CE Franklin Ltd. Announces Results For 1999: All Results in Canadian Dollars.Business Editors CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Feb. 16, 2000 CE Franklin Franklin, cities, United States Franklin. 1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CFT CFT complement fixation test; see under fixation. CFT complement fixation test. .) (AMEX AMEX See: American Stock Exchange :CFK CFK Clausenengen Fotballklubb (Clausenengen Football Club; Norway) CFK Computer Forum KaHo (Computer Aiding Center) CFK Charles Foster Kane (movie, band, White Stripes lyric) ) CE FRANKLIN LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE:CFT) (AMEX:CFK) announced today that revenue for the year ended December December: see month. 31, 1999, was $242.2 million, down $72 million or 23% from the previous year. The company's sales were influenced by oil well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described in western Canada
Western Canada, commonly referred to as the West which was down 38% from 4,039 wells to 2,516 wells in the same period 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. the Petroleum Services Association of Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of (PSAC PSAC Public Service Alliance of Canada PSAC Petroleum Services Association of Canada PSAC Plan for Software Aspects of Certification PSAC President's Scientific Advisory Committee PSAC Prospective Students Advisory Committee ). Although gas well drilling increased in 1999 it had less impact on revenue as the company's sales per gas well are less than one third of sales per oil well. Aggressive competition which resulted from the reduced market also drove down gross margins which averaged 12.1% compared with 14.3% in the previous year. The company responded to market conditions by reducing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by $3.7 million to $31.4 million. However, the company continued to invest aggressively in information technology which negatively affected earnings in the short term and increased depreciation charges by 57% to $3.7 million. The result was a reduction in earnings of $7.7 million compared with the year earlier and a net loss of $5.4 million. &uot;Managing through the oil drilling slump Slump A temporary fall in performance, often describing consistently falling security prices for several weeks or months. from the spring of 1998 to the fall of 1999 was a real challenge,&uot; commented John Gilbank, Chairman and Chief Executive Officer. &uot;We had to be aggressive about reducing operating costs operating costs npl → gastos mpl operacionales without compromising on our strategy of investing in information technology and preparing for electronic commerce. Through asset management we were able to generate cash to successfully launch our new enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) system and also to reduce bank debt by more than $10 million. Then, toward the end of the year, oil drilling began to pick up and oilsands projects were launched. As a result we expect more completions and construction work in 2000 and an improving business environment for taking advantage of our technology leadership.&uot; CE Franklin is Canada's largest distributor of supplies to the oil and gas drilling and production industry. In addition to its complete range of production equipment, including artificial lift technology, the company sells pipe, valves, fittings fit·ting adj. Being in keeping with a situation; appropriate. n. 1. The act of trying on clothes whose fit is being adjusted. 2. A small detachable part for a machine or apparatus. 3. and maintenance supplies and provides complete customer inventory procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and management services through its 40 locations across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . The company also manufactures and packages specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. products for the energy industry and provides supply packages for projects in the hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen processing industry through its Piping Resources Division. For more information visit our Web Site at http://www.cefranklin.com. CE Franklin's common stock trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CFT and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol CFK. This news release includes forward looking statements within the meaning of section 27A of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that expected results will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include economic conditions, seasonality of drilling activity, commodity prices for oil and gas, currency fluctuations and government regulations, and other risks and uncertainties as described in the Company's 1998 Annual Report on Form 20-F as filed with the United States Securities and Exchange Commission.
