Cara Announces Significant Dividend Increase With Third Quarter Sales And Earnings Growth.Business Editors TORONTO--(BUSINESS WIRE)--Feb. 4, 2003 Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited ("Cara") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CAO) (TSX:CAO.A) today announced its operating results for the Third Fiscal Quarter of Fiscal 2003 being the 12-week period ended December December: see month. 8, 2002 (the "Third Quarter" or the "Quarter"). The Third Quarter results showed strong improvement over the comparable period a year ago with system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. rising 17.6% to $414.9 million; gross revenues increasing 12.1% to $263.1 million; net earnings growth of 42.8% to $7.3 million and earnings per share growth of 42.9% to 8.0 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to $5.1 million and 5.6 cents per share respectively reported in the year-ago period. "We are pleased to report continued sustainable growth during a period of relatively uninspired performance and activity in the retail sector, generally and particularly so in our key market of Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. especially when compared to the strong retail environment in the similar period last year. Relative to last year, our results were affected by two factors; firstly in last year's Third Quarter we incurred a $3.5 million pre tax expense pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to our Airline Services Division for increases in bad debt provisions and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when cost allowances, and secondly; the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. weaker economic conditions. Excluding the Airline Services Division related charge, earnings in the Quarter are similar to the corresponding period last year but with improving trends. Historically, the foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. industry lags the overall economy and the current market conditions mask mask, cover or partial cover for the face or head used as a disguise or protection. Masks have been worn from time immemorial throughout the world. They are used by primitive peoples chiefly to impersonate supernatural beings or animals in religious and magical the improving trends in the underlying operational performance of our brands and businesses, including the improving trend in same-restaurant-sales, particularly in our full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. restaurants, year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. system sales growth of 15.5%; more than double that of the foodservice industry, strong unit growth with 15 new restaurants opened in the Quarter, 31 year-to-date, as well as the potential tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. returns to be gained from the significant investments in technology and in the number of new restaurants and facilities to be built, which will allow us to service our guests and teammates better and faster in the future. Reflecting the positive trends, good cash flow and strong balance sheet, our Board of Directors has approved a meaningful increase in the annual dividend from 16 cents per share to 20 cents per share, the fifth increase in the last seven years which have resulted in an aggregate increase in the dividend of 150%. In addition, the Board determined that going forward, the dividend will be paid quarterly. Overall, despite the weaker than forecast market conditions, we continue to expect Fiscal 2003, on the whole, to show significant sales and earnings growth over Fiscal 2002. Having said that, it remains difficult to assess the impact if any, on Cara, should there not be a peaceful resolution to the Middle East situation. As always, I would like to thank all of our teammates, guests and customers for their continued commitment and loyalty towards Cara's brands and businesses", commented Gabe Tsampalieros, Cara's President and Chief Executive Officer. MANAGEMENT DISCUSSION & ANALYSIS OF OPERATIONS 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: RESULTS As an integral part of its press release announcing quarterly financial results, Cara provides extensive disclosure, including consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , statements of earnings, 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. , cash flows and detailed accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. footnotes. All information is prepared 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). . As supplemental information, Cara also provides information on an adjusted earnings basis including 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 , EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). and earnings before unusual items. These adjusted earnings, though commonly used and generally understood, 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 prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). under GAAP and, therefore, may not be necessarily comparable to similar measures presented by other issuers. The definitions of EBITDA, EBIT and earnings before unusual items are explained below and can also be specifically identified on the attached consolidated income statement consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. where such measures are reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to GAAP earnings. These adjusted earnings measures are considered useful information as they are used by Cara management to measure internal operating performance and are also used externally by most financial analysts in their assessment of the Company's financial condition, estimating future earnings and valuing the Company.
CONSOLIDATED RESULTS
--------------------------------------------------------------------
3rd 3rd 36 36
(In thousands Quarter Quarter Weeks Weeks
of dollars ended ended % ended ended %
except for Dec Dec Variance Dec Dec Variance
share data) 8/02 9/01 8/02 9/01
--------------------------------------------------------------------
System Sales
(Note 1) $414,899 $352,772 17.6% $1,239,118 $1,073,184 15.5%
--------------------------------------------------------------------
Gross Revenue 263,132 234,749 12.1% 788,737 729,601 8.1%
--------------------------------------------------------------------
EBITDA (Note 2) 27,013 20,042 34.8% 92,376 75,414 22.5%
--------------------------------------------------------------------
EBIT (Note 3) 14,707 10,107 45.5% 57,978 46,214 25.5%
--------------------------------------------------------------------
Net Earnings
before Unusual
Items 7,350 5,148 42.8% 32,039 25,554 25.4%
--------------------------------------------------------------------
Gain on sale
of business
(Note 4) - - 0.0% 17,769 - 100.0%
--------------------------------------------------------------------
Net Earnings 7,350 5,148 42.8% 49,808 25,554 94.9%
--------------------------------------------------------------------
EPS before
Unusual Items
(in cents) 8.0 5.6 42.9% 34.9 27.7 25.9%
--------------------------------------------------------------------
EPS (in cents) 8.0 5.6 42.9% 54.2 27.7 95.7%
--------------------------------------------------------------------
Note 1: System sales include sales by Cara's franchisees and
franchise operators but exclude intercompany sales and sales to
Cara's franchise operators by Summit Food Service Distributors Inc.
