Parkland Fuel Corporation Reports Third Quarter 2013 Results

Parkland Fuel Corporation Reports Third Quarter 2013 Results 
Weak Refiner's Margins Affected Q3 Results and Parkland Continues
With its Growth Strategy Through the Acquisition of SPF Energy Inc. 
RED DEER, ALBERTA -- (Marketwired) -- 11/08/13 -- 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 and nine months ended September 30, 2013. All financial figures
are stated in Canadian dollars. Parkland is also announcing today
that it has entered into a definitive agreement to acquire all
outstanding shares of North Dakota's SPF Energy Inc. ("the
Acquisition" or "SPF"). 
2013 Q3 Operational Highlights: 
Parkland delivered Adjusted EBITDA of $37.8 million in the third
quarter of 2013, a 38% decrease over the same period in 2012 due to
lower refiner's margins that fell to the low end of their five year
range, lower Commercial activity, partially offset by positive
results from Elbow River.  
Grow 


 
--  Volumes increased 62% or 671 million litres year over year primarily due
    to recent acquisitions; 
--  Today Parkland also announced the acquisition of SPF Energy Inc. for
    approximately $110 million. SPF is anticipated to add $20 million in
    Adjusted EBITDA and 1.1 billion liters of refined petroleum product
    annually; and 
--  Including the impact of the SPF acquisition, the Adjusted EBITDA
    forecast guidance for 2014 to 2016 has been increased by $10.0 million. 

 
Supply  


 
--  Gasoline refiner's margins fell dramatically to low end of five year
    range in third quarter of 2013; and 
--  Parkland's supply options, terminal assets and logistics prove to be
    pivotal in managing both planned and unexpected refiner interruptions
    during the quarter. 

 
Operate 


 
--  All strategic cost reduction programs remain on track; 
--  MG&A costs increase 33% compared year over year primarily due to
    integration of newly acquired companies; and 
--  Increased third quarter operating costs largely the result of the Elbow
    River Marketing, Sparling's Propane, TransMontaigne and Magnum Oil
    acquisitions.  
 
                       -----------------------------------------------------
                       For the three months ended For the nine months ended 
                              September 30,             September 30,       
                           2013    2012  % Change    2013    2012  % Change 
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(in millions of litres)                                                     
Total fuel volume         1,762   1,091        62   4,742   3,179        49 
Retail fuel volume          477     491        (3)  1,315   1,364        (3)
Commercial fuel                                                             
 volume(i)                  349     343         2   1,094   1,120        (2)
                                                                            
(in millions of                                                             
 Canadian dollars)                                                          
Net earnings               19.1    31.8       (40)   70.0    75.3        (7)
                                                                            
Adjusted EBITDA (1)        37.8    60.6       (38)  156.9   157.9        (1)
                                                                            
Distributable cash flow                                                     
 (2)                       23.2    44.7       (48)  110.4   109.2         1 
Dividend to                                                                 
 distributable cash                                                         
 flow payout ratio           79%     38%               49%     46%          
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(1) 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, loss       
(gain) on disposal of property, plant and equipment and unrealized loss     
(gain)on foreign exchange. Adjusted EBITDA differs from the previously      
disclosed EBITDA due to the exclusion of acquisition related costs in the   
calculation. Please see Adjusted EBITDA in the Non-GAAP Measures section in 
the MD&A and the reconciliation later in this press release.                
(2) Please see Distributable Cash Flow reconciliation table and definition  
in Non-GAAP Measures section of the MD&A.                                   
----------------------------------------------------------------------------

