* 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
* Says to restart dividend reinvestment plan
* To use proceeds to repay debt
(Adds details, company comments)
BANGALORE, May 5 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 was restarting its dividend
reinvestment program, which it had first started about two
years ago. It plans to use the proceeds mainly to reduce debt.
"It gives investors a chance to reinvest in the company in
lieu of taking cash, on a very cost-effective basis. It's just
a very efficient way to raise equity," Wayne Bingham, chief
financial officer of Superior, told Reuters by phone.
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
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