Bombardier Recreational Products Inc. (BRP)

Bombardier Recreational Products Inc. (BRP)

September 15, 2005 08:00 ET

BRP Reports Second Quarter Financial Results

VALCOURT, QUEBEC--(CCNMatthews - Sept. 15, 2005) - Bombardier Recreational Products Inc.



Highlights:

- Consolidated revenues reached $1,061.3 million, for the first half
of fiscal 2006 compared to $1,197.7 million for the first half of
fiscal 2005
- Consolidated Adjusted EBITDA reached $62.9 million for the first
six months of fiscal 2006
- Important advertising campaign to support 2006 ATV launch and
introduction of the Outlander 800 to be aired in the fall
- As of October 1, 2005, BRP will start to sell directly to dealers
in France with a new sales and marketing office in Aix-en-Provence
and will establish its European headquarters in Switzerland


Bombardier Recreational Products Inc., a privately-held company branded as "BRP," today reported that consolidated revenues for the three-month period ended July 31, 2005 reached $467.3 million; a decrease of $106.5 million when compared to restated consolidated revenues of $573.8 million for the second quarter of fiscal 2005. The decrease is due to lower number of units sold for $109.5 million and the unfavourable impact of foreign exchange fluctuations for approximately $32.0 million which was partially offset by higher average selling price and product mix of $34.1 million.

Consolidated revenues for the six-month period ended July 31, 2005 reached $1,061.3 million, a decrease of $136.4 million when compared to restated consolidated revenues of $1,197.7 million for the first half of fiscal 2005. The lower number of units sold which amounted to $120.0 million, the unfavourable effect of foreign exchange rate changes of approximately $60.0 million and increasing sales incentives of $8.3 million mainly due to higher retail activity were partially offset by higher average selling price and product mix of $51.0 million.

Consolidated gross profit reached $80.1 million for the second quarter of fiscal 2006 compared to restated consolidated gross profit of $97.2 million for the three-month period ended July 31, 2004. The $17.1 million decrease in gross profit is primarily due to lower number of units sold for $18.3 million, the unfavourable exchange rate variations for approximately $10.0 million and increased sales incentives and concessions of $5.6 million mainly due to higher retail activity which were partially offset by favourable product and pricing mix for $12.6 million and reduced production costs for approximately $3.0 million as a result of product complexity reductions and restructuring of the operations.

Consolidated gross profit reached $195.4 million for the first half of fiscal 2006, compared to restated consolidated gross profit of $187.4 million for the six-month period ended July 31, 2004. The $8.0 million increase in gross profit is primarily due to favourable product and pricing mix for approximately $31.4 million, decreased production costs for approximately $13.0 million as a result of product complexity reductions and restructuring of the operations. This increase was partially offset by unfavourable foreign exchange rate variations for approximately $20.0 million and lower number of units sold for $12.9 million and increased sales incentives and concessions of $10.5 million due to higher retail activity. Gross margin for the first half of the previous fiscal year was unfavourably impacted by $9.3 million as a result of inventory sold during that period, which had been increased to the distributor's selling prices.

Operating expenses, comprised of selling and marketing, research and development and general and administrative expenses, amounted to $97.4 million for the three-month period ended July 31, 2005, a $13.8 million increase when compared to $83.6 million for the second quarter of fiscal 2005. Operating expenses amounted to $197.8 million for the six-month period ended July 31, 2005, an increase of $11.3 million when compared to $186.5 million for the first half of fiscal 2005. The increases in selling and marketing expenses are attributable to the promotion of the Evinrude E-TEC outboard engines and the promotion of sales incentives relating to watercraft. The increase in marketing expense was partially offset by lower research and development expenses. The increase in the general and administrative expenses, during the second quarter of fiscal 2006, results mainly from management's decision to terminate its distributor agreement in France in order to establish its own dealer network.

Consolidated Adjusted EBITDA reached $19.8 million and $52.2 million, respectively, for the three-month periods ended July 31, 2005 and 2004 and $62.9 million and $87.5 million, respectively, for the six-month periods ended July 31, 2005 and 2004.