 
"Unusually low refiner's margins, after several exceptionally strong
quarters, demonstrate their inherent volatility," said Bob Espey,
President and Chief Executive Officer of Parkland. "During the sunset
of the refiner's margin based contract, it's a powerful reminder
about the value of our supply team and their initiatives that take
effect in 2014 to sustainably strengthen our supply profits going
forward. The third quarter is traditionally our weakest quarter due
to the seasonal nature of our fuel marketing businesses. Despite
this, we have increased our Adjusted EBITDA forecast for 2014 and
beyond by $10 million on the basis of our supply initiatives and the
acquisition of SPF Energy Inc." 
SPF Energy Inc. Acquisition 
Parkland also announced today in a separate news release, that it has
entered into a definitive agreement to acquire all outstanding shares
of North Dakota's SPF Energy Inc. All financial figures have been
converted to Canadian dollars. 
Subject to satisfaction of closing conditions, the outstanding shares
of SPF will be purchased for approximately $110 million consisting of
approximately $89 million cash and approximately $21 million in
common shares of Parkland. Parkland intends to leverage its strong
balance sheet position to fund the majority of the transaction. 
The SPF acquisition is subject to the receipt of all necessary third
party and regulatory consents and approvals, including the approval
of the Toronto Stock Exchange, which are expected in the coming weeks
with closing expected to be effective January 1, 2014.  
Inclusive of the SPF acquisition, in the first year and a half of its
five year strategic plan, Parkland will have successfully added
approximately 1.7 billion litres in fuel volumes and $47 million in
annualized Adjusted EBITDA through acquisitions. Parkland's
acquisitions over the past year have been at an average multiple of
less than five times Adjusted EBITDA. Parkland has also identified
approximately $8 million in synergies across its acquisitions this
year and identified savings of $11 million with its "Give me five!"
initiative for a total of $66 million in annualized progress towards
Parkland's goal of $125 million in additional Adjusted EBITDA by
2016. 


 
Consolidated Highlights:                                                    
                                                                            
                          Three months ended          Nine months ended     
                             September 30,              September 30,       
----------------------------------------------------------------------------
(in millions of                                                             
 Canadian dollars,                                                          
 except volume and per                                                      
 Share amounts)           2013     2012 % Change     2013     2012 % Change 
----------------------------------------------------------------------------
Income Statement                                                            
 Summary:                                                                   
Sales and operating                                                         
 revenues              1,509.0  1,059.5       42  4,064.6  3,135.2       30 
Gross profit             112.8    112.5        -    369.3    333.0       11 
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Operating costs           44.1     33.3      (32)   130.0    113.1      (15)
Marketing, general and                                                      
 administrative           24.9     18.5      (35)    77.1     57.9      (33)
Depreciation and                                                            
 amortization expense     14.1     12.3      (15)    42.4     38.7      (10)
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                          29.7     48.4      (39)   119.8    123.3       (3)
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Customer finance                                                            
 income                   (0.6)    (0.8)     (25)    (1.8)    (2.5)     (28)
Finance costs              4.4      4.6        4     14.0     16.1       13 
Foreign exchange gain                                                       
 (loss)                    0.9        -        -     (0.8)    (0.1)     700 
Loss on disposal of                                                         
 property, plant and                                                        
 equipment                 1.2     (0.6)       -      1.6        -        - 
(Gain) loss on risk                                                         
 management activities    (2.5)     1.1        -     11.5      6.8      (69)
----------------------------------------------------------------------------
Earnings before income                                                      
 taxes                    26.3     44.1      (40)    95.3    103.0       (7)
Income tax expense         7.2     12.3       41     25.3     27.7        9 
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Net earnings              19.1     31.8      (40)    70.0     75.3       (7)
Net earnings per share                                                      
- Basic                   0.27     0.48      (44)    1.00     1.14      (12)
- Diluted (1)             0.27     0.44      (39)    0.99     1.08       (8)
Non-GAAP Financial                                                          
 Measures:                                                                  
Adjusted EBITDA (2)(3)    37.8     60.6      (38)   156.9    157.9       (1)
Distributable cash                                                          
 flow (2)(4)              23.2     44.7      (48)   110.4    109.2        1 
Distributable cash                                                          
 flow per share (2)(4)    0.33     0.66      (50)    1.55     1.63       (4)
Dividends                 18.4     17.1        8     54.3     50.5        8 
Dividend to                                                                 
 distributable cash                                                         
 flow payout ratio                                                          
 (2)(4)                     79%      38%               49%      46%         
Key Metrics:                                                                
Fuel volume (millions                                                       
 of litres)            1,762.0  1,091.0       62  4,742.0  3,179.0       49 
Return on capital                                                           
 employed (ROCE)                                                            
 (2)(5)                   20.9%    24.0%                                    
Employees                1,323    1,155       15                            
Fuel Key Metrics -                                                          
 Cents per litre:                                                           
Average Retail fuel                                                         
 adjusted gross profit                                                      
 (6)                      4.99     4.38       14     4.76     4.77        - 
Average Commercial                                                          
 fuel adjusted gross                                                        
 profit (6)               7.94     8.54       (7)    9.81     9.55        3 
Operating costs           2.50     3.05       18     2.74     3.56       23 
Marketing, general and                                                      
 administrative           1.41     1.70       17     1.63     1.82       11 
Depreciation and                                                            
 amortization expense     0.80     1.13       29     0.89     1.22       27 
Liquidity and bank                                                          
 ratios:                                                                    
Net debt:adjusted                                                           
 EBITDA (2)(7)            1.51     1.05                                     
Senior debt:adjusted                                                        
 EBITDA (2)(7)            0.86     0.33                                     
Interest coverage                                                           
 (2)(6)                   8.09     5.20                                     
 
