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PR Newswire
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Primary Energy Recycling Reports Fourth Quarter and Fiscal 2013 Results and an increase to its quarterly dividend

OAK BROOK, IL, March 17, 2014 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced its financial and operational results for the fourth quarter and year ended December 31, 2013.

Financial Results
(in 000's of US$)
Three Months Ended December 31, For the Years Ended December 31,
2013 2012 2013 2012
Revenues $ 13,848 $ 13,852 $ 56,144 $ 54,299
Operations and maintenance expense 7,278 4,709 21,880 17,507
Operating income (loss) 1,160 976 2,268 (907)
Net (loss) income and comprehensive (loss) income (174) 12,399 (1,905) 7,285
EBITDA (1) 4,716 7,206 25,030 24,228
Adjusted EBITDA (2) 8,160 8,835 34,266 36,212
Net cash provided by operating activities 4,344 7,487 23,346 19,541
Free Cash Flow (3) 2,538 5,253 14,628 5,585
Cash and cash equivalents 21,226 30,101 - -
Credit facility debt balance 65,215 80,048 - -

Fourth Quarter and 2013 Highlights

  • The Company's revenue of $56.1 million in 2013 increased $1.8 million, or 3.4%, compared with revenue of $54.3 million in 2012. The increase in revenue for the year is primarily due to the successful operation of the condensing economizer and the boiler turndown upgrade projects at the Company's Portside facility. The total investment in the Portside upgrade was $8.4 million.

  • Today, the Company is announcing a 40% increase in its quarterly dividend rate from $0.05 to $0.07 or from $0.20 to $0.28 annually due to confidence in the long-term stability in the cash flows from operations. The expected normalized payout ratio range with this dividend increase is 45% to 55% while the all in cash payout ratio will remain high while the Company executes the Cokenergy upgrade. Additionally, the Company accelerated Cokenergy retubing within the quarter ahead of plan and has further accelerated the retube work into 2014.

  • Subsequent to the end of the quarter, announced the signing of a new 10-year tolling agreement between Cokenergy and its site host. With the completion of the Cokenergy contract renewal, the weighted average contract life of the Company's five facilities is now 14 years and its next contract expiration is not until 2020.

"With the Cokenergy agreement completed, we are beginning the next stage of value building for our shareholders," said John Prunkl, President and Chief Executive Officer of Primary Energy. "The financial consistency provided by our Waste Heat to Power and Combined Heat and Power assets coupled with long contract life gives us options. The first option we are executing on is the increase to our dividend. Second, we are highly focused on executing on the Cokenergy capital upgrade program and accelerating this work using operating cash flow. Third, we remain focused on disciplined capital allocation to grow shareholder value."

Operational Highlights
Three Months Ending December 31, For the Years Ending December 31,
2013 2012 2013 2012
Total Gross Electric Production Megawatt Hours (MWh) (4) 315,515 335,418 1,341,408 1,340,511
Total Thermal Energy Delivered (MMBtu) (5) 660,625 1,164,314 3,361,899 4,590,147
Harbor Coal Utilization (%) (6) 64.5% 63.9% 57.3% 69.3%

Fourth Quarter 2013 Financial Results

The Company's revenue totaled $13.8 million for the fourth quarter of 2013 and was flat when compared to the fourth quarter of 2012. The Company's revenue of $56.1 million in 2013 increased $1.8 million, or 3.4%, compared with revenue of $54.3 million in 2012. Revenue at the Portside facility increased by a total of $2.2 million during 2013 primarily due to $1.8 million of fuel cost savings generated from the condensing economizer and boiler turndown capability and $0.4 millionrelated to increased host operating levels. Revenue at the North Lakefacility increased by $0.4 million primarily due to being fully operational for the twelve months in 2013 compared to only eleven months of operation in 2012. Revenue at the Ironside facility was impacted by a net decrease of $0.7 million due to an unplanned outage starting in May of 2013 and a decrease of $0.1 million due to reduced host operating levels.

