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Uni-Select Inc./Third Quarter Ended September 30, 2012: Sales of $463 Million, Adjusted Earnings of $11.5 Million

Thursday, November 8, 2012 11:45 AM


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BOUCHERVILLE, QUEBEC -- (Marketwire) -- 11/08/12 -- Uni-Select Inc. (TSX:UNS)

Highlights

--  Implementation of the distribution network optimization plan. 
    --  Restructuring and other costs of $18.5 million, of which $11.4
        million will have no impact on cash flows.  
--  Status report on deployment of the new integrated Enterprise Resource
    Planning system, more than 23 warehouses and 139 stores have been
    converted to date. 
--  $65 million inventory reduction and $37 million reduction in total net
    indebtedness during the same period. 
--  Implementation of a new operational structure in all of our activities
    in order to achieve the strategic objectives of the Corporation with
    regards to sales and operational efficiency. 
                                                                            
(Unless otherwise indicated, all amounts are expressed in US dollars)       
                                   -----------------------------------------
(In thousands of dollars, except                                            
 per share amounts)                        3rd Quarter     NINE-MONTH PERIOD
                                   -----------------------------------------
                                        2012      2011       2012       2011
----------------------------------------------------------------------------
Sales                                463,401   472,491  1,396,901  1,343,920
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Adjusted EBITDA                       25,464    30,759     84,670     87,202
----------------------------------------------------------------------------
EBITDA                                24,062    29,904     78,877     83,907
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Adjusted earnings                     11,511    17,186     40,619     47,674
----------------------------------------------------------------------------
Net earnings (net loss)                 (926)   16,633     25,391     44,799
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Adjusted earnings per share             0.53      0.79       1.87       2.20
----------------------------------------------------------------------------
Earnings per share                     (0.04)     0.77       1.17       2.07
----------------------------------------------------------------------------

Uni-Select Inc. generated sales of $463.4 million in the third quarter of 2012, compared to $472.5 million for the same period in 2011. Adjusted EBITDA amounted to $25.5 million this quarter compared to $30.8 million in the third quarter 2011. Adjusted earnings stood at $11.5 million in the third quarter compared to $17.2 million for the same quarter in 2011. During the third quarter, a non-recurring charge net of taxes of $12.4 million was recorded against earnings to cover implementation costs of the distribution network consolidation plan and other non-recurring items. Given this charge, the Corporation recorded a net loss in the third quarter 2012 of $0.9 million or $0.04 per share compared to net earnings of $16.6 million or $0.77 per share for the same period in 2011.

The 1.9% decrease in sales for the quarter is mainly due to a temporary slowdown in the industry. This slowdown has had a greater impact in areas in the North East of the continent. It should also be noted that the third quarter of 2012 had one less billing day as compared to the same period last year. These negative factors were partially offset by sales derived from the assets in Florida purchased in the fourth quarter 2011. Sales of US operations totaled $330 million in the third quarter while sales of Canadian operations totaled $133 million.

The adjusted EBITDA margin stood at 5.5% in the third quarter 2012 compared to 6.5% in the corresponding quarter in 2011. This decrease is mainly attributable to the rapid decline in sales with spending that could not be adjusted at the same rate. In addition, higher IT maintenance and support costs related to the transition to the new ERP system also had an adverse effect on the adjusted EBITDA margin. The optimization plan implemented during the quarter combined with the improved purchasing conditions obtained from our suppliers helped to partially offset the items mentioned above and should contribute to the improvement of our long-term performance.

For the nine-month period ended September 30, 2012, sales grew by 3.9% to $1.397 billion compared to $1.344 billion for the same period of the previous year. This increase is primarily attributable to the assets in Florida purchased in the fourth quarter 2011. This increase was partially offset by one less billing day in Canada and a decrease in organic sales of 0.9% combined with the variations in the value of the Canadian dollar relative to the US dollar which had a negative impact of $10.3 million.

Sales in the United States totaled $1.002 billion for the nine-month period ended September 30, 2012 compared to $929 million for the same period in 2011. Canadian operations generated sales of $394 million for the nine-month period ended September 30, 2012, compared to $415 million in 2011.