Net loss for the three-month period ended July 31, 2005 amounted to $1.7 million, compared to the net income of $28.5 million for the second quarter of fiscal 2005. Net loss for the six-month period ended July 31, 2005 amounted to $4.5 million, an improvement of $15.2 million compared to the net loss of $19.7 million for the first half of fiscal 2005.

"The reduction in our revenues in the second quarter was anticipated as we decided to reduce the snowmobile production to match deliveries with retail market demand, and as we did not expect Deere and Company to place orders for ATVs, because our manufacturing agreement expires in February 2006. In addition, the unfavourable exchange rates compared to the same period last year, created a negative impact on our revenues," said Jose Boisjoli, BRP's President and CEO. "However, despite a changing environment, we had a good summer in North America which turned out to be very good for our watercraft and sport boat businesses. The industry sales were higher and we maintained our leadership position which resulted in increased retail sales."

BRP operates in two segments: the Powersports segment includes snowmobiles, watercraft, all-terrain vehicles, sport boats and Rotax engines; the Marine Engines segment includes outboard engines.

Powersports segmented revenues were $321.9 million for the three-month period ended July 31, 2005 as compared to $419.0 million for the second quarter of fiscal 2005. The decrease in revenues is primarily a result of lower number of units sold amounting to $90.5 million. The decrease number of ATVs and snowmobiles sold was partially offset by increased number of watercraft sold. There were no scheduled deliveries of ATVs under the Deere & Company manufacturing supply agreement. Snowmobile sales were lower compared to the same period of the previous fiscal year primarily due to timing in deliveries to dealers. The reduction in the number of units sold and the unfavourable impact of exchange rates of approximately $20.0 million were partially offset by higher average selling price and product mix of $16.9 million.

Segmented revenues reached $793.7 million for the six-month period ended July 31, 2005 as compared to $903.2 million for the first half of fiscal 2005. The decrease is due to lower number of units sold as indicated above totalling $93.0 million. The reduction in the number of units sold, the impact of unfavourable exchange rate movements of approximately $41.0 million and the additional sales incentives of $13.0 million due to higher retail activity were partially offset by higher average selling price and product mix of $34.0 million.

Powersports segment operating loss amounted to $13.7 million for the second quarter of fiscal 2006 as compared to an operating income of $22.1 million for the three-month period ended July 31, 2004. The reduction in operating income is due to the combination of reduced number of units sold of $15.9 million, unfavourable foreign exchange rate movements of approximately $9.0 million, higher operating expenses of $9.7 million and increased sales incentives and concessions of $10.6 million due to higher retail activity, all of which were partially offset by favourable product and pricing mix of $7.4 million and reduced production costs of $2.5 million.

Segmented operating income amounted to $19.3 million for the first half of fiscal 2006 as compared to $31.1 million for the six-month period ended July 31, 2004. The decrease in operating income is a result of lower number of units sold of $9.1 million, unfavourable foreign exchange rate movements of approximately $16.0 million and increased sales incentives and concessions of $17.2 million due to higher retail activity, all of which were offset in part by favourable product mix of $17.9 million and reduced production costs of $9.7 million. Gross margin for the first half of the previous fiscal year was unfavourably impacted by $7.8 million as a result of inventory sold during that period which were recorded at the distributor's selling prices.

Marine Engines segmented revenues decreased to $152.9 million for the three-month period ended July 31, 2005 compared to $164.5 million for the second quarter of fiscal 2005. The decrease results primarily from a lower number of units sold due to the reduction in the number of models for $19.1 million and the strengthening of the Canadian dollar in relation to the US dollar for approximately $12.0 million all of which were partially offset by an improved product mix of $21.4 million resulting from an increase in the number of Evinrude E-TEC engines sold.

Segmented revenues decreased to $291.5 million for the six-month period ended July 31, 2005 compared to $315.6 million for the first half of fiscal 2005. The decrease results primarily from lower number of units sold resulting from the reduction of the number of models for $26.9 million and the strengthening of the Canadian dollar in relation to the US dollar for approximately $19.0 million which were offset in part by an improved product and pricing mix of $21.7 million.