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Supplemental Information - Five Years of Financial Data
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(IN MILLIONS OF CDN DOLLARS) 1999 1998 1997 1996 1995(5)
SALES
General Supplies 140.3 180.9 219.0 140.4 62.0
Tubulars 91.1 120.2 192.7 118.4 44.4
CEF Technologies 10.8 13.0 5.6 0 0
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Total Sales 242.2 314.1 417.3 258.8 106.4
---------------------------------------------------------------------
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# of Oil Wells Drilled
(excluding dry/service) 2,516 4,039 8,681 6,095 4,927
# of Gas Wells Drilled
(excluding dry/service) 5,998 4,257 4,664 3,539 3,531
GROSS PROFIT
General Supplies 22.4 34.4 41.8 27.5 12.4
% of Sales 15.9% 19.0% 19.1% 19.6% 20.0%
Tubulars 4.0 7.2 12.4 7.0 2.8
% of Sales 4.4% 6.0% 6.4% 5.9% 6.3%
CEF Technologies 3.0 3.3 2.3 0 0
% of Sales 28.2% 25.4% 41.1%
---------------------------------------------------------------------
Total Gross Profit 29.4 44.9 56.5 34.5 15.2
---------------------------------------------------------------------
---------------------------------------------------------------------
% of Sales 12.1% 14.3% 13.5% 13.3% 14.3%
SELLING, GENERAL &ADMINISTRATIVE 31.4 35.1 32.1 22.3 12.2
% to Gross Profit 106.9% 78.2% 56.8% 64.6% 80.3%
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EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION, AMORTIZATION AND
OTHER EXPENSES (INCOME) (2.0) 9.7 24.4 12.2 3.1
EBITDA
---------------------------------------------------------------------
NET INCOME (5.4) 2.2 11.2 6.7 1.0
% to Sales (2.2%) 0.7% 2.7% 2.6% 0.9%
---------------------------------------------------------------------
EPS
Basic (0.33) 0.14 0.70 0.43 0.10
Fully Diluted (0.33) 0.14 0.65 0.40 0.10
---------------------------------------------------------------------
TOTAL ASSETS 138.1 137.7 162.5 87.9
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TOTAL FINANCED DEBT 37.4 46.8 51.4 13.0
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TOTAL CAPITALIZATION (AVERAGE)
Average Financed Debt 42.1 47.5 34.3 17.3
% to Total Capitalization 47.0% 48.0% 45.3% 35.0%
Average Equity 47.4 51.5 41.5 32.1
% to Total Capitalization 53.0% 52.0% 54.7% 65.0%
Total Capitalization 89.4 99.0 75.8 49.4
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CURRENT ASSETS % OF TOTAL ASSETS (AVERAGE)
Average Current Assets 92.6 110.3 111.1 71.5
Average Total Assets 125.3 137.8 130.3 82.3
% 73.9% 80.1% 85.3% 86.9%
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DAYS SALES OUTSTANDING (DSO) (1)
Average Accounts Receivable -
Trade 41.3 50.4 56.2 33.7
DSO 62.2 58.6 49.2 47.5
(1) (Average A/R/Sales)(x)365 days
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BAD DEBT % TO ACCOUNTS RECEIVABLE
Bad Debt 1.0 0.5 0.2 0
Average Accounts Receivable -
Trade 41.3 50.4 56.2 33.7
% 2.5% 0.9% 0.4% 0.0%
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INVENTORY TURNS
Cost of Sales 212.8 269.2 360.8 224.3
Average Inventory 43.2 53.9 49.0 31.7
Inventory Turns 4.9 5.0 7.4 7.1
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INVENTORY WRITEOFF %
Inventory Writeoffs 0.4 1.0 0.8 0.7
Average Inventory 43.2 53.9 49.0 31.7
% 1.0% 1.9% 1.6% 2.2%
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ROI (AFTER TAX) = RETURN ON
INVESTMENT (2)
Interest after tax 1.8 1.7 1.0 0.8
ROI (after tax) (4.0%) 4.0% 16.1% 15.1%
(2) Net Income + Interest After Tax
-----------------------------------
Average (Equity + Financed Debt)
---------------------------------------------------------------------
ROE (AFTER TAX) = RETURN ON
EQUITY (3) (11.5%) 4.3% 27.0% 20.9%
(3) (Net Income/Average Equity)
---------------------------------------------------------------------
ECONOMIC VALUE ADDED (EVA) (4)
Weighted Average Cost
of Capital 9.7% 9.5% 8.9% 9.7%
EVA (13.7%) (5.5%) 7.2% 5.3%
(4) (ROI - Weighted Average Cost of Capital
((% financing from debt x cost of debt) + (% financing from equity
x cost of equity)))
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(5) On November November: see month. 3, 1995, Franklin Supply Company Ltd. (Franklin) acquired all the shares of Continental Emsco Company Ltd. (CEL CEL Cellular CEL Celestial CEL Check Engine Light CEL Degrees Celsius (temperature) CEL Comisión Ejecutiva Hidroeléctrica del Río Lempa (El Salvador) CEL Center for Entrepreneurial Leadership ) in a reverse takeover A reverse takeover occurs when a publicly-traded smaller company acquires ownership of a larger company. It typically requires reorganization of capitalization of the acquiring company. . As a result, the financial statements as at December 31, 1995 include the balance sheets of the combined company, CE Franklin Ltd., CEL's results for 1995 and exclude Franklin's results prior to the date of the transaction. Due to this distortion distortion, in electronics, undesired change in an electric signal waveform as it passes from the input to the output of some system or device. In an audio system, distortion results in poor reproduction of recorded or transmitted sound. , ratios have not been included for 1995 and 1994. (6) Net income (loss) and shareholders equity as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). differ from those determined in accordance with U.S. GAAP, due principally to the recording of certain restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenditures as goodwill and the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of certain deferred tax benefits, in compliance with Canadian GAAP. Under U.S. GAAP, the restructuring expenditures would have been recorded in the statement of operations See Income statement. and the benefit of the deferred tax assets would have been recorded as a reduction of goodwill.
