CCL Industries Reports Adjusted Net Earnings of $2.80 per Basic Share for the Second Quarter
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/EINPresswire.com/ -- TORONTO, ON--(Marketwired - August 04, 2016) -
Second Quarter Highlights
-
Record adjusted basic earnings per Class B share
(3) of $2.80, up 32.1%; basic earnings per Class B share of $2.06, down 2.8%; includes $0.04 currency tailwind - Sales increased 33.1%, supported by 10.4% CCL Label organic sales growth
-
Strong operating income
(1) improvements across CCL Label, Avery and CCL Container - Closed Checkpoint acquisition, announced bolt-on Healthcare acquisition for CCL Label in Germany
- Checkpoint results for first seven weeks of ownership in line with expectations
Six-Month Highlights
- Year-to-date adjusted basic earnings per Class B share
(3) of $5.45, up 32.6%; basic earnings per Class B share of $4.63, up 13.2% - Sales increased 28.0% supported by 8.9% CCL Label organic sales growth
-
Operating income
(1) increased 22.2% driven by strong performances across CCL Label, Avery and CCL Container
CCL Industries Inc. (TSX: CCL.A) (TSX: CCL.B) ("CCL" or "the Company"), a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, today reported 2016 second quarter results.
Sales for the second quarter of 2016 increased 33.1% to $960.2 million, compared to $721.5 million for the second quarter of 2015, with 6.9% organic growth, 2.8% positive currency translation impact and 23.4% acquisition related growth, primarily driven by the May 13, 2016 acquisition of Checkpoint Systems, Inc. ("Checkpoint") and November 6, 2015 acquisition of Worldmark Ltd. ("Worldmark").
Operating income
Restructuring and other items of $19.0 million ($13.7 million after tax) was reported for the second quarter of 2016. This consisted of $13.0 million for severance and $4.6 million of other transaction costs associated with the acquisition and re-organization of Checkpoint and $1.4 million for severance and other costs associated with the Worldmark acquisition. There were no expenses for restructuring and other items for the 2015 second quarter.
Net earnings attributable to shareholders of the Company, was $72.3 million for the 2016 second quarter compared to $73.3 million for the 2015 second quarter. Basic and adjusted basic earnings per Class B share
For the six-month period ended June 30, 2016, sales, operating income and net earnings improved 28.0%, 22.2% and 14.5% to $1,827.0 million, $293.0 million and $161.9 million, respectively, compared to the same six-month period in 2015. Included in the 2016 six-month period was a $16.6 million non-cash acquisition accounting adjustment to the acquired finished goods inventory from the Checkpoint and Worldmark businesses that was expensed in the Company's cost of goods sold for the period. Excluding this non-cash adjustment, operating income was $309.6 million and improved 29.2% for the comparable six month periods. 2016 included results from twelve acquisitions completed since January 1, 2015, delivering acquisition related growth for the period of 17.4%. Organic sales growth of 6.0% provided the foundation for solid profit improvement and foreign currency translation added $0.17 per share. For the six-month period ended June 30, 2016, basic and adjusted basic earnings per Class B share
Geoffrey T. Martin, President and Chief Executive Officer, commented, "Second quarter results were driven by exceptional organic growth in our CCL Label business throughout the world with performance in Europe and Latin America fueled by the timing of Easter falling in March 2016. Continued cost savings, new product initiatives and pricing delivered solid profit improvement at Avery on flat sales excluding foreign exchange translation benefits. Results for CCL Container improved meaningfully on strong volume overall and excellent profitability in Mexico. We also announced during the second quarter, and subsequently closed in early July, an important Healthcare acquisition for CCL Label in Germany."
Mr. Martin added, "In addition, with substantial majority support from its shareholders, we completed the acquisition of Checkpoint, now a new reportable operating segment of CCL. For the seven-week period post acquisition, Checkpoint posted sales of $92.6 million with an operating profit of $9.9 million before the non-cash acquisition accounting adjustment. Results were in line with our expectations. In addition, we recorded restructuring charges of $13.0 million as part of our previously announced $40 million restructuring plan and remain committed to $40 million in annualized cost reductions. Our ability to convert these savings to reportable profits is predicated on maintaining sales levels in a challenging environment for retailers."
Mr. Martin continued, "Foreign currency translation added $0.04 per share for the quarter with the comparatively stronger U.S. dollar and euro partly offset by weaker Latin American currencies and the U.K. pound. The impact of "BREXIT" on this quarter's results was moderately positive with transaction gains more than offsetting the modest negative impact of lower average translation rates. At today's Canadian dollar exchange rates, currency translation would be a modest headwind for the second half of the year, if sustained."
