Best Quarterly Organic Growth Since 2005
TORONTO, ONTARIO–(Marketwired – Nov. 13, 2015) – Enercare Inc. (“Enercare”) (TSX:ECI), one of Canada’s leading providers of energy services and solutions, today reported its financial results for the third quarter ended September 30, 2015.
Highlights
(in thousands of Canadian dollars except per unit amounts)(1)
- Rental unit growth surpassed attrition for the first time since the third quarter of 2007 – strongest quarterly organic unit growth since 2005
- Attrition improved by 36% or by approximately 4,000 rental units
- Distributable cash(2) accretion from the acquisition of Direct Energy Marketing Limited’s (“DE”) home and small commercial business in Ontario (the “Acquisition”) remains ahead of target
- Completed acquisition of Triacta Power Technologies Inc. (“Triacta”)
- Sub-metering year-to-date EBITDA improved by 82% driven by the revenue assurance program, which we anticipate will contributed more than $3 million of incremental net revenue, exceeding the originally estimated $2 million
- The Payout Ratio was 62% or down by 2,100 bps – despite a 16% increase in dividends in March 2015
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| (millions, except units) | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||
| Total revenue | $145.5 | $80.5 | 81 | % | $422.2 | $236.7 | 78 | % | ||||
| EBITDA(2) | $56.2 | $38.7 | 45 | % | $165.1 | < /td> | $119.1 | 39 | % | |||
| Acquisition Adjusted EBITDA(2) | $61.1 | $43.9 | 39 | % | $176.5 | $130.8 | 35 | % | ||||
| Net earnings | $13.1 | $2.1 | 515 | % | $37.2 | $16.6 | 124 | % | ||||
| Basic net earnings per share | $0.14 | $0.04 | 250 | % | $0.41 | $0.28 | 46 | % | ||||
| Payout Ratio – Maintenance(2) | 43 | % | 49 | % | (600 bps | ) | 45 | % | 46 | % | (100 bps | ) |
| Payout Ratio(2) | 62 | % | 83 | % | (2,100 bps | ) | 63 | % | 75 | % | (1,200 bps | ) |
| Rentals attrition (units) | 7,000 | 11,000 | (36 | %) | 26,000 | 31,000 | (16 | %) | ||||
| Rentals additions & acquisitions (units) | 9,000 | 5,000 | 80 | % | 24,000 | 18,000 | 33 | % | ||||
| Contracted sub-metering additions (units) | 3,000 | 2,000 | 50 | % | 15,000 | 14,000 | 7 | % | ||||
“The Acquisition, which closed in October 2014, has transformed our company by giving us direct access to our customers, control over all aspects of our operations”, said John Macdonald, President and CEO of Enercare. “As a result, our Home Services segment has tremendous momentum, with positive progress being made every quarter towards reducing water heater attrition, growing HVAC rentals, expanding our product portfolio and enhancing the customer experience. These improvements, together with the continued advancement of our sub-metering business, underpin our strong cash flow generation and performance this quarter and year-to-date.”