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 Adjusted EBITDA margin by 2016 through
    economies of scale, better supply options, and efficiencies. 
 
Penny Plan Scorecard Summary:                                               
----------------------------------------------------------------------------
                                                      2016                  
Area    Commitment     Analysis                     Target     2013     2012
----------------------------------------------------------------------------
Grow    Organic growth Lower Consumption in Oil       0.5      (83)   (29.7)
                       and Gas Sector              billion  million  million
                       Base volumes, excluding      litres   litres   litres
                       Elbow River Marketing,                               
                       continue to be down due                              
                       to softness across                                   
                       several commercial                                   
                       sectors partially offset                             
                       by strong sales efforts.                             
        --------------------------------------------------------------------
        Major          $47 million in Adjusted        2.5     1,720        -
        acquisitions   EBITDA Added                billion  million         
                       The acquisitions of          litres   litres         
                       Elbow River Marketing,                               
                       Sparling's Propane, SPF                              
                       Energy Inc. 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 year to date                             
                       results exclude 1,315                                
                       million litres of fuel                               
                       and propane volume from                              
                       Elbow River Marketing.                               
----------------------------------------------------------------------------
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Supply  Supply Margins On Track                       100% On Track On Track
                       Parkland continues to    Normalized                  
                       extend its progress on  profit plus                  
                       replacing the average      1/3 cent                  
                       normalized profit(+) of                              
                       its refiner's margin                                 
                       contract through the                                 
                       negotiation of supply                                
                       contracts, supply                                    
                       management, terminals,                               
                       and the addition of                                  
                       Elbow River Marketing.                               
                       No problems are foreseen                             
                       in replacing the volume.                             
----------------------------------------------------------------------------
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Operate Operating      Progress Continues         3.60 cpl 3.49 cpl 3.61 cpl
        costs          Elbow River Marketing's                  TTM         
                       volumes and operating                                
                       costs have been                                      
                       excluded. The primary                                
                       reason for the decrease                              
                       is the addition of                                   
                       TMCI's high volume                                   
                       wholesale business.                                  
        --------------------------------------------------------------------
        Marketing,     MG&A Down on Increased     1.59 cpl 1.79 cpl 1.87 cpl
        General and    Volumes                                  TTM         
        Administration Elbow River Marketing's                              
        costs          volumes and MG&A costs                               
                       as well as acquisition                               
                       costs have been                                      
                       excluded.                                            
        --------------------------------------------------------------------
        Total          Safety remains a focus  Less than 2     2.62     2.33
        Recordable     TTM Lost Time Injury                                 
        Injury         Frequency was 0.99 at                                
        Frequency      the end of Q3 2013.                                  
----------------------------------------------------------------------------
(i) Normalized for Cango and one-time costs; (+)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                                        
----------------------------------------------------------------------------