Mr. Martin concluded, "Despite closing six acquisitions, with aggregate purchases of approximately $623 million in the first six months of this year, CCL's leverage ratio
2016 Second Quarter Highlights
CCL Label
- Sales increased 28.8% to $604.0 million, with 10.4% organic growth, 15.8% acquisitions and 2.6% positive currency translation
- Regional organic sales growth: high single digit in North America and Asia Pacific, double digit in Europe and Latin America
- 15.1% operating income margin
(1) excluding non-cash acquisition accounting adjustment related to Worldmark finished goods inventory - Label joint ventures added $0.04 earnings per Class B share
Avery
- Sales increased 4.6% to $207.4 million, 1.1% from acquisitions and 4.5% positive currency translation partially offset by 1.0% organic sales decline
- Operating income
(1) increased 11.7% on positive currency translation, cost savings, new products and pricing - Modest back-to-school related profit decline expected for the coming quarter, predicting 2016 to be another year of progress overall
Checkpoint
- Sales of $92.6 million, stronger international versus domestic results
- Operating income
(1) of $9.9 million excluding $14.6 million non-cash acquisition accounting adjustment related to finished goods inventory - Restructuring plan well underway, heading into the stronger second half retail season
CCL Container
- Sales increased 3.3% to $56.2 million with 4.6% organic growth and 1.3% negative currency translation
- Strong volume overall and robust profit performance in Mexico resulted in a 46.3% increase in operating income
(1) - Start-up losses at the Rheinfelden Americas aluminum slug joint venture reduced earnings by $0.01 per Class B share
CCL Taisei Joint Venture
Today, CCL acquired the remaining minority 25% interest in its tube manufacturing joint venture in Bangkok, Thailand, from its former partner Taisei Kako Co., Ltd. of Japan for proceeds of $1.9 million. From this point forward the entity will be a fully consolidated subsidiary of CCL.
CCL will hold a conference call at 8:00 a.m. EDT on August 4, 2016, to discuss these results. The analyst presentation will be posted on the Company's website.
To access this call, please dial:
416-340-2219 - Local
1-866-225-2055 - Toll Free
For more information on CCL, visit our website - www.cclind.com.
Forward-looking Statements
This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the anticipated growth in sales, income and profitability of the Company's segments; and the Company's expectations regarding general business and economic conditions.
Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and CCL's ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic recovery and higher consumer spending; improved customer demand for the Company's products; continued historical growth trends, market growth in specific sectors and entering into new sectors; the Company's ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company's focused strategies and operational approach; the achievement of the Company's plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company's continued relations with its customers; the Company's estimated annual cost reductions from the restructuring of the Checkpoint Systems, Inc. acquisition, the Company's expectations regarding back-to-school profitability; general business and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the 2015 Annual Report, Management's Discussion and Analysis, particularly under Section 4: "Risks and Uncertainties." CCL's annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.
Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL's business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.
The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.
Financial Information
CCL Industries Inc.
Consolidated statements of financial position
Unaudited
In thousands of Canadian dollars
As at June 30, As at December
2016 31, 2015
-------------- ----------------
Assets
Current assets
Cash and cash equivalents $ 421,683 $ 405,692
Trade and other receivables 727,777 524,621
Inventories 426,318 260,600
Prepaid expenses 31,826 20,562
Income taxes recoverable 4,661 18,389
----------------------------------------------------------------------------
Total current assets 1,612,265 1,229,864
----------------------------------------------------------------------------
Non-current assets
Property, plant and equipment 1,203,869 1,085,506
Goodwill 1,050,496 876,838
Intangible assets 575,090 285,340
Deferred tax assets 38,431 12,293
Equity accounted investments 62,246 61,502
Other assets 35,532 30,962
----------------------------------------------------------------------------
Total non-current assets 2,965,664 2,352,441
----------------------------------------------------------------------------
Total assets $ 4,577,929 $ 3,582,305
============================================================================
Liabilities
Current liabilities
Bank indebtedness $ 979 $ -
Trade and other payables 789,973 710,999
Current portion of long-term debt 61,927 167,103
Income taxes payable 62,351 33,652
Derivative instruments 352 1,095
----------------------------------------------------------------------------
Total current liabilities 915,582 912,849
----------------------------------------------------------------------------
Non-current liabilities
Long-term debt 1,630,998 838,416
Deferred tax liabilities 71,042 59,860
Employee benefits 257,990 135,216
Provisions and other long-term liabilities 59,233 13,833
Derivative instruments - 253
----------------------------------------------------------------------------
Total non-current liabilities 2,019,263 1,047,578
----------------------------------------------------------------------------
Total liabilities 2,934,845 1,960,427
----------------------------------------------------------------------------
Equity
Share capital 255,141 276,882
Contributed surplus 53,917 50,584
Retained earnings 1,309,946 1,182,686
Accumulated other comprehensive income 21,939 111,726
----------------------------------------------------------------------------
Total equity attributable to shareholders of
the Company 1,640,943 1,621,878
----------------------------------------------------------------------------
Non-controlling interest 2,141 -
----------------------------------------------------------------------------
Total equity 1,643,084 1,621,878
----------------------------------------------------------------------------
Total liabilities and equity $ 4,577,929 $ 3,582,305
============================================================================
CCL Industries Inc.
