Key Developments: Core-Mark Holding Company Inc (CORE.O)
57.96USD
17 May 2013
$1.61 (+2.86%)
$56.35
$56.05
$58.48
$56.05
87,996
49,112
$58.48
$40.06
Latest Key Developments (Source: Significant Developments)
Core-Mark Holding Company Inc Reiterates FY 2013 Guidance
Core-Mark Holding Company Inc announced that it reiterate sales & adjusted EBITDA guidance for fiscal 2013 and expects annual net sales to be between $9.8 billion- $10.0 billion, a 10%-12% increase compared to fiscal 2012, Adjusted EBITDA to be between $112 million-$115 million, an 11%-14% increase over fiscal 2012 which includes some start-up and conversion costs associated with the recent acquisition, Diluted earnings per share(EPS) to be between $3.10-$3.25 or between $3.90-$4.05 excluding the impact of LIFO expense. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $9.8 billion for fiscal 2013. Full Article
Core-Mark Holding Company Inc Announces New Three Year Distribution Agreement With Turkey Hill
Core-Mark Holding Company Inc announced the signing of a three year distribution agreement with Turkey Hill, a subsidiary of The Kroger Co. Turkey Hill, the Kroger's convenience divisions, operates 268 convenience stores across Pennsylvania, Ohio and Indiana including the new flagship store in Marysville, Ohio recently featured as the "Store of The Month" in Convenience Store News. Full Article
Core-Mark Holding Company Inc Announces Quarterly Cash Dividend
Core-Mark Holding Company Inc announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per common share. The dividend is payable on June 17, 2013 to shareholders of record as of the close of business on May 24, 2013. Full Article
Core-Mark Holding Company Inc Issues FY 2013 Guidance; EPS Guidance Below Analysts' Estimates
Core-Mark Holding Company Inc announced that for fiscal 2013, it expects annual net sales to be between $9.8 billion to $10.0 billion, a 10% to 12% increase. This expected growth over 2012 is driven by incremental sales from recent acquisition of J.T. Davenport, market share gains and additional penetration into existing stores, leveraging vendor consolidation and focused marketing initiatives. Adjusted EBITDA for fiscal 2013 is expected to be between $112 million to $115 million, diluted earnings per share (EPS) for fiscal 2013 are expected to be between $3.10 and $3.25, which includes a $3.7 million increase in LIFO expense to $16 million which decreases EPS by $0.19. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $9.8 billion, EBITDA of $106 million and EPS of $3.91 for fiscal 2013. Full Article
Core-Mark Holding Company Inc Completes Deal to Acquire J. T. Davenport & Sons, Inc.
Core-Mark Holding Company Inc announced that it has closed its previously announced acquisition of J.T. Davenport & Sons, Inc. effective December 17, 2012. The purchase price at closing was approximately $38 million and is subject to a 120 day adjustment period. The purchase price was based on the value of certain assets, liabilities and a premium, all of which is subject to a fair value assessment. No debt or real property was assumed in this transaction, and Core-Mark funded $34 million at closing with a $4 million indemnification holdback. The deal is expected to be accretive in 2013, excluding approximately $2.5 million in start-up and conversion costs, a portion of which will be incurred in 2012. Full Article
Core-Mark Holding Company Inc Announces Cash Dividend
Core-Mark Holding Company Inc announced that its Board of Directors has declared an accelerated cash dividend of $0.19 per common share. The dividend will be paid in lieu of the Company's regular quarterly dividend that would have been paid in the first quarter of 2013. The dividend is payable on December 31, 2012 to shareholders of record as of the close of business on December 20, 2012. Full Article
Core-Mark Holding Company Inc Signs Definitive Agreement To Purchase J.T. Davenport & Sons
Core-Mark Holding Company Inc announced that it has signed a Definitive Stock Purchase Agreement to acquire J.T. Davenport & Sons, Inc. (Davenport) located in Sanford, North Carolina. The transaction is structured as an all-cash stock acquisition pursuant to which Davenport will become a wholly-owned, indirect subsidiary of Core-Mark. The purchase price is estimated to be approximately $45 million, predicated on the value of certain assets and liabilities to be determined at closing. No debt is being assumed in this transaction. Core-Mark will fund this purchase with a combination of cash on hand and borrowings under its $200 million revolving credit facility. The deal is expected to close by the end of 2012 and is expected to be accretive in 2013, excluding approximately $2.5 million in start-up and conversion costs, a portion of which will be incurred in 2012. Full Article
Core-Mark Holding Company Inc Lowers High End Of Prior FY 2012 Earnings Guidance; Reaffirms FY 2012 Revenue Guidance
Core-Mark Holding Company Inc refined its annual diluted earnings per share (EPS) guidance to $2.75-$2.85 for fiscal 2012. The EPS guidance includes $0.78 per share of LIFO expense, or about $15 million, a 39% tax rate and approximately 11.7 million fully diluted shares outstanding. Further, the Company expects annual net sales to approximate $9.0 billion and expects adjusted EBITDA to be between $102 and $103 million for fiscal 2012. The adjusted EBITDA guidance includes holding gains, a lack of inflation in the non-cigarette categories and excludes any impact from acquisitions. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $9.1 billion for fiscal 2012. Full Article
Core-Mark Holding Company Inc Announces Quarterly Cash Dividend
Core-Mark Holding Company Inc announced that Board of Directors has declared a quarterly cash dividend of $0.19 per common share. The dividend is payable on December 17, 2012 to shareholders of record as of the close of business on November 23, 2012. Full Article
Core-Mark Holding Company Inc Announces Leadership Succession Plan
Core-Mark Holding Company Inc announced a leadership transition that is the culmination of a multi-year succession plan under which current President and Chief Executive Officer (CEO) J. Michael Walsh will retire on January 18, 2013 and be succeeded by Thomas B. Perkins, Core-Mark's current Senior Vice President of Resources. In connection with his promotion to President and CEO, Mr. Perkins will be appointed to the Company's Board of Directors. Mr. Walsh will remain on the Board of Directors following his retirement from management. Mr. Perkins has successfully served in a number of important positions with increasing responsibility during his more than 19 years with the Company, including President of two distribution centers, Vice President of the U.S. Divisions and, most recently, Senior Vice President of Resources. Full Article
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