Marine Engines segment operating income amounted to $14.3 million for the second quarter of fiscal 2006 as compared to $7.8 million for the three-month period ended July 31, 2004. Segment operating income amounted to $9.5 million for the first half of fiscal 2006 as compared to an operating loss of $3.1 million for the six-month period ended July 31, 2004. The increase in the segment's operating income results from improved margins due to the model rationalisation and the decision to focus on the Evinrude E-TEC outboard engines totalling $5.1 million and $13.5 million for the three- and six-month period, respectively. The favourable impacts from the improved operating income were partially offset by increased marketing expenses for the promotion of the Evinrude E-TEC outboard engines brand through advertising efforts.

On the international front, BRP will start selling directly to dealers in France and will open a sale and marketing office in Aix-en-Provence. As the European market continues to grow, BRP will also establish its European headquarters in Lausanne, Switzerland. These two offices should be operational by October 1st, 2005.

"Not withstanding the revenue decline in the Powersports segment during the second quarter, we continued to enjoy a strong leadership position in our traditional businesses. Our ATV business should improve based on the very positive feedback we received following the launch of our 2006 line-up," commented Boisjoli. "As for the Marine Engines segment, I am pleased with the turn around due to our decision to focus on E-TEC; it will bring a better balance between our two business segments. Going forward, I see progress and I remain confident to close the year with an improved overall adjusted EBITDA," he concluded.

BRP, a privately-held company, is a world leader in the design, development, manufacturing, distribution and marketing of motorised recreational vehicles. Our portfolio of brands and products includes: Ski-Doo® and Lynx™ snowmobiles, Sea-Doo® watercraft and sport boats, Johnson® and Evinrude® outboard engines, direct injection technologies such as Evinrude E-TEC™, Bombardier(i) all-terrain vehicles (ATV), Rotax® engines and karts.

See attached unaudited interim consolidated balance sheets, consolidated statements of operations, and cash flows as well as segmented statement of income and schedules of consolidated adjusted EBITDA.

This release refers to non-GAAP financial measures, such as EBITDA and Consolidated Adjusted EBITDA. In addition to the results reported in accordance with Canadian GAAP, the Company uses non-GAAP financial measures as supplemental indicators of operating performance and financial position. Management uses these non-GAAP financial measures internally for comparing actual results from one period to another, as well as for future planning purposes. Management believes non-GAAP financial results reported provide more insight into the Company's performance.

EBITDA and Consolidated Adjusted EBITDA. EBITDA are defined as earnings before financing costs, taxes, depreciation and amortisation. Consolidated Adjusted EBITDA includes the further adjustments described below. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The Company's Credit Agreement (as amended and restated) and the indenture governing the Senior Subordinated Notes contain covenants tied to similar measures. Management believes that EBITDA and Consolidated Adjusted EBITDA are a fair representation of and provide information with respect to the Company's ability to service its debt. However, these measures should not be considered as substitutes for, or superior to, measures of operating income, cash flow from operations, net income, total debt or other measures of financial performance prepared in accordance with GAAP.

The Company defines Consolidated Adjusted EBITDA as earnings from continuing operations before financing costs, taxes, depreciation and amortisation and certain elements of other income or expense. Because Consolidated Adjusted EBITDA excludes financing and taxes, it provides a more standard comparison among businesses by eliminating the differences that arise between them due to the manner in which they were acquired or funded. The Company uses the Consolidated Adjusted EBITDA measure as a supplemental cash flow measure as Consolidated Adjusted EBITDA also excludes depreciation and amortisation, both of which are non-cash charges. Consolidated Adjusted EBITDA, adjusted for certain impacts resulting from purchase accounting and other income and expenses such as unrealised foreign exchange gains and losses on translation of long-term debt, accretion in carrying value of redeemable preferred shares and loss on early redemption of preferred shares all of which are items not considered relevant to operating performance.

