TORONTO, ONTARIO–(Marketwired – Aug. 10, 2015) – Enercare Inc. ("Enercare") (TSX:ECI), one of Canada's leading providers of energy services and solutions, today reported its financial results for the second quarter ended June 30, 2015.
Operational Highlights
- Attrition improved by 9%
- Integration of the Direct Energy Marketing Limited's ("DE") home and small commercial services business in Ontario ("Home Services") (the "Acquisition") is progressing very well
- Distributable Cash2 accretion from the Acquisition is ahead of target
- Launched new brand including the rebranding of the Direct En ergy Centre at Exhibition Place in Toronto to the "Enercare Centre"
- Completed acquisition of Triacta Power Technologies Inc. ("Triacta") (subsequent to the quarter)
- Sub-metering continues to be cash flow positive
Q2 2015 Financial Highlights
(in thousands of Canadian dollars except per unit amounts)1
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (millions, except units) | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||
| Total revenue | $134.9 | $74.0 | 82 | % | $276.8 | $156.3 | 77 | % | ||||
| EBITDA2 | $57.3 | $40.7 | 41 | % | $108.9 | $80.3 | 36 | % | ||||
| Acquisition Adjusted EBITDA2 | $61.2 | $43.8 | 40 | % | $115.2 | $86.8 | 33 | % | ||||
| Net earnings | $16.2 | $7.5 | 116 | % | $24.1 | $14.5 | 66 | % | ||||
| Payout Ratio – Maintenance2 | 44 | % | 45 | % | (100 bps | ) | 46 | % | 45 | % | 100 bps | |
| Payout Ratio | 60 | % | 71 | % | (1,100 bps | ) | 64 | % | 72 | % | (800 bps | ) |
| Rentals attrition (units) | 10,000 | 11,000 | (9 | %) | 19,000 | 20,000 | (5 | %) | ||||
| Rentals additions and acquisitions (units) | 8,000 | 6,000 | 33 | % | 15,000 | 13,000 | 15 | % | ||||
| Contracted sub-metering additions (units) | 9,000 | 5,000 | 80 | % | 12,000 | 12,000 | – | |||||
"At the half-way mark, the integration of our acquisition is going smoothly and we are well ahead of last year," said John Macdonald, President and CEO of Enercare. "Company-wide our performance is very strong and we look forward to an equally successful second half." Continued Macdonald, "With the integration progressing well, we have been focusing on expanding our services and products. In May, we launched an extended protection plan on HVAC sales and other offering initiatives are underway, several of which we expect to be introduced by year end."
| 1 | Unless otherwise noted, amounts are reported in thousands, except custo mers, units, shares and per share amounts and percentages. Dollar amounts are expressed in Canadian currency. |
| 2 | EBITDA, Adjusted EBITDA, Acquisition Adjusted EBITDA, Distributable Cash and Payout Ratio – Maintenance, are non-IFRS financial measures. Refer to the non-IFRS Financial and Performance measures section in the MD&A. |
Results of Operations
Earnings Statement
| Three months ended June 30, (000's) | Home Services | Sub- Metering | Corporate | 2015 Total | Home Services | Sub- Metering | Corporate | 2014 Total | |||||||||
| Revenues: | |||||||||||||||||
| Contracted revenue | $ 97,325 | $28,275 | $ – | $125,600 | $ 49,192 | $24,565 | $ – | $ 73,757 | |||||||||
| Sales and other services | 9,048 | 241 | – | 9,289 | 32 | 178 | – | 210 | |||||||||
| Investment Income | 44 | 5 | – | 49 | 75 | 5 | – | 80 | |||||||||
| Total revenue | $106,417 | $28,521 | $ – | $134,938 | $49,299 | $24,748 | $ – | $ 74,047 | |||||||||