Supplemental Information - Quarterly Financial Data
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(IN MILLIONS OF CDN DOLLARS) Q1 Q2 Q3 Q4 1999
---------------------------------------------------------------------
SALES
General Supplies 34.7 22.7 38.5 44.4 140.3
Tubulars 19.5 11.2 24.7 35.7 91.1
CEF Technologies 2.6 2.3 2.8 3.0 10.8
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Total Sales 56.8 36.3 66.0 83.1 242.2
---------------------------------------------------------------------
---------------------------------------------------------------------
# of Oil Wells Drilled
(excluding dry/service) 320 380 835 981 2,516
# of Gas Wells Drilled
(excluding dry/service) 1,563 1,246 1,677 1,512 5,998
GROSS PROFIT
General Supplies 4.3 3.4 6.8 7.8 22.4
% of Sales 12.4% 15.1% 17.7% 17.6% 15.9%
Tubulars 1.0 0.6 1.2 1.2 4.0
% of Sales 5.1% 4.9% 5.0% 3.4% 4.4%
CEF Technologies 0.7 0.6 0.8 1.0 3.0
% of Sales 24.9% 25.9% 27.2% 33.8% 28.2%
---------------------------------------------------------------------
Total Gross Profit 6.0 4.6 8.8 10.1 29.4
---------------------------------------------------------------------
---------------------------------------------------------------------
% of Sales 10.5% 12.6% 13.3% 12.1% 12.1%
SELLING, GENERAL & ADMINISTRATIVE 9.2 6.9 6.7 8.7
31.4
% of Gross Profit 153.4% 151.2% 75.8% 86.3% 106.9%
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EARNINGS BEFORE INTEREST, TAX, DEPRECIATION,
AMORTIZATION AND OTHER EXPENSES (INCOME)
EBITDA (3.2) (2.3) 2.1 1.4 (2.0)
---------------------------------------------------------------------
NET INCOME (2.7) (2.7) 0.2 (0.2) (5.4)
% of Sales (4.8%) (7.3%) 0.3% (0.3%) (2.2%)
---------------------------------------------------------------------
EPS
Basic (0.16) (0.16) 0.01 (0.02) (0.33)
Fully Diluted (0.16) (0.16) 0.01 (0.02) (0.33)
---------------------------------------------------------------------
TOTAL ASSETS 122.3 115.9 132.9 138.1 138.1
---------------------------------------------------------------------
TOTAL FINANCED DEBT 43.5 42.0 43.2 37.4 37.4
---------------------------------------------------------------------
TOTAL CAPITALIZATION (AVERAGE)
Average Financed Debt 45.6 43.3 40.8 38.6 42.1
% to Total Capitalization 47.7% 48.0% 47.0% 45.4% 47.0%
Average Equity 50.0 46.9 46.0 46.5 47.4
% to Total Capitalization 52.3% 52.0% 53.0% 54.6% 53.0%
Total Capitalization 95.6 90.2 86.8 85.1 89.4
---------------------------------------------------------------------
CURRENT ASSETS % OF TOTAL ASSETS
(AVERAGE)
Average Current Assets 92.9 80.4 92.3 104.6 92.6
Average Total Assets 125.1 114.4 125.2 136.3 125.3
% 74.3% 70.3% 73.7% 76.7% 73.9%
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DAYS SALES OUTSTANDING (DSO)(1)
Average Accounts Receivable -
Trade 41.9 30.5 42.2 50.6 41.3
Sales - annualized 227.1 145.1 264.1 332.5 242.2
DSO 67.3 76.8 58.3 55.5 62.2
(1) (Average A/R/Sales)(x)365 days
---------------------------------------------------------------------
BAD DEBT % TO ACCOUNTS RECEIVABLE
Bad Debt 0.7 0.1 0.1 0.1 1.0
Average Accounts Receivable -
Trade 41.9 30.5 42.2 50.6 41.3
% 1.6% 0.3% 0.3% 0.3% 2.5%
