TerraVest announces 2013 year-end financial results and increases quarterly dividend by 25% to $0.10

Dec 12, 2013, 13:40 ET from TerraVest Capital Inc.

VEGREVILLE, AB, Dec. 12, 2013 /CNW/ - TerraVest Capital Inc. (TSX: TVK) is pleased to announce the financial results for the nine month fiscal year ended September 30, 2013, the first report since its change of year-end. TerraVest also announces that the Board of Directors of TerraVest Capital has increased its quarterly dividend by 25% to $0.10 per share.


All amounts in this news release are stated in thousands of Canadian dollars, except per share or per unit data.

For the nine month fiscal period ended September 30, 2013 and the year ended December 31, 2012 TerraVest reported:

            Nine months ended
September 30, 2012
    Year ended
December 31,2012
Revenue         $ 46,857   $ 70,914
EBITDA (Note 1)           8,513     14,046
Net income and comprehensive income           3,945     2,946
Free cash flow (Note 1)           9,314     9,129
Income per Share - basic and diluted attributed to common shares         $ 0.29   $ 0.17
FINANCIAL POSITION     September 30, 2013     December 31, 2012
Working capital  (Note 1)   $ 9,162   $ 7,592
Property, plant and equipment     32,965     32,885
Total assets     71,910     77,283
Long-term debt (non-current portion)     3,014     3,700
Shareholders' equity     44,954     44,402

Note 1: Refer to Management Discussion and Analysis dated December 11, 2013 for definitions of these non-GAAP measures.


TerraVest is also pleased to announce that The Board of Directors of TerraVest Capital Inc. (TSX:TVK) has today declared that they have increased the quarterly dividend by 25% and that a regular quarterly dividend of ten cents ($0.10) per share upon the outstanding Common Shares in the capital stock of TerraVest Capital Inc. be payable on January 15, 2014 to shareholders of record as at the close of business on December 31, 2013. The ex-dividend date is December 27, 2013. The dividend is designated an "eligible dividend" for Canadian income tax purposes.

Additional information can be found in TerraVest's audited consolidated financial statements and MD&A which are available on SEDAR at www.sedar.com.

SOURCE TerraVest Capital Inc.