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Tree Island Steel Announces Fourth Quarter and Full Year 2013 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/11/14 -- Tree Island Steel Ltd. (TSX: TSL) -

Q4 2013 versus Q4 2012 Financial Highlights:


--  Volumes up by 26.5% to 27,295 tons
--  Revenue increases by 24.7% to $35.7 million
--  Gross Profit increases by 186.8% to $3.8 million or 10.5% of revenues
--  EBITDA(2) increases by 188.3% to $1.0 million

Full Year 2013 versus Full Year 2012 Financial Highlights:


--  Volumes up by 10.7% to 113,401 tons
--  Revenue increases by 4.9% to $153.4 million
--  Gross Profit at $17.3 million or 11.3% of revenues
--  EBITDA(2) (before foreign exchange) increases by 101.7% to $7.2 million

Tree Island Steel Ltd. ("Tree Island" or the "Company") (TSX: TSL) announced today its financial results for the three and twelve month periods ended December 31, 2013(1).

For the three-month period ended December 31, 2013, revenues increased to $35.7 million on 27,295 tons, versus $28.7 million on 21,583 tons during the fourth quarter in 2012. Volumes also increased by 26.5% in the fourth quarter to 27,295 tons, primarily due to increasing demand for Industrial and Construction products in the Company's markets. Gross profit continued to strengthen in the quarter, amounting to $3.8 million, representing a 186.8% improvement when compared to $1.3 million in the corresponding period in 2012. Gross margin increased to 10.5% from 4.6%, along with gross profit per ton, which increased to $138 per ton, from $61 per ton in the same period in 2012. EBITDA also increased by 188.3% to $1.0 million, or $37 per ton, compared to a loss of $(1.1) million and $(52) per ton, respectively, during the corresponding period in 2012. The improvements in revenues, volumes, and EBITDA are the result of ongoing focus on profitable growth, cost management and operational efficiencies, while at the same time realizing the benefits of improving end-market demand in certain markets.

For the twelve month period ended December 31, 2013, revenues amounted to $153.4 million on 113,401 tons, compared to $146.2 million on 102,408 tons during the same period in 2012. The higher revenues in 2013 primarily reflect increased volumes particularly in the Industrial and Commercial Construction market segments. The growth in revenue was partially reduced by price adjustments driven by competitive factors in certain business lines coupled with product mix changes. Gross profit increased to $17.3 million at a margin of 11.3%, compared to $13.0 million and a margin of 8.9%, while gross profit per ton also increased to $153 per ton versus $127 per ton in the corresponding period in 2012. During the period, EBITDA increased by 101.7% to $7.2 million versus $3.6 million during the same period last year.

During the twelve-month period ended December 31, 2013, Tree Island did not purchase shares under its previously announced normal course issuer bid ("NCIB"). On September 9, 2013, the NCIB was extended to September 8, 2014. Under the renewed NCIB, the Company may purchase up to 1,800,000 of its common shares.

Subsequent Event:

On January 27, 2014, the Company announced that by March 4, 2014 (the "Redemption Date") it would redeem all of its 10% second lien convertible debentures scheduled to mature on November 26, 2014. In the period between January 1, 2014 and the Redemption date, holders of $15,969,400 of convertible debentures elected to convert into the common shares of the Company and as a result the outstanding common shares, as at the date of this release, are 60,687,650. On the Redemption Date, Tree Island Steel redeemed $174,600 principal plus accrued interest. The convertible debentures, which were listed on the TSX under the symbol TSL.DB, were delisted at the close of business on the Redemption Date.

"2013 continued our team's relentless focus on operational efficiencies, cost containment and winning market share. Combined with increased demand in a number of our key end-markets, we continue to drive revenue, and more importantly earnings growth," said Dale R. MacLean, President and CEO of Tree Island Steel. "Tree Island's fourth quarter results are indicative of the type of positive momentum that we are building on. While cautiously optimistic, our focus in 2014 is to build on the 2013 foundation and to grow the business."