| (1) | Unless otherwise noted, amounts are reported in thousands, except customers, units, shares and per share amounts and percentages. Dollar amounts are expressed in Canadian currency. |
| (2) | EBITDA, Adjusted EBITDA, Acquisition Adjusted EBITDA, Distributable Cash, Payout Ratio, 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
2015
Total
| Three months ended September 30, (000’s) | Home Services | Sub-Metering | Corporate | Home Services | Sub-Metering | Corporate | 2014 Total | ||||||||||
| Revenues: | |||||||||||||||||
| Contracted revenue | $97,987 | $37,067 | $- | $135,054 | $49,147 | $30,710 | $ – | $79,857 | |||||||||
| Sales and other services | 8,833 | 1,524 | – | 10,357 | 7 | 127 | – | 134 | |||||||||
| Investment Income | 38 | 6 | – | 44 | 66 | 6 | 406 | 478 | |||||||||
| Total revenue | $106,858 | $38,597 | $- | $145,455 | $49,220 | $30,843 | $406 | $80,46 9 | |||||||||
| Expenses: | |||||||||||||||||
| Cost of goods sold: | |||||||||||||||||
| Commodity | – | (30,254 | ) | – | (30,254 | ) | – | (25,220 | ) | – | (25,220 | ) | |||||
| Maintenance & servicing costs | (16,522 | ) | – | – | (16,522 | ) | – | – | – | – | |||||||
| Sales and other services | (6,119 | ) | (872 | ) | – | (6,991 | ) | (6 | ) | (132 | ) | – | (138 | ) | |||
| Total cost of goods sold | (22,641 | ) | (31,126 | ) | – | (53,767 | ) | (6 | ) | (25,352 | ) | – | (25,358 | ) | |||
| SG&A expenses | (24,794 | ) | (4,291 | ) | (5,372 | ) | (34,457 | ) | (6,497 | ) | (3,672 | ) | (3,420 | ) | (13,589 | ) | |
| Amo rtization expense | (29,646 | ) | (1,577 | ) | (383 | ) | (31,606 | ) | (23,515 | ) | (1,243 | ) | (428 | ) | (25,186 | ) | |
| Net (loss) on disposal | (1,001 | ) | – | – | (1,001 | ) | (2,304 | ) | – | – | (2,304 | ) | |||||
| Interest expense: | |||||||||||||||||
| Interest expense payable in cash | (6,462 | ) | (9,672 | ) | |||||||||||||
| Non-cash interest expense | (493 | ) | (155 | ) | |||||||||||||
| Total interest expense | (6,955 | ) | (9,827 | ) | |||||||||||||
| Total expenses | (127,786 | ) | (76,264 | ) | |||||||||||||
| Other income | – | – | – | – | – | – | – | – | |||||||||
| Earnings before income taxes | 17,669 | 4,205 | |||||||||||||||
| Current tax (expense) | (2,169 | ) | (8,924 | ) | |||||||||||||
| Deferred tax (expense) / recovery | (2,376 | ) | 6,852 | ||||||||||||||
| Net earnings | 13,124 | $2,133 | |||||||||||||||
| EBITDA | $58,384 | $3,174 | $(5,372 | ) | $56,186 | $40,347 | $1,813 | $(3,420 | ) | $38,740 | |||||||
| Adjusted EBITDA | $59,385 | $3,174 | $(5,372 | ) | $57,187 | $42,651 | $1,813 | $(3,420 | ) | $41,044 | |||||||
| Acquisition Adjusted EBITDA | $63,152 | $3,353 | $(5,372 | ) | $61,133 | $45,533 | $1,813 | $(3,420 | ) | $43,926 | |||||||
)
| Nine months ended September 30, (000’s) | Home Services | Sub-Metering | Corporate | 2015 Total | Home Services | Sub-Metering | Corporate | 2014 Total | |||||||||
| Revenues: | |||||||||||||||||
| Contracted revenue | $288,965 | $102,998 | $- | $391,963 | $146,941 | $88,747 | $- | $235,688 | |||||||||
| Sales and other services | 28,241 | 1,831 | – | 30,072 | 73 | 385 | – | 458 | |||||||||
| Investment Income | 154 | 16 | – | 170 | 175 | 14 | 406 | 595 | |||||||||
| Total revenue | 317,360 | 104,845 | $- | $422,205 | $147,189 | $89,146 | $406 | $236,741 | |||||||||
| Expenses: | |||||||||||||||||
| Cost of goods sold: | |||||||||||||||||
| Commodity | – | (82,662 | ) | – | (82,662 | ) | – | (73,149 | ) | – | (73,149 | ) | |||||
| Maintenance & servicing costs | (45,270 | ) | – | – | (45,270 | ) | – | – | – | – | |||||||
| Sales and other services | (19,520 | ) | (1,114 | ) | – | (20,634 | ) | (50 | ) | (300 | ) | – | (350 | ) | |||
| Total cost of goods sold | (64,790 | ) | (83,776 | – | (148,566 | ) | (50 | ) | (73,449 | ) | – | (73,499 | ) | ||||
| SG&A expenses | (77,342 | ) | (11,862 | ) | (14,853 | ) | (104,057 | ) | (12,914 | ) | (10,624 | ) | (12,350 | ) | (35,888 | ) | |
| Amortization expense | (88,016 | ) | (4,309 | ) | (1,174 | ) | (93,499 | ) | (69,783 | ) | (3,520 | ) | (1,259 | ) | (74,562 | ) | |
| Net loss on disposal | (4,325 | ) | – | – | (4,325 | ) | (7,679 | ) | – | – | (7,679 | ) | |||||
