Parkland Fuel Corporation Remains on Track With First Quarter 2013 Results

Parkland Fuel Corporation Remains on Track With First Quarter 2013 Results 
Elbow River Marketing and Lower Costs Offset Lower Commercial
Business Activity to Deliver $61.3 Million in Adjusted EBITDA(1) 
RED DEER, ALBERTA -- (Marketwired) -- 05/07/13 -- Parkland Fuel
Corporation ("Parkland" or the "Corporation") (TSX:PKI), Canada's
largest independent supplier and reseller of fuels and petroleum
products, today announced the financial and operating results for the
three months ended March 31, 2013.  


 
Q1 2013 Operational Highlights:                                             
                                             ------------------------------ 
                                               For the three months ended   
                                                       March 31,            
                                                                            
                                                2013       2012   % Change  
--------------------------------------------------------------------------- 
                                                                            
(in millions of litres)                                                     
Total fuel volume                              1,400      1,085         29  
Retail fuel volume                               400        415       (3.6) 
Commercial fuel volume                           433        462       (6.4) 
                                                                            
(in millions of Canadian dollars)                                           
Net earnings                                    30.5       17.5         74  
                                                                            
Adjusted EBITDA (1)                             61.3       43.1         42  
                                                                            
Distributable cash flow (2)                     44.9       26.0         73  
Dividend to distributable cash flow payout                                  
 ratio                                            39%        64%            
--------------------------------------------------------------------------- 
(1) Please see Adjusted EBITDA in the Non-GAAP Measures section in the MD&A 
    and the reconciliat
ion later in this press release.                     
(2) Please see Distributable Cash Flow reconciliation table and definition  
    in Non-GAAP Measures, both of which can be found in the MD&A.           
----------------------------------------------------------------------------

 
Grow 


 
--  Volumes increased 29% or 314.6 million litres year over year primarily
    due to the acquisition of Elbow River Marketing;  
--  Base volumes (volumes prior to acquisitions) decreased by 12.7 million
    litres or 1% year over year due to planned retail site closures, lower
    Commercial volumes, partially offset by increased wholesale volumes; 

 
Supply  


 
--  Acquisition of Elbow River Marketing enhances Parkland's ability to take
    advantage of North American supply and demand imbalances and extends
    relationships with refiners, fuel suppliers, and fuel customers; and 
--  Strong refiners' margins continued into the first quarter of 2013. 

 
Operate 


 
--  Reduced costs help offset challenging Commercial Fuels business
    environment in Western Canada; 
--  MG&A costs increase due to $1.5 million in acquisition and restructuring
    costs and the addition of Elbow River Marketing; 
--  All strategic cost reduction programs remain on track; and 
--  Operating costs on base business decrease $3.8 million or 8% year over
    year due to savings from the simplified oper
ating model in retail and
    the response in Commercial Fuels to lower volumes. Operating costs
    decreased $2.1 million or 5% year over year despite the addition of
    Elbow River Marketing. 

 
"Refiners margins were strong year over year and Elbow River
Marketing's earnings surpassed our expectations in the first quarter
with a stronger than expected Adjusted EBITDA of $5.2 million," said
Bob Espey, President and Chief Executive Officer of Parkland. "Lower
costs throughout our business also helped to offset continued
weakness in Parkland Commercial Fuels' business environment during
the first quarter, which was especially pronounced in the West as
drilling completions for natural gas were down 50% compared to a year
ago. We have responded appropriately to these conditions, and
continue to position ourselves to consolidate our share of the
commercial marketplace through concerted sales efforts and business
diversification to offset diminished consumption in the oil and gas
sector." 


 
Consolidated Highlights:                                                    
----------------------------------------------------------------------------
                                               Three months ended March 31, 
----------------------------------------------------------------------------
(in millions of Canadian dollars, except                                    
 volume and per Share amounts)                   2013       2012   % Change 
----------------------------------------------------------------------------
Income Statement Summary:                                                   
Sales and operating revenues                  1,212.8    1,064.4         14 
Adjusted gross profit                           127.6      111.0         15 
----------------------------------------------------------------------------
Operating costs                                  42.2       44.4          5 
Marketing, general and administrative            24.9       19.8        (26)
Depreciation and amortization expense            13.2       13.5          2 
----------------------------------------------------------------------------
                                                 47.3       33.3         42 
----------------------------------------------------------------------------
Customer finance income                          (0.5)      (0.5)         - 
Finance costs                                     5.3        5.4          2 
Loss on disposal of property, plant and                                     
 equipment                                        0.3        0.6         50 
Loss on risk management activities                2.7        4.2         36 
----------------------------------------------------------------------------
Earnings before income taxes                     39.5       23.6         67 
Income tax expense                                9.0        6.1        (48)
----------------------------------------------------------------------------
Net earnings                                     30.5       17.5         74 
                                                                            
