Andrew Peller Limited (TSX: ADW.A)(TSX: ADW.B) (the "Company")
announced today continuing strong results for the three and nine
months ended December 31, 2010.
THIRD QUARTER HIGHLIGHTS:
- Sales up 4.2% on solid performance through majority of trade channels
- Stronger Canadian dollar and benefits from cost containment initiatives
results in improved profitability
- Gross profit margin improves to 38.3% of sales from 35.3% last year
- EBITA up 20.5% to $10.3 million
- Cash flow from operating activities increases to $10.8 million for the
nine month period
- Working capital rises to $36.6 million from $30.0 million at March 31,
2010
Sales for the third quarter of fiscal 2011 rose 4.2% to $75.0
million from $71.9 million in the prior year period. For the first
nine months of fiscal 2011 sales were $208.5 million, up from
$203.9 million in fiscal 2010. Ongoing initiatives to grow sales of
the Company's blended varietal table and premium wines through
provincial liquor boards, the introduction of new products and
improved performance at the Company's estate wineries were
partially offset by additional taxation levied by the Province of
Ontario on sales of cellared in Canada wine sold through the
Company's retail stores and lower than anticipated sales of
personal winemaking products.
Gross profit as a percentage of sales improved to 38.3% for the
three months ended December 31, 2010 from 35.3% in the same period
last year. For the first nine months of fiscal 2011 gross profit
was 39.1% compared to 36.3% for the same period in the prior fiscal
year. The increases in gross profit in fiscal 2011 were due to the
lower cost to the Company of purchasing United States dollars and
Euros and the Company's successful cost control initiatives which
served to reduce operating and packaging expenses. Management
remains focused on efforts to enhance production efficiency and
productivity to further improve overall profitability.
"The third quarter of our fiscal year is typically our strongest
period, and we were pleased to have generated such solid sales
growth through this year's holiday season," commented John Peller,
President and CEO. "Our premium and ultra-premium wines are
achieving strong sales momentum through all trade channels, while
recently introduced new products are augmenting our overall revenue
increases. Looking ahead, we anticipate continued growth in both
revenue and profitability as consumer confidence increases, the
markets for Canadian wines remain strong, and through our
successful initiatives to contain our costs."
Selling and administrative expenses rose in the third quarter of
fiscal 2011, and as a percentage of sales were 24.6% compared to
23.5% in the same quarter last year. For the nine months ended
December 31, 2010 selling and administrative expenses were 25.7% as
a percentage of sales compared to 24.9% for the same period last
year. The increase in expenses is primarily the result of higher
sales and marketing investments in the current fiscal year compared
with the prior year.
Interest expense through the first nine months of fiscal 2011
declined compared to last year due primarily to the reduction in
debt from the proceeds of sale of the Company's beer business,
proceeds from the sale of certain non-core vineyards during the
first quarter of fiscal 2011 and lower interest rates on short and
long-term debt.
The Company incurred non-cash gains for the three months ended
December 31, 2010 of $0.3 million compared to $1.1 million in the
same period last year. The non-cash gains related to mark-to-market
adjustments on an interest rate swap and foreign exchange
contracts. For the first nine months of fiscal 2011 the Company
incurred a loss of $0.2 million compared to a gain of $2.4 million
in the prior year period. Under CICA accounting standards, these
financial instruments must be reflected in the Company's financial
statements at fair value each reporting period. These instruments
are considered to be effective economic hedges and have enabled
management to mitigate the volatility of changing costs and
interest rates during the year.
Other expenses incurred in the first nine months of fiscal 2011
relate to one-time costs on a net write-down of a BC vineyard where
vines were damaged by an early and severe frost in the fall of
2009, and in maintaining the Company's Port Moody facility which
was closed effective December 31, 2005. These costs were partially
offset by other income of $0.3 million related to the gain on the
sale of the Okanagan vineyard in the first quarter of fiscal
2011.
Net and comprehensive earnings from continuing operations,
excluding the gains on derivative financial instruments and other
expenses for the three and nine months ended December 31, 2010,
were $4.7 million and $11.6 million, respectively, compared to $3.7
million and $7.8 million, respectively, for the comparable prior
year periods. During the third quarter of fiscal 2010 the Company
sold its beer business and accounted for the sold business as a
discontinued operation, recording on after-tax gain on the sale of
approximately $11.9 million. Net and comprehensive earnings from
continuing operations were $4.9 million ($0.33 per Class A Share)
and $10.7 million ($0.73 per Class A Share) for the three and nine
months ended December 31, 2010, respectively, compared to $3.6
million ($0.25 per Class A Share) and $8.7 million ($0.60 per Class
A Share) for the same comparable periods in fiscal 2010.