---------------------------------------------------------------------
INVENTORY TURNS
Cost of Sales 50.8 31.7 57.2 73.1 212.8
Cost of Sales - annualized 203.2 126.8 228.9 292.2 212.8
Average Inventory 42.2 41.6 42.9 46.1 43.2
Inventory Turns 4.8 3.0 5.3 6.3 4.9
---------------------------------------------------------------------
INVENTORY WRITEOFF %
Inventory Writeoffs (0.6) 0.2 0.2 0.6 0.4
Average Inventory 42.2 41.6 42.9 46.1 43.2
% (1.3%) 0.5% 0.4% 1.3% 1.0%
---------------------------------------------------------------------
ROI(AFTER TAX) = RETURN ON INVESTMENT (2)
Interest after tax 0.5 0.5 0.5 0.3 1.8
Interest after tax - annualized 2.1 2.0 2.0 1.2 1.8
Net Income - annualized (10.9) (10.6) 0.8 (1.0) (5.4)
ROI (after tax) (9.3%) (9.5%) 3.2% 0.2% (4.0%)
(2) Net Income + Interest After Tax
-----------------------------------
Average (Equity + Financed Debt)
---------------------------------------------------------------------
ROE (AFTER TAX) = RETURN ON
EQUITY (3) (21.8%)(22.6%) 1.6% (2.1%)(11.5%)
(3) (Net Income/Average Equity)
---------------------------------------------------------------------
ECONOMIC VALUE ADDED (EVA) (4)
Weighted Average Cost of Capital 9.6% 9.6% 9.9% 9.9% 9.7%
EVA (18.9%)(19.1%)(6.7%) (9.6%)(13.8%)
(4) (ROI - Weighted Average Cost of Capital ((% financing from debt x
cost of debt) + (% financing from equity x cost of equity)))
CE Franklin Ltd.
Consolidated Balance Sheets
For the years ended December 31, 1999 and 1998
---------------------------------------------------------------------
(in thousands of dollars)
December 31, December 31, December 31,
1999 1999 1998
U.S. $ Cdn. $ Cdn. $
(note 2)
ASSETS
CURRENT ASSETS
Marketable securities - - 455
Accounts receivable (note 3) 36,223 52,281 48,090
Inventories 33,963 49,019 43,058
Income tax recoverable 3,608 5,207 4,304
Other 265 383 612
-----------------------------------------
74,059 106,890 96,519
CAPITAL ASSETS (note 4) 13,256 19,132 19,486
GOODWILL, NET OF AMORTIZATION
OF CDN. $314
(U.S. $218; 1998 Cdn. $313) 7,885 11,380 11,694
OTHER ASSETS 489 706 33
-----------------------------------------
95,689 138,108 127,732
-----------------------------------------
-----------------------------------------
LIABILITIES
CURRENT LIABILITIES
Bank overdraft 5,747 8,295 434
Accounts payable
and accrued liabilities 30,817 44,477 28,910
Current portion of
long-term debt (note 6) 207 299 12
-----------------------------------------
36,771 53,071 29,356
BANK OPERATING LOAN (note 5) 25,289 36,500 46,800
LONG-TERM DEBT (note 6) 417 602 34
DEFERRED INCOME TAXES 1,091 1,574 170
-----------------------------------------
63,568 91,747 76,360
-----------------------------------------
COMMITMENTS (note 11)
SHAREHOLDERS' EQUITY
CAPITAL STOCK (note 7) 12,270 17,709 17,281
CONTRIBUTED SURPLUS 9,399 13,566 13,566
RETAINED EARNINGS 10,452 15,086 20,525
-----------------------------------------
32,121 46,361 51,372
-----------------------------------------
95,689 138,108 127,732
-----------------------------------------
-----------------------------------------
The accompanying notes are an integral part of these financial
statements.
CE Franklin Ltd.