Net earnings per share                                                      
 - Basic                                         0.44       0.27         64 
 - Diluted (1)                                   0.42       0.26         62 
                                                                            
Non-GAAP Financial Measures:                                                
Adjusted EBITDA (2)(3)                           61.3       43.1         42 
Distributable cash flow (2)(4)                   44.9       26.0         73 
Distributable cash flow per share (2)(4)         0.65       0.41         59 
Dividends                                        17.7       16.6          7 
Dividend to distributable cash flow payout                                  
 ratio (2)(4)                                      39%        64%           
                                                                            
Key Metrics:                                                                
Fuel volume (millions of litres)              1,400.0    1,085.0         29 
Return on capital employed (ROCE)(2)(5)          27.0%      13.5%           
Employees                                       1,167      1,226         (5)
                                                                            
Fuel Key Metrics - Cents per litre:                                         
Average Retail fuel adjusted gross profit (6)    4.53       4.46          2 
Average Commercial fuel adjusted gross profit                               
 (6)                                            11.69      11.23          4 
Operating costs                                  3.01       4.09         26 
Marketing, general and administrative            1.78       1.82          3 
Depreciation and amortization expense            0.94       1.24         24 
                                                                            
Liquidity and bank ratios:                                                  
Net debt:adjusted EBITDA (2)(7)                  1.41       1.93            
Senior debt:adjusted EBITDA (2)(7)               0.83       0.99            
Interest coverage (2)(6)                         8.86       3.67            
----------------------------------------------------------------------------
(1) Diluted earnings (loss) per share can be impacted by an anti-dilutive   
    impact of conversion of the debentures. Quarterly diluted earnings      
    (loss) per share may therefore not accumulate to the same per share     
    value as the year-to-date calculation.                                  
(2) Please refer to the Non-GAAP Measures section in the MD&A for           
    definitions.                                                            
(3) Please see Adjusted EBITDA discussion in the MD&A.                      
(4) Please see Distributable Cash Flow reconciliation table in the MD&A.    
(5) Please see ROCE discussion in the MD&A.                                 
(6) Please see Segmented Results discussion in the MD&A                     
(7) Please refer to the Non-GAAP Measures section in the MD&A for           
    reconciliations.                                                        

 
Parkland Penny Plan Update 
The Parkland Penny Plan, announced on May 15, 2012, is targeting: 


 
--  Growth to seven billion litres in fuel volumes by 2016 through organic
    growth and acquisitions; and 
--  1 cent per litre in additional EBITDA margin by 2016 through economies
    of scale, better supply options, and efficiencies.  

 
Penny Plan Scorecard Summary: 