| Expenses: | |||||||||||||||||
| Cost of goods sold: | |||||||||||||||||
| Commodity | – | (21,435 | ) | – | (21,435 | ) | – | (19,570 | ) | – | (19,570 | ) | |||||
| Maintenance & servicing costs | (14,360 | ) | – | – | (14,360 | ) | – | – | – | – | |||||||
| Sales and other services | (6,073 | ) | (183 | ) | – | (6,256 | ) | (15 | ) | (108 | ) | – | (123 | ) | |||
| Total cost of goods sold | (20,433 | ) | (21,618 | ) | – | (42,051 | ) | (15 | ) | (19,678 | ) | – | (19,693 | ) | |||
| SG&A expenses | (25,967 | ) | (3,865 | ) | (4,181 | ) | (34,013 | ) | (2,996 | ) | (3,281 | ) | (4,891 | ) | (11,168 | ) | |
| Amortization expense | (29,256 | ) | (1,393 | ) | (395 | ) | (31,044 | ) | (23,262 | ) | (1,188 | ) | (420 | ) | (24,870 | ) | |
| Net (loss) on disposal | (1,572 | ) | – | – | (1,572 | ) | (2,371 | ) | – | – | (2,371 | ) | |||||
| Interest expense: | |||||||||||||||||
| Interest expense payable in cash | (6,530 | ) | (5,796 | ) | |||||||||||||
| Non-cash interest expense | (491 | ) | (167 | ) | |||||||||||||
| Total interest expense | (7,021 | ) | (5,963 | ) | |||||||||||||
| Total expenses | (115,701 | ) | (64,065 | ) | |||||||||||||
| Other income | – | 580 | – | 580 | – | – | – | – | |||||||||
| Earnings before income taxes | 19,817 | 9,982 | |||||||||||||||
| Current tax (expense) | (2,290 | ) | (6,335 | ) | |||||||||||||
| Deferred tax (expense)/recovery | (1,323 | ) | 3,810 | ||||||||||||||
| Net earnings | $ 16,204 | $ 7,457 | |||||||||||||||
| EBITDA | $ 58,401 | $ 3,033 | $(4,181 | ) | $ 57,253 | $43,842 | $ 1,784 | $(4,891 | ) | $ 40,735 | |||||||
| Adjusted EBITDA | $ 59,973 | $ 3,613 | $(4,181 | ) | $ 59,405 | $46,213 | $ 1,784 | $(4,891 | ) | $ 43,106 | |||||||
| Acquisition Adjusted EBITDA | $ 61,750 | $ 3,613 | $(4,181 | ) | $ 61,182 | $46,915 | $ 1,784 | $(4,891 | ) | $ 43,808 | |||||||
| Six months ended June 30, (000's) | Home Services | Sub- Metering | Corporate | 2015 Total | Home Services | Sub- Metering | Corporate | 2014 Total | |||||||||
| Revenues: | |||||||||||||||||
| Contracted revenue | $190,978 | $65,931 | $ – | $256,909 | $97,794 | $58,037 | $ – | $155,831 | |||||||||
| Sales and other services | 19,408 | 307 | – | 19,715 | 66 | 258 | – | 324 | |||||||||
| Investment Income | 116 | 10 | – | 126 | 109 | 8 | – | 117 | |||||||||
| Total revenue | $210,502 | $ – | $276,750 | $97,969 | $58,303 | $ – | $156,272 | ||||||||||
| Expenses: | |||||||||||||||||
| Cost of goods sold: | |||||||||||||||||
| Commodity | – | (52,408 | ) | – | (52,408 | ) | – | (47,929 | ) | – | (47,929 | ) | |||||
| Maintenance & servicing costs | (28,748 | ) | – | – | (28,748 | ) | – | – | – | – | |||||||
| Sales and other services | (13,401 | ) | (242 | ) | – | (13,643 | ) | (44 | ) | (168 | ) | – | (212 | ) | |||
| Total cost of goods sold | (42,149 | ) | (52,650 | ) | – | (94,799 | ) | (44 | ) | (48,097 | ) | – | (48,141 | ) | |||
| SG&A expenses | (52,548 | ) | ) | (9,481 | ) | (69,600 | ) | (6,417 | ) | (6,952 | ) | (8,930 | ) | (22,299 | ) | ||
| Amortization expense | (58,370 | ) | ) | (791 | ) | (61,893 | ) | (46,268 | ) | (2,277 | ) | (831 | ) | (49,376 | ) | ||
| Net loss on disposal | (3,324 | ) | – | – | (3,324 | ) | (5,375 | ) | – | – | (5,375 | ) | |||||
| Interest expense: | |||||||||||||||||
