Camco Announces Fourth Quarter Results.BURLINGTON, Ontario -- Camco Inc. (TSX:COC) - Primarily as a result of the closure costs relating to the Hamilton manufacturing and distribution facility, Camco announced a net loss of $4.2 million or $0.21 per share for the fourth quarter ending December 31, 2004. This compares to a net loss of $53.4 million or $2.67 per share for the same period last year, which was primarily driven by significant provisions for Hamilton plant closure costs. Total sales for the fourth quarter of 2004 amounted to $185 million, up 13.5% from sales of $163 million for the fourth quarter of 2003. Camco reported income from operations, before closure costs, of $0.3 million in the fourth quarter of 2004 versus $1.7 million for the same period last year. Excluding plant closure costs, lower income from operations in the fourth quarter of 2004 was primarily the result of increased raw material commodity prices. Recent increases in commodity prices, especially steel have had an adverse impact on manufacturing costs in 2004 and as a result the Company has announced price increases to the domestic market effective January 1, 2005. Closure costs of $5.0 million ($3.5 million net of taxes) were recorded in the fourth quarter of 2004. In 2004, the Company recorded a net loss of $10.7 million on sales of $643 million, compared to a net loss of $52.5 million on sales of $595 million. Income from operations, before closure costs rose to $9.9 million, compared to $5.3 million in 2003. The principal drivers of improved year-over-year operational performance were: strong domestic and export sales, base cost productivity improvements resulting in lower operating costs, and increased production at the Company's manufacturing facility in Montreal. James Fleck, President and CEO commented: "Camco experienced profound changes in 2004, including significant new product introductions, a major expansion of dryer manufacturing capacity in Montreal, new facilities in Burlington and Brantford, and the shutdown of the Hamilton facility. We have always said that Camco's real competitive advantage is the quality of our people. This unique strength was demonstrated in many different ways in 2004, be it our sales success in Canada, our ability to meet GE's dryer requirements, or the high integrity shown by our Hamilton employees. With the major restructuring costs behind us, we look forward to success in 2005 and beyond." Camco is the largest Canadian manufacturer, marketer and service provider of home appliances, with manufacturing operations in Montreal, Quebec. The Company's product line includes such popular names as GE, Hotpoint, Moffat, Monogram, BeefEater and Samsung. Camco also produces and services private brands for major Canadian department stores. For information regarding Camco's products and services, please visit the Company website at www.geappliances.ca. Report to the Shareholders For the Period Ended December 31, 2004 Interim Management Discussion and Analysis (MD&A) INTRODUCTION The following discussion and analysis should be read in conjunction with the Management Discussion and Analysis, the annual audited financial statements and notes contained in Camco's 2003 Annual Report, and the interim financial statements and notes contained in this report. The comments and analysis contained in this MD&A are as of February 9, 2005. OVERALL PERFORMANCE Results of Operations - Overview Primarily as a result of the closure costs relating to the Hamilton manufacturing and distribution facility, Camco recorded a net loss of $4.2 million or $0.21 per share on sales of $185 million for the fourth quarter ended December 31, 2004. This compares with a net loss of $53.4 million or $2.67 per share on sales of $163 million for the same period last year due to significant provisions for plant closure costs coupled with lower export sales and higher operating costs. Plant closure costs of $5.0 million ($3.5 million net of taxes), were recorded in the fourth quarter of 2004. Income from operations, before closure costs and investment write downs, fell to $0.3 million in the fourth quarter of 2004 compared to $1.7 million for the same period in 2003. Increased raw material commodity prices (specifically steel and plastic) were the main contributing factor to Camco's lower quarterly operating results. In 2004 Camco recorded a net loss of $10.7 million ($0.54 per share) on sales of $643 million compared with a net loss of $52.5 million ($2.63 per share) on sales of $595 million in 2003. Income from operations, before closure costs, rose by $4.6 million (pre-tax) in 2004. Excluding plant closure and write down of retail advances, increased domestic and export sales coupled with increased cost control resulted in higher 2004 earnings. A $24.1 million ($16.7 million net of tax) provision for plant closure costs was recorded in 2004. Hamilton Manufacturing: 2004 Operations: In 2004, the focus for the