"The year-end results are a significant improvement in Tree Island's growth and earnings and are the result of a well executed plan by management," noted Amar S. Doman, Chairman of Tree Island Steel. "Subsequent to year-end, we strengthened the balance sheet by redeeming the company's 10% second lien convertible debentures, providing flexibility in exploring strategic growth opportunities."


Summary of Results
                              Three Months Ended
                                     December 31     Year Ended December 31
                               2013         2012          2013         2012
($000's except for
 tonnage and per unit
 amounts)
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Sales Volumes - Tons         27,295       21,583       113,401      102,408
Sales                   $    35,748  $    28,657   $   153,438  $   146,238
Cost of sales               (31,248)     (26,568)     (133,238)    (130,132)
Depreciation                   (731)        (775)       (2,903)      (3,074)
------------------------------------------------- --------------------------
Gross profit                  3,769        1,314        17,297       13,032
Selling, general and
 administrative
 expenses                    (3,500)      (3,221)      (12,982)     (12,527)
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Operating income (loss)         269       (1,907)        4,315          505
 Foreign exchange gain            5           12           114           87
 Gain (loss) on sale of
  property, plant and
  equipment                       -           18           (42)         448
 Property, plant and
  equipment impairment
  reversal                      671            -           671            -
 Gain on sale of
  subsidiary                    (13)           -           218            -
 Changes in financial
  instruments
  recognized at fair
  value                        (147)          10          (135)        (717)
 Gain on renegotiated
  debt                            -            -             -       17,805
 Financing Expenses          (1,490)      (1,324)       (5,890)      (7,299)
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
(Loss) income before
 income taxes                  (705)      (3,191)         (749)      10,829
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
 Income tax recovery
  (expense)                      40          846            94         (458)
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Net (Loss) Income              (665)      (2,345)         (655)      10,371
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------

Operating income (loss)         269       (1,907)        4,315          505
 Add back depreciation          731          775         2,903        3,074
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
EBITDA(a)                     1,000       (1,132)        7,218        3,579
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
 Foreign exchange gain            5           12           114           87
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
EBITDA including
 foreign exchange             1,005       (1,120)        7,332        3,666
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------

Net (Loss) Income              (665)      (2,345)         (655)      10,371
Add back significant
 non-cash items
Non-cash financing
 expenses                       662          648         2,750        3,961
Non-cash (gain) loss on
 renegotiated debt                -            -             -      (17,805)
Changes in financial
 instruments recognized
 at fair value                  147          (10)          135          717
Deferred income tax
 expense                        582         (200)          514        1,207
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Adjusted net income
 (loss)(a)                      726       (1,907)        2,744       (1,549)
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------

------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Per share / unit
 Net (loss) income per
  share / unit - basic        (0.03)       (0.11)       (0 .03)        0.47
 Net (loss) income per
  share / unit -
  diluted                     (0.03)       (0.11)       (0 .03)        0.25
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------

------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
Per ton
 Gross profit per ton           138           61           153          127
 EBITDA per ton                  37          (52)           64           35
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------

                                                         As at        As at
                                                      December     December
                                                           31,          31,
Financial position                                        2013         2012
------------------------------------------------- --------------------------
------------------------------------------------- --------------------------
 Total assets                                      $    85,635  $    81,102
 Total non-current
  financial liabilities                            $    13,536  $    29,652
------------------------------------------------- --------------------------

(a) See definition of EBITDA and Adjusted Net Income in footnote 2 to the
 press release

About Tree Island Steel

Tree Island Steel, headquartered in Richmond, British Columbia, since 1964, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand brand names. The Company also owns and operates a China-based company that assists the international sourcing of products to Tree Island and its customers.

Forward-Looking Statements

This press release includes forward-looking information with respect to Tree Island including its business, operations and strategies, as well as financial performance and conditions. The use of forward-looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading "Risk Factors" in Tree Island's most recent annual information form and management discussion and analysis.

The forward looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Company's most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company's liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, significant exposure to the Western United States due to lack of geographic diversity, dependence on the construction industry, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, reliance on key customers, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.

This press release has been reviewed by the Company's Board of Directors and its Audit Committee, and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.


