CINAR Corporation Issues Report to Shareholders.Business Editors MONTREAL--(BUSINESS WIRE)--Dec. 4, 2001 CINAR Corporation has released a report to shareholders which outlines the measures that have been taken and that are presently in progress to return the Company to a solid footing (see attached document). The report also provides its financial information for the nine month period ended August 31, 2001. CINAR Corporation is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non-violent non-violent Adjective using peaceful methods to bring about change nonviolence n , quality programming and educational products for children and families. CINAR's web site is www.cinar.com. This release may include information that could constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (U.S.). Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Actual results or conditions may differ from those anticipated by these and other forward-looking statements. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties. A Message from the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dear Shareholder, In order to protect shareholder value and in light of the recent termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of talks with a potential buyer, CINAR has decided to move forward with a major 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). plan. Our objective is to assure the ongoing viability of the Company and to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the position of its key entertainment properties. We believe that current economic and market conditions are not conducive con·du·cive adj. Tending to cause or bring about; contributive: working conditions not conducive to productivity. See Synonyms at favorable. to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. shareholder value by selling the Company's assets at this time. We believe a transaction could be entered into, but we are not prepared to sell at a low price just to get a transaction done. Since becoming aware of, among other things, allegations that CINAR improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. obtained tax credits from the 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. government, the transfer of US$122 million into offshore investments without the approval of the Board and discovery of numerous related party transactions, present management has focused on resolving these issues, on clarifying clar·i·fy v. clar·i·fied, clar·i·fy·ing, clar·i·fies v.tr. 1. To make clear or easier to understand; elucidate: clarified her intentions. 2. the Company's financial position, correcting the books of the Company and on trying to find a strategic partner/buyer for CINAR's assets. We are pleased to announce that CINAR has appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Richter Rich·ter , Burton Born 1931. American physicist. He shared a 1976 Nobel Prize for the discovery of a subatomic particle. Rich·ter , Jean Paul Friedrich Pen name Jean Paul. , Usher USHER. This word is said to be derived from a huissier, and is the name of an inferior officer in some English courts of law Archb. Pr. 25. & Vineberg as its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together . We intend to produce audited financial statements for fiscal 2001 and we expect that an annual shareholder's meeting will be held April 29, 2002. Before dealing with the details of the restructuring plan, I feel it is important to review the administrative steps that have been taken to place CINAR on a solid footing once again. Tax credit and accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. issues: As previously announced, under an agreement reached in December December: see month. 2000, CINAR agreed to pay the Canada Customs and Revenue Agency Canada Customs and Revenue Agency was a department of the government of Canada. It split up into:
Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. a total of $27 million for tax credits alleged to have been improperly received, as well as penalties and the accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. interest on these amounts. The issue did not end there however. An agreement also had to be worked out with Telefilm tel·e·film n. A film produced for television broadcasting. Noun 1. telefilm - a movie that is made to be shown on television 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 to reflect the new status of our decertified productions. Those negotiations were arduous ar·du·ous adj. 1. Demanding great effort or labor; difficult: "the arduous work of preparing a Dictionary of the English Language" Thomas Macaulay. 2. and demanded a full-scale full-scale adj. 1. Of actual or full size; not reduced: a full-scale model. 