| Interest expense payable in cash | (13,150 | ) | (11,616 | ) | |||||||||||||
| Non-cash interest expense | (982 | ) | (319 | ) | |||||||||||||
| Total interest expense | (14,132 | ) | (11,935 | ) | |||||||||||||
| Total expenses | (243,748 | ) | (137,126 | ) | |||||||||||||
| Other income | – | 580 | – | 580 | 408 | – | – | 408 | |||||||||
| Earnings before income taxes | 33,582 | 19,554 | |||||||||||||||
| Current tax (expense) | (5,244 | ) | (12,414 | ) | |||||||||||||
| Deferred tax (expense)/recovery | (4,232 | ) | 7,331 | ||||||||||||||
| Net earnings | $ 24,106 | $ 14,471 | |||||||||||||||
| EBITDA | $112,365 | $ 6,017 | $(9,481 | ) | $108,901 | $86,024 | $ 3,246 | $(8,930 | ) | $ 80,340 | |||||||
| Adjusted EBITDA | $115,689 | $ 6,597 | $(9,481 | ) | $112,805 | $91,807 | $ 3,246 | $(8,930 | ) | $ 86,123 | |||||||
| Acquisition Adjusted EBITDA | $118,078 | $ 6,597 | $(9,481 | ) | $115,194 | $92,509 | $ 3,246 | $(8,930 | ) | $ 86,825 | |||||||
Revenues
Total revenues of $134,938 for the second quarter of 2015 increased by $60,891 or 82% and by $120,478 or 77% to $276,750 year to date compared to the same periods in 2014.
Home Services revenues, excluding investment income, increased during the quarter by $57,149 to $106,373 and by $112,526 to $210,386 year to date, compared to the same periods in 2014, primarily as a result of additional revenue added through the Acquisition of approximately $55,800 for the second quarter and $110,100 year to date. The remaining increase, of approximately $1,300 for the second quarter and $2,400 year to date were primarily due to a rental rate increase implemented in January 2015, improved billing completeness and changes in asset mix. Contracted revenue in Home Services represents revenue generated by the rentals portfolio and protection plan contracts, while sales and other services revenue mainly pertains to one-time sales and installations of residential furnaces, boilers and air conditioners as well as duct cleaning and other services.
Sub-metering revenues, excluding investment income, in the second quarter of 2015, were $28,516, an increase of $3,773 or 15% with year to date revenues increasing to $66,238 or 14% over the comparable periods in 2014, primarily as a result of increased commodity charges, Billable units and revenue assurance initiatives. Sub-metering revenue includes total p ass through energy charges of $21,435 in the second quarter and $52,408 year to date in 2015, increases of $1,865 or 10% and $4,479 or 9% over the same periods in 2014. Sales and other services revenue for sub-metering are earned from the sale and installation of water conservation products in apartments and condominiums.
Investment income was $49 in the second quarter of 2015 and $126 year to date, a decrease of $31 and increase of $9, respectively, compared to the same periods in 2014. The change in investment income was primarily attributable to higher investment balances in the first quarter of 2015, primarily from Enbridge's settlement of Enercare Solutions Limited Partnership's ("EnerCare Solutions") December billings in advance of its normal settlement dates.
Cost of Goods Sold
Total cost of goods sold were $42,051 in the second quarter of 2015 and $94,799 year to date, increases of $22,358 or 114% and $46,658 or 97%, respectively, compared to the same periods in 2014.