Strengthened Financial Position
Working capital was $36.6 million as at December 31, 2010
compared to $30.0 million at March 31, 2010 and $31.0 million at
December 31, 2009. As at December 31, 2010, total bank indebtedness
and long-term debt decreased compared to March 31, 2010 and
December 31, 2009 due primarily to increased cash flow from
operating activities due to higher net earnings partially offset by
higher levels of working capital. On May 25, 2010 the Company sold
approximately six acres of vineyard in the Okanagan Valley. The
proceeds of approximately $0.8 million were also used to reduce
bank indebtedness.
With the decrease in bank debt, the Company's debt to equity
ratio decreased to 0.83:1 compared to 0.90:1 at the end of fiscal
2010 and 0.97:1 at the end of the prior year's third quarter.
Shareholders' equity at December 31, 2010 rose to $120.7 million or
$8.11 per common share compared to $113.7 million or $7.63 per
common share at March 31, 2010 and $114.2 million or $7.67 per
common share at December 31, 2009. The increase in shareholders'
equity is due primarily to higher net earnings from continuing
operations for the period.
Prestigious Awards
The Company also announced today that its Andrew Peller
Signature Series Cabernet Sauvignon 2007 had been awarded the
Warren Winiarski Trophy for Best Red Wine at the 2010 International
Wine and Spirits Competition (IWSC) in London, England. The IWSC,
now in its 41st year, is the oldest, largest and one of the
best-supported international wine tasting competitions in the
world. Wines from over 80 countries were blind tasted by
experienced judging panels and all underwent rigorous chemical and
microbiological analysis.
In addition, the Company announced that Frank Dodd, Chef at the
Company's Hillebrand Estate Winery Restaurant, had been awarded the
honour of Ontario's Gold Medal Plate Champion for 2010. He competed
against the best chefs from restaurants across the province. Chef
Dodd will now represent Hillebrand at the Canadian Culinary
Championships to be held in Kelowna B.C. in February 2011.
"We are very proud to have been awarded these prestigious
honours, a true reflection of our passion to provide our estate
winery guests and wine connoisseurs with the highest standards of
quality and excellence," Mr. Peller concluded.
Financial Highlights (Unaudited)
(Complete consolidated financial statements to follow)
----------------------------------------------------------------------------
(in $000 except as otherwise stated) Three Months Nine Months
----------------------------------------------------------------------------
For the Period Ended December 31, 2010 2009 2010 2009
----------------------------------------------------------------------------
Sales 74,983 71,945 208,480 203,856
Gross profit 28,690 25,430 81,497 74,043
---------------------------------------
Gross profit (% of sales) 38.3% 35.3% 39.1% 36.3%
---------------------------------------
Selling general and administrative
expenses 18,412 16,903 53,507 50,818
Earnings before interest, taxes,
amortization, unrealized loss (gain)
and other expenses 10,278 8,527 27,990 23,225
Unrealized loss (gain) on derivative
financial instruments (342) (1,103) 174 (2,443)
Other expenses 38 1,247 1,076 1,247
Net and comprehensive earnings from
continuing operations 4,908 3,588 10,650 8,688
Net and comprehensive earnings from a
discontinued operation - 11,940 - 12,335
---------------------------------------
Net and comprehensive earnings 4,908 15,528 10,650 21,023
---------------------------------------
Earnings per share from continuing
operations - Class A $0.33 $0.25 $0.73 $0.60
Earnings per share - basic and
diluted - Class A $0.33 $1.07 $0.73 $1.45
Dividend per share - Class A (annual) $ 0.330 $ 0.330 $ 0.330 $ 0.330
Dividend per share - Class B (annual) $ 0.288 $ 0.288 $ 0.288 $ 0.288
---------------------------------------
Cash provided by operations (after
changes in non-cash working capital
items) (5,337) (1,218) 10,838 7,204
---------------------------------------
Working capital 36,560 31,033
Shareholders' equity per share $8.11 $7.67
----------------------------------------------------------------------------
Andrew Peller Limited ('APL' or the 'Company') is a leading
producer and marketer of quality wines in Canada. With wineries in
British Columbia, Ontario and Nova Scotia, the Company markets
wines produced from grapes grown in Ontario's Niagara Peninsula,
British Columbia's Okanagan and Similkameen Valleys and from
vineyards around the world. The Company's award-winning premium and
ultra-premium VQA brands include Peller Estates, Trius, Hillebrand,
Thirty Bench, Sandhill, Calona Vineyards Artist Series and Red
Rooster. Complementing these premium brands are a number of
popularly priced varietal wine brands including Peller Estates
French Cross in the East, Peller Estates Proprietors Reserve in the
West, Copper Moon, XOXO and Croc Crossing. Hochtaler, Domaine D'Or,
Schloss Laderheim, Royal and Sommet are our key value priced wine
blends. The Company imports wines from major wine regions around
the world to blend with domestic wine to craft these popularly
priced and value priced wine brands. With a focus on serving the
needs of all wine consumers, the Company produces and markets
premium personal winemaking products through its wholly-owned