Operations and maintenance expense for the fourth quarter of 2013 was $7.3 million compared to $4.7 million for the fourth quarter of 2012, an increase of $2.6 million or 54.5%. Operations and maintenance expense in 2013 was $21.9 million compared to $17.5 million in 2012, an increase of $4.4 million or 24.9%. The Company incurred periodic costs for the year ended December 31, 2013 comprised of $8.1 million for boiler retubing work, $0.6 million for an emergency boiler repair and $0.1 million for ductwork repairs compared to periodic costs for the year ended December 31, 2012 of 3.9 million for boiler retubing work and $1.5 million for ductwork repairs.

General and administrative expense for the fourth quarter of 2013 was $1.9 million compared to $2.1 million for the fourth quarter of 2012, a decrease of $0.2 million or 7.5%. General and administrative expense in 2013 was $8.0 million compared to $8.8 million in 2012, a decrease of $0.8 million or 9.3%. The Company did not incur management fees for the year ended December 31, 2013 resulting in a net cost savings totaling $1.1 million when compared to the same period in 2012.

Employee benefits expense for the fourth quarter of 2013 was $1.4 million compared to $1.3 million for the fourth quarter of 2012, an increase of $0.1 million. Employee benefits expense in 2013 was $6.4 million compared to $4.0 million in 2012, an increase of $2.4 million. The increase is due to additional compensation cost of $1.1 millionprimarily associated with transferred employees hired by the Company upon termination of the Management Agreement, $0.4 million related to dividends paid on stock options, $0.4 million of cost recovery provided to the Company under the Management Agreement in 2012 that did not recur in 2013 and $0.5 million of stock based compensation inclusive of a one-time board compensation award. Prior to June 1, 2012, the transferred employees were employees of the Company's former manager who previously provided operational and administrative services to the Company under the Management Agreement. For the year ended December 31, 2012, management fees incurred by the Company of $1.1 million were recorded as general and administrative expenses.

On a combined basis, general and administrative expense and employee benefits expense for the fourth quarter of 2013 was $3.3 millioncompared to $3.4 million for the fourth quarter of 2012, a decrease of $0.1 million. The Company had reduced accrued property taxes of $0.3 million, corporate compensation expense of $0.1 million and other general and administrative expenses of $0.1 million. This reduction in expenses was offset by increased stock based compensation of $0.1 million, plant employee cost of $0.1 million, plant and liability insurance of $0.1 million and professional fees of $0.1 million.

On a combined basis, general and administrative expense and employee benefits expense in 2013 was $14.4 million compared to $12.8 million in 2012, an increase of $1.6 million. The increase in expenses is comprised of $0.5 million of stock based compensation inclusive of a one-time board compensation award, $0.4 million related to dividends paid on stock options, $0.3 million of plant employee cost, $0.3 million of plant and liability insurance, $0.2 million of IT expenses, $0.1 million of corporate compensation expense and $0.1 million of professional fees. The increase in expenses was offset by reduced accrued property taxes of $0.2 million and other general and administrative expenses of $0.1 million.

Equity in earnings of the Harbor Coal joint venture totaled $0.4 millionfor the fourth quarter of 2013 and was flat when compared to the fourth quarter of 2012. Equity in earnings of the Harbor Coal joint venture in 2013 was $1.1 million compared to $2.2 million in 2012, a decrease of $1.1 million. The decrease is the result of reduced revenue based on increased natural gas injection and reductions to coal through-put for the current year as well as blast furnace operation that began in the second quarter of 2013.

Operating income for the fourth quarter of 2013 was $1.2 millioncompared to $1.0 million for the fourth quarter of 2012, an increase of $0.2 million. Operating income in 2013 was $2.3 million compared to an operating loss of $0.9 million in 2012, an improvement of $3.2 million.

