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.
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