Consolidated statements of earnings and of retained earnings (unaudited)
(in thousands of dollars, except per-share amounts)
For the three months
ended February 28
and 29,
----------------------------------------------------------------- --------
2009 2008
----------------------------------------------------------------- --------
$ $
Sales 94,152 96,082
Cost of sales, warehouse, selling and
administrative expenses 86,105 85,513
----------------------------------------------------------------- --------
Earnings before the following 8,047 10,569
Amortization of capital assets 1,343 1,011
Amortization of intangible assets 274 241
Interest on debt, net 2 27
----------------------------------------------------------------- --------
1,619 1,279
Earnings before income taxes and non-controlling
interest 6,428 9,290
Income taxes 2,066 2,659
----------------------------------------------------------------- --------
Earnings before non-controlling interest 4,362 6,631
Non-controlling interest 14 3
----------------------------------------------------------------- --------
Net earnings 4,348 6,628
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
Earnings per share
Basic 0.20 0.29
Diluted 0.20 0.29
Consolidated statements of comprehensive income (unaudited)
(in thousands of dollars)
For the three months
ended February 28
and 29,
----------------------------------------------------------------- --------
2009 2008
----------------------------------------------------------------- --------
$ $
Retained earnings, beginning of period 204,591 195,511
Dividends (1,758) (1,849)
Premium on redemption of common shares for
cancellation (57) (770)
Retained earnings, end of period 207,124 199,520
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
Consolidated statements of Retained Earnings (unaudited)
(in thousands of dollars)
For the three months
ended February 28
and 29,
----------------------------------------------------------------- --------
2009 2008
----------------------------------------------------------------- --------
$ $
Net earnings 4,348 6,628
Components of comprehensive income:
Change in fair value of derivatives designated
as cash flow hedges, net of income taxes of
$27 in 2008 - 18
Translation adjustment of the net investment in
self-sustaining foreign operations 1,536 (557)
----------------------------------------------------------------- --------
1,536 (539)
----------------------------------------------------------------- --------
Comprehensive income 5,884 6,089
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
Consolidated statements of cash flows (unaudited)
(in thousands of dollars)
For the three months
ended February 28
and 29,
----------------------------------------------------------------- --------
2009 2008
----------------------------------------------------------------- --------
$ $
OPERATING ACTIVITIES
Net earnings 4,348 6,628
Non-cash items
Amortization of capital assets 1,343 1,011
Amortization of intangible assets 274 241
Future income taxes 75 (131)
Non-controlling interest 14 3
Stock-based compensation expense 247 251
----------------------------------------------------------------- --------
6,301 8,003
Net change in non-cash working capital
(6,327) (6,901)
----------------------------------------------------------------- --------
(26) (1,102)
----------------------------------------------------------------- --------
FINANCING ACTIVITIES
Repayment of long-term debt - (206)
Dividends paid (1,758) (1,849)
Issue of common shares - 109
Redemption of common shares for cancellation (60) (800)
----------------------------------------------------------------- --------
(1,818) (2,746)
----------------------------------------------------------------- --------
INVESTING ACTIVITIES
Additions to capital assets (937) (507)
----------------------------------------------------------------- --------
(937) (507)
----------------------------------------------------------------- --------
Effect of exchange rate fluctuations on cash and
cash equivalents (159) (58)
----------------------------------------------------------------- --------
Net change in cash and cash equivalents (2,940) (2,209)
Cash and cash equivalents, beginning of period 6,126 7,879
----------------------------------------------------------------- --------
Cash and cash equivalents, end of period 3,186 5,670
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
Supplemental information
Income taxes paid 6,103 4,786
Interest paid (received) 15 (8)
Consolidated balance sheets (unaudited)
(in thousands of dollars)
As at As at As at
February February November
28, 29, 30,
2009 2008 2008
----------------------------------------------------------------- --------
$ $ $
ASSETS
Current assets
Cash and cash equivalents 3,186 5,670 6,126
Accounts receivable 53,292 56,015 60,236
Income taxes receivable 3,357 1,046 -
Inventories 108,414 103,596 102,963
Prepaid expenses 1,188 1,234 1,273
----------------------------------------------------------------- --------
169,437 167,561 170,598
----------------------------------------------------------------- --------
Capital assets 22,372 19,267 22,801
Intangible assets 14,333 12,598 14,313
Goodwill 66,467 60,171 65,772
----------------------------------------------------------------- --------
272,609 259,597 273,484
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities 34,149 36,171 38,774
Income taxes payable - - 681
Current portion of long term debt 283 5,553 278
----------------------------------------------------------------- --------
34,432 41,724 39,733
----------------------------------------------------------------- --------
Long-term debt 382 847 371
Future income taxes 2,397 1,619 2,308
Non-controlling interest 2,851 2,510 2,838
----------------------------------------------------------------- --------
40,062 46,700 45,250
----------------------------------------------------------------- --------
Shareholders' equity
Capital stock 17,102 17,880 17,105
Contributed surplus 3,284 2,233 3,037
Retained earnings 207,124 199,520 204,591
Accumulated other comprehensive income 5,037 (6,736) 3,501
----------------------------------------------------------------- --------
232,547 212,897 228,234
----------------------------------------------------------------- --------
272,609 259,597 273,484
----------------------------------------------------------------- --------
----------------------------------------------------------------- --------
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