subsidiary, Global Vintners Inc., the recognized world leader in
personal winemaking products. Global Vintners distributes products
through over 250 Winexpert and Wine Kitz authorized retailers and
franchisees and more than 600 independent retailers across Canada,
United States, United Kingdom, New Zealand and Australia. Global
Vintners award-winning premium and ultra-premium winemaking brands
include Selection, Vintners Reserve, Island Mist, Kenridge, Cheeky
Monkey, Ultimate Estate Reserve, Traditional Vintage and Artful
Winemaker. The Company owns and operates more than 100
well-positioned independent retail locations in Ontario under the
Vineyards Estate Wines, Aisle 43 and WineCountry Vintners store
names. The Company also owns Grady Wine Marketing Inc. based in
Vancouver, and The Small Winemaker's Collection Inc. based in
Ontario; both of these wine agencies are importers of premium wines
from around the world and are marketing agents for these fine
wines. The Company's products are sold predominantly in Canada with
a focus on export sales for our icewine products.
Net earnings from continuing operations before other expenses is
defined as net earnings before the net unrealized gain on financial
instruments, other expenses and net earnings from a discontinued
operation, all adjusted by income tax rates as calculated
below:
(in $000) Three Months Nine Months
----------------------------------------------------------------------------
Period ended December 31, 2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net and comprehensive earnings
(loss) 4,908 15,528 10,650 21,023
----------------------------------------------------------------------------
Unrealized (gain) loss on financial
instruments (342) (1,103) 174 (2,443)
----------------------------------------------------------------------------
Other expenses 38 1,247 1,076 1,247
----------------------------------------------------------------------------
Income tax effect on the above 79 (37) (288) 352
----------------------------------------------------------------------------
Net income from a discontinued
operation - (11,940) - (12,335)
----------------------------------------------------------------------------
Net earnings from continuing
operations before other expenses 4,683 3,695 11,612 7,844
----------------------------------------------------------------------------
The Company utilizes EBITA (defined as earnings before interest,
amortization, unrealized derivative (gain) loss, other expenses,
income taxes and net earnings from a discontinued operation). EBITA
is not a recognized measure under GAAP. Management believes that
EBITA is a useful supplemental measure to net earnings, as it
provides readers with an indication of cash available for
investment prior to debt service, capital expenditures and income
taxes. Readers are cautioned that EBITA should not be construed as
an alternative to net earnings determined in accordance with GAAP
as an indicator of the Company's performance or to cash flows from
operating, investing and financing activities as a measure of
liquidity and cash flows. In addition, the Company's method of
calculating EBITA may differ from the methods used by other
companies and, accordingly, may not be comparable to measures used
by other companies.
Andrew Peller Limited common shares trade on the Toronto Stock
Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING INFORMATION
Certain statements in this news release may contain
"forward-looking statements" within the meaning of applicable
securities laws, including the "safe harbour provision" of the
Securities Act (Ontario) with respect to Andrew Peller Limited (
the "Company") and its subsidiaries. Such statements include, but
are not limited to, statements about the growth of the business in
light of the Company's recent acquisitions; its launch of new
premium wines; sales trends in foreign markets; its supply of
domestically grown grapes; and current economic conditions. These
statements are subject to certain risks, assumptions and
uncertainties that could cause actual results to differ materially
from those included in the forward-looking statements. The words
"believe", "plan", "intend", "estimate", "expect" or "anticipate"
and similar expressions, as well as future or conditional verbs
such as "will", "should", "would" and "could" often identify
forward-looking statements. We have based these forward-looking
statements on our current views with respect to future events and
financial performance. With respect to forward-looking statements
contained in this news release, the Company has made assumptions
and applied certain factors regarding, among other things: future
grape, glass bottle and wine prices; its ability to obtain grapes,
imported wine, glass and its ability to obtain other raw materials;
fluctuations in the U.S./Canadian dollar exchange rates; its
ability to market products successfully to its anticipated
customers; the trade balance within the domestic Canadian wine
market; market trends; reliance on key personnel; protection of its
intellectual property rights; the economic environment; the
regulatory requirements regarding producing, marketing, advertising
and labelling its products; the regulation of liquor distribution
and retailing in Ontario; and the impact of increasing
competition.
