CFM Corporation Announces Record Sales For The 4th Quarter And Fiscal Year 2003.MISSISSAUGA Mississauga (mĭsĭsaw`gə), city (1991 pop. 463,388), S Ont., Canada, 12 mi (20 km) W of Toronto on Lake Ontario. A residential suburb of Toronto and a growing transportation and industrial center, it is one of Canada's fastest-growing , Ontario--(BUSINESS WIRE)--Nov. 26, 2003 CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. Corporation ("CFM") announced today its financial results for the fourth quarter and its fiscal year ended September September: see month. 27, 2003. -- Sales increased 19% to $686 million for the year -- EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. before 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). costs of $1.01 consistent with revised guidance Sales for the fourth quarter increased 1% to $186 million from $183 million in the fourth quarter last year with sales for the 2003 fiscal year rising 19% to $686 million from $576 million last year. Excluding the impact of exchange rate fluctuations on the translation of CFM's U.S. dollar revenues, sales grew 12% for the quarter and 25% for fiscal 2003 compared to the same periods a year ago. Net income for the quarter decreased to $4.9 million from $14.6 million last year primarily as a result of restructuring costs of $8.0 million recorded in the fourth quarter of fiscal 2003. Net income of $35.9 million for the full year was down from $42.1 million in 2002 due to these same restructuring costs. Earnings per share ("EPS") were $0.12 for the quarter, a decrease of $0.24 when compared to the fourth quarter of the prior year. The $8.0 million of restructuring costs recorded in the fourth quarter of fiscal 2003 accounted for $0.12 of the decrease in EPS in the quarter compared to the fourth quarter of the prior year. EPS before restructuring costs(a) were $0.24 for the quarter, a decrease of $0.12 from the fourth quarter of the prior year. Management estimates that fourth quarter EPS was negatively impacted by $0.04 to $0.06 per share as a result of the strengthening Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents relative to the US dollar when compared to the fourth quarter of fiscal 2002. EPS for fiscal 2003 were $0.89 compared to $1.06 in fiscal 2002. EPS for the year ended September 27, 2003 before restructuring costs were $1.01 compared to $1.06 in fiscal 2002. Management believes EPS for the year were negatively impacted by $0.08 to $0.10 per share as a result of the strengthening of the Canadian dollar against the U.S. dollar during the year when compared to the prior year.
Financial Highlights
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Three Months Ended Year Ended
($millions, except Sept. 27, Sept. 28, Sept. 27, Sept. 28,
per share amounts) 2003 2002 2003 2002
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Net Sales 185.6 183.0 685.7 576.2
Gross Profit 48.1 54.2 187.6 173.7
Net Income 4.9 14.6 35.9 42.1
Earnings per share 0.12 0.36 0.89 1.06
Earnings per share before
restructuring costs(a) 0.24 0.36 1.01 1.06
EBITDA before
restructuring costs (see
enclosed definition) 22.3 27.6 86.8 82.0
(a) Earnings per share before restructuring costs have been determined
by taking net income for the applicable period, adding to it the
restructuring costs, deducting provision for income taxes
applicable to the restructuring charge to arrive at net income
before restructuring costs for the applicable period and dividing
net income before restructuring costs by the average number of
shares outstanding during such period. Earnings per share before
restructuring costs is presented as a measure of the normal
operating performance of the Company. A reconciliation of earnings
per share before restructuring costs to earnings per share is as
follows:
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For the year ended For the year ended
September 27, 2003 September 28, 2002
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Earnings EPS Earnings EPS
Net Income 35.9 0.89 42.1 1.06
Restructuring cost 8.0 0.20 - -
Income tax related to
restructuring costs (3.2) (0.08) - -
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Net Income before
restructuring costs 40.7 1.01 42.1 1.06
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Earnings per share before restructuring costs is not a recognized measure for financial statement presentation under 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. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Non-GAAP measures (such as earnings per share before restructuring costs) do not have any standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning and are therefore unlikely to be comparable to similar measures presented by other issuers. Investors are encouraged to consider these financial measures in the context of CFM's GAAP results, as provided in the attached financial statements. "CFM faced some challenges in fiscal 2003 that affected the Company's bottom line", said Colin Col´in n. 1. (Zool.) The American quail or bobwhite. The name is also applied to other related species. See Bobwhite. Adamson “Adamson” redirects here. For other uses, see Adamson (disambiguation).
The Adamson was an English car manufactured in Enfield, Middlesex, from 1912 to 1925. , Chairman and Chief Executive Officer. "The loss of hearth hearth symbol of home life. [Folklore: Jobes, 738] See : Domesticity product at a significant customer, which we announced in May, had a negative impact on sales and earnings in the fourth quarter. The strong Canadian dollar also affected our results. On the other hand, real sales growth was up an impressive 25% and we believe this to be a good indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of CFM's strong growth prospects going forward. The restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. have also affected our results; however, we believe that these costs are a necessary investment in our future that will help put CFM in an even better position to generate solid sales and earnings growth into the future."