This release contains certain forward-looking statements with respect to our financial condition, results of operations and business. All of these forward-looking statements, which can be identified by the use of terminology such as "subject to," "believe," "expects," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy, although believed to be reasonable, are inherently uncertain. Factors which may materially affect such forward-looking statements include: (i) slow or negative growth in the recreational products industry; (ii) interruption of business or negative impact on sales and earnings due to acts of war, terrorism, bio-terrorism, civil unrest or disruption of mail service; (iii) adverse publicity regarding safety issues; (iv) increased competition; (v) increased costs; (vi) loss or retirement of key members of management; (vii) increases in the cost of borrowings and unavailability of additional debt or equity capital; (viii) changes in general worldwide economic and political conditions in the markets in which BRP may compete from time to time; (ix) the inability of BRP to gain and/or hold market share of its wholesale and/or retail customers anywhere in the world; (x) the inability of BRP's clients to obtain and/or renew insurance; (xi) exposure to, and expense of defending and resolving, product liability claims and other litigation; (xii) the ability of BRP to successfully implement its business strategy; (xiii) the inability of BRP to manage its retail, wholesale, manufacturing and other operations efficiently; (xiv) consumer acceptance of BRP's products; (xv) fluctuations in foreign currencies, including the Canadian Dollar; (xvi) import-export controls on sales to foreign countries; (xvii) introduction of new federal, state, local or foreign legislation or regulation or adverse determinations by regulators anywhere in the world; (xviii) the mix of BRP's products and the profit margins thereon; and (xix) other factors beyond BRP's control.

Readers are cautioned not to place undue reliance on forward-looking statements. BRP cannot guarantee future results, trends, events, levels of activity, performance or achievements. BRP does not undertake and specifically declines any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events.

® TM Trademarks of Bombardier Recreational Products Inc. or its subsidiaries.

(i) Trademark of Bombardier Inc. used under license.



UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

Three-month ended Six-month ended
(millions of July 31, July 31, July 31, July 31,
Canadian dollars) 2005 2004 2005 2004
---------------------------------------------------------------------
(Restated) (Restated)
Revenues $467.3 $573.8 $1,061.3 $1,197.7
Cost of sales 387.2 476.6 865.9 1,010.3
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Gross profit 80.1 97.2 195.4 187.4
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Operating expenses
Selling and marketing 39.6 29.6 83.8 68.9
Research and development 22.9 25.8 50.0 55.4
General and administrative 34.9 28.2 64.0 62.2
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Total operating expenses 97.4 83.6 197.8 186.5
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Operating income (loss)
from continuing
operations (17.3) 13.6 (2.4) 0.9
Other (income) and
expenses
Financing costs 8.9 10.8 17.0 24.5
Accretion in carrying
value of redeemable
preferred shares - 1.0 - 2.0
Loss on disposal of
property, plant and
equipment - 0.4 - 0.4
Gain on disposal of
assets held for sale - - (1.5) -
Foreign exchange (gain)
loss (16.3) (32.0) (6.5) 3.4
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Income (loss) from
continuing operations
before income taxes (9.9) 33.4 (11.4) (29.4)
Income tax expense
(recovery) (8.2) 2.8 (6.9) (13.0)
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Income (loss) from
continuing operations (1.7) 30.6 (4.5) (16.4)
Loss from discontinued
operations, net of tax - (2.1) - (3.3)
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Net income (loss) $(1.7) $28.5 $(4.5) $(19.7)
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UNAUDITED SEGMENTED STATEMENTS OF INCOME
For the Three-month Ended

