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Black Diamond Reports Record Financial Results for 2013

CALGARY, ALBERTA – March 12, 2014 – Black Diamond Group Limited (TSX:BDI) (“Black Diamond” or the “Company”) today announced operating and financial results for the three and twelve months ended December 31, 2013.

HIGHLIGHTS:

  • Revenue for the twelve months ended December 31, 2013 (“2013”) was $347.1 million, an increase of 31% compared to the twelve months ended December 31, 2012 (“2012”).
  • Revenue for the three months ended December 31, 2013 (“Quarter”) was $106.9 million, an increase of 56% compared to the three months ended December 31, 2012 (“Comparative Quarter”).
  • EBITDA (see “Non-GAAP measures”), was a record $141.2 million for 2013, a 26% increase compared to 2012.
  • EBITDA, before executive severance benefits, was a record $142.9 million for 2013, a 27% increase compared to 2012.
  • EBITDA, before executive severance benefits, was $40.1 million for the Quarter, a 43% increase over the Comparative Quarter, with increases in all four of the Company’s operating Business Units.
  • Earnings per share was $1.27 for 2013, compared to $1.21 for 2012.
  • The Company paid dividends of $0.06 per share per month in January and February of 2013, dividends of $0.07 per share per month from March until November 2013, and dividends of $0.075 per share per month in December 2013. The dividend increase in December 2013 was the sixth dividend increase by Black Diamond since its initial public offering.
  • The Company’s $117.0 million capital budget was fully allocated in 2013, with $95.6 million spent during the year. The remaining $21.4 million was carried over into 2014 due to timing of projects and manufacturing schedules.
  • On November 6, 2013, the Company announced an initial $100 million capital expenditure budget for 2014 which is incremental to the $21.4 million carryover from 2013 that remained unspent as at the end of 2013. The Company anticipates funding this 2014 capital spending and its existing dividend level primarily from operating cash flow.

“We are very pleased to report another year of record revenue and profitability for the Company,” said Trevor Haynes, Black Diamond’s President and Chief Executive Officer. “The results are driven by continued growth of our rental fleet platform and strong customer acceptance of our Logistics service offerings. With our continued investment in fleet assets, our growing Logistics business and our geographic expansion in the U.S. and Australia, we expect 2014 to be another strong year for Black Diamond.”
Additional Information

A copy of the Company’s audited consolidated financial statements for the years ended years ended December 31, 2013 and 2012 and related management’s discussion and analysis have been filed with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

Conference Call

Black Diamond will host a conference call for analysts, investors and interested parties to discuss its fourth quarter and year ended financial and operational results at 5:00 p.m. MST on March 12, 2014. Trevor Haynes, President and Chief Executive Officer, and Marshall McRae, Interim Executive Vice President and Chief Financial Officer, will be in attendance. The call can be accessed by calling 416-340-2217 or toll free 866-696-5910 (Participant pass code 6644035) prior to the scheduled start time. A live audio webcast of the meeting will also be available through the investor relations page of the Company’s website at www.blackdiamondgroup.com. Digital playback of the conference call will be available on the Company’s website.

About Black Diamond

Founded in 2003, Black Diamond Group Limited is one of the fastest growing remote lodging, modular building and energy services companies worldwide. With its corporate head office located in Calgary, Alberta, Black Diamond provides world-class services to a wide spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.

Through its direct and indirect wholly-owned subsidiaries and its approximate 50% equity participation in certain aboriginal limited partnerships, Black Diamond operates four complementary business units in nineteen strategic locations across Canada, the United States and Australia.

Black Diamond Structures rents and sells remote workforce housing and modular workspace solutions and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; Black Diamond Energy Services rents and sells a complement of oilfield equipment and services and Black Diamond International rents and sells remote workforce housing and modular workspace solutions and provides associated services outside of North America.

Read more: http://www.blackdiamondlimited.com/main/marketwire/496

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