Home Services cost of goods sold increased by $20,418 in the second quarter of 2015 and $42,105 year to date, compared to the same periods in 2014, primarily due to expenses resulting from the increased scope of the business following the Acquisition offset by approximately $1.300 relating to supplier reimbursements and other items. Maintenance and servicing costs in Home Services primarily consist of protection plan expenses and servicing costs related to the rental portfolio, while sales and other services expenses mainly pertain to one-time sales and installations of residential furnaces, boilers, air conditioners and small commercial products as well as duct and other cleaning services.
Sub-metering cost of goods sold of $21,618 in the second quarter and $52,650 year to date in 2015, increased by $1,940 or 10% and $4,553 or 9%, respectively, as a result of an increase in pass through energy charges over the same periods in 2014. Sales and other services expenses for sub-metering relate to the sale and installation of water conservation products in apartments and condominiums.
Selling, General & Administrative Expenses
Total SG&A expenses were $34,013 in the second quarter of 2015 and $69,600 year to date, increases of $22,845 and $47,301, respectively, compared to the same periods in 2014.
Home Services and corporate expenses of $30,148 in the second quarter and $62,029 year to date, increased by $22,261 and $46,682, respectively, compared to the same periods in 2014, primarily due to additional expenses resulting from the increased scope of the business following the Acquisition. The $22,261 increase in the second quarter was primarily as a result of approximately $9,900 in wages and benefits, $3,400 in selling expenses, $4,700 of billing and servicing costs, $2,500 in office expenses, $720 in bad debts, $650 in professional fees and $380 in claims expenses. The $46,682 year to date increase was primarily as a result of approximately $20,700 in wages and benefits, $10,400 of billing and servicing costs, $7,100 in selling expenses, $4,800 in office expenses, $1,950 in professional fees, $1,500 in bad debts and $230 in claims expenses. In the quarter, there were one-time items totaling approximately $500, resulting in improvements to SG&A expenses.
During the second quarter and year to date 2015, Home Services and corporate SG&A expenses included $1,777 and $2,389, respectively, of integration costs associated with the Acquisition, primarily from marketing spend related to rebranding activities. In 2014, SG&A expenses in both the second quarter and year to date included $702 of Acquisition expenditures primarily consisting of professional fees associated with the entering into of the asset purchase agreement for the Acquisition.
Sub-metering SG&A expenses in the second quarter of 2015 were $3,865, an increase of $584 over the comparable period in 2014, primarily from higher bad debts of $260, billing and servicing costs of $150 and professional fees of $150. Year to date, sub-metering SG&A expenses of $7,571 were $619 higher than the same period in 2014, primarily as a result of higher bad debts of $370, billing and servicing costs of $150, professional fees of $60 and selling expenses of $40.
Amortization Expense
Amortization expense increased by $6,174 or 25% to $31,044 in the second quarter of 2015 and by $12,517 or 25% to $61,893 year to date, over the same periods in 2014, primarily due to additional Acquisition related amortization from intangible and capital assets of $5,013 and $911, respectively, in the second quarter or $10,026 and $2,004, respectively, year to date. The remaining increases of $250 in the second quarter and $487 year to date, over the same periods in 2014, were primarily from an increasing capital asset base from asset mix changes in the rentals portfolio and increased sub-metering capital investments, which are amortized over a shorter life than those of the Home Services business.
Loss on Disposal of Equipment
Enercare reported a net loss on disposal of equipment of $1,572 in the second quarter of 2015 and $3,324 year to date, reductions of $799 or 34% and $2,051 or 38%, respectively, over the same periods in 2014. The loss on disposal amount is influenced by the number of assets retired, proceeds on disposal of equipment, changes in the retirement asset mix and the age of the assets retired.