Sales by Product Category
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Three Months Ended Year Ended
($millions) Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2003 2002 2003 2002
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Hearth and Heating Products 151.5 163.4 452.6 443.2
Barbeque and Outdoor
Products 28.6 19.6 216.4 133.0
Water Products 5.5 - 16.7 -
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185.6 183.0 685.7 576.2
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Before the impact of strengthening Canadian dollar relative to the US dollar, hearth and heating products sales increased 4% in the quarter when compared to the fourth quarter of the prior year . For the full year, hearth and heating products sales increased 8% compared to the prior year before the impact of foreign exchange. Real sales growth in barbeque and outdoor products before the impact of the stronger Canadian dollar was 55% for the quarter and 68% for the year ended September 27, 2003 as compared to the same periods a year ago. Gross Profit Gross profit for the quarter ended September 27, 2003 was $48.1 million, down from $54.2 million in the fourth quarter of 2002. For the full year, gross profit was $187.6 million, an increase of $13.9 million from $173.7 million in the prior year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become before restructuring costs(b) Earnings before restructuring costs, interest, taxes and amortization ("EBITDA before restructuring costs") for the quarter were $22.3 million versus $27.6 million in the corresponding period in the prior year. EBITDA before restructuring costs, as a percentage of sales, decreased to 12.0% from 15.1% in the fourth quarter last year. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, EBITDA before restructuring costs were $86.8 million, up $4.8 million from the prior year. EBITDA before restructuring costs, as a percentage of sales, decreased to 13% from 14% in fiscal 2002. (b)EBITDA before restructuring costs is defined as earnings before the taking of any deductions in respect of interest, taxes, amortization and restructuring costs. EBITDA before restructuring costs is presented before deductions for interest expense, tax expense, amortization and restructuring costs as this is a widely accepted measure of a company's normal operating performance. EBITDA before restructuring costs has been determined by taking net income for the period from the Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Operations See Income statement. and adding to it interest expense, amortization and income taxes and restructuring costs which are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). as individual line items within the Consolidated Statement of Operation as follows:
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For the three For the year
months ended ended
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($ million) Septem- Septem- Septem- Septem-
ber 27, ber 28, ber 27, ber 28,
2003 2002 2003 2002
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Net income for the period 4.9 14.6 35.9 42.1
Restructuring costs 8.0 - 8.0 -
Amortization 4.8 3.5 17.3 13.3
Interest income - (0.1) (0.2) (0.2)
Interest expense 2.2 2.0 8.3 7.1
Income taxes 2.4 7.6 17.5 19.7
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EBITDA before
restructuring costs 22.3 27.6 86.8 82.0
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EBITDA before restructuring costs are not recognized measures for financial statement presentation under GAAP. Non-GAAP measures (such as EBITDA before restructuring costs) do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other issuers. Investors are encouraged to consider these financial measures in the context of CFM's GAAP results, as provided in the attached financial statements. Cash Flows Provided by Operating Activities Cash flows generated by operating activities in the quarter were $29.1 million, an increase of $24.7 million from the $4.4 million generated in the fourth quarter of 2002. Cash flows generated by operating activities for the year ended September 27, 2003 were $66.4 million, an increase of 32% from $50.2 million in the prior year. Net Bank Debt(c) Net bank debt decreased in the quarter to $152.6 million, down $23.2 million from June June: see month. 28, 2003. Net bank debt for the full year decreased by $29.0 million from September 28, 2002 balance of $181.6 million. (c)Net bank debt is defined as bank debt (current and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ),plus bank indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. , plus senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. notes payable less cash. This measure is widely accepted by the financial markets as a measure of credit availability. Net bank debt is not a recognized measure for financial statement presentation under GAAP. Non-GAAP financial measures (such as net bank debt) do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other issuers. Investors are encouraged to consider this financial measure in the context of CFM's GAAP results, as provided in the attached summary financial statements. Weighted Average Shares Outstanding The weighted average shares outstanding during the quarter ended September 27, 2003 decreased by 289,000 shares to 40,306,000 as compared to 40,595,000 shares outstanding during the fourth quarter of fiscal 2002. The decrease is primarily due to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 685,600 shares under the Normal Course Issuer Bid offset by the issuance of 126,494 shares during the year as part of the first deferred payment due in connection with the acquisition of Greenway and 358,840 shares upon the exercise of stock options exercised. CFM did not repurchase any common share in the quarter. For the year ended September 27, 2003 the weighted average number of shares outstanding were 40,215,000 shares, which compares to 39,836,000 outstanding for the year ended September 28, 2002. The increase is primarily as a result of shares issued in connection with the making of the first deferred payment due in connection with the acquisition of Greenway (126,494 shares), and as a result of shares issued on the exercise of stock options in the year (358,840 shares) plus the full year effect of the 2,526,314 shares issued in connection with the 2002 purchase of Keanall, partially offset by the repurchase of 685,600 shares in the year under the Company's normal course issuer bid. 2004 Outlook CFM is continuing with its restructuring plans as announced on October October: see month. 