| Interest expense: | |||||||||||||||||
| Interest expense payable in cash | (19,612 | ) | (21,302 | ) | |||||||||||||
| Non-cash interest expense | (1,475 | ) | (460 | ) | |||||||||||||
| Total interest expense | (21,087 | ) | (21,762 | ) | |||||||||||||
| Total expenses | (371,534 | ) | (213,390 | ) | |||||||||||||
| Other income | – | 580 | – | 580 | 408 | – | – | 408 | |||||||||
| Earnings before income taxes | 51,251 | 23,759 | |||||||||||||||
| Current tax (expense) | (7,413 | ) | (21,338 | ) | |||||||||||||
| Deferred tax (expense)/recovery | (6,608 | ) | 14,183 | ||||||||||||||
| Net earnings | 37,230 | $16,604 | |||||||||||||||
| EBITDA | $170,749 | $9,191 | $(14,853 | ) | $165,087 | $126,371 | $5,059 | $(12,350 | ) | $119,080 | |||||||
| Adjusted EBITDA | $175,074 | $9,771 | $(14,853 | ) | $169,992 | $134,458 | $5,059 | $(12,350 | ) | $127,167 | |||||||
| Acquisition Adjusted EBITDA | $181,230 | $10,134 | $(14,853 | ) | $176,511 | $138,042 | $5,059 | $(12,350 | ) | $130,751 | |||||||
Revenues
Total revenues of $145,455 for the third quarter of 2015 increased by $64,986 or 81% and by $185,464 or 78% to $422,205 year to date compared to the same periods in 2014.
Home Services revenues, excluding investment income, increased during the quarter by $57,666 to $106,820 and by $170,192 to $317,206 year to date, compared to the same periods in 2014, primarily as a result of additional revenue added through the Acquisition of approximately $55,900 for the third quarter and $166,000 year to date. The remaining increase of approximately $1,800 for the third quarter and $4,200 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 third quarter of 2015, were $38,591, an increase of $7,754 or 25% with year to date revenues increasing to $104,829 or 18% 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 pass through energy charges of $30,254 in the third quarter and $82,662 year to date in 2015, increases of $5,034 or 20% and $9,513 or 13% 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 $44 in the third quarter of 2015 and $170 year to date, decreases of $434 and $425, respectively, compared to the same periods in 2014. The change in investment income was primarily attributable to $397 of non-recurring interest earned from the subscription receipts proceeds issued in the third quarter of 2014 in connection with the Acquisition.
Cost of Goods Sold
Total cost of goods sold were $53,767 in the third quarter of 2015 and $148,566 year to date, increases of $28,409 or 112% and $75,067 or 102%, respectively, compared to the same periods in 2014.
Home Services cost of goods sold increased by $22,635 in the third quarter of 2015 and $64,740 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 recorded in the second quarter of 2015. 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 $31,126 in the third quarter and $83,776 year to date in 2015, increased by $5,774 or 23% and $10,327 or 14%, 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 $34,457 in the third quarter of 2015 and $104,057 year to date, increases of $20,868 and $68,169, respectively, compared to the same periods in 2014.
Home Services and corporate expenses of $30,166 in the third quarter and $92,195 year to date, increased by $20,249 and $66,931, 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 $20,249 increase in the third quarter was primarily as a result of approximately $11,100 in wages and benefits, $4,600 of billing and servicing costs, $3,700 in selling expenses, $700 in office expenses, $500 in bad debts and $300 in claims expenses partly offset by $700 of lower professional fees. The $66,931 year to date increase was primarily as a result of approximately $31,800 in wages and benefits, $15,000 of billing and servicing costs, $10,800 in selling expenses, $5,500 in office expenses, $1,300 in professional fees, $2,000 in bad debts and $650 in claims expenses. During the third quarter there were one-time items totaling approximately $1,400 resulting in improvements to SG&A expenses. These improvements arose from revisions to estimates related to costs resulting from the Acquisition.