For the nine-month period ended September 30, 2012, the adjusted EBITDA margin amounted to 6.1% compared to 6.5% for the corresponding period of 2011. The same factors as those mentioned for the quarter affected the adjusted EBITDA margin for the nine months. However, adverse economic conditions having prevailed only since April, their financial impact was less significant for that period. These items were partially offset by the additional marginal contribution from acquisitions completed in 2011, and their materialized synergies.

"The many initiatives implemented during the quarter and previous quarters, including the optimization of our distribution network, did not offset the weak demand that prevails currently in our industry." says Richard G. Roy, President and CEO of Uni-Select.

"We remain confident that the outlook for our business remains positive. However, we expect that our results for the balance of the year will continue to be affected by the slowdown in sales. We will pursue our efforts to provide excellent service to our customers while exercising tight control of our costs to return quickly to our usual levels of profitability. The reorganization of our sales team in the United States combined with the network consolidation plan will result in a significant reduction in our costs both operational and administrative. "says Mr. Roy.

Finally, the Board of Directors, of Uni-Select declared a dividend of CDN$0.13 per share payable on January 22, 2013 to shareholders of record on December 30, 2012. This dividend is an eligible dividend for tax purposes.

About Uni-Select

Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools and accessories for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leader independent distributor of automotive paint and related products in the country. With 6,200 employees, the Uni-Select network includes over 2,500 independent jobbers and services more than 3,500 points of sale in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.

The information provided in this press release includes some forward-looking information, which includes certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

The following terms do not have any standardized meaning according to the International Financial Reporting Standards (IFRS). As a result, they are therefore unlikely to be comparable to similar measures presented by other corporations.

(1) "EBITDA", represents operating profit before finance costs, depreciation and amortization, restructuring charges, write-off of assets and others, net gain on disposal of property and equipment, income taxes and net earnings attributable to non-controlling interests. This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.

(2) "Adjusted EBITDA", used to assess adjusted EBITDA, adjusted earnings and adjusted earnings per share to assess EBITDA from operating activities, excluding certain adjustments which may affect the comparability of the Corporation's financial results. Management is of the view that these measures are more representative of the Corporation's operational performance and more appropriate in providing additional information.

(3) "Adjustements", are unusual incurred costs that Management regards as not being characteristic or representative of the Corporation's regular operations. They include, amongst others, the non-capitalizable costs related to the development and implementation of the ERP system, costs related to the closure and disposal of stores, restructuring charges, write-off of assets and others, as well as net gain on disposal of property and equipment. The exclusion of these items does not indicate that they are non-recurring.

(4) "Total net indebtedness", consists of bank indebtedness, long-term debt and merchant members' deposits in the guarantee fund (including short-term portions), net of cash.

Additional Information

The management report and the unaudited financial statements as well as accompanying notes for the Second Quarter of 2012 are available in the "Investor Information" section on the Corporation's website at: www.uniselect.com as well as on SEDAR's: www.sedar.com. The reader will also find on these websites the Corporation's Annual Report as well as other information related to Uni-Select, including its Annual Information Form.

Conference Call

Thursday, November 8, 2012 at 3 PM (EST), Uni-Select will host a conference call to discuss the 2012 Third Quarter financial results. To join the conference, dial 1 866 696-5910 followed by 8567461.

UNI-SELECT INC.                                                             
CONSOLIDATED STATEMENT OF EARNINGS (LOSS)                                   
(In thousands of US dollars, except per share amounts, unaudited)           
                                                                            
                                Three-month period       Nine-month period  
                                ended September 30,     ended September 30, 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                      $           $           $           $ 
Sales                           463,401     472,491   1,396,901   1,343,920 
                            ------------------------------------------------
                                                                            
Earnings before the                                                         
 following items:                24,062      29,904      78,877      83,907 
                            ------------------------------------------------
                                                                            