Hamilton facility was managing and executing the closure of the facility as announced in October 2003. The facility ran at normal production rates on the Customstyle(TM) refrigerator, the Handi-Hite(TM) refrigerator and the electric range lines through out the year until the final production day of November 18, 2004. As a result of the dedication and commitment of all the Hamilton plant employees, the facility performed extremely well. The facility met or outperformed production and cost budgets throughout the year, with quality results exceeding targeted levels. The Hamilton plant financial results from operations up to the end of November 2004 have been treated as "results from normal operations," and recorded in the appropriate accounting period. The Company has not recorded any provisions for expected gains and losses that relate to normal production operations in 2004. Alternate Product Supply Arrangements: The Company will continue to supply ranges and refrigerators to the Canadian market. Agreements were finalized in 2004 to secure replacement product for all product produced by the Hamilton Plant as required to meet the domestic market needs. These new agreements will provide Camco with world-class products from strong global suppliers with state of the art features, quality and lower product costs. Closure Contract: On January 14, 2004, the Union representing hourly and salary employees at the manufacturing facility in Hamilton accepted a closure contract agreement. The agreement included improvements to both pension and benefits. The Company estimates the additional cost of the contract to be approximately $3.5 million. Some of the additional costs have been recorded as plant closure costs and some have been recorded through pension and benefit expense in 2004. Land Sale: As recently announced, the sale of the Hamilton facility and property for $13 million was finalized with McMaster University, which closed on January 21, 2005. Montreal Manufacturing: In 2003, the Company reached an agreement with the GE Consumer & Industrial (GEC&I) to extend a dryer supply agreement. Under the agreement, Camco will export to GEC&I certain models of dryers through to December 31, 2006. More specifically, the annual minimum volume of units committed to be purchased by GEC&I will increase from the current level of 400,000 units to 800,000 units beginning 2005. The current dryer contract, which was originally signed in late 1993 and was subsequently renewed in 1999, would have expired in December 2003. All dryers manufactured by Camco are produced at the Company's plant in Montreal. As a condition for the increased volume, Camco has committed to invest in product enhancements, meet industry leading quality measures, improve productivity, and take steps to ensure product availability to GEC&I. While continuing to advance significant quality, productivity and cost reduction programs, the Montreal facility completed a significant capacity expansion in 2004. The capacity expansion investment of $13.9 million, announced in 2003, was fully implemented on schedule beginning in September 2004. This capacity expansion resulted in record export shipments for the year. In addition, the plant added nearly 100 new employees to handle the additional demand for its products. As announced in May 2004, a further investment of $15.2 million was approved for a program focused on a new dryer platform. This program is well underway with a product launch slated for mid 2005. Increased Steel and Commodity Prices Recent increases in commodity prices, especially steel have had an adverse impact on manufacturing costs in 2004 and the Company has announced price increases to the domestic market that will take effect on January 1, 2005. The Company has fixed price supply arrangements with its main steel supplier for 2005. Cost uncertainties still exist with smaller third party parts processors, plastic components and freight costs. Exposure to Exchange Rate Fluctuations Stronger Canadian dollar exchange rates cause US dollar sales to result in lower Canadian dollar reported revenue, however, the Company currently experienced little net currency exposure in 2004 because sales billed in US dollars approximately equalled purchases of imported products denominated in US dollars. In 2005, the Company projects US dollar purchases will exceed sales to the US. The Company is utilizing hedging instruments in 2005 to minimize currency exposure. Results of Operations - Statement of Income Sales Primarily as a result of higher domestic and export sales, revenues of $185 million in the fourth quarter of 2004 were up 13.6% from $163 million in 2003. Total domestic and export sales for 2004 were $401 million and $242 million respectively vs. $374 million (domestic) and $221 million (export) in 2003. In 2004, the Canadian major core appliance market as reported by the Canadian Appliance Manufacturer's Association (CAMA), grew by 7.7 % to 3.9 million units. Net Income The Company's net loss in the fourth quarter of 2004 was $4.2 million or $0.21 per share compared to net loss $53.4 million or $2.67 per share for the same period last year. Net loss for the year was $10.7 million versus a net loss of $52.5 million for 2003. Plant closure costs of $5.0 million ($3.5 million net of tax) were recorded in the fourth quarter of 2004, compared to closure costs of $77.6 million ($52.0 million net of tax) recorded in the fourth quarter 2003 (see plant closure costs below). Income from operations, before closure costs and the write down of retail advances, was $9.9 million in 2004 versus $5.3 million in 2003. Total operating costs of $632.7 million in 2004 were up $43 million from $589.7 in 2003. The increase in operating costs is attributable to higher variable costs as a result of higher volume. If expressed as a percentage of sales, total year operating costs were below 2003 levels. Employee wage and benefit increases in 2004 were offset by operational productivity improvements. Plant Closure Costs In the fourth quarter of 2004, the Company recorded plant closure costs of $5.0 million ($3.5 million net of taxes) primarily comprising employee severance and pension expense. As disclosed in last year's fourth quarter MD&A, in accordance with accounting guidelines, only a portion of the severance and pension expense, totalling $77.6 million ($52.0 million net of taxes) could be recorded in 2003. In 2004, a total of $24.1 million ($16.7 million net of taxes) was recorded. The current year closure costs of $24.1 million, a $5.7 million increase from the 2003 year-end estimate of $18.4 million, is mainly due to the improvements in pension and benefits made in the closure contract agreement dated January 14, 2004. A pension settlement cost will be funded over the next four years and will be recorded upon final settlement of the plan obligations. As at December 31, 2004 this settlement cost was actuarially estimated to be $19.8 million. The actual amount of the settlement and the future funding requirements will be dependent upon future interest rates and plan asset returns. Payments related to severance expenses were made in January 2005, following the closure of the Hamilton facility in December 2004, while pension-funding payments will be incurred monthly until 2008/2009. The portion of the total closure costs, currently totalling $101.7 million, ($66.8 million net of taxes), that requires a cash outlay is approximately $27.3 million, which relates primarily to severance payments. The majority of these cash payments were made in January 2005. Employee Severance: As a result of the plant closure, approximately 430 union employees and 36 salaried employees were terminated in the fourth quarter of 2004. In the fourth quarter of 2003 a provision for $9.0 million ($6.0 million net of tax) for employee severance costs was recorded. Under CICA Emerging Issues Committee Abstract EIC-134, severance costs can be expensed at the date of the commitment to close the plant only for those amounts that are guaranteed to be paid, regardless of when the employee leaves. The remainder of the severance that the company is committed to pay is considered a stay bonus and must be equally expensed over the closure period. As a result, the company recorded an additional $18.7 million ($13.0 million net of tax) in 2004. The majority of actual cash disbursements were made in January 2005 after the plant closed at the end of 2004. Pension Expense: In conjunction with the closing, the Company intends to wind-up a pension plan that exists for the hourly Hamilton workforce. As a consequence of the pension wind-up, the Company recorded a curtailment provision of $33.1 million ($22 million net of tax) in the fourth quarter of 2003. Under CICA 3461 guidelines, the Company was required to recognize a curtailment loss when the plant closure was announced and a subsequent pension plan wind-up is expected. In 2004, an additional pension expense of $2.9 million ($2.0 million net of tax) was recorded due to the improvements in pension made in the closure contract agreement dated January 14, 2004 A pension plan settlement is recognized when the entity substantially discharges or settles all of a pension plan obligation. Since the Hamilton Plant hourly workforce pension plan has "plan wind up" liabilities of $95.3 million and assets of $73.8 million (as per a December 2003 valuation), the Company will be required to make cash contributions into the plan to eliminate the deficit position within 4 years. As a result, the Company anticipates that an additional settlement will be recorded in 2008/2009 upon final funding and subsequent settlement of the plan obligations. Plant and Equipment Impairment: The Company recorded an impairment expense of $35.0 million ($23.4 million net of tax) in the fourth quarter of 2003. Interest and Other Expenses Total year-to-date