($49.8 million and $46.6 million in the quarter for FY 2003 and
FY 2002, respectively.
Note 2: EBITDA is earnings before interest, taxes, depreciation and
amortization.
Note 3: EBIT is earnings before interest, provision for taxes and
income from equity investments.
Note 4: The gain on sale of the Healthcare Services of $17.8 million
is net of applicable taxes of $2.9 million.
System sales and gross revenue for the Quarter were $414.9 million and $ 263.1 million, an increase of 17.6% and 12.1% respectively over last year. In comparison to Fiscal 2002's Third Quarter, the largest contributors to the year over year increase in system sales were the addition of Second Cup's and Milestone's system sales of $42.0 million and $14.7 million respectively followed by the year-over-year growth in system sales of Montana's and Kelsey's. However, because Second Cup is almost entirely franchised, its inclusion contributed only $6.0 million to Cara's consolidated gross revenues. In the Quarter, consolidated net earnings on a GAAP basis increased to $7.3 million or 8.0 cents per share compared to $5.1 million and 5.6 cents per share respectively last year. When comparing the Fiscal 2003 Third Quarter results to those of the corresponding period last year, the following factors should be taken into account: -- The Third Quarter of Fiscal 2002 included a $3.5 million pre tax expense pertaining to our Airline Services Division for increases in its bad debt provision and severance costs associated with the reductions implemented at that time to realign the Division's structure to the lower revenue levels following September 11. -- While industry conditions remained strong in western Canada, the Ontario market (and in particular the Greater Toronto Area) which accounts for approximately 70% of Cara's system sales, experienced softer market conditions relative to a year ago. -- The consolidation and inclusion of 100% of the operating results of Second Cup that contributed net earnings for the Quarter in excess of last year's equity earnings inclusion of $357K. -- The decision to account for stock option grants as a compensation expense, and to have such expense deducted from earnings. In the Quarter, the after-tax expense was $ 0.3 million or 0.3 cents per share. For the 2003 Fiscal Year, the after-tax expense to earnings is expected to be $1.2 million or 1.3 cents per share. The expense was calculated using the Black-Scholes valuation model and includes the cost of options grants issued under the stock option plans of certain subsidiaries of the Company. There was no comparable expense in prior reporting periods. Cara has implemented this accounting practice on a retroactive basis without restatement of comparative amounts resulting in a one-time charge to opening retained earnings of $4.3 million in the First Quarter of Fiscal 2003. The above-noted expense does not include the cost of the acquisition for cancellation of the option rights held by the management of Kelsey's International Inc., as a consequence of our recent acquisition of the remaining 34.6% therein. The after tax cost of acquiring these options is expected to be approximately $7.0 million, a portion of which has been previously changed to earnings and retained earnings, with the balance of approximately $5.5 million to be expensed in Cara's Fourth Quarter results. At the end of the Quarter, Cara's net debt stood at $93.6 million, which is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $31.1 million lower than at the end of Fiscal 2002, and compares with $87.6 million at the end of the Third Quarter of last year. This level of net debt is in line with expectations. Cash flow generated in the Quarter was strong and reflects the following: -- Cash flow from operating activities of $19.4 million, before changes in working capital. -- Capital expenditures of $16.9 million of which $8.6 million were for new restaurant construction and $4.2 million for restaurant renovations. -- $2.5 million to fund share purchases under the Corporation's Normal Course Issuer bid. Normal Course Issuer Bid In the Quarter, pursuant to its Normal Course Issuer Bid, Cara has purchased for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. 415,900 of its outstanding Class A non-voting non-voting adj non-voting shares → azioni fpl senza diritto di voto shares, at prices ranging from $5.70 to $6.00 at a cost of approximately $2.5 million and an average cost of $5.92 per share. No purchases were made in the prior Quarters. Dividend Reflecting the Company's strong cash flow generation and balance sheet and improving trends, on February February: see month. 4th, 2003, the Board of Directors of the Corporation approved a semi-annual dividend of 10 cents per share payable on February 14th, 2003 to Common and Class A shareholders of record on February 24th, 2003. This constitutes the fifth increase in the dividend since December 1995, when the annual dividend stood at 8 cents per share, an increase of 150%. The Board also determined that hence forth, the dividend will be paid quarterly. Set out below are some of the operating highlights of our major operating divisions: Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. In the Third Quarter, Swiss Chalet achieved system sales of $100.8 million, 1.2% higher than last year. Same restaurant sales were negative 0.8% in the Quarter a meaningful improvement from the 3.1% decline reported in the previous Quarter. Three restaurants were opened in the Quarter (1 net year to date) bringing the total number of Swiss Chalet restaurants operating in 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 and in the states of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and to 187. An additional 5 restaurants (2 net) are scheduled to be opened by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . Over the next three years Swiss Chalet is planning to aggressively grow the number of new restaurants system wide and to implement strategies to further enhance its leadership position in "off-premise" sales including through the take-out Take-out A cash surplus generated by the sale of one block of securities and the purchase of another, e.g., selling a block of bonds at 99 and buying another block at 95. Also, a bid made to a seller of a security that is designed (and generally agreed) to take the seller out of , drive-thru drive-through or drive-thru adj. 1. Relating to or conducting exchanges with clients who drive up to a window and remain in their automobiles: drive-thru banking. 