2. Employing all resources; not limited or partial: re-examination RE-EXAMINATION. A second examination of a thing. A witness maybe reexamined, in a trial at law, in the discretion of the court, and this is seldom refused. In equity, it is a general rule that there can be no reexamination of a witness, after he has once signed his name to the deposition, of financial records going back almost ten years. Settling these issues became even more difficult due to numerous lawsuits launched at various stages of discussions. It should be noted that agreements with the Canadian Radio-television and Telecommunications Commission The Canadian Radio-television and Telecommunications Commission (CRTC, in French Conseil de la radiodiffusion et des télécommunications canadiennes) was established in 1968 by the Parliament of Canada to replace the Board of Broadcast Governors. (CRTC CRTC Canadian Radio-Television & Telecommunications Commission CRTC Combat Readiness Training Center CRTC Cathode Ray Tube Controller CRTC China Railway Telecommunications Center CRTC Cold Region Test Center CRTC Continuously Regenerated Trap Column ) and the Canadian Television Fund The Canadian Television Fund was created in 1996 to support the broadcast and production of quality Canadian television programming. It is financed by the Canadian government, cable television and DTH satellite providers. (CTF CTF Capture The Flag CTF Child Trust Fund (UK) CTF Canadian Tax Foundation CTF Canadian Taxpayers Federation (lobby group) CTF Canadian Television Fund CTF Canadian Teachers' Federation ) have yet to be concluded. Discussions with these organizations are taking place. The sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. : Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. were hired in August 2000 to explore strategic options to maximize shareholder value, including business partnerships or mergers. In order to market the Company, Merrill Lynch required credible financial information and projections to include in a Descriptive Memorandum An informal record, in the form of a brief written note or outline, of a particular legal transaction or document for the purpose of aiding the parties in remembering particular points or for future reference. . We began a search for a new CFO See Chief Financial Officer. , culminating in the hiring of George Rossi George Rossi (born 28 September, 1960 in Glasgow) is a Scottish actor, best known for playing Detective Constable Duncan Lennox in The Bill from 1998 to 2003. Rossi is of Italian descent, his mother originates from Valvori, a frazione in November November: see month. 2000, and the financial information was provided in early 2001. Merrill Lynch identified 60 companies of which 34 received the Descriptive Memorandum. Of those 34, 16 submitted non-binding expressions of interest by late April. Twelve companies proceeded to the second phase and were provided with more detailed information and attended presentations by CINAR Management. By July July: see month. 6, eight companies had submitted bids - three for all operating assets Operating Assets Another term for working capital. , two for Entertainment assets only and three for CINAR Education only. Of these eight only one was felt to reflect acceptable value for shareholders and we elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to move forward with that party and granted an exclusive period to complete an examination of CINAR's books and records We announced on November 6 that discussions had broken off with that party. Since that time, through Merrill Lynch & Co., we engaged in some follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan talks with other potential buyers, however, it is clear that present market conditions are having an impact on values. We will continue to seek opportunities offering shareholder value with the expectation that external market conditions will improve and thereby enhance the value of CINAR's library and improve the earnings multiples offered for CINAR Education.
Under the Operating Plan for 2002, the Company will focus on the
following priorities:
1. Restructuring: We have taken the difficult decision to downsize
staff in CINAR's Entertainment Division and in the Montreal
corporate office from 164 to 110. Of those employees immediately
affected, 32 are in CINAR's corporate positions and 22 are in CINAR
studios and animation. The Company has retained the resources
necessary to assure the continued progress of its key entertainment
properties Arthur(R) and Caillou(R).
We believe this decision protects shareholder value by maintaining
a focus on our key entertainment properties while at the same time
not incurring new deficits by greenlighting new series. We will
continue to focus on the sale of the many titles within our
Entertainment library.
No staff reductions are planned in our profitable Education
Division, for which we foresee continued growth.
2. Licensing: Our licensing business has made solid progress in the
past two years, with Caillou enjoying particular success. Gross
licensing income has grown from $1.7 million in 2000 to an
estimated $2.0 million for 2001 and a projected $3.0 million in
2002. The Caillou property appears to have continued upside
potential into 2003 at least.
3. Music: CINAR Music was formed in 1995 to maximize music publishing
and retransmission royalty revenue collection. Gross revenue has
grown from $1.75 million in 1999 to an estimated $2.3 million in
2001. Gross revenue is expected to remain relatively stable in
2002. However, this niche business is expected to add more than
$1.3 million to our bottom line.
4. Studios: We have a first-class studio facility in Montreal and in
2001, we began an initiative to attract outside service production
work. We have experienced some success in this endeavor and
intend to build on this success in the year ahead.
5. Legal: As many shareholders are aware, we face a number of legal
disputes. Management has set as a priority to resolve
expeditiously the class action litigation as well as those suits
lodged by the former owners of our Education subsidiaries,
provided that we can do so on reasonable terms.
