Macro Enterprises Inc. Announces 2013 Second Quarter Results

Macro Enterprises Inc. (TSX VENTURE:MCR) - 



                                          Summary of financial results      
                                     (thousands of dollars except per share 
                                                    amounts)                
                                    ----------------------------------------
                                        Three months         Six months     
                                            ended               ended       
                                           June 30             June 30      
                                    ----------------------------------------
                                          2013      2012      2013      2012
                                    ----------------------------------------
                                                   (unaudited)              
                                                                            
Revenue                                $37,282   $27,799   $97,404   $69,626
                                                                            
EBITDA(1)                                9,814     4,914    24,835    13,274
                                                                            
Net earnings                             5,710     2,617    15,395     7,838
                                                                            
Net earnings per share                   $0.21     $0.11     $0.61     $0.32
                                                                            
                                    ----------------------------------------
Weighted average common shares                                              
 outstanding (thousands)                                    25,120    23,931
                                                        --------------------



Note 1 - References to EBITDA are to net income from continuing operations
before interest, taxes, amortization and impairment charge. EBITDA is not an
earnings measure recognized by International Financial Reporting Standards
("IFRS") and does not have a standardized meaning prescribed by IFRS. Management
believes that EBITDA is an appropriate measure in evaluating the Company's
performance. Readers are cautioned that EBITDA should not be construed as an
alternative to net income (as determined under IFRS) as an indicator of
financial performance or to cash flow from operating activities (as determined
under IFRS) as a measure of liquidity and cash flow. The Company's method of
calculating EBITDA may differ from the methods used by other issuers and,
accordingly, the Company's EBITDA may not be comparable to similar measures used
by other issuers.


Highlights



--  Revenues increased from the second quarter last year due in part to
    revenues from the new business acquired in November 2012

--  EBITDA and net income were above the second quarter of last year due to
    increased activity and improved performance on jobs



Second quarter results

Consolidated revenue was $37.3 million compared to $27.8 million in the second
quarter last year. Most of the revenue in the quarter was derived from three
larger facility and pipeline projects as well as maintenance and pipeline
integrity work for two other customers. In the second quarter last year, the
Company worked on two larger facility project and pipeline and related facility
jobs for two other customers.


Operating expenses, as a percent of revenue, fell in the quarter compared to the
same quarter last year. This reduction was due to improved bid margins and a
greater percentage of non fixed-price work. 


General and administrative expenses were $2.2 million, up from $1.5 million last
year, but consistent with levels of the most recent two quarters. Costs were
higher this year due mainly to additional staff costs and professional fees.


Total depreciation expense of $1.8 million increased by $0.7 million due to
mainly to the depreciation on the additional assets obtained in the November
2012 acquisition.


Interest expense of $0.3 million was higher than last year due to higher levels
of debt. 


Income tax expense in the quarter of $2.0 million was at an effective tax rate
of 25.6% which approximates the statutory rate. 


Net income was $5.7 million ($0.21 per share) compared to $2.6 million ($0.11
per share).


Outlook

The Company is expecting revenues in the third quarter to be above that recorded
in the third quarter last year, after taking into account the expected
additional revenues resulting from the November 2012 acquisition. The Company
continues to actively bid new jobs and look for new opportunities. The Company
is encouraged by the prospect of significant pipeline infrastructure projects in
B.C. and Alberta in the short and medium term. 


Macro's core business is providing pipeline and facilities construction and
maintenance services to major companies in the oil and gas industry. The
Company's corporate office is in Calgary, Alberta. Its shares are listed on the
TSX Venture Exchange under the symbol MCR. Information on the Company's
principal operating unit, Macro Industries Inc., can be found at
www.macroindustries.ca.


Forward-Looking Statements

Certain statements in this news release may include forward-looking information
that involves various risks and uncertainties. These may include, without
limitation, statements regarding expected revenues, expenses and industry trends
and the pursuit of strategic acquisitions. These risks and uncertainties
include, but are not restricted to, global economic conditions, government
regulation of energy and resource companies, seasonal weather patterns,
maintaining and increasing market share, terrorist activity, the price and
availability of alternative fuels, the availability of pipeline capacity, and
potential instability or armed conflict in oil producing regions. These risks
and uncertainties may cause actual results to differ from information contained
herein. There can be no assurance that such forward-looking statements will
prove to be accurate. Actual results and future events could differ materially
from those anticipated in such statements. These statements are based on the
estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Except as required by law,
the Company assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Macro Enterprises Inc.
Frank Miles
President and C.E.O.
(250) 785-0033


Macro Enterprises Inc.
T. Jerrold Jackson
C.F.O.
(403) 705-7302
www.macroindustries.ca
Macro Enterprises (TSXV:MCR)
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