2. and delivery channels. Harvey's This article is about the Canadian fast food chain. For other uses, see Harvey's (disambiguation). Harvey's is a fast food restaurant chain that operates in Canada, with locations concentrated in southern and eastern Ontario, southern Quebec, the Maritimes, and urban In the Third Quarter, Harvey's system sales declined by 3.7% to $63.2 million primarily due to a 3.3% decline in same restaurant sales and the closure of a total of 16 (3 in the Quarter) under-performing or outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. restaurants versus 6 new restaurant openings since same period last year. Year-to-date same restaurant sales were a negative 1.4%, better than most of the competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the segment, which continues to be very competitive as the large multi-nationals continue to apply "deep discount" promotional strategies to drive sales and traffic. Harvey's has chosen not to compete on that basis, and continue on its strategy of emphasizing great taste. During the Quarter, two restaurants were opened and three restaurants were closed bringing the total number of restaurants in operation at the end of the Quarter to 358 (109 of which are "non-traditional") versus 368 (111 "non-traditional") at this time last year. During the Quarter, Harvey's named John St. of Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing as its advertising agency of record. Harvey's new restaurant development plan for fiscal 2004 is well underway. Kelsey's Neighbourhood Bar & Grill Grill may refer to: In food:
System sales in the Third Quarter grew by 12.2% to $47.0 million for a year-to-date total of $142.6 million, a 10.6% increase over the prior year. The increase is due to the addition of 8 new restaurants since the prior year. Same restaurant sales in the Quarter improved over the previous Quarter to negative 0.3% and are tracking negative 0.4% year-to-date. During the Quarter, one new restaurant was added. There are now 103 Kelsey's restaurants operating in Canada and one in the state of New York. An additional 5 restaurants are scheduled to be opened by fiscal year end. Montana's Cookhouse Montana's Cookhouse is a Canadian restaurant headquartered in Mississauga, Ontario. There are restaurants located in Canada from coast to coast in addition to US locations in Michigan and New York State. System sales in the Third Quarter grew by 25.5% to $28.2 million for a year-to-date total of $85.3 million, a 30.0% increase over the prior year. The increase is due to the addition of 8 new restaurants since the prior year. Supported by a successful "All you can eat" rib promotion, same restaurant sales were a positive 2.8% in the Quarter and are tracking positive 0.7% year-to-date. During the Quarter two new restaurants were added. There are now 49 Montana's in Canada and two in the State of New York. An additional 4 Montana's restaurants are scheduled to open prior to the fiscal year end, including one in Auburn Hills, Michigan Auburn Hills is a city in Oakland County in the U.S. state of Michigan. The population was 19,837 at the 2000 census. The city was formed in 1983 from the now defunct Pontiac Township. Auburn Hills is home to the world headquarters of Chrysler, the Walter P. , U.S.A. Second Cup System sales were $42.0 million in the Quarter, $121.0 million year to date. Although in the Quarter same cafe sales were negative at 0.9%, for the year-to-date same cafe sales remain positive at 0.3%. In the Quarter, Second Cup signed a Master Franchise Agreement that permits the Master Franchisee to open cafes using The Second Cup trademark in Kuwait Kuwait (k  wīt`, –wāt) or Kowait (kō`–), officially State of Kuwait, independent sheikhdom (2005 est. pop. , and includes further future expansion into additional
territories including Lebanon Lebanon, country, AsiaLebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , Turkey, Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. and Morocco Morocco, country, Africa Morocco (mərŏk`ō), officially Kingdom of Morocco, kingdom (2005 est. pop. 32,726,000), 171,834 sq mi (445,050 sq km), NW Africa. . This is the second such agreement signed in the year. During the Quarter, 4 cafes were opened and 3 were closed to have 385 cafes operating at the end of the Quarter (391 last year). The brand is continuing to focus on operational excellence and new unit development to maintain its leadership position in the specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. coffee sector. An additional 6 cafes are expected to open prior to the year end including up to 3 cafes internationally before the end of the fiscal year. Milestone's System sales grew by 10.7% to $14.7 million in the Quarter, and same restaurant sales were 5.4% ahead of last year. Milestone's opened two additional new restaurants in the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. , late in the Quarter, with very positive results. Milestone's currently has 21 restaurants operating in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and in the Greater Toronto Area, as well as one restaurant in the State of Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. . One restaurant is under construction in the Toronto Area and will open next Quarter. As a result of the two new openings and the high level of pre-opening expense associated therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. , the division was non accretive. Air Terminal Restaurants System sales in the Third Quarter were $16.4 million or 6.4% higher than a year ago. This is a direct result of the addition of certain Air Canada employee cafeteria cafeteria: see restaurant. contracts previously operated by Cara's Health Services health services Managed care The benefits covered under a health contract Division that was sold in the First Quarter. Same unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. in the Quarter were positive 5.1% and were positive 3.2% for the year to date. During the year, the Division was awarded 10-year food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. contracts at the 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 , Ottawa Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. and Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. airports with an
estimated aggregate cumulative sales volume over their respective
10-year periods of $120 million. As air passenger traffic continues to
be soft, this Division continues to develop new initiatives to boost
sales and earnings.