(1) Please refer to our 2013 MD&A for further information.
(2) References made above to "EBITDA" are to operating profit plus
    depreciation and references to "Adjusted Net Income" are to net income
    per IFRS adjusted for certain non-cash items including non-cash
    financing expenses, changes in fair value of convertible instruments,
    and deferred income tax. EBITDA is a measure used by many investors to
    compare issuers on the basis of ability to generate cash flows from
    operations. Adjusted Net Income is a measure for investors to understand
    the impact of significant non-cash items that affect our results from
    operations. Neither EBITDA nor Adjusted Net Income are earnings measures
    recognized by IFRS and do not have a standardized meaning prescribed by
    IFRS. We believe that EBITDA and Adjusted Net Income are important
    supplemental measure in evaluating the Company's performance. You are
    cautioned that EBITDA and Adjusted Net Income should not be construed as
    alternatives to net income or loss, determined in accordance with IFRS,
    or as indicators of performance. Our method of calculating EBITDA and
    Adjusted Net Income may differ from methods used by other issuers and,
    accordingly, our EBITDA or Adjusted Net Income may not be comparable to
    similar measures presented by other issuers.

Tree Island Steel Ltd.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of Canadian dollars)

                                                 December 31     December 31
                                                        2013            2012
------------------------------------------------------------ ---------------
Assets
Current
 Cash                                                  1,264           2,371
 Accounts receivable                                  16,960          11,984
 Inventories                                          35,307          32,732
 Prepaid expenses                                      1,691           2,200
------------------------------------------------------------ ---------------
                                                      55,222          49,287
Property, plant and equipment                         30,255          31,592
Other non-current assets                                 158             223
------------------------------------------------------------ ---------------
                                                      85,635          81,102
------------------------------------------------------------ ---------------
------------------------------------------------------------ ---------------


Liabilities
Current
 Senior Revolving Facility                            16,370          10,785
 Accounts payable and accrued liabilities              7,619           9,649
 Income taxes payable                                    201           1,346
 Other current liabilities                               119              83
 Fair value of convertible instruments                   241             312
 Convertible Debentures                               14,696               -
 Current portion of long-term debt                     1,911           1,748
------------------------------------------------------------ ---------------
                                                      41,157          23,923
Convertible Debentures                                     -          15,634
Senior Term Loan                                       3,792           4,292
Long-term debt                                         9,718           9,639
Finance Lease                                             26              87
Other non-current liabilities                            675             449
Deferred income taxes                                  2,487           1,973
------------------------------------------------------------ ---------------
                                                      57,855          55,997
------------------------------------------------------------ ---------------
------------------------------------------------------------ ---------------

Shareholders' Equity                                  27,780          25,105
------------------------------------------------------------ ---------------
                                                      85,635          81,102
------------------------------------------------------------ ---------------
------------------------------------------------------------ ---------------

Tree Island Steel Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of Canadian dollars, except share / units and per-
share / unit amounts)

                   Three Months Ended December
                                            31       Year Ended December 31
                            2013          2012           2013          2012
----------------------------------------------- ----------------------------
Sales               $     35,748  $     28,657   $    153,438  $    146,238
Cost of goods sold        31,248        26,568        133,238       130,132
Depreciation                 731           775          2,903         3,074
----------------------------------------------- ----------------------------
Gross profit               3,769         1,314         17,297        13,032
Selling, general
 and administrative
 expenses                  3,500         3,221         12,982        12,527
----------------------------------------------- ----------------------------
Operating income
 (loss)                      269        (1,907)         4,315           505
Foreign exchange
 gain                          5            12            114            87
Gain (loss) on sale
 of property, plant
 and equipment                 -            18            (42)          448
Property, plant and
 equipment
 impairment
 reversal                    671             -            671             -
Gain on sale of
 subsidiary                  (13)            -            218             -
Changes in
 financial
 instruments
 recognized at fair
 value                      (147)           10           (135)         (717)
Gain on
 renegotiated debt             -             -              -        17,805
Financing expenses        (1,490)       (1,324)        (5,890)       (7,299)
----------------------------------------------- ----------------------------
(Loss) income
 before income
 taxes                      (705)       (3,191)          (749)       10,829
Income tax recovery
 (expense)                    40           846             94          (458)
----------------------------------------------- ----------------------------