 
This five year strategic plan aims to double 2011 normalized Adjusted
EBITDA of $125 million by the end of 2016. (Normalized Adjusted
EBITDA ignores one-time costs and irregular profits). $70 million is
expected to be derived through a one cent increase in Adjusted 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. 
Commercial Fuels  
Q3 2013 vs. Q3 2012 
For the three months ended September 30, 2013, Parkland Commercial
Fuels' volumes increased 2% to 349 million litres compared with 343
million litres in 2012 due to 19 million litres contributed by
Sparlings propane offset by the planned phase out of 15 million
litres of low margin distribution on behalf of a major refiner as
part of Parkland's ongoing strategy to simplify and streamline its
commercial business.  
For the three months ended September 30, 2013, the Canadian
Association of Oilwell Drilling Contractors (CAODC) reported an
average monthly drilling rig count of 346 per month, a 2% increase
compared with 339 per month for the same period in 2012. Despite this
increase in activity, a diesel supply disruption in Northern Alberta
coupled with a shortage of drivers, served to lower our realized
activity.  
Average net fuel adjusted gross profit on a cents per litre basis for
the third quarter of 2013 was 7.94 cpl, a decrease of 7% or 0.60 cpl
compared with 8.54 cpl in the third quarter of 2012 due to temporary
pricing pressures. 
YTD 2013 vs. 2012  
For the nine months ended September 30, 2013, Parkland Commercial
Fuels volume decreased 2% to 1,094 million litres compared with 1,120
million litres for the same period in 2012 largely due customer loss
experienced in Western Canada, the planned phase out of 45 million
litres of low margin distribution on behalf of a major refiner,
partially offset by 44 million litres contributed by the acquisition
of Sparling's propane. 
Average net fuel gross profit on a cents per litre basis for the nine
months ended September 30, 2013 was 9.81 cpl, an increase of 3% or
0.26 cpl compared with 9.55 cpl in 2012. The year to year increase
was due to higher fuel margins realized in the first quarter of 2013
compared to the same period in 2012. 
Retail Fuels  
Q3 2013 vs. Q3 2012 
For the three months ended September 30, 2013, Parkland Retail Fuels'
volumes decreased 3% to 477 million litres compared with 491 million
litres for the same period in 2012. The decrease was primarily
related to an expected 6 million litre reduction in volume
contribution from the Cango network due to site rationalization,
other temporary closures for the purpose of site upgrades an increase
in competition in the Ontario market.  
Average adjusted gross profit on a cents per litre basis increased by
14% to 4.99 cpl in the third quarter of 2013 compared with 4.38 cpl
in the third quarter of 2012 due to strong fuel margins across the
network. 
YTD 2013 vs. 2012 
For the nine months ended September 30, 2013, Parkland Retail Fuels'
volumes decreased 4% to 1,315 million litres compared with 1,364
million litres in 2012. The decrease is mainly due to the factors
outlined above. 
Retail Fuels' adjusted gross profit remain relatively flat at 4.76
cpl for the nine months ended September 30, 2013 compared with 4.77
cpl in 2012. 
Wholesale, Supply and Distribution  
Q3 2013 vs. Q3 2012 
For the three months ended September 30, 2013 Parkland Wholesale,
Supply and Distribution fuel volumes (after eliminating intersegment
sales) increased 264% to 936 million litres compared with 257 million
litres for the same period in 2012 primarily due to 491 million
litres added from the acquisition of Elbow River Marketing and 189
million litres from the acquisition of TMCI.  
Fuel adjusted gross profits for the three months ended September 30,
2013 decreased 22% to $32.5 million compared with $42.0 million for
the same period in 2012, primarily due to drastically lower refiner's
margins partially offset by profits from Elbow River Marketing and
Parkland's ongoing supply initiatives. 
YTD 2013 vs. 2012  
For the nine months ended September 30, 2013 Parkland Wholesale,
Supply and Distribution fuel volumes (after eliminating intersegment
sales) increased 236% to 2,333 million litres compared with 695
million litres in 2012 primarily due to 1,315 million litres from
Elbow River Marketing and 288 million litres from the acquisition of