During the third quarter and year to date 2015, Home Services and corporate SG&A expenses included $3,767 and $6,156, respectively, of integration costs associated with the Acquisition, primarily from marketing spend related to rebranding activities. In 2014, SG&A expenses in the third quarter and year to date included $2,882 and $3,584, respectively, of Acquisition expenditures primarily consisting of professional fees associated with the entering into of the asset purchase agreement.
Sub-metering SG&A expenses in the third quarter of 2015 were $4,291, an increase of $619 over the comparable perio d in 2014, primarily from higher wages and benefits of $440, professional fees of $280 and selling and office expenses of $220 partly offset by lower bad debts of $180 and billing and servicing costs of $140. Year to date, sub-metering SG&A expenses of $11,862 were $1,238 higher than the same period in 2014, primarily as a result of higher wages and benefits of $390, professional fees of $340, selling and office expenses of $300 and bad debts of $180.
During the third quarter and year to date 2015, sub-metering SG&A expenses included $179 and $363, respectively of costs associated with the acquisition of Triacta, primarily related to professional fees associated with the entering into of the purchase agreement.
Amortization Expense
Amortization expense increased by $6,420 or 25% to $31,606 in the third quarter of 2015 and by $18,937 or 25% to $93,499 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 $930, respectively, in the third quarter or $15,039 and $2,934, respectively, year to date. The remaining increases of $477 in the third quarter and $964 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 $1,001 in the third quarter of 2015 and $4,325 year to date, reductions of $1,303 or 57% and $3,354 or 44%, 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 Sept. 30, | Nine months ended Sept. 30, | ||||
| (000’s) | 2015 | 2014 | 2015 | 2014 | |
| Interest expense payable in cash | $6,462 | $5,791 | $19,612 | $17,398 | |
| Interest payable on subscription receipts | – | 3,097 | – | 3,097 | |
| Equity bridge financing fees | – | 775 | – | 775 | |
| Non-cash items: | |||||
| Notional interest on employee benefit plans, net | 274 | – | 822 | – | |
| Amortization of financing costs | 219 | 164 | 653 | 492 | |
| Interest expense | $6,955 | $9,827 | $21,087 | $21,762 | |
Interest expense payable in cash increased by $671 to $6,462 in the third quarter of 2015 and by $2,214 to $19,612 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 Enercare common shares (“Shares”). As part of the Acquisition, subscription receipts were issued during the third quarter of 2014 and subsequently converted to Shares upon the closing of the Acquisition on October 20, 2014. While the subscription receipts remained outstanding, they were classified as debt, resulting in an interest expense liability of $3,097, which was equivalent to the dividend payments on such subscription receipts if they had been Shares. Equity bridge financing fees of $775 were incurred as part of the Acquisition. Notional interest of $274 in the third quarter and $822 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 2012 Notes of Enercare Solutions Inc. (“Enercare Solutions”), which mature on November 30, 2017, $225,000 of 4.60% Series 2013-1 Senior Unsecured, 2013 Notes of Enercare Solutions, which mature on February 3, 2020, convertible debentures and in 2015 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 $2,169 in the third quarter of 2015 and $7,413 year to date, reductions of $6,755 and $13,925, 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 $2,376 in the third quarter of 2015 and $6,608 year to date, increases of $9,228 and $20,791, 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 $13,124 in the third quarter of 2015 and $37,230 year to date, increases of $10,991 and $20,626, 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.