Finance costs, net (Note 5)       4,661       4,009      14,061      12,724 
Depreciation and                                                            
 amortization (Note 6)            7,157       6,248      20,325      16,428 
Restructuring charges,                                                      
 write-off of assets and                                                    
 others (Note 7)                 18,458           -      18,458       2,976 
Net gain on the disposal of                                                 
 property and equipment               -           -           -      (1,728)
                            ------------------------------------------------
Earnings (Loss) before                                                      
 income taxes                    (6,214)     19,647      26,033      53,507 
Income taxes (Note 10)                                                      
  Current                        (5,297)       (127)      4,716       1,932 
  Deferred                            9       3,298      (3,982)      7,254 
                            ------------------------------------------------
                                 (5,288)      3,171         734       9,186 
                            ------------------------------------------------
Net earnings (loss)                (926)     16,476      25,299      44,321 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Attributable to shareholders       (926)     16,633      25,390      44,799 
Attributable to non-                                                        
 controlling interests                -        (157)        (91)       (478)
                            ------------------------------------------------
                                   (926)     16,476      25,299      44,321 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Earnings (Loss) per share                                                   
 (in US dollars) (Note 9)                                                   
  Basic                           (0.04)       0.77        1.17        2.07 
  Diluted                         (0.04)       0.75        1.17        2.05 
                                                                            
Weighted average number of                                                  
 shares outstanding (in                                                     
 thousands) (Note 9)                                                        
  Basic                          21,629      21,678      21,634      21,643 
  Diluted                        21,629      22,925      21,635      22,863 
                                                                            
The Consolidated Statement of Earnings (Loss) by nature is presented in Note
 18.                                                                        
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
The accompanying notes are an integral part of the Interim Consolidated     
Financial Statements.                                                       
                                                                            
                                                                            
UNI-SELECT INC.                                                             
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                              
(In thousands of US dollars, unaudited)                                     
                                 Three-month period       Nine-month period 
                                ended September 30,     ended September 30, 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                      $           $           $           $ 
Net earnings (loss)                (926)     16,476      25,299      44,321 
                            ------------------------------------------------
                                                                            
Other comprehensive income                                                  
  Effective portion of                                                      
   changes in the fair value                                                
   of cash flow hedges (net                                                 
   of income taxes of $173                                                  
   and $496 for the three                                                   
   and nine-month periods                                                   
   ($37 and $196 in 2011))         (471)        (87)     (1,348)       (529)
                                                                            
  Net change in the fair                                                    
   value of derivative                                                      
   financial instruments                                                    
   designated as cash flow                                                  
   hedges transferred to                                                    
   earnings (net of income                                                  
   taxes of $168 and $512                                                   
   for the three and nine-                                                  
   month periods ($254 and                                                  
   $707 in 2011))                   456         620       1,391       1,860 
                            ------------------------------------------------
                                    (15)        533          43       1,331 
                                                                            
  Unrealized exchange gains                                                 
   (losses) on the                                                          
   translation of financial                                                 
   statements to the                                                        
   presentation currency         (8,296)     11,395      (7,984)      9,074 
                                                                            
  Unrealized exchange gains                                                 
   (losses) on the                                                          
   translation of debt                                                      
   designated as a hedge of                                                 
   net investments in                                                       
   foreign operations            11,603     (16,192)     11,108     (10,139)
                                                                            
  Actuarial loss on defined                                                 
   benefit pension plans                                                    
   (net of income taxes of                                                  
   $806 and $1,336 for the                                                  
   three and nine-month                                                     
   periods)                      (2,083)          -      (3,523)          - 
                                                                            
                            ------------------------------------------------
Other comprehensive income                                                  
 (loss)                           1,209      (4,264)       (356)        266 
                            ------------------------------------------------
Comprehensive income                283      12,212      24,943      44,587 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Attributable to shareholders        283      12,369      25,034      45,065 
Attributable to non-                                                        
 controlling interests                -        (157)        (91)       (478)
                            ------------------------------------------------
                                    283      12,212      24,943      44,587 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
The accompanying notes are an integral part of the Interim Consolidated     
Financial Statements.                                                       
                                                                            