Consolidated Powersports Marine Engines
---------------------------------------------------------------------
July July July July July July
(millions of 31, 31, 31, 31, 31, 31,
Canadian dollars) 2005 2004 2005 2004 2005 2004
---------------------------------------------------------------------
(Restated) (Restated)
External revenues $467.3 $573.8 $316.8 $413.9 $150.5 $159.9
Intersegment
revenues - - 5.1 5.1 2.4 4.6
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Segment revenues 467.3 573.8 321.9 419.0 152.9 164.5
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Cost of sales and
operating
expenses 440.8 514.6 314.7 373.3 133.6 151.0
Depreciation and
amortisation 25.9 29.3 20.9 23.6 5.0 5.7
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466.7 543.9 335.6 396.9 138.6 156.7
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Segment operating
profit (loss) 0.6 29.9 (13.7) 22.1 14.3 7.8
Corporate and other 17.5 15.9
Depreciation dealer
network 0.4 0.4
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Operating income
(loss) (17.3) 13.6
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Financing cost 8.9 10.8
Accretion in carrying
value of redeemable
preferred share - 1.0
Loss on disposal of
property, plant and
equipment - 0.4
Foreign exchange
gain (16.3) (32.0)
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Income (loss) before
income taxes $(9.9) $33.4
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For the Six-month Ended

Consolidated Powersports Marine Engines
---------------------------------------------------------------------
July July July July July July
(millions of 31, 31, 31, 31, 31, 31,
Canadian dollars) 2005 2004 2005 2004 2005 2004
---------------------------------------------------------------------
(Restated) (Restated)
External revenues $1,061.3 $1,197.7 $781.4 $894.2 $279.9 $303.5
Intersegment
revenues - - 12.3 9.0 11.6 12.1
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Segment revenues 1,061.3 1,197.7 793.7 903.2 291.5 315.6
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Cost of sales and
operating expenses 981.0 1,110.7 732.7 824.6 272.2 307.2
Depreciation and
amortisation 51.5 59.0 41.7 47.5 9.8 11.5
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1,032.5 1,169.7 774.4 872.1 282.0 318.7
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Segment operating
profit (loss) 28.8 28.0 19.3 31.1 9.5 (3.1)
Corporate and other 30.3 26.2
Depreciation dealer
network 0.9 0.9
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Operating income
(loss) (2.4) 0.9
---------------------------------------------------------------------
Financing cost 17.0 24.5
Accretion in
carrying value of
redeemable
preferred share - 2.0
Loss on disposal
of property, plant
and equipment - 0.4
Gain on disposal of
assets held for
sale (1.5) -
Foreign exchange
(gain) loss (6.5) 3.4
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Loss before income
taxes $(11.4) $(29.4)
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UNAUDITED SCHEDULES OF CONSOLIDATED ADJUSTED EBITDA

Three-month ended Six-month ended
(millions of July 31, July 31, July 31, July 31,
Canadian dollars) 2005 2004 2005 2004
---------------------------------------------------------------------
(Restated) (Restated)
Income (loss) from continuing
operations $(1.7) $30.6 $(4.5) $(16.4)
Financing cost 8.9 10.8 17.0 24.5
Accretion in the carrying value
of redeemable preferred shares - 1.0 - 2.0
Income tax expense (recovery) (8.2) 2.8 (6.9) (13.0)
---------------------------------------------------------------------
EBIT (1.0) 45.2 5.6 (2.9)
Depreciation and amortisation 26.6 30.1 52.7 60.2
---------------------------------------------------------------------
EBITDA 25.6 75.3 58.3 57.3
Adjustments:
Impact of fair value increments
of inventory on cost of sales - 2.9 - 9.3
Impact of foreign exchange
contracts acquired at acquisition - 6.4 - 12.5
Impact of foreign exchange
contracts not subject to hedge
accounting 0.8 (14.2) 5.8 3.9
Foreign exchange (gain) loss
on long-term debt (7.8) (19.9) (2.1) 1.3
Management fees 0.8 0.7 1.5 1.5
Employee stock compensation 0.4 0.6 0.9 1.3
Loss on disposal of property,
plant and equipment - 0.4 - 0.4
Gain on disposal of assets held
for sale - - (1.5) -
---------------------------------------------------------------------
Consolidated Adjusted EBITDA $19.8 $52.2 $62.9 $87.5
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UNAUDITED CONSOLIDATED BALANCE SHEETS