TMCI and volume growth due to the division's sales activities.  
Fuel gross profits from Parkland Wholesale, Supply and Distribution
for the nine month period ended 2013 increased 25% to $124.7 million
compared with $99.8 million in 2012 primarily due $43.0 million from
Elbow River Marketing. 
Operating and Direct Costs 
Q3 2013 vs. Q3 2012 
Operating and direct costs increased by 33% to $44.1 million (2.5
cpl) for the three months ended September 30, 2013, compared with
$33.2 million (3.0 cpl) in the three months ended September 30, 2012,
primarily due to the acquisition of Elbow River Marketing,
TransMontaigne and Sparling's Propane, partially offset by business
simplification and standardization in Parkland's Retail Fuels
Division, reduced volumes and cost initiatives within the Commercial
Fuels Division.  
YTD 2013 vs. 2012 
Operating and direct costs increased by 15% to $130.0 million (2.7
cpl) in the nine months ended September 30, 2013, compared with
$113.1 million (3.6 cpl) in 2012 due to the same reasons as described
in the quarter.  
Marketing, General and Administrative Costs  
Q3 2013 vs. Q3 2012  
Marketing, general and administrative expenses ("MG&A") increased 35%
to $24.9 million (1.4 cpl) in the third quarter of 2013 compared with
$18.5 million (1.7 cpl) in the third quarter of 2012. Marketing,
general and administrative costs in the third quarter of 2013
increased $4.5 million as a result of the acquisition of Elbow River
Marketing, $0.4 million from the purchase of TransMontaigne, $0.4
million from the acquisition of Sparlings Propane, and $0.8 million
in acquisition related costs.  
YTD 2013 vs. 2012 
Marketing, general and administrative expenses increased 33% to $77.1
million (1.6 cpl) in the nine months ended September 30, 2013,
compared with $57.9 million (1.8 cpl) for the nine months ended
September 30, 2012. Marketing, general and administrative costs in
the first nine months of 2013 increased $19.2 million as a result of
the acquisition of Elbow River Marketing $13.2 million, $1.0 million
from the acquisition of Sparling's Propane and $4.1 million in
acquisition related costs. 
Adjusted EBITDA 
Q3 2013 vs. Q3 2012 
Adjusted EBITDA for the third quarter of 2013 decreased by 38% to
$37.8 million compared with $60.6 million in the third quarter of
2012. The decrease in Adjusted EBITDA is mainly the result of crack
spreads decreasing to below five year historical average levels
resulting in lower refiner's margins, lower Commercial Fuels
earnings, partially offset by the acquisition of Elbow River
Marketing with Adjusted EBITDA of $6.8 million. 
YTD 2013 vs. 2012 
Adjusted EBITDA for the nine months ended September 30, 2013 was
$156.9 million, a decrease of 1% compared with $157.9 million for the
nine months ended September 30, 2012, the Elbow River Marketing
acquisition has added $19.1 million of Adjusted EBITDA during the
first nine months, this has been offset by lower Adjusted EBITDA in
the Commercial divisions, and lower participation in refiner's
margins as noted in the quarter. 
Net Earnings 
Q3 2013 vs. Q3 2012 
Parkland's net earnings in the third quarter of 2013 were $19.1
million, a decrease of $12.7 million compared with net earnings of
$31.8 million in the third quarter of 2012. The decrease in net
earnings in the third quarter of 2013 compared with the prior year
was primarily due to a $22.8 million decrease in Adjusted EBITDA,
$1.8 million increase in depreciation and amortization costs, $1.8
million in increase in loss on disposal of property plant and
equipment, partially offset by a $5.3 million decrease in income
taxes and a gain on risk management activities of $9.5 million. The
gain on risk management activities is due to unrealized gains from
the change in fair value of commodity forward contracts and US dollar
forward exchange contracts. 
YTD 2013 vs. 2012  
Net earnings for the nine months ended September 30, 2013 were $69.9
million, a decrease of $5.4 million compared with $75.3 million in
2012. The decrease in net earnings was primarily due to $1.0 million
decrease in Adjusted EBITDA, $3.7 million increase in depreciation
and amortization, $4.0 million increase in acquisition related costs,
$1.6 million loss on disposal of property, plant and equipment,
partially offset by $2.0 million decrease in finance costs, a $0.7