Interest Expense
| Three months ended June 30, | Six months ended June 30, | ||||
| (000's) | 2015 | 2014 | 2015 | 2014 | |
| Interest expense payable in cash | $6,530 | $5,799 | $13,150 | $11,607 | |
| Non-cash items: | |||||
| Notional Interest on employee benefit plans, net | 274 | – | 548 | – | |
| Amortization of financing costs | 217 | 164 | 434 | 328 | |
| Interest expense | $7,021 | $5,963 | $14,132 | $11,935 | |
Interest expense payable in cash increased by $731 to $6,530 in the second quarter of 2015 and by $1,543 to $13,150 year to date, compared to the same periods in 2014. These increases are primarily related to the increase in the new term loan related to the financing of the Acquisition, partially offset by the conversion of convertible debentures to shares. Notional interest of $274 in the second quarter and $548 year to date in 2015 relate to the employee benefits plans acquired as part of the Acquisition. Amortization of financing costs includes the previously unamortized costs associated with the $250,000 of 4.30% Series 2012-1 Senior Unsecured Notes of EnerCare Solutions, which mature on November 30, 2017, $225,000 of 4.60% Series 2013-1 Senior Unsecured Notes of EnerCare Solutions, which mature on February 3, 2020, convertible debentures and in 2015 and the 4-year variable rate, non-revolving term loan facility in the amount of $210,000.
Other Income
During the second quarter of 2015, Enercare realized a settlement of $580 from a supplier of sub-metering equipment.
During the first quarter of 2014, Enercare realized a settlement of $408 from DE on account of the reclassification of certain water heaters under the co-ownership agreement to Enercare's owned portfolio, originally associated with the Toronto Hydro Energy Services Inc. portfolio acquisition.
Income Taxes
Enercare reported current tax expenses of $2,290 in the second quarter of 2015 and $5,244 year to date, reductions of $4,045 and $7,170, respectively, over the same periods in 2014, primarily as a result of a one year tax deferral available through a subsidiary of Enercare Solutions. The deferred income tax expenses of $1,323 in the second quarte r of 2015 and $4,232 year to date, increases of $5,133 and $11,563, respectively, compared to the deferred tax recoveries recorded in the same periods in 2014, were primarily as a result of temporary difference reversals in the Home Services and sub-metering businesses.
Net Earnings
Net earnings were $16,204 in the second quarter of 2015 and $24,106 year to date, increases of $8,747 and $9,635, respectively, compared to the same periods in 2014, as previously described.
EBITDA, Adjusted EBITDA and Acquisition Adjusted EBITDA
The following table summarizes comparative quarterly results for the last eight quarters, and reconciles net earnings, an IFRS measure, to EBITDA, Adjusted EBITDA and Acquisition Adjusted EBITDA.
| (000s) | Q2/15 | Q1/15 | Q4/14 | Q3/14 | Q2/14 | Q1/14 | Q4/13 | Q3/13 | ||||||||
| Net earnings | $16,204 | $ 7,902 | $ 5,672 | $ 2,133 | $ 7,457 | $ 7,014 | $ 4,793 | $ 6,931 | ||||||||
| Deferred tax expense/ (recovery) | 1,323 | 2,909 | (3,222 | ) | ( 6,852 | ) | (3,810 | ) | (3,521 | ) | (3,552 | ) | (3,134 | ) | ||
| Current tax expense | 2,290 | 2,954 | 5,949 | 8,924 | 6,335 | 6,079 | 6,148 | 5,525 | ||||||||
| Amortization expense | 31,044 | 30,849 | 30,319 | 25,186 | 24,870 | 24,506 | 25,792 | 25,228 | ||||||||
| Interest expense | 7,021 | 7,111 | 7,129 | 9,827 | 5,963 | 5,972 | 6,002 | 6,022 | ||||||||
| Other (income) | (580 | ) | – | – | – | – | (408 | ) | (769 | ) | (2,000 | ) | ||||
| Investment (income) | (49 | ) | (77 | ) | (211 | ) | (478 | ) | (80 | ) | (37 | ) | (35 | ) | (21 | ) |
| EBITDA | 57,253 | 51,6 48 | 45,636 | 38,740 | 40,735 | 39,605 | 38,379 | 38,551 | ||||||||
| Add: Net loss on disposal | 1,572 | 1,752 | 2,180 | 2,304 | 2,371 | 3,004 | 2,666 | 2,633 | ||||||||
| Add: Other income | 580 | – | – | – | – | 408 | 769 | 2,000 | ||||||||
| Adjusted EBITDA(3) | 59,405 | 53,400 | 47,816 | 41,044 | 43,106 | 43,017 | 41,814 | 43,184 | ||||||||
| Add: Acquisition SG&A | 1,777 | 612 | 4,138 | 2,882 | 702 | – | – | – | ||||||||
| Acquisition Adjusted EBITDA | $61,182 | $54,012 | $51,954 | $43,926 | $43,808 | $43,017 | $41,814 | $43,184 |
| (3) | Historical Adjusted EBITDA has been conformed to the current presentation which includes other income and expense. |
Outlook
The forward-looking statements contained in this section are not historical facts but, rather, reflect Enercare's current expectations regarding future results or events and are based on information currently available to management.
