1997-1998 Third Quarter Results: The Jean Coutu Group Reports 15 Percent in Total Revenues.LONGUEUIL Longueuil, city (1991 pop. 129,874), S Que., Canada, on the St. Lawrence River opposite Montreal. It is a residential and industrial suburb of Montreal. It annexed Montreal South in 1961, and merged with the city of Jacques-Cartier in 1969. , Quebec--(BUSINESS WIRE)--April 22, 1998--The Jean Coutu Group The Jean Coutu Group (PJC) Inc. TSX: PJC is a Canadian company headquartered in Longueuil, Quebec with its Jean Coutu Group (PJC) U.S.A. Inc. in Warwick, Rhode Island. (ME: PJC PJC Permanent Joint Council (forum for NATA-Russia Consultations) PJC Prayer for Judgment Continued (legal term) PJC Pioneer Junior College (Singapore) .A.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : PJC.A.) realized total revenues of $493.8 million for the third quarter, ended February February: see month. 28, 1998, of the current fiscal year. The figure for the same period last year was $428.2 million. The President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of The Jean Coutu Group, Francois J. Coutu Coutu is a surname. Notable people called "Coutu" include:
This puts total revenues for The Jean Coutu Group in the first nine months of this fiscal year at $1.4 billion, an increase of 12.6 percent over the same period in 1996-1997. Net profits for The Jean Coutu Group in the third quarter of 1997-1998 stood at $18 million or $0.34 per share, an 11 percent increase over last year's third quarter profits of $16.3 million or $0.31 per share. For the first three quarters of 1997-1998, The Jean Coutu Group has recorded net profits of $47.7 million or $0.91 per share, an increase of 12 percent over net profits of $42.6 million or $0.81 per share in 1996. The third quarter of the 1997-1998 fiscal year was marked in impressive fashion by the ice storm which, in Quebec, Ontario and the Maritimes, left thousands of homes, businesses and industries without power. Through a number of initiatives, The Jean Coutu Group took an active role in general community efforts to assist those in need. The board of directors of The Jean Coutu Group (PJC) Inc. is pleased to announce to shareholders that it is providing a quarterly dividend of $0.04 per share, payable on May 21, 1998, to all holders of Class A subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and of Class B shares registered with the Company at May 7, 1998. The Jean Coutu Group can thank the public enough for placing it, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an exclusive Leger & Leger survey, at the forefront of the businesses they respect the most. This honor As a verb, to accept a bill of exchange, or to pay a note, check, or accepted bill, at maturity. To pay or to accept and pay, or, where a credit so engages, to purchase or discount a draft complying with the terms of the draft. is a motivator that will encourage employees of the Jean Coutu Group and it's network to continue providing a highest quality of professional service. The largest business of its kind in Quebec, second in Canada and eighth in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , The Jean Coutu Group has more than 15,000 employees in a network of over 252 franchised outlets in Quebec, New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. and Ontario. It also operates almost 240 corporate drugstores in the United States (Brooks Pharmacy), principally in the five New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. states. The Jean Coutu Group will launch its thirtieth anniversary celebrations in 1999. -0-
THE JEAN COUTU GROUP (PJC) INC.
CONSOLIDATED EARNINGS (unaudited)
NINE MONTH PERIODS ENDED FEBRUARY 28, 1998 AND 1997
(in thousands of dollars except for per share data)
1998 1997
_______________________________________________________
Sales and other revenues
Canada $744,153 $646,305
United States 689,416 626,719
_______________________________________________________
1,433,569 1,273,024
Expenses
Cost of goods sold, general
and operating expenses
Canada 672,816 582,759
United States 652,682 596,107
_______________________________________________________
1,325,498 1,178,866
Depreciation and amortization 24,123 19,698
Interests on long-term debt 3,764 3,619
Other interests 6,476 5,270
_______________________________________________________
1,359,861 1,207,453
Earnings before income taxes 73,708 65,571
Income taxes 26,014 22,939
_______________________________________________________
Net earnings 47,694 42,632
_______________________________________________________
Earnings and fully diluted
earnings per share $0.91 $0.81
_______________________________________________________
_______________________________________________________
52,657,353 52,610,115
THE JEAN COUTU GROUP (PJC) INC.
CONSOLIDATED CHANGES IN FINANCIAL POSITION (unaudited)
NINE MONTH PERIODS ENDED FEBRUARY 28, 1998 AND 1997
(in thousands of dollars)
1996 1995
_______________________________________________________
Operating activities
Net earnings $47,694 $42,632
Items not involving cash
Depreciation and amortization 24,398 19,908
Others 250 (148)
_______________________________________________________
72,342 62,392
Changes in non-cash working capital items
and long-term receivables
from franchisees (44,818) (18,387)
Foreign currency
translation adjustments 2,505 39
_______________________________________________________
30,029 44,044
Financing activities
Long-term debt 368 22,140
Repayment of long-term debt (1,457) (16,065)
Issuance of capital stock 236 158
_______________________________________________________
(853) 6,233
Investing activities
Acquisition of investments (4,440) (400)
Proceeds from disposal of
investments 21 65
Loan and advances (3,806) (980)
Receipts on loan and advances 2,441 1,867
Purchase of fixed assets
and real estate (33,152) (27,985)
Proceeds from disposal of
fixed assets and real estate 1,891 1,161
Goodwill (7,276) (7,179)
Others (14,968) (5,856)
_______________________________________________________
(59,289) (39,307)
Other activity
Dividends and dividend
related taxes (6,319) (4,735)
_______________________________________________________
Increase (decrease)
in cash and equivalents (36,432) 6,235
Bank overdraft and loan
at beginning (111,667) (95,785)
_______________________________________________________
Bank overdraft and loan at end $(148,099) $(89,550)
_______________________________________________________
_______________________________________________________
THE JEAN COUTU GROUP (PJC) INC.
CONSOLIDATED BALANCE SHEET (unaudited)
FEBRUARY 28, 1998 AND 1997
(in thousands of dollars)
1996 1995
_______________________________________________________
Assets
Current assets $385,080 $336,954
Fixed assets and real estate 282,593 242,130
Other assets 141,538 97,652
_______________________________________________________
809,211 676,736
_______________________________________________________
_______________________________________________________
Liabilities
Current liabilities 297,967 230,225
Long-term debt 82,649 82,520
Other liabilities 1,314 107
_______________________________________________________
381,930 312,852
Shareholders' equity 427,281 363,884
_______________________________________________________
$809,211 $676,736
_______________________________________________________
_______________________________________________________
CONTACT: The Jean Coutu Group (PJC) Inc. Marie-Annick Boisvert, 514/646-9611, ext. 1307 |
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