News Releases

CALGARY, Dec. 14, 2012 /CNW/ - The Churchill Corporation (TSX: CUQ, CUQ.DB) ("Churchill" or the "Corporation") today provides an update on its initial financial outlook for 2013. On a consolidated basis, the Corporation expects:

• 2013 EBITDA in the range of $45 to $55 million;
• Net earnings between $6 and $13 million;
• 2013 capital expenditures approximately $20 million; and
• Free cash flow between $21 to $30 million, resulting in a dividend payout ratio between 33% and 50%.

Management expects first quarter 2013 net earnings to be breakeven to a modest loss.  This is largely due to typical seasonal factors around Churchill's earthmoving business, as well as the ramp-up of new building construction projects during that period. However, operational and financial results are expected to improve substantially beginning with Q2 2013 results.

About The Churchill Corporation

The Churchill Corporation provides building construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to an array of public and private sector clients. Churchill operates office locations in British Columbia, Alberta, Saskatchewan, Manitoba and northern Ontario. Churchill common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "CUQ" and "CUQ.DB", respectively. www.churchillcorporation.com

Forward Looking Information
This press release contains statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, without limitation, statements pertaining to Churchill's estimates of full year 2013 EBITDA and net earnings; anticipated capital expenditures, free cash flow, and resulting dividend payout ratio, estimates regarding Q1 2013 and Q2 2013, estimates of earthmoving and building construction activity levels. Forward-looking information is based on management's reasonable assumptions and estimates in respect of its experience and perception of trends, current economic conditions as well as other material factors that it considers to be relevant at the time of making such statements. The forward-looking information in this press release is included solely for the purpose of assisting investors in understanding the Corporation's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions and estimates will be incorrect and that the Corporation's anticipated results will not be achieved. Such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the risks and uncertainties described in the Corporation's Annual Information Form filed with the securities regulatory authorities in Canada under the Corporation's profile at www.sedar.com. Readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While the Corporation may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.

SOURCE: The Churchill Corporation