The Jean Coutu Group (PJC) Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended March 2, 2013. Revenues amounted to CAD 682.7 million during the fourth quarter ended March 2, 2013, compared with CAD 737.2 million in the quarter ended March 3, 2012. OIBA decreased by CAD 1.8 million to CAD 81.6 million for the fourth quarter ended March 2, 2013 compared with CAD 83.4 million for the fourth quarter ended March 3, 2012. Despite a strong operational performance of the generic drugs segment as well as the franchising activities, this decrease is mainly attributable to the additional week during the fourth quarter of fiscal year 2012 as well as the reduction of generic drugs prices. Net profit amounted to CAD 53.6 million or CAD 0.25 per share during the quarter ended March 2, 2013 compared with CAD 62.0 million or CAD 0.28 per share for the quarter ended March 3, 2012. The decrease in net profit is mainly attributable to the additional week in the fourth quarter of fiscal year 2012, despite a solid operational performance of the generic drugs segment and of the franchising activities. Operating income was CAD 73.4 million against CAD 75.6 million a year ago period. Profit before income taxes was CAD 73.4 million against CAD 76.2 million a year ago period. Cash flow related to operating activities was CAD 57.1 million against CAD 73.7 million a year ago period. Purchase of property and equipment was CAD 4.3 million against CAD 8.1 million a year ago period. During the fiscal year 2013, revenues amounted to CAD 2,739.5 million compared with CAD 2,733.1 million for the 53-week period of previous fiscal year, an increase of 0.2%. This increase is attributable to overall market growth and the expansion of the PJC network of franchised stores, despite the additional week during the fourth quarter of fiscal year 2012, the deflationary impact on revenue due to the introduction of the generic version of some drugs as well as the price reductions of generic drugs. For fiscal year 2013, the Corporation's OIBA increased by CAD 11.8 million amounting to CAD 323.0 million compared with CAD 311.2 million for the same period of fiscal year 2012. Net profit amounted to CAD 558.4 million or CAD 2.57 per share for fiscal year 2013 compared with CAD 230.0 million or CAD 1.03 per share for fiscal year 2012. The increase in net profit is attributable to gains of CAD 348 million related to the investment in Rite Aid during fiscal year ended March 2, 2013 compared with a gain of CAD 22 million for fiscal year 2012. Net profit before gains related to the investment in Rite Aid and change in fair value of other financial assets amounted to CAD 211.5 million or CAD 0.97 per share for fiscal year ended March 2, 2013 compared with CAD 206.1 million or CAD 0.92 per share for the previous fiscal year. Operating income was CAD 291.3 million against CAD 280.8 million a year ago period. Profit before income taxes was CAD 637.3 million against CAD 301.8 million a year ago period. Cash flow related to operating activities was CAD 223.8 million against CAD 245.0 million a year ago period. Purchase of property and equipment was CAD 20.9 million against CAD 24.9 million a year ago period. The Board of the Jean Coutu Group declared a quarterly dividend of CAD 0.085 per share, an increase of 21.4% from the previous quarter. This dividend will be paid on May 31, 2013, to all holders of Class "A" subordinate voting shares and holders of Class "B" shares listed in the Corporation's shareholder ledger as of May 17, 2013. This quarterly dividend represents CAD 0.34 per share on an annual basis. In fiscal 2014, the Corporation plans to allocate approximately CAD 51 million to capital expenditures and to banner development costs. The Corporation plans to open or relocate 17 stores, complete 32 store renovation and expansion projects, resulting in an expected total selling square footage of the network of 3,145,000 square feet at the end of fiscal year 2014.

The Jean Coutu Group (PJC) Inc. declared a quarterly dividend of CAD 0.085 per share, an increase of 21.4% from the previous quarter. This dividend will be paid on May 31, 2013, to all holders of Class "A" subordinate voting shares and holders of Class "B" shares listed in the corporation's shareholder ledger as of May 17, 2013. This quarterly dividend represents CAD 0.34 per share on an annual basis.

The Jean Coutu Group (PJC) Inc., Q4 2013 Earnings Call, May 01, 2013