Net loss and comprehensive loss for the fourth quarter of 2013 was $0.2 million compared to net income and comprehensive income of $12.4 million for the fourth quarter of 2012, a decrease of $12.6 million. Net loss and comprehensive loss in 2013 was $1.9 million compared to net income and comprehensive income of $7.3 million in 2012, a decrease of $9.2 million. The decreases are primarily due to an income tax benefit of $12.8 million recorded in 2012 related to the cancellation of debt gain from the Company's 2009 recapitalization.

Conference Call and Webcast

Management will host a conference call to discuss the fourth quarter results on Tuesday, March 18, 2014 at 10 am ET. Following management's presentation, there will be a question and answer session. To participate in the conference call, please dial (888) 231-8191 or (647) 427-7450.

A digital conference call replay will be available until midnight on April 1, 2014 (ET) by calling (855) 859-2056 or (416) 849-0833. Please enter the password 2138234 when instructed. A webcast replay will be available for 365 days by accessing a link through the Events section at www.primaryenergyrecycling.com.

Forward-Looking Statements

When used in this news release, the words "intend", "likely", "anticipate", "expect", "project", "believe", "estimate", "forecast", "outlook" and similar expressions, are intended to identify forward-looking statements, including statements regarding maintenance and capital expenditures and the acquisition of the minority interest in PERH and the termination of Primary Energy's management agreement. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to recovery in the steel industry, continued strong performance from the mills we serve consistent with historical patterns, timely renewal of contracts at the Company's facilities, no protracted outages (planned or unplanned) for any of our facilities, operating and maintenance costs and general and administrative costs being similar to recent years except as described in this press release, regulatory parameters, weather and economic conditions and other factors discussed in the Company's public filings available on SEDAR at www.sedar.com. Additional risks and uncertainties not currently known or that are currently deemed to be immaterial may also materially and adversely affect the Company's business operations and outlook. Any of the matters highlighted in the Company's risk factor disclosure could have a material adverse effect on the Company's results of operations, business prospects and outlook, financial condition or cash flow, in which case, the market price or value of the Company's Common Shares could be adversely affected. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

About Primary Energy Recycling Corporation

Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50 percent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 298 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.

1As used herein, EBITDA means earnings before interest, taxes, depreciation and amortization and certain other adjustments. EBITDA is reconciled to net (loss) income and comprehensive (loss) income in the table below. EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other companies.
2As used herein, references to Adjusted EBITDA are to EBITDA as adjusted for certain non-recurring adjustments for major maintenance/outage work expenses, professional fees and other general and administrative expenses related to the buyout of the non-controlling interest and internalization of management and stock based compensation that represent recorded expenses based on specific circumstances and are not expected to be part of the Company's ongoing business activity. Adjusted EBITDA is reconciled to net income (loss) and comprehensive income (loss) in the table below. Adjusted EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other companies.
3As used herein, Free Cash Flow means net cash provided by operating activities as adjusted for capital expenditures. Free Cash Flow is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Free Cash Flow may not be comparable to similar measures presented by other companies.
4Total Gross Electric Production means the aggregate amount of electricity produced by all of the Company's facilities during the period. The amount is gross generation and is not reduced by internal electric usage of the facilities' auxiliary equipment. The unit of measure is megawatt hours (MWh). Due to the fixed and variable nature of customer contracts, MWh production cannot be directly tied to financial performance.
5Total Thermal Energy Delivered means the aggregate amount of heat energy contained in the steam and heated water delivered to customers by all of the Company's facilities during the period. The unit of measure is million of British Thermal Units (MMBTU). Due to the fixed and variable nature of customer contracts, MMBTU production cannot be directly tied to financial performance.
6Harbor Coal Utilization is a factor that incorporates the production level of a blast furnace and the amount of coal utilization per unit of blast furnace production as compared to a reference blast furnace production level and coal utilization rate per unit of blast furnace production. The measurement unit is a ratio expressed as a percentage.



Management believes that EBITDA, Adjusted EBITDA, Free Cash Flow, Total Gross Electric Production, Total Thermal Energy Delivered and Harbor Coal Utilization provide useful supplemental information regarding the performance of the Company, facilitate comparisons of historical periods and are indicative of the Company's operating results. Note however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity, and are not a substitute for IFRS financial measures.

