Interest expense and 127 67 250 150 financial charges, netDepreciation of property, 1,411 1,590 2,834 3,125 plant and equipmentAmortization of intangible 529 673 1,080 1,346 assetsLoss on disposal of 78 (10) 78 119 property, plant and equipmentEBITDA $ 6,257 $ 6,404 $ 12,161 $ 12,001?Distributable cash flow is defined by management as cash provided by operating activities, plus or minus the net change in non-cash working capital items, less maintenance capital expenditures and less cash taxes. Management believes this measure reflects the cash generated from the ongoing operation of the business. Distributable cash is an additional GAAP measure generally used by dividend paying corporations as an indicator of financial performance and it should not be seen as a measurement of liquidity or a substitute for comparable metrics prepared in accordance with IFRS.Three Months Ended Six Months Ended June 30, June 30,(thousands) 2013 2012 2013 2012Cash provided by $ (1,499) $ 5 $ 7,681 $ 6,658 operating activitiesDeduct:Net changes in non-cash (6,956) (5,518) (2,907) (3,859) working capital itemsShare-based compensation 377 250 697 752 expenseMaintenance capital 240 232 413 366 expendituresDistributable cash flow $ 4,840 $ 5,041 $ 9,478 $ 9,399?Payout ratio is defined by management as the actual cash divided by distributable cash. This is a key measure used by investors to value K-Bro, assess its performance and provide an indication of the sustainability of dividends. The payout ratio depends on the distributable cash and the Corporation's dividend policy.Three Months Ended Six Months Ended June 30, June 30,(thousands) 2013 2012 2013 2012Cash dividends 2,036 1,994 4,064 3,921Distributable cash 4,840 5,041 9,478 9,399Payout ratio 41.9% 39.2% 43.1% 41.4%?Figures expressed in percentages are calculated from amounts rounded in thousands of dollars.FORWARD LOOKING STATEMENTSThis news release contains forward-looking information that represents internal expectations, estimates or beliefs concerning, among other things, future activities or future operating results and various components thereof. The use of any of the words "anticipate", "continue", "expect", "may", "will", "project", "should", "believe", and similar expressions suggesting future outcomes or events are intended to identify forward-looking information.? Statements regarding such forward-looking information reflect management's current beliefs and are based on information currently available to management.These statements are not guarantees of future performance and are based on management's estimates and assumptions that are subject to inherent risks and uncertainties, which could cause K-Bro's actual performance and financial results in future periods to differ materially from the forward-looking information contained in this news release.? These risks and uncertainties include, among other things, (i) risks associated with acquisitions, including the possibility of undisclosed material liabilities; (ii) K-Bro's competitive environment; (iii) utility and labour costs; (iv) K-Bro's dependence on long-term contracts with the associated renewal risk, (v) increased capital expenditure requirements; (vi) reliance on key personnel; and (vii) the availability of future financing. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include: (i) volumes and pricing assumptions; (ii) utility costs; (iii) expected impact of labour cost initiatives; and (iv) the level of capital expenditures. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.? Certain statements regarding forward-looking information included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release.All forward-looking information in this news release is qualified by these cautionary statements.? Forward-looking information in this news release is presented only as of the date made. Except as required by law, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.??K-Bro Linen Inc.CONTACT: Linda McCurdy President & Chief Executive Officer Chris BurrowsVice-President & Chief Financial OfficerK-Bro Linen Inc. (TSX: KBL)Phone: 780.453.5218 Email: inquiries@k-brolinen.comWeb: .k-brolinen.com迷你倉庫