These forward-looking statements are also subject to the risks
and uncertainties discussed in this news release, in the "Risk
Factors" section and elsewhere in the Company's MD&A and other
risks detailed from time to time in the publicly filed disclosure
documents of Andrew Peller Limited which are available at
www.sedar.com. Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and assumptions
which could cause actual results to differ materially from those
conclusions, forecasts or projections anticipated in these
forward-looking statements. Because of these risks, uncertainties
and assumptions, you should not place undue reliance on these
forward-looking statements. The Company's forward-looking
statements are made only as of the date of this news release, and
except as required by applicable law, the Company undertakes no
obligation to update or revise these forward-looking statements to
reflect new information, future events or circumstances or
otherwise.
ANDREW PELLER LIMITED
CONSOLIDATED BALANCE SHEETS
These financial statements have not been reviewed by our auditors
(in thousands of dollars) December 31 March 31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2010 2010
$ $
----------------------------------------------------------------------------
Assets
Current Assets
Accounts receivable 28,776 22,902
Inventories 91,649 89,693
Prepaid expenses and other assets 2,513 2,429
Income taxes recoverable - 1,327
--------------------------
122,938 116,351
Property, plant and equipment 92,651 95,728
Intangibles and other assets 13,679 14,164
Goodwill 37,473 37,473
--------------------------
266,741 263,716
--------------------------
--------------------------
Liabilities
Current Liabilities
Bank indebtedness (Note 6) 50,358 48,877
Accounts payable and accrued liabilities 27,177 28,229
Dividends payable 1,197 1,197
Income taxes payable 738 -
Current derivative financial instruments 1,575 1,922
Current portion of long-term debt (Note 6) 5,333 6,158
--------------------------
86,378 86,383
Long-term debt (Note 6) 44,037 47,633
Long-term derivative financial instruments 2,189 1,667
Employee future benefits 3,992 4,530
Future income taxes 9,421 9,838
--------------------------
146,017 150,051
--------------------------
Shareholders' Equity
Capital Stock 7,375 7,375
Retained Earnings 113,349 106,290
--------------------------
120,724 113,665
--------------------------
266,741 263,716
--------------------------
--------------------------
The accompanying notes are an integral part of these interim consolidated
financial statements
ANDREW PELLER LIMITED
Consolidated Statements of Earnings,
Comprehensive Earnings and Retained
Earnings
These financial statements have not been
reviewed by our auditors
(in thousands of dollars, except per For the Three For the Nine
share amounts) Months Ended Months Ended
December 31 December 31
2010 2009 2010 2009
$ $ $ $
--------------------------------------------------------- -----------------
Sales 74,983 71,945 208,480 203,856
Cost of goods sold, excluding
amortization 46,293 46,515 126,983 129,813
-------- -------- -------- --------
Gross profit 28,690 25,430 81,497 74,043
Selling and administration 18,412 16,903 53,507 50,818
-------- -------- -------- --------
Earnings before interest and
amortization 10,278 8,527 27,990 23,225
Interest 1,605 1,401 5,432 5,947
Amortization of plant, equipment and
intangible assets 2,050 2,164 6,104 6,174
-------- -------- -------- --------
Earnings before other items 6,623 4,962 16,454 11,104
Net unrealized losses (gains) on
derivative financial instruments (342) (1,103) 174 (2,443)
Other expenses (Note 4) 38 1,247 1,076 1,247
-------- -------- -------- --------
Earnings before income taxes 6,927 4,818 15,204 12,300
-------- -------- -------- --------
Provision for (recovery of) income taxes
Current 1,887 1,492 4,971 3,331
Future 132 (262) (417) 281
-------- -------- -------- --------
2,019 1,230 4,554 3,612
-------- -------- -------- --------
Net and comprehensive earnings for the
period from continuing operations 4,908 3,588 10,650 8,688
Net and comprehensive earnings for the
period from a discontinued operation - 11,940 - 12,335
-------- -------- -------- --------
Net and comprehensive earnings for the
period 4,908 15,528 10,650 21,023
Retained earnings- Beginning of period 109,638 92,517 106,290 89,416
Dividends:
Class A and Class B (1,197) (1,197) (3,591) (3,591)
-------- -------- -------- --------
Retained earnings - End of period 113,349 106,848 113,349 106,848