 
----------------------------------------------------------------------------
                                                    2016                    
Area   Commitment    Analysis                     Target   Q1 2013      2012
----------------------------------------------------------------------------
       Organic       Gaining Market Share            0.5    (12.7)    (29.7)
       growth        Amid Lower Consumption      billion       YTD       YTD
                     Base volumes, excluding      litres   million   million
                     Elbow River Marketing,                 litres    litres
                     continue to be down due                                
Grow                 to softness across                                     
                     several commercial                                     
                     sectors partially                                      
                     offset by strong sales                                 
                     efforts.                                               
       ---------------------------------------------------------------------
       Major         $27 million in Adjusted         2.5       620         -
       acquisitions  EBITDA Added                billion   million          
                     The acquisition of           litres    litres          
                     Elbow River Marketing,                                 
                     Sparling's Propane, and                                
                     TransMontaigne will                                    
                     contribute towards the                                 
                     $55 million in Adjusted                                
                     EBITDA Parkland is                                     
                     targeting by 2016. The                                 
                     mergers and                                            
                     acquisitions                                           
                     environment remains                                    
                     very active. The Q1                                    
                     2013 results exclude                                   
                     327 million litres of                                  
                     fuel and propane volume                                
                     from Elbow River                                       
                     Marketing.                                             
============================================================================
       Supply        On Track                       100%  On Track  On Track
       Margins       Parkland continues to    Normalized                    
                     extend its progress on       profit                    
                     replacing the average      plus 1/3                    
                     normalized profit(ii)          cent                    
                     of its refiners' margin                                
                     contract through the                                   
Supply               negotiation of supply                                  
                     contracts, supply                                      
                     management, terminals,                                 
                     and the addition of                                    
                     Elbow River Marketing.                                 
                     No problems are                                        
                     foreseen in replacing                                  
                     the volume.                                            
============================================================================
       Operating     Significant Progress       3.60 cpl  3.52 cpl  3.61 cpl
       costs         Elbow River Marketing's                   TTM       TTM
                     volumes and operating                                  
                     costs have been                                        
                     excluded in the                                        
Operate              calculations this                                      
                     quarter. Lower costs in                                
                     Commercial and Retail                                  
                     drove operating costs                                  
                     on a cpl basis down.                                   
       ---------------------------------------------------------------------
       Marketing,    MGA Decreases on Base      1.59 cpl  1.85 cpl  1.87 cpl
       General and   Business                                  TTM       TTM
       Administrati  Elbow River Marketing's                                
       on ("MGA")    volumes and MG&A costs                                 
       costs         have been excluded in                                  
                     the calculations this                                  
                     quarter. Acquisition                                   
                     and restructuring costs                                
                     of approximately $1.5                                  
                     million in the first                                   
                     quarter of 2013 have                                   
                     also been excluded to                                  
                     present a fair                                         
                     portrayal of the                                       
                     ongoing MGA costs in                                   
                     Parkland's base                                        
                     business.                                              
       ---------------------------------------------------------------------
       Total         Safety Continues to       Less than      2.53      2.33
       Recordable    Improve                           2       TTM       TTM
       Injury        Lost time injury                                       
       Frequency     frequency improved to                                  
                     0.55 during the first                                  
                     quarter compared with                                  
                     2.03 in Q1 2012. Total                                 
                     recordable injury                                      
                     frequency improved to                                  
                     2.53 compared with 3.66                                
                     in Q1 2012.                                            
----------------------------------------------------------------------------
(i) Normalized for Cango and one-time costs; (ii)The average annualized     
 benefit under this contract excluding performance from outlier years       
Note: 2016 cost targets will be updated in the event of a significant change
 to Parkland's business mix.                                                
Abbreviations:   CPL = Cents per litre                                      
                 YTD = Year-to-date                                         
                 TTM = Trailing twelve months                               
----------------------------------------------------------------------------

 
This five year strategic plan aims to double 2011 normalized EBITDA
of $125 million by the end of 2016. (Normalized EBITDA ignores
one-time costs and irregular profits). $70 million is expected to be
derived through a one cent increase in EBITDA margin, $55 million is
expected to be derived through acquisitions.  
A more detailed explanation of the Parkland Penny Plan and the full
scorecard can be found in this quarter's Management's Discussion and
Analysis. 
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (Adjusted EBITDA) 
Due to the acquisition of Elbow River Marketing and ongoing mergers
and acquisition activities Parkland will utilize "Adjusted EBITDA".
Adjusted EBITDA represents earnings before finance costs (accretion
on refinery remediation, accretion on asset retirement obligation,
interest on long-term debt, interest and accretion on convertible
debentures and loss on interest rate swaps), income tax expense
(recovery), depreciation and amortization, unrealized loss (gain) on
commodities forward contracts and US dollar forward exchange
contracts, acquisition related costs and gain on disposal of
property, plant and equipment. Adjusted EBITDA differs from the
previously disclosed EBITDA due to the exclusion of acquisition
related costs in the calculation. See the Adjusted EBITDA discussion
of the MD&A for a reconciliation of Adjusted EBITDA. 


 
----------------------------------------------------------------------------
                                                          Three Months Ended
                                                                   March 31,
----------------------------------------------------------------------------
(in thousands of Canadian dollars)                                          
                                                              2013      2012
----------------------------------------------------------------------------
                                                                            
Net earnings                                                30,525    17,505
Finance costs (1)                                            5,276     5,518
Loss/(gain) on disposal of property, plant and equipment       275       560
Income tax expense                                           8,984     6,068
Unrealized (gain) loss from the change in fair value of                     
 risk commodities forward contracts and US dollar forward                   
 exchange contracts                                          1,537         -
Acquisition related costs                                    1,525         -
Amortization and depreciation                               13,211    13,481
----------------------------------------------------------------------------
Adjusted EBITDA (2)(3)                                      61,333    43,132
                                                                            