                                                                            
UNI-SELECT INC.                                                             
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                 
(In thousands of US dollars, unaudited)                                     
                                               Attributable to shareholders 
                    ------------------------------------------------------- 
                                                       Equity               
                                                 component of               
                                     Accumulated  convertible               
                                           other   debentures               
                                   comprehensive          and               
                                          income  contributed      Retained 
                    Share capital      (Note 14)      surplus      earnings 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                $              $            $             $ 
Balance, December                                                           
 31, 2010                  39,099          4,700          375       337,795 
                    --------------------------------------------------------
Net earnings                    -              -            -        44,799 
Other comprehensive                                                         
 income                         -            266            -             - 
                    --------------------------------------------------------
Comprehensive income            -            266            -        44,799 
                                                                            
Contributions by and                                                        
 distributions to                                                           
 shareholders                                                               
  Share issuances          49,980              -            -             - 
  Share redemptions          (117)             -            -          (541)
  Issuance of                                                               
   convertible                                                              
   debentures                   -              -        1,687             - 
  Dividends                     -              -            -        (7,991)
  Stock-based                                                               
   compensation                                                             
   expense                      -              -           59             - 
                    --------------------------------------------------------
                           49,863              -        1,746        (8,532)
Changes in ownership                                                        
 interests in                                                               
 subsidiaries that                                                          
 do not result in a                                                         
 loss of control                                                            
  Buy-back of non-                                                          
   controlling                                                              
   interests                    -              -            -             - 
  Foreign exchange                                                          
   translation                                                              
   adjustment on                                                            
   non-controlling                                                          
   interests                    -              -            -             - 
                    --------------------------------------------------------
Balance, September                                                          
 30, 2011                  88,962          4,966        2,121       374,062 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
                                                                            
                    --------------------------------------------------------
Balance, December                                                           
 31, 2011                  88,940          6,216        2,139       375,262 
                    --------------------------------------------------------
                    --------------------------------------------------------
Net earnings                    -              -            -        25,390 
Other comprehensive                                                         
 income                         -          3,167            -        (3,523)
                    --------------------------------------------------------
Comprehensive income            -          3,167            -        21,867 
                                                                            
Contributions by and                                                        
 distributions to                                                           
 shareholders                                                               
  Share issuances              29              -            -             - 
  Share redemptions          (136)             -            -          (612)
  Dividends                     -              -            -        (8,435)
  Stock-based                                                               
   compensation                                                             
   expense                      -              -           28             - 
                    --------------------------------------------------------
                             (107)             -           28        (9,047)
Changes in ownership                                                        
 interests in                                                               
 subsidiaries that                                                          
 do not result in a                                                         
 loss of control                                                            
  Buy-back of non-                                                          
   controlling                                                              
   interests                    -              -          (98)            - 
  Foreign exchange                                                          
   translation                                                              
   adjustment on                                                            
   non-controlling                                                          
   interests                    -              -            -             - 
                    --------------------------------------------------------
Balance, September                                                          
 30, 2012                  88,833          9,383        2,069       388,082 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                           Attributable to non-                             
                          controlling interests                             
                                       (Note 8)                Total equity 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              $                           $ 
Balance, December                                                           
 31, 2010                                 2,623                     384,592 
                    --------------------------------------------------------
Net earnings                               (478)                     44,321 
Other comprehensive                                                         
 income                                       -                         266 
                    --------------------------------------------------------
Comprehensive income                       (478)                     44,587 
                                                                            
Contributions by and                                                        
 distributions to                                                           
 shareholders                                                               
  Share issuances                             -                      49,980 
  Share redemptions                           -                        (658)
  Issuance of                                                               
   convertible                                                              
   debentures                                 -                       1,687 
  Dividends                                   -                      (7,991)
  Stock-based                                                               
   compensation                                                             
   expense                                    -                          59 
                    --------------------------------------------------------
                                              -                      43,077 
Changes in ownership                                                        
 interests in                                                               
 subsidiaries that                                                          
 do not result in a                                                         
 loss of control                                                            
  Buy-back of non-                                                          
   controlling                                                              
   interests                               (634)                       (634)
  Foreign exchange                                                          
   translation                                                              
   adjustment on                                                            
   non-controlling                                                          
   interests                                (40)                        (40)
                    --------------------------------------------------------
Balance, September                                                          
 30, 2011                                 1,471                     471,582 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
                                                                            