-------- -------- -------- --------
-------- -------- -------- --------
Net earnings per share from continuing
operations
Basic and diluted
Class A shares 0.33 0.25 0.73 0.60
-------- -------- -------- --------
-------- -------- -------- --------
Class B shares 0.30 0.21 0.64 0.52
-------- -------- -------- --------
-------- -------- -------- --------
Net earnings per share from discontinued
operation
Basic and diluted
Class A shares 0.00 0.82 0.00 0.85
-------- -------- -------- --------
-------- -------- -------- --------
Class B shares 0.00 0.72 0.00 0.74
-------- -------- -------- --------
-------- -------- -------- --------
Net earnings per share
Basic and diluted
Class A shares 0.33 1.07 0.73 1.45
-------- -------- -------- --------
-------- -------- -------- --------
Class B shares 0.30 0.93 0.64 1.26
-------- -------- -------- --------
-------- -------- -------- --------
ANDREW PELLER LIMITED
Consolidated Statements of Cash Flows
These financial statements have not been For the Three For the Nine
reviewed by our auditors Months Ended Months Ended
(in thousands of dollars) December 31 December 31
2010 2009 2010 2009
$ $ $ $
--------------------------------------------------------- -----------------
Cash provided by (used in)
Operating activities
Net earnings for the period 4,908 3,588 10,650 8,688
Items not affecting cash:
Loss on disposal of property and
equipment - - 678 -
Amortization of plant, equipment and
intangibles 2,050 2,164 6,104 6,174
Employee future benefits (304) (113) (538) (566)
Net unrealized (gains) losses on
derivative financial instruments (342) (1,103) 174 (2,443)
Non cash impairment charge - 1,247 - 1,247
Future income tax provision (recovery) 132 (262) (417) 281
Amortization of deferred financing
costs 34 53 404 77
-------- -------- -------- --------
6,478 5,574 17,055 13,458
Changes in non-cash working capital
items related to operations (Note 5): (11,815) (6,792) (6,217) (6,254)
-------- -------- -------- --------
(5,337) (1,218) 10,838 7,204
-------- -------- -------- --------
Investing activities
Acquisition of businesses - - (825) (825)
Proceeds from disposal of property and
equipment - - 766 -
Purchase of property, plant and
equipment (1,759) (1,477) (4,669) (4,434)
-------- -------- -------- --------
(1,759) (1,477) (4,728) (5,259)
-------- -------- -------- --------
Financing activities
Increase in deferred financing costs - (911) - (911)
Increase in bank indebtedness 9,627 3,202 1,481 4,411
Payment to partially unwind a derivative
financial instrument - (1,600) - (1,600)
Repayment of long-term debt (1,334) (18,751) (4,000) (21,417)
Dividends paid (1,197) (1,197) (3,591) (3,591)
-------- -------- -------- --------
7,096 (19,257) (6,110) (23,108)
-------- -------- -------- --------
Cash used in continuing operations - (21,952) - (21,163)
Cash provided from discontinued
operation - 21,952 - 21,163
-------- -------- -------- --------
Cash at beginning and end of period - - - -
-------- -------- -------- --------
-------- -------- -------- --------
Supplemental disclosure of cash flow
information
Cash paid (received) during the period
from continuing operations for
Interest 1,581 1,537 5,426 6,072
Income taxes 826 (2,707) 2,905 (3,519)
Cash paid during the period from
discontinued operation for
Income taxes - 34 - 757
Cash paid (received) during the period
for
Interest 1,581 1,537 5,426 6,072
Income taxes 826 (2,673) 2,905 (2,762)
The accompanying notes are an integral part of these interim consolidated
financial statements
Notes to the Interim Consolidated Financial Statements
December 31, 2010 and 2009
(in thousands of dollars)
UNAUDITED
1. Summary of Significant Accounting Policies
The interim consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in
Canada. The note disclosure for these interim consolidated
financial statements only presents material changes to the
disclosure found in the Company's audited consolidated financial
statements for the years ended March 31, 2010 and 2009. These
interim consolidated financial statements should be read in
conjunction with those consolidated financial statements and follow
the same accounting policies as the audited consolidated financial
statements. In the opinion of management, the accompanying
unaudited interim consolidated financial statements contain all
adjustments necessary to present fairly, in all material respects
the financial position of the Company as at December 31, 2010 and
for the three and nine-month periods then ended.