interest and other expenses of $1.2 million is $0.8 million lower than last year. This was principally due to reduced average debt and lower interest rates. Results of Operations - Cash Flows Cash from Operations: During the year, cash generated from operations amounted to $24.8 million in 2004 compared to cash generated of $6.4 million in 2003. The variance from 2003 is attributable to improved working capital levels, including a $22.0 million increase in accounts payable, required to support higher inventory levels and the determination of final payments to Hamilton based vendors. Capital Investing Activities: The Company's plant and equipment investment activities for 2004 totalled $6.0 million versus $3.2 million in 2003. The investing activities are primarily related to capacity expansion in the Company's Montreal facility. Bank Borrowings and Dividends: Bank borrowings decreased by $3.0 million in 2004 as the Company repaid $750,000 per quarter on the term loan. The Company did not pay a dividend in 2004. LIQUIDITY AND CAPITAL RESOURCES On May 30, 2003, the Company renewed its securitization facility under which it sells up to $60.0 million eligible trade receivables on a revolving basis. This program, which originally began in 1995, has been extended through to September 27, 2005. The Company also renewed a $40.0 million line of credit facility on July 10, 2004. The line of credit agreement extends to July 9, 2005. To assist with closure related expenses, the Company has arranged an additional credit facility of up to $10.0 million with its banker available from April 1, 2004 - September 30, 2004 and up to $20.0 million from January 1, 2005 - September 30, 2005. To date, the Company has not needed to draw upon these funds. During the year, the Company met all of its cash and banking requirements. OTHER Additional Information Additional information about Camco, including Camco's Annual Information Form, is available on SEDAR at www.sedar.com. Outstanding Share Data As at the date of this report, Camco had 20,000,000 common shares outstanding. Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the corporation's future plans, objectives or goals, including words to the effect that the corporation or management expects a stated condition to exist or occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ from those currently anticipated in such statements by reason of factors such as, but not limited to, changes in general economic and market conditions. Camco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONSOLIDATED BALANCE SHEET
Unaudited (In thousands of dollars)
December December
31, 2004 31, 2003
----------- ----------
Assets
Current Assets
Cash and cash equivalents $ 25,115 $ 9,301
Accounts receivable - trade 7,231 2,431
Accounts receivable - other 5,005 805
Inventories 52,901 49,442
Future income taxes 19,164 9,058
Prepaid expenses and other assets 8,889 7,050
----------- ----------
118,305 78,087
Future income taxes 26,730 31,127
Property, plant and equipment 33,258 33,507
Other assets 12,578 8,661
Accrued benefit asset 37,535 29,837
----------- ----------
$ 228,406 $ 181,219
----------- ----------
----------- ----------
Liabilities and Shareholders' Deficiency
Current Liabilities
Operating line of credit $ 10,000 $ 10,000
Current portion of long-term debt 3,010 3,016
Accounts payable and accrued liabilities 123,223 82,234
Due to Affiliates, net 26,671 11,740
Income taxes payable 1,776 1,079
----------- ----------
164,680 108,069
Employee severance - 6,177
Accrued benefit liability 3,493 5,187
Long-term debt 6,750 9,760
Other liabilities 19,974 9,626
Post retirement benefits 56,388 54,536
----------- ----------
251,285 193,355
Shareholders' Deficiency
Common shares
Authorized - unlimited
Issued and outstanding - 20 million shares 37,442 37,442
Deficit (60,321) (49,578)
----------- ----------
(22,879) (12,136)
----------- ----------
$ 228,406 $ 181,219
----------- ----------
----------- ----------
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited (In thousands of dollars)
Twelve months ended Three months ended
---------------------- -------------------
Dec Dec Dec Dec
31, 2004 31, 2003 31, 2004 31, 2003
---------- --------- --------- ---------
Net sales of products
and services $ 642,635 $ 594,570 $ 184,999 $ 162,804
---------- --------- --------- ---------
Operating costs
Employee compensation,
including benefits 150,096 141,445 40,741 34,163
Material, supplies, services,
and other costs 482,615 447,802 143,969 126,955
---------- --------- --------- ---------
632,711 589,247 184,710 161,118
---------- --------- --------- ---------
Income from operations
before closure costs and
write down costs 9,924 5,323 289 1,686
Hamilton plant closure costs 24,067 77,627 5,005 77,627
Write down of investments 297 3,395 (124) 3,395
---------- --------- --------- ---------
Loss from operations (14,440) (75,699) (4,592) (79,336)
Interest and other expenses (1,220) (1,972) (575) 20