----------------------------------------------------------------------------
(1) Includes realized and unrealized (gain) loss on the interest rate swap  
(2) Includes the realized and unrealized (gain) loss on put options         
(3) Please refer to the Non-GAAP Measures section in the MD&A for           
    definitions.                                                            

 
Pay Out Ratio Driven Down to 39% As Result of an $18 million Increase
in Adjusted EBITDA 
Q1 2013 vs. Q1 2012 
The dividend payout ratio for the first quarter of 2013 was 39%
compared with 64% in the first quarter of 2012.  
Distributable cash flow increased $18.9 million or 73% to $44.9
million in the first quarter of 2013 compared with $26.0 million in
the first quarter of 2012.  
The increase in distributable cash flow and decrease in the dividend
payout ratio are primarily due to the $18.2 million increase in
Adjusted EBITDA and a $2.6 million decrease in maintenance capital
partially offset by a $3.0 million decrease in proceeds on disposal
of property, plant and equipment and a $1.5 million increase in
acquisition related costs. 
Parkland Responds to Headwinds in Commercial Fuels 
Q1 2013 vs. Q1 2012 
For the three months ended March 31, 2013, Parkland Commercial Fuels'
volumes decreased 6% to 433 million litres compared with 462 million
litres in 2012 principally as a result of lower year over year
industrial activity in key sectors including oil and gas and the
discontinuation of low margin marketer agreements in Northern
Alberta. 
Strong sales activities with a focus on diversifying Parkland's
customer mix helped to offset the impact of the foregoing challenges
in the quarter. 
For the three months ended March 31, 2013, the Canadian Association
of Oilwell Drilling Contractors (CAODC) reported an average monthly
drilling rig count of 496 per month, an 8 percent decrease compared
with 540 per month for the same period in 2012. This drop continues
to be attributed to the impact of decreased commodity pricing in the
Western Canadian Sedimentary Basin. 
Average net fuel adjusted gross profit on a cents per litre basis for
the first quarter of 2013 was 11.69 cpl, an increase of 4% or 0.46
cpl compared with 11.23 cpl in the first quarter of 2012 due to the
discontinuation of low margin marketer agreements in Northern
Alberta. 
Divisional Outlook 
Given lower activity within the oil and gas sector, Parkland has made
appropriate adjustments to its variable cost structure to reflect
current economic conditions. Initial evidence indicates that Parkland
Commercial Fuels' on going sales efforts and strategy to diversify
into other markets has helped to offset diminished consumption and
has consolidated market share in the commercial fuels marketplace. 
Oil and gas activity will be contingent on the approval of pipelines
to increase access to international markets. 
Management expects that the operational changes made in the
Commercial Division in 2012 to simplify and standardize the business
will drive savings, better customer service, and better performance
going forward. These changes include the consolidation of branches,
changes in branded distribution agreements, the roll out of
Parkland's multi-product commercial offering at additional branches
and the simplification and standardization of procedures and process. 
Retail Gross Profit Decreases by 2% on Lower Volumes Due to Cango
Site Rationalizations 
Q1 2013 vs. Q1 2012 
For the three months ended March 31, 2013, Parkland Retail Fuels'
volumes decreased 4% to 400 million litres compared with 415 million
litres for the same period in 2012. The decrease was primarily the
result of a 9 million litre reduction in volume contribution from the
Cango network due to site rationalization, temporary closures for the
purpose of upgrades, competitive pressures in certain markets
partially offset by network growth in Parkland's company owned and
dealer network. 
The first quarter of 2013 financial results for Parkland Retail Fuels
continued to benefit from lower costs that helped offset the
contraction in volumes described above. Disciplined management of
repair, maintenance, travel, advertising and other costs, reductions
in staffing, and a refined approach to commission and dealer
agreements continued to drive significant savings in operating and
marketing, general and administrative costs in the quarter.  
Average adjusted gross profit on a cents per litre basis increased by
2% to 4.53 cpl in the first quarter of 2013 compared with 4.46 cpl in
the first quarter of 2012 due to strong company store margins
partially offset by an increase in the proportion of dealer operated
sites versus company owned. 
Divisional Outlook 
Management expects the 2013 retail fuel market to be comparable to
2012, subject to unforeseen movements in retail margins and will
continue to focus on managing prudently to maintain operating
efficiencies, growing same store sales, site acquisitions and signing
additional dealer business.  
Refiners' Margins and Elbow River Marketing Drive Strong First
Quarter 
Parkland Wholesale, Supply and Distribution is responsible for
managing Parkland's fuel supply contracts, purchasing fuel from
refiners, distribution through third party long-haul carriers, and
serving wholesale and reseller customers.  
Q1 2013 vs. Q1 2012 
For the three months ended March 31, 2013 Parkland Wholesale, Supply
and Distribution fuel volumes (factoring out intersegment sales)
increased 173% to 567 million litres compared with 208 million litres
for the same period in 2012 primarily due to 327 million litres added
from the acquisition of Elbow River Marketing and strong sales in
both Western and Eastern Canada.  