million unrealized gain from the change in fair value of commodity
related contracts and US dollar forward exchange contracts and a $2.3
million decrease in income taxes. 
Outlook 
In the Retail Business, during the second quarter of 2013 Parkland
signed an agreement with Chevron to be a branded distributor of the
Chevron brand in the British Columbia marketplace. Parkland
anticipates converting five current locations in Northern British
Columbia to the Chevron brand prior to year end 2013.  
Commercial Fuels reorganized its commercial division in the third
quarter by creating an operations and sales division to better focus
on operational efficiencies and sales growth across Canada. Brand
consolidation in some areas of the business have driven the
transition of lubricants away from other refiners and towards Shell
branded lubricants. These transitions are an important step in
simplifying and standardizing the commercial business. 
The outlook for the Horn River basin and other drilling areas is
improving and the commercial team has positioned itself to capitalize
on opportunities as they emerge. 
Parkland's Wholesale, Supply and Distribution Group, which ensured
that retail and commercial customers had access to supply during the
third quarter despite refinery outages that occurred in both western
and eastern Canada, is well positioned to continue to protect the
supply security of Parkland's customers.  
Parkland is working closely with industry operators to provide
terminal and distribution options through its various terminal
assets.  
Gasoline refiner's margins have contracted significantly and remain
closer to the low end of the five year averages.  
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 and nine months ended September 30, 2013 are
available online at www.parkland.ca. 
Conference Call Information 
Parkland Fuel Corporation will host a webcast and conference call at
7:00 A.M. MT (9:00 A.M. ET) on November 8th, 2013 to discuss the
acquisition of SPF Energy Inc. and Parkland's third quarter 2013
results. 
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/webcast/parkland/2013/1108inv/ 
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: 7439 0265.  
The webcast will be available for replay within 24 hours of the end
of the conference call.  
Forward Looking Information 
Certain information included herein is forward-looking.
Forward-looking statements include, without limitation, statements
regarding the value of the common shares to be issued and cash to be
paid in consideration for the Acquisition, the successful completion
of the Acquisition and the timing thereof, the anticipated benefits,
including, without limitation, the opportunities, capabilities and
synergies, that may result as a consequence of the Acquisition, the
sources of funding for the Acquisition, the accretive impact of the
Acquisition, the operations of SPF and Parkland following the
completion of the Acquisition, the satisfaction of all conditions to
the completion of the Acquisition, including, without limitation,
obtaining all necessary third party and regulatory consents and
approvals, Parkland's expectation of its 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, future acquisitions
and the efficiencies to be derived therefrom 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: failure to
complete the Acquisition, failure to obtain the necessary regulatory
or other third party approvals, failure to achieve the anticipated
benefits of the Acquisition, failure to meet financial, operational
and strategic objectives and plans, 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 an independent supplier and reseller of
petroleum products, empowered by a continent-wide logistics, supply
and trading platform. We provide motorists, businesses, consumers and
wholesale customers with a safe and dependable source of gasoline,
diesel, propane, lubricants, heating oil and other products through a
network of locations across North America that are run by community
based operators who care. 
To sign up for Parkland's investor information services, please go to
http://bit.ly/PKI-Info or visit www.parkland.ca.
Contacts:
Parkland Fuel Corporation
Glen Nelson
Manager Investor Relations
1-800-662-7177 ext. 2533
http://bit.ly/PKIContact
www.parkland.ca
 
 
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