23, 2003. Before these restructuring costs, CFM continues to expect EPS for fiscal 2004 to be in the range of $1.00 to $1.10. CFM continues to expect EPS for fiscal 2004 in the range of $0.56 to $0.76 when the restructuring costs are taken into account. Change in Reporting Currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. for Fiscal 2004 The Company also announced today that it intends to change its reporting currency from Canadian dollars to U.S. dollars, effective for the first quarter of fiscal 2004. With a significant portion of the Company's operations in 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. , reporting in Canadian dollars has resulted in significant variability in the Company's reported results caused by fluctuations in the value of the Canadian dollar relative to the U.S. dollar which impact the translation of the Company's U.S. dollar results. The Company believes the amounts resulting from this translation are not reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the Company's true operating performance. In addition, as a result of the recent private placement of senior unsecured notes, the Company has an increasing U.S. investor base and, accordingly, the Company feels that reporting in U.S. dollars would provide investors and other users of its financial statements with more relevant and meaningful information on the Company's performance and financial position. The change in reporting currency will be effective for the reporting of the Company's results for the first quarter of fiscal 2004 and, 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 GAAP, all prior year comparative financial information will also be restated and translated into US dollars. A summary of key financial highlights for fiscal 2003 and fiscal 2002 reported in U.S. dollars is as follows:
US$ (in millions of dollars except As at As at
Earnings per share) September September
27, 28,
2003 2002
Total Assets 462.1 421.5
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Total Liabilities 217.3 203.8
Total Shareholders Equity 244.8 217.7
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462.1 421.5
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Operating Highlights Year Ended Year Ended
September September
27, 28,
2003 2002
Sales 470.4 366.8
Gross margin 128.2 110.5
EBITDA before restructuring costs 59.2 52.1
Net income 24.2 26.7
EPS 0.60 0.67
EPS before restructuring costs 0.69 0.67
Diluted EPS 0.59 0.65
This press release contains forward looking statements that involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward looking statements. Important factors that could affect these statements include, without limitation, general economic conditions, consumer confidence, the level of housing starts and demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. , CFM's ability to develop new products, patent protection, weather and related customer buying patterns and manufacturing issues, industry capacity, product liability, availability of gas and gas prices, mass merchant consolidation, credit and collections, supply and cost of raw materials, purchased parts and personnel, costs of certain employee benefits, the inability to increase selling prices as costs increase, competition, foreign currency fluctuations and government regulation. These factors and other risks and uncertainties are discussed in detail in CFM's Annual Information Form dated February February: see month. 10, 2003 and in the reports and disclosure documents filed by CFM with Canadian and U.S. securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities and commissions. Statements made in this press release are made as of November November: see month. 26, 2003 and CFM disclaims any intention or obligation to update or revise any statements made herein, whether as a result of new information, future events or otherwise. CFM is a leading integrated manufacturer of home products and related accessories 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. and the United Kingdom. CFM designs, develops, manufactures and distributes a complete line of hearth products, including gas, wood-burning Adj. 1. wood-burning - fueled by wood; "a wood-burning stove' wood-fired fueled - heated, driven, or produced by burning fuel and electric fireplaces An electric fireplace is a fireplace powered by electricity rather than traditional fuel sources such as coal, wood, peat, or natural gas. Many enjoy electric fireplaces for budget, safety, and convenience concerns. , free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or stoves, gas logs, and hearth accessories, and maintains an ongoing program of research and development aimed at continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improving the quality, design, features and efficiency of its products. CFM also manufactures barbecues, barbecue barbecue [West Indian or South American], in the United States, traditionally an open-air gathering, political or social, in which meats are roasted whole over a pit of embers and food and drink are liberally enjoyed. parts and accessories and outdoor garden accessories and imports indoor indoor strictly in a human dwelling; more widely includes an animal dwelling. indoor environment the physical, social and psychological environment within a human dwelling that can influence the health of a companion animal. and outdoor space heating Space heating is the heating of a space, usually enclosed, such as a house or room. A space heater keeps the air and surroundings at a comfortable temperature for people or animals, or even plants in a greenhouse. products from South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. .