Home Services Integration
The purchase of Home Services has been transformative for Enercare. The Acquisition has allowed Enercare to have direct access to its customers, contr ol over all aspects of its operations and larger financial scale. Our priority for the first twelve months remains the reunification of the two businesses, which has been successful to-date. In the first six months of 2015, Enercare has been pleased with the Distributable Cash accretion from the transaction, which is ahead of target. Despite increasing the dividends by approximately 16% in March of 2015, we have seen a decline in our payout ratio from 71% in the second quarter of 2014 to 60% in the second quarter of 2015.
We have made excellent progress with our re-branding initiatives during the first half of 2015. We recently introduced a new brand platform, featuring a new logo and visual style for Enercare. New Enercare branded workforce uniforms have been deployed to over 700 front line employees and a fleet of over 650 vehicles have been redesigned and rebranded. A re-designed Enercare Home Services web site has been launched featuring an enhanced visual style, simplified navigational structure, responsive design format and improved functionality.
During the second half of the year, Enercare will continue to roll out its rebranding plan. In August the Direct Energy Centre at Exhibition Place in Toronto was rebranded to the Enercare Centre and in the fall Enercare plans to launch a fully integrated mass marketing campaign featuring TV, radio and digital media as well as media outreach programs.
The transition services agreement regarding the decoupling from DE's information technology platform is progressing well. The first phase of de-coupling was completed in the quarter and ahead of schedule, and the second phase of on-boarding is on-track. Enercare anticipates that this phase will be complete prior to the expiration of the transition services agreement.
One of the synergy opportunities identified in respect of the Home Services business was a revised logistics and supply chain strategy. During the second quarter we developed a plan to move away from the current completely outsourced model to a hybrid model with the majority of logistics being insourced. We anticipate the plan will take 12 to 18 months to fully implement. Management believes there will be improved customer service and savings with the new model.
An important strategic rationale for the acquisition of the Home Services business was to facilitate growth, including through enhancing the customer experience. In July 2015, Enercare achieved the highest month's customer service rating since the current system of measurement was introduced over 5 years ago. Since elevating the customer experience is key to long term growth, these initiatives will remain a focus.
Growth Initiatives – Home Services
Our key priority for the Home Services business in 2015 is to grow its annuity contracts. We believe that we have the opportunity to continue to grow the number of contracts in excess of attrition and also to increase the average revenue per contract.
Enercare continues to experience improved results through improved rental customer retention and increased average monthly rental rates, largely as a result of our rental HVAC strategy. We continue to believe that the factors contributing to the decline in attrition, including improved customer awareness, an enhanced customer experience, and Bill 55 (effective April 1, 2015) and actions taken in respect of competitive activity, will create a favourable environment for further improvement in customer retention. We are very pleased that in July unit growth surpassed attrition for the first time since 2008.