Non-IFRS Measures

The Company reports its financial results in accordance with IFRS. The Company's management also evaluates and makes operating decisions using various other measures. Three such measures are EBITDA, Adjusted EBITDA and Free Cash Flow, which are non-IFRS financial measures. We believe these measures provide useful supplemental information regarding the performance of Company's business.

Reconcilation of Net (Loss) Income and Comprehensive (Loss) Income
to Adjusted EBITDA
(in 000's of US$) Three Months Ended December 31, For the Years Ended December 31,
2013 2012 2013 2012
Net (loss) income and comprehensive (loss) income$ (174) $ 12,399 $ (1,905) $ 7,285
Adjustment to net (loss) income and comprehensive (loss) income:
Depreciation and amortization 2,547 5,221 18,609 21,053
Depreciation and amortization included in equity in
earnings of Harbor Coal joint venture 1,009 1,009 4,036 4,036
Interest expense 1,176 1,450 4,939 5,690
Deferred finance fees expensed upon extinguishment of debt - - - 765
Realized and unrealized loss (gain) on derivative contracts 56 (18) (24) 554
Loss on derecognition - - 117 46
Income tax expense (benefit) 102 (12,855) (742) (15,201)
EBITDA$ 4,716 $ 7,206 $ 25,030 $ 24,228
Adjustments to EBITDA:
Major maintenance (1)3,371 1,475 8,729 5,432
Management Agreement termination fee - - - 6,000
Professional fees and other general and administrative expenses related to
the buyout of the non-controlling interest and internalization of management - 76 - 369
Stock based compensation (2)73 78 507 183
Adjusted EBITDA$ 8,160 $ 8,835 $ 34,266 $ 36,212

1)Represents nonrecurring major maintenance expenditures for such items as boiler retubing work and other related maintenance expenditures and ductwork repairs.
2)The year ended December 31, 2013 is inclusive of a one-time board compensation award.

Reconcilation of Net Cash Provided by Operating Activities
to Free Cash Flow
(in 000's of US$) Three Months Ended December 31, For the Years Ended December 31,
2013 2012 2013 2012
Net cash provided by operating activities$ 4,344 $ 7,487 $ 23,346 $ 19,541
Less: Capital expenditures (1,806) (2,234) (8,718) (13,956)
Free Cash Flow$ 2,538 $ 5,253 $ 14,628 $ 5,585

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands of U.S. dollars)
ASSETS December 31, 2013 December 31, 2012
Current assets:
Cash and cash equivalents $ 21,226 $ 30,101
Accounts receivable 8,120 8,266
Inventory, net 1,455 1,126
Tax receivable 118 691
Prepaid expenses 1,200 987
Other current assets - 336
Total current assets32,119 41,507
Non-current assets:
Property, plant and equipment, net 183,249 185,355
Intangible assets, net 3,101 12,321
Restricted cash 3,175 3,445
Interest rate cap 105 85
Investment in Harbor Coal joint venture 54,615 58,600
Total assets$ 276,364 $ 301,313
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 1,195 $ 971
Short-term debt 7,624 11,133
Accrued property taxes 1,522 1,725
Accrued expenses 6,892 6,558
Total current liabilities17,233 20,387
Non-current liabilities:
Long-term debt 54,684 64,913
Deferred income tax liability, net 979 1,753
Interest rate swap 76 155
Asset retirement obligations 2,938 3,063
Total liabilities75,910 90,271
Equity
Common stock: no par value, unlimited shares authorized;
44,706,186 issued and outstanding 274,479 274,479
Contributed surplus 37,723 37,466
Accumulated shareholders' deficit (111,748) (100,903)
Total equity200,454 211,042
Total liabilities and equity$ 276,364 $ 301,313




Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars, except share and per share amounts)
For the Years Ended December 31,
2013 2012
Revenue:
Capacity $ 36,071 $ 36,071
Energy service 20,073 18,228
56,144 54,299
Expenses:
Operations and maintenance 21,880 17,507
General and administrative 7,961 8,778
Management Agreement termination fee - 6,000
Employee benefits 6,404 4,023
Depreciation and amortization 18,609 21,053
Loss on derecognition 117 46
Total operating expenses54,971 57,407
Equity in earnings of Harbor Coal joint venture 1,095 2,201
Operating income (loss)2,268 (907)
Other expense
Interest expense (4,939) (5,690)
Deferred finance fees expensed upon extinguishment of debt - (765)
Realized and unrealized gain (loss) on derivative
contracts 24 (554)
Loss before income taxes(2,647) (7,916)
Income tax benefit 742 15,201
Net (loss) income and comprehensive (loss) income$ (1,905) $ 7,285
Net (loss) income and comprehensive (loss) income attributable to:
Owners of the Company $ (1,905) $ 9,080
Non-controlling interest - (1,795)
$ (1,905) $ 7,285
Net (loss) income per share attributable
to owners of the Company:
Weighted average number of shares outstanding - basic 44,706,186 44,706,186
Weighted average number of shares outstanding - diluted 44,706,186 44,706,186
Basic and diluted net (loss) income per share attributable to owners of the Company $ (0.04) $ 0.20




Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands of U.S. dollars)
CommonContributedAccumulated Non-controllingTotal
stocksurplusdeficitTotalinterestequity
Balance - January 1, 2012$ 274,479 $ 3,316 $ (107,748) $ 170,047 $ 79,502 $ 249,549
Net income and comprehensive income
for the year ended December 31, 2012 - - 9,080 9,080 (1,795) 7,285
Dividends on Common Shares - - (2,235) (2,235) - (2,235)
Buyout of non-controlling interest - 33,967 - 33,967 (77,707) (43,740)
Stock-based compensation - 183 - 183 - 183
Balance - December 31, 2012$ 274,479 $ 37,466 $ (100,903) $ 211,042 $ - $ 211,042
Balance - January 1, 2013$ 274,479 $ 37,466 $ (100,903) $ 211,042 $ - $ 211,042
Net loss and comprehensive loss
for the year ended December 31, 2013 - - (1,905) (1,905) - (1,905)
Dividends on Common Shares - - (8,940) (8,940) - (8,940)
Stock-based compensation - 257 - 257 - 257
Balance - December 31, 2013$ 274,479 $ 37,723 $ (111,748) $ 200,454 $ - $ 200,454




Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
For the Years Ended December 31,
2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss and comprehensive loss for the period $ (1,905) $ 7,285
Adjustments for:
Depreciation and amortization 18,609 21,053
Loss on derecognition 117 46
Unrealized loss (gain) on derivative contracts (145) 320
Deferred finance fees expensed upon extinguishment of debt - 765
Equity in earnings of Harbor Coal joint venture (1,095) (2,201)
Distributions from investment in Harbor Coal joint venture 5,080 6,790
Non-cash interest expense 1,563 2,221
Non-cash stock based compensation 257 183
Income tax (774) (15,243)
21,707 21,219
Net change in non-cash working capital balances 1,639 (1,678)
Net cash provided by operating activities 23,346 19,541
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in restricted cash 270 (1,515)
Capital expenditures (8,718) (13,956)
Net cash used in investing activities (8,448) (15,471)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt - 85,000
Purchase of non-controlling interest - (24,225)
Payments of deferred financing costs - (5,351)
Repayment of debt (14,833) (47,725)
Dividends on Common Shares (8,940) (2,235)
Net cash (used in) provided by financing activities (23,773) 5,464
Net (decrease) increase in cash (8,875) 9,534
Cash and cash equivalents - beginning of period 30,101 20,567
Cash and cash equivalents - end of period $ 21,226 $ 30,101
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 3,514 $ 3,510
Cash paid during the period for income taxes $ 12 $ 168

SOURCE Primary Energy Recycling Corporation

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