We will continue to pursue vigorously the Company's action to
recover some $29 million from three former senior officers of
CINAR.
6. Financial: We intend to produce audited financial statements for
the fiscal year ending November 30, 2001. These will be reviewed
at an annual shareholder's meeting to be held on April 29, 2002.
7. Globe-X Canadiana: We will continue to pursue vigorously recovery
of CINAR's funds, currently totaling about US$38 million ($59
million canadian) excluded accrued interest, from the Bahamas.
8. Tax credits: CINAR currently has approximately $43 million in
receivable tax credits and recoverable Part I taxes. The collection
of these amounts, while time consuming, remains a priority.
9. CINAR Education: The education companies in the United States are
important contributors to CINAR's earnings and growth and we intend
to ensure they have the financial resources to continue to grow and
prosper.
To provide shareholders with a better perspective on the financial
issues that we have been dealing with over the past 21 months, we
thought it would be useful to highlight the more significant factors
that required us to adjust CINAR's financial statements:
(a) Liabilities related to tax credit issues. As previously announced
tax credits repaid or foregone plus interest and penalties reduced
shareholders equity by $27 million.
(b) Issues stemming from the Globe-X investment. As a result of the
difficulties in recovering our investment, we have reserved the
entire amount owing by Globe-X-Canadiana. The amount still
outstanding represents a reduction to shareholders equity of US$38
million ($59 million canadian) excluded accrued interest.
(C) Investment in Edusoft
The entire $46 million in goodwill related to the acquisition of
Edusoft was written off reducing shareholders equity by that
amount.
(d) Investment in Lightspan
The investment in Lightspan was written down to market value
reducing shareholders equity by $31 million.
(e) Change in accounting policies
Management has performed an extensive analysis to reconstruct its
film cost balance based on the adoption of Financial Accounting
Standards Board No. 53 (FASB 53). In addition, certain costs,
which were previously recorded as film costs, are now recorded as
period costs in the period in which they were incurred. As a
result, the Company has written down the value of its film costs
by $54.3 million. This is an addition to the $41 million written
down in 1999.
(f) Related-party transactions
Hundreds of related-party transactions involving former management
were reviewed by the Company. Many of these were not entered as
related party transactions but were described to appear as
legitimate business transactions. It has been a very time
consuming and labor intensive process to verify and correct the
books of the Company. This has resulted in CINAR's claim against
former senior management of some $29 million.
In closing, we want to assure you that maximizing shareholder
value is our key concern. If we are successful in achieving our
objectives established for next year, we believe the Company will
maintain its value. If the economy turns around, our operating
entities should improve in market value. As time passes, we will
continue to reassess market conditions to determine how we might best
return value to our shareholders.
I want to thank all of our employees for their loyalty and express
my sincere regret to those whose services we are no longer able to
retain.
CINAR is a Company renowned for the award winning quality of its
products and we are committed to ensuring that the market recognizes
the value of that high quality.
Barrie Usher
President and Chief Executive Officer
Encl.