CFM CORPORATION
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(In thousands of dollars, unaudited)
As at Sept. 27, Sept. 28,
2003 2002
$ $
ASSETS
Current
Cash and cash equivalents 18,110 11,720
Accounts receivable 144,111 156,064
Inventory 107,694 118,232
Prepaid and other expenses 2,632 4,123
Future income taxes 17,665 9,588
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Total current assets 290,212 299,727
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Capital assets, net 101,776 116,376
Other assets 7,184 6,780
Goodwill, net 217,665 232,716
Intangible assets 7,305 8,298
Future income taxes 1,013 888
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Total assets 625,155 664,785
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 14,271 19,279
Accounts payable and accrued liabilities 83,416 79,152
Current portion of long-term debt 11,091 16,338
Current portion of note payable 6,689 14,722
Income taxes payable 3,095 1,370
Future income taxes 1,978 205
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Total current liabilities 120,540 131,066
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Long-term debt 145,334 157,695
Note payable 2,842 4,978
Future income taxes 25,233 27,662
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Total liabilities 293,949 321,401
Minority interest 40 8
Shareholders' equity
Share capital 163,586 161,498
Retained earnings 186,995 156,501
Cumulative translation adjustment (19,415) 25,377
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Total shareholders' equity 331,166 343,376
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Total liabilities and shareholders'
equity 625,155 664,785
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CFM CORPORATION
CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(In thousands of dollars except for earnings per share, unaudited)
Three Months Ended Year Ended
Sept. Sept. Sept. Sept.
27, 28, 27, 28,
2003 2002 2003 2002
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$ $ $ $
Sales 185,552 182,954 685,663 576,232
Cost of sales 137,478 128,721 498,017 402,534
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Gross profit 48,074 54,233 187,646 173,698
Expenses
Selling and administrative,
research and development 25,791 26,679 100,892 91,734
Amortization 4,867 3,505 17,253 13,319
Interest income (25) (84) (188) (282)
Interest expense 2,191 1,965 8,382 7,127
Restructuring costs 7,986 - 7,986 -
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40,810 32,065 134,325 111,898
Income before income taxes 7,264 22,168 53,321 61,800
Income taxes 2,405 7,597 17,464 19,719
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Net income for the period 4,859 14,571 35,857 42,081
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Retained earnings, beginning of
period 182,136 142,535 156,501 119,942
Options repurchased(1) - (342) - (2,598)
Premium on repurchased common
shares - (429) (5,363) (1,076)
Goodwill impairment - 166 - (1,848)
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Retained earnings, end of period 186,995 156,501 186,995 156,501
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Earnings per share 0.12 0.36 0.89 1.06
Earnings per share before
restructuring costs 0.24 0.36 1.01 1.06
Diluted earnings per share 0.12 0.35 0.88 1.03
(1)Net of tax of - 207 - 1,584
CFM CORPORATION
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(In thousands of dollars, unaudited)
Three Months Ended Year Ended
Sept. Sept. Sept. Sept.
27, 28, 27, 28,
2003 2002 2003 2002
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$ $ $ $
Cash flows from operating
activities
Net income for the period 4,859 14,571 35,857 42,081
Add (deduct) items not involving
cash
Amortization 4,867 3,505 17,253 13,319
Future income taxes (7,809) (1,268) (2,967) 6,432
Minority interest 11 (5) 32 (11)
Loss on disposal of capital assets 70 8 85 144
Non-cash interest on Keanall note
payable 46 118 284 357
Restructuring costs 7,690 - 7,690 -
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9,734 16,929 58,234 62,322
Change in non-cash working capital 19,367(12,484) 8,141 (12,141)
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Cash flows provided by operating
activities 29,101 4,445 66,375 50,181
Cash flows from investing
activities
Acquisitions, net of cash acquired (142) (1,914) (4,404) (29,421)
Purchase of capital assets (1,962) (4,335)(12,307) (20,854)
Development costs (282) (584) (655) (584)
Proceeds on disposal of capital
assets 4 7 46 64
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Cash flows used in investing
activities (2,382) (6,826)(17,320) (50,795)
Cash flows from financing
activities
Proceeds from private placement
debt 82,061 - 82,061 -
Repayment of non-revolving term
facility (9,756) -(26,811) (11,280)
Revolving term facility, net (84,833) (591)(69,876) 31,645
Bank indebtedness 1,116 15,913 (4,193) 3,445
Repayment of note payable (3,750) (3,750)(15,000) (10,000)
Deferred financing costs (2,411) - (2,411) -
Repurchase of common shares - (586) (8,090) (1,705)
Options repurchased - (682) - (4,182)
Issuance of common shares 996 38 2,951 114
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Cash flows provided by (used in)
financing activities (16,577) 10,342(41,369) 8,037
Effect of foreign currency
translation on cash and cash
equivalents (130) 328 (1,296) 31
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Net increase (decrease) in cash
and cash equivalents during the
period 10,012 8,289 6,390 7,454
Cash and cash equivalents,
beginning of period 8,098 3,431 11,720 4,266
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Cash and cash equivalents, end of
period 18,110 11,720 18,110 11,720
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