CORRECTED - CORRECTED-UPDATE 1-Superior Plus posts Q1 profit, cuts FY outloo

Wed May 5, 2010 6:23pm EDT

(Corrects paragraph 3 to say that the company is restarting dividend reinvestment program, not halting dividend)

* Q1 EPS C$0.09 vs loss/shr C$0.06 yr ago

* Revenue rises 60 pct to C$964.6 mln

* Cuts 2010 outlook

May 5 (Reuters) - Superior Plus Corp (SPB.TO) reported a quarterly profit, helped by a 60 percent jump in revenue, but cut its 2010 adjusted operating cash flow outlook, citing lackluster market conditions.

Superior, whose services span from energy to specialty chemicals, now expects 2010 adjusted cash flow from operations of C$1.75 to C$1.90 per share.

The company also said it will restart its dividend reinvestment program and plans to use the proceeds mainly to reduce debt.

For the first quarter, the company earned C$9.2 million ($8.92 million), or 9 Canadian cents per share, compared with a net loss of C$5.5 million, or 6 Canadian cents apiece, a year ago.

Adjusted operating cash flow fell to 53 Canadian cents per share, compared with 69 Canadian cents per share, hurt partly by the bad weather.

Revenue rose 60 percent to C$964.6 million.

Analysts on average expected the company to earn 41.5 Canadian cents per share on revenue of C$950.4 million for the first quarter, according to Thomson Reuters I/B/E/S.

Shares of the Alberta-based company closed down 1 percent at C$13.57 Wednesday on the Toronto Stock Exchange. ($1=1.031 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)

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