Fuel adjusted gross profits for the three months ended March 31, 2013
increased 81% to $37.8 million compared with $20.9 million for the
same period in 2012 primarily due to $10.0 million in adjusted gross
profits from the acquisition of Elbow River Marketing and increased
refiners' margins. 
Parkland recorded a $0.5 million expense related to put option
contracts in place to hedge and secure a portion of the future
economic benefit that Parkland receives on its refiners' margins
based contract.  
Divisional Outlook 
Planned shut downs are coming this year to a number of refinery
operators in Canada. While it is expected that these refiners have
the ability to cover product demand during their shut down, Parkland
has contingencies in place to provide supply options during these
periods. In addition, Parkland is working closely with refinery
operators to ensure that they have access to additional terminal and
distribution options such as the Bowden terminal. Fuel supplies are
therefore expected to be sufficient in all Canadian markets for 2013. 
Weak Canadian crude prices relative to Brent crude prices drove
record high refiners' margins in 2012. Refiners' margins for gasoline
contracted significantly in January and remained at the low end of
the five year range until March, when they returned to the high end
of the five year range. In the first quarter of 2013, refiners'
margins for gasoline were consistently lower than the levels seen
during the same period in 2012. Diesel margins remained at the high
end of the five year range during the first quarter of 2013 and
exceeded diesel margins compared to January and February of 2012
before decreasing year over year in the month of March.  
As at April 16, 2013, Refiners' margins for gasoline and diesel were
above the median of the five year range for the month of April, but
trending below 2012 levels. 
Simplification and Standardization Continues to Drive Down Costs 
Q1 2013 vs. Q1 2012 
Operating and direct costs decreased by 5% to $42.2 million (3.0 cpl)
for the three months ended March 31, 2013, compared with $44.4
million (4.1 cpl) in the three months ended March 31, 2012, primarily
due to business simplification and standardization in Parkland's
Retail Fuels Division, reduced volumes and cost initiatives within
the Commercial Fuels Division, partially offset by the acquisition of
Elbow River Marketing.  
Marketing, General and Administrative Costs Higher on Elbow River
Marketing and Ongoing Mergers and Acquisition Activities 
Q1 2013 vs. Q1 2012 
Marketing, general and administrative expenses ("MGA") increased 26%
to $24.9 million (1.8 cpl) in the first quarter of 2013 compared with
$19.8 million (1.8 cpl) in the first quarter of 2012. Marketing,
general and administrative costs increased primarily due to the
acquisition of Elbow River Marketing effective February 15, 2013,
which increased marketing, general and administrative expenses by
$3.6 million. There were $1.5 million in acquisition related costs in
the first quarter of 2013 and none in the prior year. 
EBITDA Grows by 42 Percent  
Q1 2013 vs. Q1 2012 
Adjusted EBITDA for the first quarter of 2013 increased by 42% to
$61.3 million compared with $43.1 million in the first quarter of
2012. The increase in Adjusted EBITDA is the result of the
acquisition of Elbow River Marketing with Adjusted EBITDA of $5.2
million, higher refiner's margins and operating cost reductions in
the first quarter of 2013, partially offset by lower adjusted gross
profit in Commercial and Retail. 
Net Earnings Increase 74% 
Q1 2013 vs. Q1 2012 
Parkland's net earnings in the first quarter of 2013 were $30.5
million, an increase of $13.0 million compared with net earnings of
$17.5 million in the first quarter of 2012. The increase in net
earnings in the first quarter of 2013 compared with the prior year
was due to a $18.2 million increase in Adjusted EBITDA, a $0.3
million decrease in depreciation and amortization expense and a $0.2
million decrease in finance costs, partially offset by a $2.9 million
increase in income taxes, $1.5M increase in acquisition related costs
and an increase of $1.5 million in unrealized loss from the change in
fair value of commodity forward contracts and US dollar forward
exchange contracts. 
MD&A and Financial Statements 
Management's Discussion and Analysis, the audited Consolidated
Financial Statements, and the Notes to the Consolidated Financial
Statements for the three months ended March 31, 2013 are available
online at http://bit.ly/PKI-Results. 
Conference Call Information 
On Wednesday, May 8, 2013 Parkland Fuel Corporation will host a
webcast and conference call at 7:30 a.m. Mountain Time (9:30 a.m.
Eastern Time) to discuss the results for the three months ended March
31, 2012. 
President and CEO Bob Espey and Senior Vice President and CFO Mike
Lambert will discuss Parkland's financial results for the quarter and
then take questions from securities analysts, brokers and investors.  
Please log into the webcast slide presentation 10 minutes before the
start time at: 
http://www.snwebcastcenter.com/custom_events/parkland-20130508-q1/si
te/ 
To access the conference call by telephone from within Canada dial
toll free 1-888-241-0394. International callers or callers from the
Toronto area should use (647) 427-3413. Please connect approximately
10 minutes prior to the beginning of the call and quote the
conference ID: 5573 4785.  
The webcast will be available for replay within 24 hours of the end
of the conference call.  
Annual and Special Meeting 
The holders of common shares of Parkland are invited to the Annual
and Special Meeting of Shareholders taking place Wednesday, May 8,
2013 at 9:00 a.m. MT (11:00 a.m. ET) at the Calgary Marriott Downtown
Hotel. 