CINAR PROVIDES SHAREHOLDERS WITH UNAUDITED 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: FINANCIAL INFORMATION MONTREAL--Nov. 30, 2001-- CINAR Corporation today released unaudited consolidated financial information to shareholders, for the nine-month periods ended August 31, 2001 and 2000. The Company has been unable to issue audited financial statements for the years ended November 30, 2000 and November 30, 1999 and audited restatements for the years ended November 30, 1998 and 1997. In order to be audited, the financial statements of the Company must be the subject of representations from management as to certain matters, including whether any illegal acts or related party transactions exist and, if so, have been adequately reflected. Present management of the Company has determined that it cannot currently provide the required assurances with respect to financial periods prior to its appointment. However, present management will be in a position to do so after completion of the 2001 financial year. The Company has appointed Richter, Usher & Vineberg as auditors for the year ended November 30, 2001. Readers are cautioned that the financial information provided by the Company including that summarized below, may not fairly and accurately present the financial position of the Company or the results of its operations and cash flows for the nine-month periods ended August 31, 2001 and 2000, 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 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). ). The Company believes that the financial information provided herein has been prepared on the basis of the best information presently available to the Company. However, neither the Company nor any of its directors, officers, employees, agents or advisors makes any representations regarding the accuracy or completeness of such financial information. Change in Accounting Policies and Restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of Financial Information Management has performed an extensive analysis to reconstruct re·con·struct tr.v. re·con·struct·ed, re·con·struct·ing, re·con·structs 1. To construct again; rebuild. 2. its film cost balance based on the adoption of Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). No. 53 (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 53). In addition, certain costs, which were previously recorded as film costs, are now recorded as period costs in the period in which they were incurred. As a result, the Company has written down the value of its film costs by $54.3 million and has restated its financial information for the nine-months ended August 31, 2000 and retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. as at November 30, 1999. Cost of sales increased by $2.8 million and $16.0 million for the nine-month periods ended August 31, 2001 and 2000 respectively and increased by $44.2 million for financial periods prior to 2000 which was recorded as a reduction of retained earnings as at November 30, 1999. In addition, the Company has changed the amortization period of its acquired film library from 20 years to 10 years from the date of acquisition. This reduction in amortization period resulted in a reduction of its acquired film library by $7 million and was recorded as an unusual item in the financial period ended August 31, 2001. Consolidated revenues for the nine-month period ended August 31, 2001 were $102.1 million, a decrease of 2.8% over the $105 million of revenues earned by the Company for the nine-month period ended August 31, 2000. Entertainment revenues decreased from $40.9 million in 2000 to $29 million in 2001 largely due to a drop in the current level of production. Education revenues increased from $64.1 million to $73.1 million, a 14% increase reflecting the continued growth of the Education Division. Gross margin increased from $25.4 million to $43.7 million. Entertainment gross margin for the nine-month period ended August 31, 2001 was $3.8 million compared to a gross margin loss of $10.4 million for the corresponding period of 2000. The gross margin includes a write down of film cost of $2.8 million for August 31, 2001 and $16.0 million for August 31, 2000. Education gross margin increased from $35.3 million to $39.3 million, maintaining a relatively stable margin of 54.5% of Education revenue for August 31, 2001 compared to 55.8% for August 31, 2000. Selling, general and administrative expenses increased from $39.1 million to $46.3 million largely due to foreign taxes paid in prior periods, which the Company will not recuperate re·cu·per·ate v. To return to health or strength; recover. , as well as an increase in expenses in our Education Division related to its continued growth. Unusual items amount to $7.7 million. These are made up of $7 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of our acquired film library discussed earlier, $4.3 million of professional fees, $1 million related to the interest on the Telefilm settlement less $4.8 million of funds recovered from Globe-X, which had been provided for in prior periods. For the nine-month period ended August 31, 2001, the Company realized a loss before interest, taxes, depreciation and amortization of $10.3 million compared to a loss of $65.1 million for the corresponding nine-month period of 2000. The Company's share of earnings in TeleTOON Teletoon, a portmanteau of "television" and "cartoon", is a name used for three cable and satellite animation channels: Teletoon Channels from Canada
The Company repaid $26 million of its term debt during the first nine months of 2001 and the debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan and loss from operations were financed by a reduction in marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The unaudited financial information, which is the subject of this news release, is available on the Company's web site (www.cinar.com). CINAR will continue to issue semi-monthly status updates by way of news releases, as it has since April 20, 2000. CINAR Corporation is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non-violent, quality programming and educational products for children and families. This release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 (U.S.). Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Actual results or conditions may differ from those anticipated by these and other forward-looking statements. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties.