---------- --------- --------- ---------
Income before income taxes (15,660) (77,671) (5,167) (79,316)
Recovery of income taxes 4,917 25,143 1,007 25,907
---------- --------- --------- ---------
Net Loss $ (10,743) $(52,528) $ (4,160) $(53,409)
---------- --------- --------- ---------
---------- --------- --------- ---------
Loss per share, basic
and diluted $ (0.54) $ (2.63) $ (0.21) $ (2.67)
---------- --------- --------- ---------
---------- --------- --------- ---------
CONSOLIDATED STATEMENTS OF DEFICIT
Unaudited (In thousands of dollars)
Year Ended
--------------------------
Dec Dec
31, 2004 31, 2003
----------- -----------
Retained earnings/(deficit),
beginning of year $ (49,578) $ 2,950
Net loss (10,743) (52,528)
----------- -----------
Deficit, end of year $ (60,321) $ (49,578)
----------- -----------
----------- -----------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited (In thousands of dollars)
Twelve months ended Three months ended
---------------------- -------------------
Dec Dec Dec Dec
31, 2004 31, 2003 31, 2004 31, 2003
---------- --------- --------- ---------
Cash flows from
Operating Activities
Net loss $ (10,743) $(52,528) $ (4,160) $(53,409)
Add (deduct) items not
affecting cash
Depreciation and
amortization 6,213 47,482 1,637 35,422
Post employment benefits
expense 18,973 49,191 3,507 37,417
Future income taxes (5,709) (25,856) (5,483) (26,048)
Net increase in working
capital (Note 2) 42,022 4,191 15,092 17,651
Post employment benefits
funding (26,512) (26,651) (9,864) (8,375)
Other non-current operating
activities 254 7,135 6,005 5,865
Write down of retail advances 297 3,395 297 3,395
---------- --------- --------- ---------
24,795 6,359 7,031 11,918
---------- --------- --------- ---------
Capital Investing Activities
Property, plant & equipment
additions (6,949) (3,196) (1,911) 920
Disposal of property,
plant & equipment 984 19 984 -
---------- --------- --------- ---------
(5,965) (3,177) (927) 920
---------- --------- --------- ---------
Financing Activities
Increase/(decrease) in
short term borrowings (6) 4,691 9,996 (13,977)
Decrease in long term
borrowings (3,010) (2,296) (1,501) (5,323)
---------- --------- --------- ---------
(3,016) 2,395 8,495 (19,300)
---------- --------- --------- ---------
Increase in cash and cash
equivalents 15,814 5,577 14,599 (6,462)
Cash and cash equivalents,
beginning of period 9,301 3,724 10,516 15,763
---------- --------- --------- ---------
Cash and cash equivalents,
end of period $ 25,115 $ 9,301 $ 25,115 $ 9,301
---------- --------- --------- ---------
---------- --------- --------- ---------
Cash and cash equivalents
is represented by:
Cash $ 10,212 $ 6,799 $ 10,212 $ 6,799
Short-term investments,
at cost which approximates
market:
Commercial Paper 14,903 2,502 14,903 2,502
---------- --------- --------- ---------
$ 25,115 $ 9,301 $ 25,115 $ 9,301
---------- --------- --------- ---------
---------- --------- --------- ---------
Supplemental Cash Flow
Information:
Income and capital
taxes paid $ 301 $ 1,026 $ 30 $ 320
---------- --------- --------- ---------
---------- --------- --------- ---------
Interest paid $ 1,280 $ 1,855 $ 391 $ 532
---------- --------- --------- ---------
---------- --------- --------- ---------
NOTES TO INTERIM FINANCIAL STATEMENTS
For the twelve months ended Dec 31, 2004 and Dec 31, 2003
Unaudited (In thousands of dollars)
1. As a result of the Hamilton Plant Closure Costs recorded in 2003 and 2004 (see note 6), the Company has a Shareholders' Deficit as at December 31, 2004. The Company expects significant long-term cost savings as a result of the closure of the Hamilton plant. In addition, the Company reached an agreement with GE Consumer & Industrial, a division of GE, to extend the dryer supply agreement for the Montreal plant through December 31, 2006 and has also entered into outsourcing arrangements with third parties to supply refrigerators and ranges to the Canadian market. From a financing perspective, the Company has renewed its agreement with its lender whereby an additional $10 million operating facility was made available from April 1, 2004 - September 30, 2004 and an additional $20 million operating facility will be made available from January 1, 2005 - September 30, 2005. To date, the Company has not had the need to draw upon these funds. 2. Changes in working capital includes changes in the following accounts:
Twelve months ended Three months ended
-------------------- -------------------
Dec Dec Dec Dec
31, 2004 31, 2003 31, 2004 31, 2003
-------------------- -------------------
Accounts receivable - Trade $ (4,800) $ (1,547) $ 23,341 $ 18,182
Accounts receivable - Other (4,497) 3,347 (3,471) 48
Inventories (3,459) 8,999 10,966 6,779
Prepaid and other assets (1,839) (2,700) (2,671) (3,073)
Income taxes
payable/recoverable 697 (198) 4,383 (151)
Accounts payable and accrued
liabilities 40,989 (3,700) (19,024) 1,059
Due to affiliates, net 14,931 (10) 1,568 (5,193)
