BOUCHERVILLE, Quebec – Uni-Select Inc. has reported its results for the first quarter ended March 31, 2015.
“The first quarter was a time of transition for the corporation,” said Richard Roy, president and CEO of Uni-Select. “We started 2015 with the confidence that our new sales and banner programs would enable us to attract new customers and lead to positive topline growth. The somewhat lower growth achieved during the quarter was mainly due to the timing of delayed seasonal maintenance on vehicle impacting customer sales in many of our markets compared to 2014.
“As for the agreement to sell our U.S. parts distribution activities announced on Feb. 9, we expect the closing of the transaction to occur by the end of the first semester as disclosed. We now turn to the development of our businesses, Uni-Select Canada and FinishMaster, where we are leaders. Our intention is to strengthen these leadership positions. The same key attributes that have earned us our recognition as the partner of choice in the industry, among which flexibility, superior customer service, sought-after banner programs, efficient logistics and complete product assortment will be the foundation of our future success,” added Roy.
Uni-Select recorded a slight decrease in sales of 0.3 percent to $412 million in the first quarter of 2015, resulting from a substantially weaker Canadian dollar, compensated only in part by sales from business acquisitions and organic growth. In the first quarter, consolidated organic sales grew by 0.5 percent, driven by the recruitment of new customers in the paint and related products segment and partly offset by a temporary decline in the automotive products segment.
Earnings per share were negative $3.88 due to the impairment and transaction charges of $90 million. After excluding these non-recurrent items, adjusted earnings per share were 47 cents compared to 46 cents last year. (The corporation’s results are presented in U.S. dollars.) The declining Canadian dollar impacted sales by $11 million and adjusted earnings per share by 1 cent. Once converted to Canadian dollars, adjusted earnings per share reached C 58 cents for the first quarter, up 13.7 percent compared to C 51 cents in 2014.
APPOINTMENT
President and CEO Richard Roy will be retiring on July 31, after more than 17 years at Uni-Select, including more than seven years as the corporation’s CEO. The board of directors announced that Uni-Select’s current Chief Operating Officer Henry Buckley, will take over the role of CEO effective Aug. 1.
“The corporation being in great position, I have decided to retire after spending some 17 years with this fantastic organization. I trust that Henry Buckley and the senior leadership team will guide Uni-Select to new heights. I wish them all the best. They have my full support and I am absolutely convinced that an exciting future awaits Uni-Select,” added Roy.