Consolidated income statements
Unaudited
Three Months Ended June Six Months Ended June
30 30
----------------------- -----------------------
In thousands of Canadian
dollars, except per share 2015
information 2016 2015 2016
Sales $ 960,208 $ 721,494 $ 1,827,026 $ 1,427,364
Cost of sales 678,781 514,706 1,294,287 1,022,354
----------------------------------------------------------------------------
Gross profit 281,427 206,788 532,739 405,010
Selling, general and
administrative expenses 152,393 97,216 264,623 191,705
Restructuring and other 18,950 - 21,930 940
items
Earnings in equity accounted (1,057)
investments (245) (1,865) (763)
----------------------------------------------------------------------------
111,141 109,817 248,051 213,128
----------------------------------------------------------------------------
Finance cost 8,388 6,718 17,170 13,424
Finance income (594) (505) (1,473) (901)
----------------------------------------------------------------------------
Net finance cost 7,794 6,213 15,697 12,523
----------------------------------------------------------------------------
Earnings before income tax 103,347 103,604 232,354 200,605
Income tax expense 31,169 30,336 70,452 59,191
----------------------------------------------------------------------------
Net earnings $ 72,178 $ 73,268 $ 161,902 $ 141,414
============================================================================
Attributable to:
Shareholders of the 72,317 73,268 162,236 141,414
Company $ $ $ $
Non-controlling interest (139) - (334) -
----------------------------------------------------------------------------
Net earnings $ 72,178 $ 73,268 $ 161,902 $ 141,414
============================================================================
Earnings per share
Basic earnings per Class B
share $ 2.06 $ 2.12 $ 4.63 $ 4.09
============================================================================
Diluted earnings per Class B
share $ 2.03 $ 2.09 $ 4.57 $ 4.02
============================================================================
CCL Industries Inc.
Consolidated statements of cash flows
Unaudited
Three Months Ended June Six Months Ended June
30 30
-----------------------------------------------
In thousands of Canadian
dollars 2016 2015 2016 2015
Cash provided by (used for)
Operating activities
Net earnings $ 72,178 $ 73,268 $ 161,902 $ 141,414
Adjustments for:
Depreciation and
amortization 48,491 39,279 95,311 78,684
Earnings in equity
accounted investments,
net of dividends received (835) (34) (1,643) (552)
Net finance costs 7,794 6,213 15,697 12,523
Current income tax expense 45,513 34,340 72,666 56,780
Deferred taxes (14,344) (4,004) (2,214) 2,411
Equity-settled share-based
payment transactions 6,187 3,851 7,659 6,274
Gain on sale of property,
plant and equipment (105) (642) (833) (958)
----------------------------------------------------------------------------
164,879 152,271 348,545 296,576
Change in inventories (3,063) (16,382) (10,006) (36,469)
Change in trade and other
receivables (29,699) (15,042) (40,072) (94,014)
Change in prepaid expenses (14,505) (13,422) (10,486) (12,652)
Change in trade and other
payables (21,348) 24,219 (149,451) 36,999
Change in income taxes
receivable and payable 4,593 445 5,453 (292)
Change in employee
benefits (7,239) 3,309 (4,238) 11,186
Change in other assets and
liabilities 31,680 (7,427) 26,415 (5,927)
----------------------------------------------------------------------------
125,298 127,971 166,160 195,407
Net interest paid (4,860) (1,394) (17,792) (11,840)
Income taxes paid (30,929) (15,228) (44,006) (24,905)
----------------------------------------------------------------------------
Cash provided by operating
activities 89,509 111,349 104,362 158,662
----------------------------------------------------------------------------
Financing activities
Proceeds on issuance of
long-term debt 598,500 341 831,894 47,023
Repayment of debt (11,358) (38,686) (159,600) (52,519)
Proceeds from issuance of
shares 446 2,403 446 6,005
Purchase of shares held in
trust (28,836) - (28,836) -
Dividends paid (17,525) (13,044) (35,044) (26,065)
----------------------------------------------------------------------------
Cash provided by financing
activities 541,227 (48,986) 608,860 (25,556)
----------------------------------------------------------------------------
Investing activities
Additions to property, plant
and equipment (75,128) (34,928) (145,636) (91,593)
Proceeds on disposal of
property, plant and
equipment 277 1,834 5,863 2,445
Business acquisitions and
other long-term investments (441,741) 189 (527,825) (38,623)
----------------------------------------------------------------------------
Cash used for investing
activities (516,592) (32,905) (667,598) (127,771)
----------------------------------------------------------------------------
Net increase in cash and
cash equivalents 114,144 29,458 45,624 5,335
Cash and cash equivalents at
beginning of period 320,140 205,993 405,692 221,873
Translation adjustments on
cash and cash equivalents (12,601) (731) (29,633) 7,512
----------------------------------------------------------------------------
Cash and cash equivalents at
end of the period $ 421,683 $ 234,720 $ 421,683 $ 234,720
============================================================================
CCL Industries Inc.