                    --------------------------------------------------------
Balance, December                                                           
 31, 2011                                 1,033                     473,590 
                    --------------------------------------------------------
                    --------------------------------------------------------
Net earnings                                (91)                     25,299 
Other comprehensive                                                         
 income                                       -                        (356)
                    --------------------------------------------------------
Comprehensive income                        (91)                     24,943 
                                                                            
Contributions by and                                                        
 distributions to                                                           
 shareholders                                                               
  Share issuances                             -                          29 
  Share redemptions                           -                        (748)
  Dividends                                   -                      (8,435)
  Stock-based                                                               
   compensation                                                             
   expense                                    -                          28 
                    --------------------------------------------------------
                                              -                      (9,126)
Changes in ownership                                                        
 interests in                                                               
 subsidiaries that                                                          
 do not result in a                                                         
 loss of control                                                            
  Buy-back of non-                                                          
   controlling                                                              
   interests                             (1,053)                     (1,151)
  Foreign exchange                                                          
   translation                                                              
   adjustment on                                                            
   non-controlling                                                          
   interests                                111                         111 
                    --------------------------------------------------------
Balance, September                                                          
 30, 2012                                     -                     488,367 
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
The accompanying notes are an integral part of the Interim Consolidated     
Financial Statements.                                                       
                                                                            
                                                                            
UNI-SELECT INC.                                                             
CONSOLIDATED STATEMENT OF CASH FLOWS                                        
(In thousands of US dollars, unaudited)                                     
                                                                            
                                 Three-month period       Nine-month period 
                                ended September 30,     ended September 30, 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                      $           $           $           $ 
OPERATING ACTIVITIES                                                        
Net earnings (loss)                (926)     16,476      25,299      44,321 
Non-cash items                                                              
  Depreciation and                                                          
   amortization (Note 6)          7,157       6,248      20,325      16,428 
  Income tax expense (Note                                                  
   10)                           (5,288)      3,171         734       9,186 
  Finance costs, net (Note                                                  
   5)                             4,661       4,009      14,061      12,724 
  Restructuring charges,                                                    
   write-off of assets and                                                  
   others (Note 7)               17,357           -      17,357           - 
  Net gain on the disposal                                                  
   of property and equipment          -           -           -      (1,728)
  Other non-cash items            1,716         432       2,633         381 
Changes in working capital                                                  
 items                           26,002        (461)     18,126     (29,296)
Interest paid                    (5,014)     (6,168)    (15,145)    (12,316)
Income taxes (paid)                                                         
 recovered                         (200)        799      (1,604)     (8,959)
                            ------------------------------------------------
Cash flows from operating                                                   
 activities                      45,465      24,506      81,786      30,741 
                            ------------------------------------------------
                                                                            
INVESTING ACTIVITIES                                                        
Business acquisitions (Note                                                 
 8)                              (2,918)       (237)     (5,247)   (223,002)
Repurchase of non-                                                          
 controlling interests (Note                                                
 8)                                   -        (203)     (1,053)       (432)
Proceeds from business                                                      
 disposals                          423           -         423         157 
Balances of purchase or sale                                                
 price                             (165)        335      (1,062)        454 
Advances to merchant members     (2,324)     (1,644)     (9,377)     (8,251)
Receipts on investments and                                                 
 advances to merchant                                                       
 members                          2,307         177       4,256       1,802 
Acquisitions of property and                                                
 equipment (Note 11)             (2,112)     (3,363)     (7,782)     (7,936)
Disposals of property and                                                   
 equipment (Note 11)                422         302         642       5,984 
Acquisitions and development                                                
 of intangible assets (Note                                                 
 12)                             (4,575)     (6,038)    (11,648)    (21,157)
                            ------------------------------------------------
Cash flows from (used in)                                                   
 investing activities            (8,942)    (10,671)    (30,848)   (252,381)
                            ------------------------------------------------
                                                                            