 
Calgary Marriott Downtown Hotel                                             
Kensington Room                                                             
110 9th Ave SE                                                              
Calgary, Alberta, Canada                                                    

 
Parkland will also simultaneously video webcast the meeting and
presentation at the following URL: 
www.snwebcastcenter.com/custom_events/parkland-20130508/site/ 
The formal business of the meeting will be conducted by Jim
Pantelidis, Chairman of Parkland's Board of Directors. Following the
conclusion of formal business at the meeting, President and CEO Bob
Espey will review Parkland's operations and strategy for investors.  
To access the conference call by telephone from within Canada dial
toll free 1-877-419-3674. Please connect approximately 10 minutes
prior to the beginning of the call and quote the conference ID: 5724
3823.  
Forward Looking Information 
Certain information included herein is forward-looking.
Forward-looking statements include, without limitation, statements
regarding Parkland's future financial position, business and growth
strategies, including the manner in which such strategies will be
implemented, budgets, projected costs, sources of growth, capital
expenditures, financial results, taxes, future acquisitions and the
efficiencies to be derived therefrom, effectiveness of internal
controls, sources of funding for growth capital expenditures,
anticipated dividends and the amount thereof, if any, to be declared
by Parkland Fuel Corporation, and plans and objectives of or
involving Parkland. Many of these statements can be identified by
looking for words such as "believe", "expects", "expected", "will",
"intends", "projects", "projected", "anticipates", "estimates",
"continues", or similar words and include, but are not limited to,
statements regarding the accretive effects of acquisitions and the
anticipated benefits of acquisitions. Parkland believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations will
prove to be correct and such forward-looking statements should not be
unduly relied upon. Forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties
some of which are described in Parkland's annual information form and
other continuous disclosure documents. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties and other factors, which may cause Parkland's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. Such factors
include, but are not limited to: general economic, market and
business conditions; industry capacity; competitive action by other
companies; refining and marketing margins; the ability of suppliers
to meet commitments; actions by governmental authorities including
increases in taxes; changes in environmental and other regulations;
and other factors, many of which are beyond the control of Parkland.
Any forward-looking statements are made as of the date hereof and
Parkland does not undertake any obligation, except as required under
applicable law, to publicly update or revise such statements to
reflect new information, subsequent or otherwise. 
About Parkland Fuel Corporation 
Parkland Fuel Corporation is Canada's largest independent supplier
and reseller of petroleum products, managing a nationwide network of
sales channels. We are Canada's local fuel company, delivering
gasoline, diesel fuel, lubricants, heating oil and other products to
businesses, consumers and wholesale customers through community based
operators who care.
Contacts:
Parkland Fuel Corporation
Tom McMillan
Director of Corporate Communications
1-800-662-7177 ext 2533
http://bit.ly/PKIContact
www.parkland.ca
 
 
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