The North West Company Inc. Releases Audited Consolidated Financial Statements and Announces Changes to Board of Directors
April 11 2018 - 6:18PM
The North West Company Inc. (TSX:NWC) (the “Company” or “North
West”) today released its Annual Audited Consolidated Financial
Statements for the year ended January 31, 2018, its
Annual Management’s Discussion and Analysis, and Annual Information
Form for the same period. These documents can be found on the
Company’s profile on the SEDAR website at www.sedar.com and on the
Company’s website at www.northwest.ca.
U.S. Tax Reform
The Company previously reported its fourth
quarter unaudited interim period condensed consolidated financial
statements on March 15, 2018. On April 2, 2018, the U.S. Department
of the Treasury and the Internal Revenue Service issued notice
2018-26 which provides additional guidance for computing the Deemed
Repatriation Transition Tax (“transition tax”) under H.R. 1, the
Tax Cuts and Jobs Act ("U.S. Tax Reform"). As a result of this
guidance, the Company recorded an additional estimated transition
tax of $1.9 million on the accumulated undistributed earnings and
profits of foreign subsidiaries in its annual audited consolidated
financial statements for the year ended January 31, 2018. This
adjustment increased income tax expense and decreased net earnings
by $1.9 million from the amounts previously reported in the fourth
quarter unaudited interim consolidated financial statements for
both the fourth quarter and the year ended January 31, 2018.
Further information on the impact of U.S. Tax Reform is provided in
the consolidated income tax expense and quarterly financial
information sections of the Annual Management’s Discussion and
Analysis and in Note 9 to the Annual Audited Consolidated Financial
Statements for the year ended January 31, 2018.
Changes to North West
Directorship
North West announces the resignation of Gary
Merasty as a member of its Board of Directors, effective April 11,
2018, so that Gary can join the Company, effective May 1, 2018, in
a senior executive role, accountable for Heath Products &
Services, Store & Community Development and new ventures with
an emphasis on indigenous business partnerships.
Also effective April 11, 2018, North West
announces the appointment of Deepak Chopra to its Board of
Directors. Mr. Chopra is the former President and CEO of Canada
Post.
H. Sanford Riley, Chairman of the Board, said,
“Gary Merasty has been a valued member of our Board for over seven
years and we are delighted that he will now play a key role on the
Company’s management team where we know he will make a great
contribution focused on our potential growth in partnership with
the indigenous communities that we serve. At the same time, we are
very pleased that Deepak Chopra has agreed to join our Board.
Deepak has had a distinguished career as a leader in Canadian and
international business. Deepak brings c-level insights and skills
which will help inform our strategies broadly and specifically
related to logistics, technology and e-commerce. We welcome him to
The North West Company.”
Company Profile
The North West Company Inc., through its
subsidiaries, is a leading retailer of food and everyday products
and services to rural communities and urban neighbourhoods in
Canada, Alaska, the South Pacific and the Caribbean. North West
operates 237 stores under the trading names Northern, NorthMart,
Giant Tiger, Alaska Commercial Company, Cost-U-Less and RiteWay
Food Markets and has annualized sales of approximately CDN$2.0
billion.
The common shares of North West trade on
the Toronto Stock Exchange under the symbol “NWC”.
For more information
contact:
Edward Kennedy, President and Chief Executive
Officer, The North West Company Inc.Phone 204-934-1482; fax
204-934-1317; email ekennedy@northwest.ca
John King, Executive Vice President and Chief
Financial Officer, The North West Company Inc.Phone 204-934-1397;
fax 204-934-1317; email jking@northwest.ca
Amanda Sutton, Vice President, Legal and
Corporate Secretary, The North West Company Inc.Phone 204-934-1756;
fax 204-934-1317; email asutton@northwest.ca
or visit on-line at www.northwest.ca
The North West (TSX:NWC)
Historical Stock Chart
From Jun 2024 to Jul 2024
The North West (TSX:NWC)
Historical Stock Chart
From Jul 2023 to Jul 2024