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Marketwire - Canada  07/24/2014 5:04 PM ET
Alaris Royalty Corp. Announces Q2-2014 Financial Results and Pending Follow-On Contributions of CAD$15.5 Million

CALGARY, ALBERTA--(Marketwired - July 24, 2014) -

NOT FOR DISTRIBUTION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

Alaris Royalty Corp. ("Alaris" or the "Corporation") (TSX:AD) is pleased to announce its results for the three and six months ended June 30, 2014 as well as pending additional contributions to SM Group International LP ("SMi") and Sequel Youth Family Services, LLC ("Sequel") of $7.5 million and US$7.5 million respectively (collectively the "Additional Partner Contributions").

The results of the quarter are summarized in four key performance metrics compared to the prior year period on a per share basis (the Corporation used Normalized EBITDA rather than EBITDA to back out the non-cash foreign exchange gains and losses and a gain on the reduction of the Corporation`s financial interest in LifeMark in 2013):

---------------------------------------------------------------------------- Three months Six months Per Share Items ending June 30 ending June 30 ---------------------------------------------------------------------------- 2013 2012 % Change 2013 2012 % Change ---------------------------------------------------------------------------- Revenue $0.55 $0.45 +22.2% $1.11 $0.90 +23.3% Normalized EBITDA $0.41 $0.33 +24.2% $0.90 $0.70 +28.6% Dividends $0.365 $0.325 +12.3% $0.725 $0.64 +13.3% Net cash from operating activities $0.45 $0.40 +12.5% $0.80 $0.74 +8.1% Weighted average basic shares outstanding (000's) 28,902 24,963 28,808 25,209 ----------------------------------------------------------------------------

Alaris experienced significant increases in revenue, Normalized EBITDA, net cash from operating activities and dividends on a per share basis in the quarter, a direct result of the continued execution of our business plan to fund well run, successful new private company partners ("Partners") with a long track record of sustainable cash flow. For the three months ended June 30, 2014, the Corporation's revenue from its Partners was as expected and increased 39.6% to $16.24 million compared to $11.63 million in the prior year period. On a per share basis, the increase was over 22%. The increase was due to the addition of four new Partners in the past 13 months: SCR Mining and Tunneling, LP ("SCR") in May 2013; Sequel in July 2013; SMi in November 2013; and Kimco Holdings, LLC ("Kimco") in June 2014. The Corporation also completed additional contributions into Agility Health LLC ("Agility") and Killick Aerospace Limited Partnership ("Killick") in the fourth quarter of 2013. Each of these transactions added new revenues in the current period compared to the prior year. Expenses were as expected in the quarter with legal and accounting expenses higher compared to the prior year period due to increased tax compliance matters.

At each quarter end, the Corporation reviews the fair value of the preferred units in each of the Partners. At June 30, 2014, there were two changes to the fair values of the Partners: an increase to LifeMark`s units of $1.42 million as the repurchase right LifeMark has on the units increases by 4% in June of each year; and a US$1.40 million reduction of the Quetico units due to a reduction in growth expectations. More information is provided in the Private Company Partner Update portion of the Corporation's MD&A.

 

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