Segment Information
Unaudited
In thousands of Canadian dollars
Three Months Ended June 30
-----------------------------------------------
Sales Operating income
----------------------- -----------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Label $ 603,962 $ 468,900 $ 89,390 $ 72,001
Avery 207,384 198,168 50,590 45,277
Checkpoint 92,635 - (4,743) -
Container 56,227 54,426 7,868 5,354
-----------------------------------------------
Total operations $ 960,208 $ 721,494 143,105 122,632
========================
Corporate expense (14,071) (13,060)
Restructuring and other items (18,950) -
Earnings in equity accounted investments 1,057 245
Finance cost (8,388) (6,718)
Finance income 594 505
Income tax expense (31,169) (30,336)
-----------------------
Net earnings $ 72,178 $ 73,268
=======================
Six Months Ended June 30
-----------------------------------------------
Sales Operating income
----------------------- -----------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Label $ 1,226,273 $ 955,031 $ 193,251 $ 153,793
Avery 387,009 358,358 85,985 71,837
Checkpoint 92,635 - (4,743) -
Container 121,109 113,975 18,483 14,068
------------------------------------------------
Total operations $ 1,827,026 $ 1,427,364 292,976 239,698
========================
Corporate expense (24,860) (26,393)
Restructuring and other
items (21,930) (940)
Earnings in equity accounted
investments 1,865 763
Finance cost (17,170) (13,424)
Finance income 1,473 901
Income tax expense (70,452) (59,191)
-----------------------
Net earnings $ 161,902 $ 141,414
=======================
Total assets Total liabilities
----------------------- -----------------------
June 30 December 31 June 30 December 31
----------- ----------- ----------- -----------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Label $ 2,319,885 $ 2,285,169 $ 567,385 $ 596,902
Avery 647,000 615,893 212,973 230,293
Checkpoint 909,713 - 451,723 -
Container 167,707 173,688 43,782 50,929
Equity accounted investments 62,246 61,502 - -
Corporate 471,378 446,053 1,658,982 1,082,303
-----------------------------------------------
Total $ 4,577,929 $ 3,582,305 $ 2,934,845 $ 1,960,427
===============================================
Depreciation and
amortization Capital expenditures
----------------------- -----------------------
Six Months Ended June Six Months Ended June
30 30
----------------------- -----------------------
2016 2015 2016 2015
----------------------- -----------------------
Label $ 76,239 $ 63,588 $ 118,435 $ 79,729
Avery 7,873 7,098 11,983 8,676
Checkpoint 3,338 - 1,130 -
Container 7,364 7,520 14,088 3,188
Equity accounted investments - - - -
Corporate 497 478 - -
------------------------------------------------
Total $ 95,311 $ 78,684 $ 145,636 $ 91,593
================================================
Non-IFRS Measures
Reconciliation of operating income to EBITDA
Unaudited
----------------------------------------------------------------------------
(In millions of Canadian dollars)
Three months ended June Six months ended June
30 30
----------------------- -----------------------
Sales 2016 2015 2016 2015
---------------------------- ----------- ----------- ----------- -----------
Label $ 604.0 $ 468.9 $ 1,226.3 $ 955.0
Avery 207.4 198.2 387.0 358.4
Checkpoint 92.6 - 92.6 -
Container 56.2 54.4 121.1 114.0
----------------------------------------------------------------------------
Total sales $ 960.2 $ 721.5 $ 1,827.0 $ 1,427.4
----------------------------------------------------------------------------
Operating Income
----------------------------
Label $ 89.3 $ 71.9 $ 193.2 $ 153.8
Avery 50.6 45.3 86.0 71.8
Checkpoint (4.7) - (4.7) -
Container 7.9 5.4 18.5 14.1
----------------------------------------------------------------------------
Total operating income 143.1 122.6 293.0 239.7
Less: Corporate expenses (14.1) (13.0) (24.9) (26.4)
Add: Depreciation &
amortization 48.5 39.3 95.3 78.7
Add: Non-cash acquisition
accounting adjustment to
finished goods inventory 16.6 - 16.6 -
----------------------------------------------------------------------------
EBITDA $ 194.1 $ 148.9 $ 380.0 $ 292.0
----------------------------------------------------------------------------
Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
Unaudited
------------------------------------------------------------------------
Three months Six months ended
ended June 30 June 30