Consolidated Statements of Operations
For the years ended December 31, 1999, 1998 and 1997
---------------------------------------------------------------------
(in thousands of dollars)
1999 1999 1998 1997
U.S. $ Cdn. $ Cdn. $ Cdn. $
(note 2)
SALES
General supplies 97,217 140,313 180,943 219,036
Tubulars 63,111 91,088 120,204 192,655
CEF Technologies 7,485 10,804 13,004 5,580
-----------------------------------------
167,813 242,205 314,151 417,271
-----------------------------------------
COST OF SALES
General supplies 81,721 117,948 146,579 177,259
Tubulars 60,342 87,092 113,036 180,301
CEF Technologies 5,373 7,755 9,697 3,238
-----------------------------------------
147,436 212,795 269,312 360,798
-----------------------------------------
GROSS PROFIT
General supplies 15,496 22,365 34,364 41,777
Tubulars 2,769 3,996 7,168 12,354
CEF Technologies 2,112 3,049 3,307 2,342
-----------------------------------------
20,377 29,410 44,839 56,473
-----------------------------------------
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
(note 8) 21,778 31,431 35,139 32,068
-----------------------------------------
EARNINGS (LOSS) BEFORE INTEREST,
TAX, DEPRECIATION, AMORTIZATION
AND OTHER EXPENSES (INCOME)
(EBITDA) (1,401) (2,021) 9,700 24,405
OTHER EXPENSES (INCOME)
Depreciation and
Amortization 2,540 3,666 2,332 2,025
Interest expense 2,224 3,210 3,067 1,788
Loss (gain) of disposal
of capital assets 60 87 (68) (62)
Foreign exchange loss 26 38 382 214
Other (23) (33) (42) (42)
-----------------------------------------
INCOME (LOSS) BEFORE
INCOME TAXES (6,228) (8,989) 4,029 20,482
-----------------------------------------
INCOME TAX EXPENSE
(RECOVERY) (note 9)
Current (3,433) (4,954) 2,106 9,052
Deferred 973 1,404 (312) 212
-----------------------------------------
(2,460) (3,550) 1,794 9,264
-----------------------------------------
NET INCOME (LOSS)
FOR THE YEAR (3,768) (5,439) 2,235 11,218
-----------------------------------------
-----------------------------------------
NET INCOME (LOSS) PER SHARE
Basic (0.23) (0.33) 0.14 0.70
Fully diluted (note 1) (0.23) (0.33) 0.14 0.65
Weighted average basic number
of shares outstanding
(note 1) 16,627,231 16,627,231 16,507,218 16,058,572
-----------------------------------------------
-----------------------------------------------
The accompanying notes are an integral part of these financial
statements.
CE Franklin Ltd.
Consolidated Statements of Cash Flows For the years ended
December 31, 1999, 1998 and 1997
---------------------------------------------------------------------
(in thousands of dollars)
December December December December
31, 31, 31, 31,
1999 1999 1998 1997
U.S. $ Cdn. $ Cdn. $ Cdn. $
(note 2) Restated
(note 18)
CASH FLOWS FROM
OPERATING ACTIVITIES
Net income (loss)
for the year (3,768) (5,439) 2,235 11,218
Items not
affecting cash -
Depreciation and
amortization 2,540 3,666 2,332 2,025
Loss (gain) on
disposal of
capital assets 60 87 (68) (62)
Deferred income
taxes 973 1,404 (312) 212
Increase (decrease)
of inventory reserves 260 376 (67) (69)
----------------------------------------------
65 94 4,120 13,324
Net change in non-cash working
capital balances related
to operations -
Accounts receivable (2,904) (4,192) 35,123 (36,980)
Income tax
recoverable (626) (902) (4,304) -
Inventories (4,391) (6,337) 9,943 (18,219)
Other current
assets 159 229 214 (608)
Accounts payable and
accrued liabilities 10,787 15,568 (25,433) 18,281
Income taxes
payable - - (6,979) 5,531
----------------------------------------------
3,090 4,460 12,684 (18,671)
----------------------------------------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Issuance of shares 296 428 485 1,666
Increase (decrease)
in bank operating
loan (7,136) (10,300) (4,500) 38,900
Increase (decrease)
in bank overdraft 5,447 7,862 (192) (2,491)
Decrease in obligations
under capital lease (164) (239) (25) (489)
----------------------------------------------
(1,557) (2,249) (4,232) 37,586
----------------------------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Decrease (increase)
in marketable
securities 315 455 (9) 4
Purchase of capital
assets (2,093) (3,021) (9,210) (7,240)
Proceeds on disposal
of capital assets 224 324 549 223
Acquisition consisting
of:
Working capital,
excluding cash - - - (3,058)
Capital assets - - - (3,695)
Goodwill - - 144 (5,124)
Reduction (increase)
of other assets 21 31 74 (25)
----------------------------------------------
(1,533) (2,211) (8,452) (18,915)
----------------------------------------------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS
DURING THE YEAR - - - -
CASH AND CASH EQUIVALENTS
- BEGINNING OF YEAR - - - -
----------------------------------------------
CASH AND CASH EQUIVALENTS
- END OF YEAR - - - -
----------------------------------------------
----------------------------------------------
Cash paid during the year for:
Interest on bank
operating loan 2,141 3,090 3,107 1,682
Interest on long-term
debt and due
to parent 45 65 5 57
Income taxes 161 232 8,166 3,653
The accompanying notes are an integral part of these financial
statements.
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