MISSISSAUGA, ON, Aug. 7 /CNW/ -
Financial Highlights
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(in thousands of dollars Three months Six months
except per share amounts) ended ended
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June 30, June 30, June 30, June 30,
2009 2008 2009 2008
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Revenue 62,651 63,151 82,253 83,014
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EBITDA(1) 17,021 16,625 20,075 19,616
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Net earnings (loss) 1,951 2,429 (3,634) (3,336)
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Basic and diluted earnings (loss)
per share $0.08 $0.10 ($0.16) ($0.15)
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Weighted average shares outstanding
(000's) 22,892 22,853
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(1) EBITDA is not a recognized performance measure under Canadian GAAP.
EBITDA is defined as earnings before taxes, interest, depreciation,
amortization, non-controlling interest and earnings from equity accounted
investments. Management believes that in addition to net earnings, this
measure is useful supplemental information to provide investors with an
indication of income available prior to debt service, capital
expenditures and income taxes. Investors should be cautioned, however,
that this measure should not be construed as an alternative to net
earnings determined in accordance with GAAP as an indicator of the
Company's performance.
Second Quarter 2009 Highlights
EBITDA from the rail, tourism and port segment increased to US $7,389,000
in 2009 compared to US $7,062,000 for the second quarter of 2008 due to
additional port revenue from increased cruise ship passengers, a 5.8% increase
in the average ticket price and aggressive containment of costs. Also
impacting the quarter were two separate rail service interruptions - a rock
slide which halted the entire rail operation for 2 days in May and a washout
which halted rail operations between Bennett, British Columbia and Carcross,
Yukon for 6 weeks. It is estimated that these interruptions resulted in a loss
of US $780,000 in revenue and contributed to the decline in rail passengers.
The majority of earnings from the rail, tourism and port operations are
generated in US dollars.