(millions of Canadian dollars) As at As at
July 31, 2005 January 31, 2005
---------------------------------------------------------------------
ASSETS (Restated)
Current assets
Cash and cash equivalents $20.9 $150.3
Receivables 91.3 112.7
Inventories 332.7 302.1
Other assets 115.7 150.4
---------------------------------------------------------------------
Total current assets 560.6 715.5
Property, plant and equipment 392.7 425.8
Goodwill 108.6 119.9
Trademarks 151.1 151.1
Other intangible assets 71.9 78.1
Other assets 61.8 66.5
---------------------------------------------------------------------
$1,346.7 $1,556.9
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities
Bank loans $57.6 $12.3
Accounts payable and accrued liabilities 469.6 595.2
Current portion of long-term debt 0.6 147.2
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Total current liabilities 527.8 754.7
Long-term debt 307.5 249.5
Deferred income taxes 29.4 38.0
Employee future benefits liability 121.1 122.2
Other long-term liabilities 28.2 28.5
---------------------------------------------------------------------
Total liabilities 1,014.0 1,192.9

Shareholder's equity
Capital stock 364.7 364.4
Contributed surplus 3.2 2.3
Retained earnings 6.5 11.0
Cumulative translation adjustment (41.7) (13.7)
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332.7 364.0
---------------------------------------------------------------------
$1,346.7 $1,556.9
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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three-month ended Six-month ended
---------------------------------------------------------------------
(millions of July 31, July 31, July 31, July 31,
Canadian dollars) 2005 2004 2005 2004
---------------------------------------------------------------------
(Restated) (Restated)
Income (loss) from continuing
operations $(1.7) $30.6 $(4.5) $(16.4)
Non-Cash Items
Depreciation and amortisation 26.6 30.1 52.7 60.2
Amortisation of deferred
financing costs 1.1 1.6 2.2 3.2
Employee stock compensation 0.4 0.6 0.9 1.3
Deferred income taxes recovery (9.8) (3.3) (13.3) (23.3)
Loss on disposal of property,
plant and equipment - 0.4 - 0.4
Gain on disposal of assets
held for sale - - (1.5) -
Accretion in carrying value of
redeemable of preferred shares - 1.0 - 2.0
Foreign exchange gain (16.3) (34.4) (6.5) (0.3)
Net change in non-cash working
capital balances related to
operations (54.5) 53.4 (89.4) 24.0
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Cash flows from operating
activities (54.2) 80.0 (59.4) 51.1
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Investing Activities
Additions to property, plant
and equipment (12.8) (11.3) (23.3) (19.8)
Proceeds on disposal of property,
plant and equipment 0.2 0.1 0.2 0.1
Proceeds on disposal of assets
held for sale - - 4.9 -
Business acquisition (1.3) (7.5) (6.6) (13.9)
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Cash flows from investing
activities (13.9) (18.7) (24.8) (33.6)
---------------------------------------------------------------------

Financing Activities
Increase in bank loans 57.6 - 45.3 -
Increase in capital stock 0.2 - 0.3 6.5
Repayment of long-term debt (0.3) (2.7) (147.5) (2.7)
Issuance of long-term debt - - 62.1 -
Other (0.5) - (0.5) (2.7)
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Cash flows from financing
activities 57.0 (2.7) (40.3) 1.1
---------------------------------------------------------------------
Effect of exchange rates
changes on cash and cash
equivalents (3.0) (1.6) (4.9) 0.4
---------------------------------------------------------------------
Cash flows from continuing
operations (14.1) 57.0 (129.4) 19.0
Cash flows from discontinued
operations - (3.9) - (9.6)
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Net decrease in cash and
cash equivalents (14.1) 53.1 (129.4) 9.4
Cash and cash equivalents at
beginning of period 35.0 152.5 150.3 196.2
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Cash and cash equivalents at
end of period $20.9 $205.6 $20.9 $205.6
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Supplemental information
Cash paid for:
Interest $12.8 $14.2 $14.8 $16.2
Income taxes 1.4 1.3 4.2 6.5
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