----------------- -----------------
2016 2015 2016 2015
-------- -------- -------- --------
Basic earnings per Class B Share $ 2.06 $ 2.12 $ 4.63 $ 4.09
Net loss from restructuring and
other items 0.39 - 0.47 0.02
Non-cash acquisition accounting
adjustment related to finished
goods inventory 0.35 - 0.35 0.02
========================================================================
Adjusted Basic Earnings per Class B
Share $ 2.80 $ 2.12 $ 5.45 $ 4.11
========================================================================
Unaudited
----------------------------------------------------------------------------
(In millions of Canadian dollars)
June 30, 2016
----------------------------------------------------------------------------
Current debt $ 62.9
Long-term debt 1,631.0
----------------------------------------------------------------------------
Total debt 1,693.9
Cash and cash equivalents 421.7
----------------------------------------------------------------------------
Net debt $ 1,272.2
EBITDA for 12 months ending June 30, 2016 (see below) $ 696.4
============================================================================
Leverage Ratio 1.8
============================================================================
----------------------------------------------------------------------------
EBITDA for 12 months ended December 31, 2015 $ 608.4
less: EBITDA for six months ended June 30, 2015 (292.0)
add: EBITDA for six months ended June 30, 2016 380.0
============================================================================
EBITDA for 12 months ended June 30, 2016 $ 696.4
============================================================================
Supplemental Financial Information
Sales Change Analysis
Revenue Growth Rates (%)
Three Months Ended June 30, 2016
----------------------------------------------------------------------------
Organic Acquisition FX
Growth Growth Translation Total
Label 10.4% 15.8% 2.6% 28.8%
Avery (1.0%) 1.1% 4.5% 4.6%
Checkpoint - 100.0% - -
Container 4.6% 0.0% (1.3%) 3.3%
CCL 6.9% 23.4% 2.8% 33.1%
----------------------------------------------------------------------------
Sales Change Analysis
Revenue Growth Rates (%)
Three Months Ended June
30, 2016 Six Months Ended June 30, 2016
----------------------------------------------------------------------------
Organic Acquisition FX
Growth Growth Translation Total
Label 8.9% 15.1% 4.4% 28.4%
Avery (1.4%) 3.1% 6.3% 8.0%
Checkpoint - 100.0% - -
Container 5.1% 0.0% 1.1% 6.2%
CCL 6.0% 17.4% 4.6% 28.0%
----------------------------------------------------------------------------
Business Description
CCL Industries employs more than 19,000 people operating 149 production facilities in 35 countries on 6 continents with corporate offices in Toronto, Canada and Framingham, Massachusetts. CCL Label is the world's largest converter of pressure sensitive and extruded film materials for a wide range of decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare and chemicals, consumer durable, electronic device and automotive markets. Extruded and laminated plastic tubes, folded instructional leaflets, precision decorated and die cut components, electronic displays and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world's largest supplier of labels, specialty converted media and software solutions to enable short-run digital printing in businesses and homes alongside complementary products sold through distributors and mass market retailers. CCL Container is a leading producer of impact extruded aluminum aerosol cans and bottles for consumer packaged goods customers in the United States and Mexico. Checkpoint is a leading manufacturer of technology-driven, loss prevention, inventory management and labeling solutions, including RF and RFID-based, to the retail & apparel industry. CCL partly backward integrates into materials science with capabilities in polymer extrusion, adhesive development and coating, surface engineering and metallurgy that are deployed across all three business segments.
Audio replay service will be available from August 4, 2016, at 10:00 a.m. EDT until September 4, 2016, at 11:59 p.m. EDT.
To access Conference Replay, please dial:
905-694-9451 - Local
1-800-408-3053 - Toll Free
Access Code: 1811222
Sean Washchuk
Senior Vice President and Chief Financial Officer
416-756-8526
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