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February 05, 2016 7:47 PM ET

Leisure Products

Company Overview of BRP Inc.

Company Overview

BRP Inc., together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and propulsion systems worldwide. The company offers all-terrain vehicles, side-by-side vehicles, and roadsters under the Can-Am brand name; roadsters under the Spyder brand; snowmobiles under the Ski-Doo and Lynx brands; personal watercrafts under the Sea-Doo brand name; propulsion systems comprising outboard marine engines under the Evinrude brand name, as well as engines for jet boats, karts, motorcycles, and recreational aircraft under the Rotax brand name. It also provides replacement parts, product accessories, and complementary clothing, as well as other services. T...

726 Saint-Joseph Street

Valcourt, QC J0E 2L0

Canada

Founded in 1937

7,600 Employees

Key Executives for BRP Inc.

Chief Executive Officer, President, Director and Member of Investment & Risk Committee
Age: 57
Total Annual Compensation: $957.4K
Chief Financial Officer
Age: 43
Total Annual Compensation: $360.0K
Vice President and General Manager of Marine Propulsion Systems Division
Age: 53
Total Annual Compensation: $515.1K
Compensation as of Fiscal Year 2015.

BRP Inc. Key Developments

BRP Inc. Announces Earnings Results for the Third Quarter and First Nine Months Ended October 31, 2015; Revises Earnings Guidance for the Full Year of Fiscal 2016

BRP Inc. announced earnings results for the third quarter and first nine months ended October 31, 2015. For the quarter, the company announced total revenues of CAD 1,010.2 million compared to CAD 918.0 million for the same period a year ago. Operating income was CAD 103.9 million compared to CAD 98.7 million for the same period a year ago. Income before income taxes was CAD 86.9 million compared to CAD 54.5 million for the same period a year ago. Net income attributable to shareholders was CAD 65.5 million compared to CAD 37.2 million for the same period a year ago. Normalized EBITDA was CAD 141.5 million compared to CAD 134.1 million for the same period a year ago. Normalized net income was CAD 72.8 million or CAD 0.62 per basic and diluted share compared to CAD 71.9 million or CAD 0.60 per diluted share for the same period a year ago. Earnings per share, basic and diluted was CAD 0.56 compared to CAD 0.31 for the same period a year ago. The revenue increase was primarily due to a favorable foreign exchange rate variation of CAD 75 million mainly related to the strengthening of the USD against the Canadian dollar. For the first nine months, the company announced total revenues of CAD 2,720.4 million compared to CAD 2,456.6 million for the same period a year ago. Operating income was CAD 190.0 million compared to CAD 130.7 million for the same period a year ago. Income before income taxes was CAD 118.6 million compared to CAD 76.0 million for the same period a year ago. Net income attributable to shareholders was CAD 80.3 million compared to CAD 61.7 million for the same period a year ago. Normalized EBITDA was CAD 286.1 million compared to CAD 222.0 million for the same period a year ago. Normalized net income was CAD 114.0 million or CAD 0.96 per diluted share compared to CAD 79.7 million or CAD 067 per basic and diluted share for the same period a year ago. Earnings per share, basic and diluted was CAD 0.68 compared to CAD 0.52 for the same period a year ago. The revenue increase was mainly due to higher wholesale in Seasonal Products and PAC. The company revised earnings guidance for the full year of fiscal 2016. For the full year of fiscal 2016, the company expects to report: total company revenues of up 6% to 9% (low-end increased from up 10% to 15%); normalized EBITDA as up 6% to 10% (low-end increased from up 5% to 9%); effective tax rate as 27% to 28% (high-end decreased from 27% to 29%) and up from a normalized income tax rate of 22.0% in fiscal year 2015; normalized net income as down 3% to up 4% (low-end increased from down 5% to up 4%) and up 5% to 11% adjusting fiscal year 2015 using fiscal year 2016 estimated tax rates; normalized earnings per share, diluted as CAD 1.60 to CAD 1.72 (increased from CAD 1.55 to CAD 1.70); capital expenditures as CAD 200 million to CAD 220 million.

BRP Inc. Continues its Evinrude Dealer Network Expansion

BRP Inc. has added 19 new Evinrude dealers and four boat builders in its North American network in the third quarter of fiscal year 2016. The performance and breakthrough design of the award-winning Evinrude E-TEC G2 engine, as well as the entire Evinrude product line, continues to draw interest from the world's top dealers and boat builders. The Evinrude E-TEC G2 engines range from 200 to 300 HP, delivering up to 20% more torque, up to 15% better fuel efficiency and up to 75% fewer total regulated emissions than leading competitive four-stroke engines. In addition, the Evinrude E-TEC G2 offers great value, backed by one of the industry's best warranties and five years or 500 hours of no dealer-scheduled maintenance. BRP's stated objective of expanding its powersports network by 75 to 85 new dealers in fiscal year 2016, and by 200 to 300 by fiscal year 2017, does not include BRP's Marine Propulsion Systems division.

BRP Inc. Intends to Invests $118 Million in Valcourt Manufacturing Activities

BRP Inc. intends to invest $118 million in its Valcourt manufacturing activities within the next five years. These investments will strengthen Valcourt's strategic role as the Centre of expertise for design, research, development and manufacturing for all BRP activities worldwide. The goal of the planned investments is to maintain the competitiveness of the Valcourt plant through a complete transformation and modernization in order to optimize its manufacturing infrastructure and logistics. This modernizing process is designed to promote modularity in design, manufacturing and assembly. In addition, it will facilitate the end-to-end development of new concepts together with the design and engineering departments.

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