-------------------- -------------------
Net increase in working
capital $ 42,022 $ 4,191 $ 15,092 $ 17,651
3. Effective January 1, 2003, the Company announced the merger of its extended warranty contract business with Comerco Brokerage Plus Inc.'s service contract operation. The new joint venture, Comerco Services Inc., is based in Laval, Quebec, and offers the capability of formulating, implementing, and servicing extended warranty programs across Canada and the U.S and has been proportionately consolidated in the Company's financial statements. 4. On April 15, 2003, the Company reached an agreement with GE Consumer & Industrial, a division of General Electric Company, to extend a dryer supply agreement. Under the agreement, Camco will export to GE Consumer & Industrial certain models of dryers through to December 31st, 2006. More specifically, the annual minimum volume of units committed to be purchased by GE Consumer & Industrial will increase from the current level of 400,000 units to 800,000 units beginning in 2005. 5. Concurrent with the extension of the dryer supply contract, the Company announced two new investment programs in the Montreal facility. Under the first program, announced April 15, 2003, the Company invested $13.9 million over a period of 18 months during 2003 and 2004 to expand plant capacity. The Company financed the plant expansion through a $10 million equipment operating lease with GE Canada. Under the second program, announced May 17, 2004, the Company will be investing $15.2 million in the design and production of a new, leading edge dryer platform. The Company will be financing this program through a second $10 million equipment operating lease with GE Canada. The remainder of the financing for both of these projects ($9.1 million) will be funded through internal sources and through Investissement Quebec (up to $5 million). 6. As a result of the October 2003 decision to close the Hamilton manufacturing and distribution facility, the Company recorded $24,067 in closure costs for the year ended December 31, 2004 (2003 - $77,627). The components of the recorded closure costs as at December 31, 2004 and 2003 are as follows:
2004 2003
------------------------
Write down of plant & Equipment $ - $ 34,969
Pension plan curtailment expense 2,933 33,080
Employee severance 18,692 9,051
Other 2,442 527
---------------------------------------------------------------------
Total $ 24,067 $ 77,627
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The Company reduced the carrying value of the Hamilton plant and equipment to its fair value (net of disposal costs) of $4,124 as at October 2003, resulting in an impairment charge of $34,969 in 2003. This reduced carrying value was depreciated through December 2004 to its estimated fair value (net of disposal costs) as at the closure date. The Company is in the process of winding up the pension plan for the hourly Hamilton workforce. An additional charge of $2,933 was recorded to the pension expense as a result of the improvements in pension and benefits in the closure contract agreement dated January 14, 2004. An actuarially determined pension plan curtailment provision of $33,080 had been recorded as at December 31, 2003. A pension settlement cost will be funded over the next four years and will be recorded upon final settlement of the plan obligations. As at December 31, 2004 this settlement cost was actuarially estimated to be $19,800 (2003 - $11,506). The actual amount of the settlement and the future funding requirements will be dependent upon future interest rates and plan asset returns. The Company has incurred severance costs of $27,743 will be paid to the Hamilton plant employees as a result of the closure. Severance costs of $18,692 were charged to income systematically in 2004 ($9,051 in 2003). The majority of these costs were paid at the beginning of 2005. 7. As recently announced, Camco concluded a Purchase Sale Agreement with McMaster University for the sale of its 36.7 acres of land on Longwood Road South in Hamilton. Under the terms of the Agreement, the ownership of the property passed in its current condition to McMaster University on January 21, 2005 for a cash price of $13 million. Proceeds from the sale will be used to help fund the closure costs of the facility. 8. The interim consolidated financial statements should be read in conjunction with the most recent annual consolidated financial statements. The Company's accounting policies and methods of application are consistent with the annual financial statements ended December 31, 2003.
CORPORATE INFORMATION
Camco Inc. Website: http://www.geappliances.ca
5420 North Service Rd Share Transfer Agent: CIBC Mellon Trust
Company
Suite 300/P.O. Box 5345 Auditors: Deloitte and Touche LLP
Burlington, Ontario Major Facility Locations: Burlington,
Montreal, and Moncton
L7R 5B6
Camco Inc. (TSX:COC) |
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