Net (loss) income
 for the period     $       (665) $     (2,345)  $       (655) $     10,371
----------------------------------------------- ----------------------------
----------------------------------------------- ----------------------------

Net (loss) income
 per share / unit
 Basic              $      (0.03) $      (0.11)  $      (0.03) $       0.47
 Diluted            $      (0.03) $      (0.11)  $      (0.03) $       0.25
----------------------------------------------- ----------------------------
----------------------------------------------- ----------------------------

Weighted-average
 number of shares /
 units
 Basic                26,267,602    21,799,448     24,294,737    21,978,006
 Diluted              26,267,602    21,799,448     24,294,737    60,590,535
----------------------------------------------- ----------------------------
----------------------------------------------- ----------------------------

Tree Island Steel Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of Canadian dollars)

                            Three Months Ended
                                   December 31       Year Ended December 31
                            2013          2012           2013          2012
----------------------------------------------- ----------------------------
Cash flows from
 operating
 activities
 Net (loss) income
  for the period    $       (665) $     (2,345)  $       (655) $     10,371
 Adjustments for:
  Depreciation               731           775          2,903         3,074
  Changes in
   financial
   liabilities
   recognized at
   fair value                147           (10)           135           717
  Gain on sale of
   property, plant
   and equipment               -           (18)            42          (448)
  Property, plant
   and equipment
   impairment
   reversal                 (671)            -           (671)            -
  (Gain) loss on
   renegotiated
   debt                        -             -              -       (17,805)
  Net finance costs        1,538         1,324          5,891         7,299
  Deferred income
   tax (recovery)
   expense                   582          (200)           514         1,207
  Fair value change
   on Phantom Units            -          (128)             -           (64)
  Exchange
   revaluation on
   foreign
   denominated debt          370           123            732          (389)
  Gain on sale of
   subsidiary                 13             -           (218)            -
 Working capital
  Adjustments:
  Accounts
   Receivable              1,343         2,508         (4,605)        1,738
  Inventories             (2,047)       10,490         (1,674)        3,095
  Accounts payable
   and accrued
   liabilities            (1,217)       (4,345)        (2,110)       (4,021)
  Income and other
   taxes                  (1,142)         (644)        (1,128)         (747)
  Other                       (9)       (1,081)          (435)           68
----------------------------------------------- ----------------------------
Net cash provided
 by (used in)
 operating
 activities               (1,027)        6,449         (1,279)        4,095
----------------------------------------------- ----------------------------
Cash flows from
 investing
 activities
 Proceeds from sale
  of subsidiary,
  net of costs                 -             -            439             -
 Proceeds on
  disposal of
  property, plant
  and equipment               24            33             24           520
 Purchase of
  property, plant
  and equipment             (128)         (117)          (510)         (349)
----------------------------------------------- ----------------------------
Net cash (used in)
 provided by
 investing
 activities                 (104)          (84)           (47)          171
----------------------------------------------- ----------------------------

Cash flows from
 financing
 activities
 Repayment of
  Senior Term Loan          (125)          (83)          (500)        4,792
 Repayment of long-
  term debt                 (407)         (298)        (1,519)       (6,812)
 Conversion of
  Warrants                     -             -            171             -
 Interest paid              (754)         (608)        (3,040)       (2,929)
 Normal course
  issuer bid                   -           (16)             -          (317)
 Advance
  (repayment) on
  Senior Revolving
  Facility                 1,539        (5,846)         5,053          (462)
----------------------------------------------- ----------------------------
Net cash (used in)
 provided by
 financing
 activities                  253        (6,851)           165        (5,728)
----------------------------------------------- ----------------------------

Effect of exchange
 rate changes on
 cash                         28             7             54           (19)
----------------------------------------------- ----------------------------

Decrease in cash            (850)         (479)        (1,107)       (1,481)
Cash, beginning of
 period                    2,114         2,850          2,371         3,852
----------------------------------------------- ----------------------------
Cash, end of period $      1,264  $      2,371   $      1,264  $      2,371
----------------------------------------------- ----------------------------
----------------------------------------------- ----------------------------

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