CINAR CORPORATION
Consolidated Balance Sheet Information
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(Unaudited) August 31 August 31
(In thousands of CDN dollars) 2001 2000
(restated)
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ASSETS
Cash 8,841 18,045
Marketable securities 84,511 98,445
Accounts receivable 73,548 87,812
Related party receivable 29,104 28,883
Income taxes recoverable 20,513 10,702
Tax credits refundable 23,945 20,139
Inventories 13,807 13,606
Film costs 25,651 29,469
Fixed assets 7,467 8,937
Acquired film libraries 12,312 22,230
Goodwill 105,142 107,313
Deferred income taxes - 3,731
Other assets 5,852 5,317
Other asset allowance (88,457) (91,406)
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$322,236 $363,223
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Bank indebtedness 0 316
Accounts payable and accrued liabilities 33,865 41,035
Income taxes payable 0 0
Deferred revenue 10,506 17,301
Deferred income taxes 2,408 0
Term debt 13,957 41,202
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Total liabilities 60,736 99,854
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Shareholders' equity
Capital Stock 501,182 501,182
Issued and outstanding
5,233,402 Variable Multiple Voting (Class A)
and 35,750,568 Limited Voting (Class B)
shares (2000-5,233,402 Variable Multiple
Voting (Class A) and 35,750,568 Limited
Voting (Class B) shares)
Cumulative translation adjustment 5,195 2,787
Deficit (244,877) (240,600)
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Total shareholders' equity 261,500 263,369
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$322,236 $363,223
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CINAR CORPORATION
Consolidated Loss and Deficit Information
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(Unaudited) 9 months ended August 31,
---------------------------------------------------------------------
(In thousands of CDN dollars,
except earnings per share) 2001 2000
---------------------------------------------------------------------
(restated)
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Revenues
Entertainment 28,955 40,908
Educational Products 73,124 64,105
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Total Revenues 102,079 105,013
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Cost of sales
Entertainment 25,140 51,270
Educational Products 33,237 28,339
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Total Cost of Sales 58,377 79,609
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Gross Margin 43,702 25,404
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Selling, general and administrative 46,254 39,097
---------------------------------------------------------------------
Unusual Items 7,702 51,442
---------------------------------------------------------------------
Loss before interest, taxes,
depreciation and amortization (EBITDA) (10,254) (65,135)
---------------------------------------------------------------------
Depreciation and Amortization 6,033 6,026
Interest 1,759 5,335
Interest Income (1,793) (2,441)
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(16,253) (74,055)
Share of earnings of equity investment 1,707 1,291
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Loss before income taxes (14,546) (72,764)
Provision for income taxes 1,262 1,872
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Net loss ($15,808) ($74,636)
Deficit - beginning of period (229,069) (165,964)
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Deficit - end of period ($244,877) ($240,600)
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Loss per Variable Multiple Voting Shares ($0.39) ($1.82)
(Class A) and Limited Voting
(Class B) shares outstanding
Weighted average number of
Variable Multiple Voting 40,984 40,984
(Class A) and Limited Voting (Class B)
shares outstanding
(in thousands)
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CINAR CORPORATION
Consolidated Information as to Cash Flows
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(Unaudited) 9 months
(In thousands of CDN dollars) ended Aug 31,
2001 2000
(restated)
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OPERATING ACTIVITIES
Net loss (15,804) (74,636)
Items not affecting cash:
Depreciation and amortization 6,033 6,026
Adjustment to film library amortization 7,034 -
Deferred income taxes - 399
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(2,737) (68,211)
Net change in non-cash working
capital balances related to operations (14,728) (12,541)
Cash used in operating activities (17,465) (80,752)
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FINANCING ACTIVITIES
Repayment of long-term debt (25,979) (8,931)
Issue of capital stock - 308
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Cash used in financing activities (25,979) (8,623)
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INVESTING ACTIVITIES
Business acquisitions - (13,491)
Bank debt assumed on acquisitions - (972)
Decrease (increase) in marketable securities 44,995 108,465
Additions to fixed assets (909) (1,986)
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Cash provided by investing activities 44,086 92,016
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TRANSLATION ADJUSTMENT 1,045 534
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Increase (decrease) in cash position 1,687 3,175
Cash position - beginning of period 7,154 14,554
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Cash position - end of period 8,841 17,729
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Cash position is comprised of:
Cash 8,841 18,045
Bank indebtedness - (316)
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8,841 17,729
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