2. Seasonality
The third quarter of each year is historically the strongest in
terms of sales, gross profit and net earnings due to increased
consumer purchasing of the Company's products during the holiday
season.
3. Discontinued operations
During fiscal 2010, the Company entered into an agreement to
dispose of its ownership interests in Granville Island Brewing
Company Ltd. and Mainland Beverage Distribution Ltd. (collectively
referred to as "GIBCO") effective October 1, 2009.
In connection with the sale of GIBCO, the Company continues to
manufacture product for the purchaser. In doing so, the Company
incurred and was fully reimbursed for expenses in the amount of
$351 and $1,812 for the three and nine months ended December 31,
2010.
Other financial information relating to the discontinued
operation is as follows:
Condensed statement of net earnings from discontinued operation
For the three For the nine
months ended months ended
December 31 December 31
2009 2009
$ $
----------------------------------------------------------------------------
Sales - 10,509
Cost of goods sold - 5,452
----------------------------
Gross profit - 5,057
Selling and administration 30 4,293
Amortization - 213
Gain on sale of discontinued operation (13,337) (13,337)
----------------------------
Earnings before income taxes 13,307 13,888
Provision for income taxes 1,367 1,553
----------------------------
Net earnings from discontinued operation 11,940 12,335
----------------------------
----------------------------
Included in cost of goods sold is $nil and $2,015 for the three
and nine months ended December 31, 2009 respectively for costs
relating to manufacturing services provided by a related
company.
Condensed statement of cash flows from discontinued operation
For the three For the nine
months ended months ended
December 31 December 31
2009 2009
$ $
----------------------------------------------------------------------------
Cash used in operating activities (1,335) (2,124)
Cash provided by (used in) investing activities 23,287 23,287
Cash provided by (used in) financing activities - -
----------------------------
21,952 21,163
----------------------------
----------------------------
4. Other (income) expenses
During the second quarter, it became evident that approximately
98 acres of vines developed by the Company on leased land in
Oliver, British Columbia were irreparably damaged. The Company
wrote down vineyards included in property, plant and equipment
related to this vine damage in the amount of $1,712 and inventories
in the amount of $260. The Company is insured for a portion of the
loss and has recorded an amount receivable of $694 based on an
estimate of its entitlement under the insurance policy. The pre-tax
loss recorded as a result of the damaged vines is $1,278.
Also included in other (income) expenses is a gain in the amount
of $340 pre-tax related to the sale of a portion of a vineyard on
May 25, 2010. The proceeds from the sale were $766.
5. Changes in non-cash working capital items
The change in non-cash working capital items is comprised of the
change in the following items:
For the three For the three For the nine For the nine
months ended months ended months ended months ended
December 31 December 31 December 31 December 31
2010 2009 2010 2009
$ $ $ $
----------------------------------------------------------------------------
Accounts receivable (2,363) (3,787) (5,180) (5,013)
Inventories (992) (2,276) (1,956) 3,220
Prepaid expenses and
other assets 81 439 (84) (1,028)
Accounts payable and
accrued liabilities (9,602) (3,063) (1,062) (7,981)
Income taxes
payable/recoverable 1,061 1,895 2,065 4,548
--------------------------------------------------------
(11,815) (6,792) (6,217) (6,254)
--------------------------------------------------------
--------------------------------------------------------
6. Bank indebtedness and long-term debt
On August 27, 2010, the Company modified the terms of its
short-term loan facility. The modified facility matures on August
26, 2011 (previously - November 9, 2010) and incurs interest at the
Royal Bank of Canada prime rate plus 2.00% (previously - plus
2.75%).
The Company's interest rate on its term loan is currently 5.64%
and is fixed by an interest rate swap. The Company also pays
additional interest of 0.50% based on leverage and a funding
premium of 0.80%.
7. Comparative Figures
Certain of the prior year balances have been restated to conform
with the current year's presentation.
This news release contains forward-looking information that is
based upon assumptions and is subject to risks and uncertainties as
indicated in the cautionary note contained elsewhere in this news
release.
Contacts: Andrew Peller Limited Mr. Peter Patchet CFO and EVP
Human Resources (905) 643-4131 Ext. 2210
peter.patchet@andrewpeller.com
Andrew Peller (TSX:ADW.B)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Andrew Peller (TSX:ADW.B)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