Enercare will continue to focus on growing its HVAC rental customer base. While converting a customer from an outright sale to a long-term rental product is capital intensive and creates a short-term reduction to the income statement, the rental HVAC creates a long-term customer relationship. This relationship provides greater c ross-selling opportunity and generates more income through time than the sale of an HVAC unit.
In the instances where consumers want to purchase an HVAC unit outright, we are focused on maintaining the customer relationship through protection plans. To this end, on May 1st, we introduced a new extended protection plan to provide the HVAC warranty, an on-going service for a contracted period of time beyond the sale.
Enercare intends to launch a new rental proposition for water softeners, which is complementary to our water heater rental product. Similar to water heaters, water softeners have a useful life of approximately 16 years and have the benefits of enhancing the useful life of water heaters in hard water areas. The product will be launched in a phased roll-out approach and is expected to be launched in the fourth quarter.
Enercare intends to introduce an HVAC financing program, currently anticipated for the fourth quarter. Approximately 20% of HVAC transactions are financed and Enercare estimates that it will invest $10,000 to $20,000 over the next eighteen months on this initiative.
Growth Initiatives – Sub-metering
In respect of sub-metering, our priorities are to grow the business to be cash flow positive by year end by increasing new contract sales and improving productivity and operational efficiencies. Our revenue assurance program continues to deliver results and contributed to the improvement in contracted revenues net of commodity charges, which increased during the second quarter by $1,845 or 27%, compared to the same period in 2014. The cumulative effect of operational improvements yielded from our lean and continuous improvement program were also helpful in achieving new contract sales of approximately 9,000 units in the second quarter of 2015, the highest level since the third quarter of 2012.
In the third quarter, Enercare acquired Triacta. The addition of Triacta provides Enercare with access to the U.S. market and ensures a reliable, long term supply of advanced sub-metering technology from within a limited North American supply base. We estimate the annual U.S. market for sub-meters to be $100,000 U.S. (2012 Pike report), including both commercial and multi-residential segments.
In July of 2015, the New York Public Service Commission approved the use of the Triacta PowerHawk 6312 high-density meter for sub-metering electricity in multi-unit residential buildings. As multi-residential building owners and management companies in New York are required to install and use approved sub-meters, we anticipate increasing annual demand for sub-metering equipment in the U.S. Triacta also has a Certification of Approval from the State of California.
Financial Statements and Management's Discussion and Analysis
Enercare's financial statements and management's discussion and analysis for the second quarter ended June 30, 2015 are available on SEDAR at www.sedar.com or on Enercare's investor relations website at www.enercareinc.com.
Conference Call and Webcast
Management will host a conference call and live audio webcast to discuss Enercare's financial results for the second quarter ended June 30, 2015 this morning, at 10:00 a.m. John Macdonald, President and CEO, and Evelyn Sutherland, CFO, will review Enercare's results and discuss the quarter's operating highlights. Details of the call and webcast are as follows:
| Date: | Monday, August 10, 2015 |
| Time: | 10:00 a.m. – 11:00 a.m. (ET) |
| By Telephone: | 647.788.4922 or 1.877.223.4471 |
| Please allow 10 minutes to be connected to the conference call. | |
| Webcast: | http://www.gowebcasting.com/6190 |
| Note: this is a listen -only audio webcast. Media Player or Real Player is required to listen to the broadcast. | |
| Replay: | An archived audio webcast will be available at: http://www.enercareinc.com/ for one year following the original broadcast. |
| Note: | A slide presentation intended for simultaneous viewing with the conference call will be available the morning of Monday, August 10, 2015 at: http://www.enercareinc.com/. |
About Enercare
Enercare is one of Canada's largest home and commercial services companies with more than 900 employees. Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, protection plans and related services to approximately 1.1 million customers. Enercare also owns EnerCare Connections Inc., a leading sub-meter provider, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional inform ation regarding Enercare is available on SEDAR at www.sedar.com or through Enercare's investor relations website at www.enercareinc.com or www.enercare.ca.
For further information:
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