FINANCING ACTIVITIES                                                        
Net increase in bank                                                        
 indebtedness                       120         886         100          55 
Increase in long-term debt          564      17,232      41,358     373,744 
Repayment of long-term debt     (33,585)    (29,242)    (83,865)   (243,216)
Merchant members' deposits                                                  
 in the guarantee fund              (63)        (37)       (138)        178 
Issuance of convertible                                                     
 debentures, net of issuance                                                
 costs                                -           -           -      49,741 
Share issuances, net of                                                     
 issuance costs                       -           -          29      49,361 
Share redemptions                  (735)       (658)       (748)       (658)
Dividends paid                   (2,871)     (2,604)     (8,222)     (7,680)
                            ------------------------------------------------
Cash flows from financing                                                   
 activities                     (36,570)    (14,423)    (51,486)    221,525 
                            ------------------------------------------------
Effects of fluctuations in                                                  
 exchange rates on cash              40         (22)         44         (20)
                            ------------------------------------------------
Decrease in cash                     (7)       (610)       (504)       (135)
Cash, beginning of period         1,174         854       1,671         379 
                            ------------------------------------------------
Cash, end of period               1,167         244       1,167         244 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
The accompanying notes are an integral part of the Interim Consolidated     
 Financial Statements.                                                      
                                                                            
                                                                            
UNI-SELECT INC.                                                             
CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                
(In thousands of US dollars, unaudited)                                     
                                           September 30,                    
                                                    2012   December 31, 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       $                   $
ASSETS                                                                      
Current assets                                                              
  Cash                                             1,167               1,671
  Trade and other receivables                    209,251             198,495
  Income taxes receivable                         23,999              25,234
  Inventory                                      513,775             579,246
  Prepaid expenses                                10,866              11,358
                                    ----------------------------------------
  Total current assets                           759,058             816,004
Investments and advances to merchant                                        
 members                                          27,282              22,149
Property and equipment (Note 11)                  48,186              43,134
Intangible assets (Note 12)                      154,487             156,958
Goodwill (Note 12)                               187,698             184,734
Deferred tax assets                               27,433              24,242
                                    ----------------------------------------
TOTAL ASSETS                                   1,204,144           1,247,221
                                    ----------------------------------------
                                    ----------------------------------------
                                                                            
LIABILITIES                                                                 
Current liabilities                                                         
  Bank indebtedness                                  614                 497
  Trade and other payables and other                                        
   provisions                                    270,807             298,686
  Dividends payable                                2,857               2,552
  Current portion of long-term debt                                         
   and merchant members' deposits in                                        
   the guarantee fund                             19,218              15,694
                                    ----------------------------------------
  Total current liabilities                      293,496             317,429
Long-term employee benefit                                                  
 obligations                                      33,073              27,319
Long-term debts                                  296,130             337,319
Convertible debentures                            49,547              47,225
Merchant members' deposits in the                                           
 guarantee fund                                    7,886               7,757
Derivative financial instruments                   2,447               2,505
Deferred tax liabilities                          33,198              34,077
                                    ----------------------------------------
TOTAL LIABILITIES                                715,777             773,631
                                    ----------------------------------------
EQUITY                                                                      
Share capital                                     88,833              88,940
Contributed surplus                                  382                 452
Equity component of the convertible                                         
 debentures                                        1,687               1,687
Retained earnings                                388,082             375,262
Accumulated other comprehensive                                             
 income (Note 14)                                  9,383               6,216
                                    ----------------------------------------
TOTAL SHAREHOLDERS' EQUITY                       488,367             472,557
Non-controlling interests                              -               1,033
                                    ----------------------------------------
TOTAL EQUITY                                     488,367             473,590
                                    ----------------------------------------
                                                                            
TOTAL LIABILITIES AND EQUITY                   1,204,144           1,247,221
                                    ----------------------------------------
                                    ----------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
The accompanying notes are an integral part of the Interim Consolidated     
 Financial Statements.                                                      

Contacts:
Source:
UNI-SELECT INC.
www.uni-select.com

Contact:
Karine Vachon
Investor Relations and Communications Manager
(450) 641-6972
investorrelation@uniselect.com

(Source: Market Wire )
(Source: Quotemedia)

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The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.