| (000’s) | Q3/15 | Q2/15 | Q1/15 | Q4/14 | Q3/14 | Q2/14 | Q1/14 | Q4/13 | ||||||||
| Net earnings | $13,124 | $16,204 | $7,902 | $5,672 | $2,133 | $7,457 | $7,014 | $4,793 | ||||||||
| Deferred tax expense/(recovery) | 2,376 | 1,323 | 2,909 | (3,2 22 | ) | (6,852 | ) | (3,810 | ) | (3,521 | ) | (3,552 | ) | |||
| Current tax expense | 2,169 | 2,290 | 2,954 | 5,949 | 8,924 | 6,335 | 6,079 | 6,148 | ||||||||
| Amortization expense | 31,606 | 31,044 | 30,849 | 30,319 | 25,186 | 24,870 | 24,506 | 25,792 | ||||||||
| Interest expense | 6,955 | 7,021 | 7,111 | 7,129 | 9,827 | 5,963 | 5,972 | 6,002 | ||||||||
| Other (income) | – | (580 | ) | – | – | – | – | (408 | ) | (769 | ) | |||||
| Investment (income) | (44 | ) | (49 | ) | (77 | ) | (211 | ) | (478 | ) | (80 | ) | (37 | ) | (35 | ) |
| EBITDA | 56,186 | 57,253 | 51,648 | 45,636 | 38,740 | 40,735 | 39,605 | 38,379 | ||||||||
| Add: Net loss on disposal | 1,001 | 1,572 | 1,752 | 2,180 | 2,304 | 2,371 | 3,004 | 2,666 | ||||||||
| Add: Other income | – | 580 | – | – | – | – | 408 | 769 | ||||||||
| Adjusted EBITDA(1) | 57,187 | 59,405 | 53,400 | 47,816 | 41,044 | 43,106 | 43,017 | 41,814 | ||||||||
| Add: Acquisition SG&A | 3,946 | 1,777 | 612 | 4,138 | 2,882 | 702 | – | – | ||||||||
| Acquisition Adjusted EBITDA | $61,133 | $61,182 | $54,012 | $51,954 | $43,926 | $43,808 | $43,017 | $41,814 |
| (1) | 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, control over all aspects of its operations and larger financial scale. The reunification of the two businesses has been successful to-date. In the first nine months of 2015, Enercare has been pleased with the distributable cash accretion from the transaction, which continues to be ahead of target. Despite increasing the dividends by approximately 16% in March of 2015, we have seen a decline in our payout ratio from 83% in the third quarter of 2014 to 62% in the third quarter of 2015.
In the third quarter of 2015, Enercare completed a number of its rebranding initiatives. In August the Direct Energy Centre at Exhibition Place in Toronto was rebranded to the Enercare Centre and in the third quarter Enercare launched a fully integrated mass marketing campaign featuring television, radio and digital media as well as media outreach programs.
The decoupling from DE’s information technology platform continues to progress well. The first phase of de-coupling was completed in the second quarter and ahead of schedule, and the second phase of on-boarding is expected to be completed by the end of the fourth quarter, prior to the expiration of the transition services agreement.
Growth Initiatives – Home Services
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, 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 the third quarter of 2015, unit growth surpassed attrition for the first time since 2007 and also experienced the largest growth since 2005. Our focus remains to grow our annuity contracts through new products and promotiona l offers.
Enercare has been pleased with the growth of its HVAC rental customer base and this initiative continues to be a priority. 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 cross-selling opportunity and generates more income through time than the sale of an HVAC unit.
Enercare will continue to rationalize and simplify protection plan offers, including combining multiple services into one contract, which may result in fewer contracts with no impact on the number of services being provided.
Growth Initiatives – Sub-metering
The sub-metering priority is to be cash flow positive by year end by increasing new contract sales and improving productivity and operational efficiencies. We continue to implement technologies to automate process and improve controls in the meter-to-cash cycle as part of our revenue assurance program. We are pleased that the year over year improvement in net revenue resulting from the revenue assurance program has contributed more than $3,000 of incremental net revenue in 2015, exceeding the originally anticipated $2,000.
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.
Financial Statements and Management’s Discussion and Analysis
Enercare’s financial statements and management’s discussion and analysis for the third quarter ended September 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 third quarter ended September 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: | Friday, November 13, 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/6191 |
| 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 Friday, November 13, 2015 at: http://www.enercareinc.com/. |
About Enercare
Enercare is headquartered in Toronto, Ontario and publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of Canada’s largest home and commercial services and energy solutions companies with approximately 1,000 employees, Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services to more than 1.2 million customers. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada, and through its Triacta division, a premier designer and manu facturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare visit enercare.ca.Additional information 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.
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