Airport Services Although sales in the Quarter were 2.2% higher than a year ago at $46.9 million, air passenger traffic and load factors began to show some weakness in the latter part of the Quarter. Profitability improved over last year due to a number of factors including the steps taken to "right-size" the operations after the events of September September: see month. 11 and the increased levels of productivity in the new Toronto New Toronto (tərŏn`tō), part of metropolitan Toronto, S Ont., Canada, on Lake Ontario. flight kitchen. During the Quarter, the division successfully introduced a new upgraded food program for Air Canada's executive first class service and continued to receive proposal requests for new catering and commissary COMMISSARY. An officer whose principal duties are to supply the army with provisions. 2. The Act of April 14, 1818, s. 6, requires that the president, by and with the consent of the senate, shall appoint a commissary general with the rank, pay, and emoluments services. Summit Foods Sales (including inter-company sales) in the Third Quarter were $93.8 million, 1.6% higher than a year ago. Increased sales to its internal Cara customers offset reduced sales from Summit's "street accounts". In the Quarter, Summit was awarded a three-year contract by a hotel chain in Ontario with estimated annual sales of $7.5 million. Subsequent Event On December 27, 2002, Cara acquired the remaining 34.6% interest in KII still held by Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Jeffery Jeffery is a surname and occasionally an alternate spelling of the given name Jeffrey. It may refer to:
With annual system sales of in excess of $1.8 billion, Cara Operations Limited, based in Toronto, Ontario, Canada is one of Canada's leading integrated restaurant companies, and the largest operator of full service restaurants in Canada, providing employment and opportunity for approximately 38,000 Canadians This is a list of Canadians. Architects
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols CAO and CAO.A. For further information, please contact Gabe Tsampalieros, President and Chief Executive Officer or Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Forsayeth, Chief Financial Officer at (905) 405-6500. To find out more about Cara Operations Limited visit our website, www.cara.com or send your inquiries to finance@cara.com. An analyst conference call to review the results of the Third Quarter will be held at 8:45 am on February 5, 2003. Those who wish to "listen-in" on the call may do so by calling (416) 641-6715.
Cara Operations Limited
Report to Shareholders
For the Third Quarter ended December 8, 2002
with comparative figures
for the Third Quarter ended December 9, 2001
--------------------------------------------------------------------
CARA OPERATIONS LIMITED
Consolidated Statements of Earnings and Retained Earnings
Unaudited 12 Week 12 Week 36 Week 36 Week
Period Period Period Period
(In thousands of dollars, Ended Ended Ended Ended
except earnings per Dec 8, Dec 9, Dec 8, Dec 9,
share data) 2002 2001 2002 2001
--------------------------------------------------------------------
--------------------------------------------------------------------
System Sales $ 414,899 $ 352,772 $ 1,239,118 $ 1,073,184
--------------------------------------------------------------------
--------------------------------------------------------------------
Gross Revenue $ 263,132 $ 234,749 $ 788,737 $ 729,601
--------------------------------------------------------------------
--------------------------------------------------------------------
Earnings before the
following: $ 27,013 $ 20,042 $ 92,376 $ 75,414
Amortization of
property, plant and
equipment 11,998 9,648 33,514 28,333
Amortization of
intangible assets 308 287 884 867
--------------------------------------------------------------------
14,707 10,107 57,978 46,214
Interest expense net
of investment income
(note 11) 2,163 1,288 4,420 4,377
Gain on sale of
business (note 3) - - (20,697) -
Equity investments
(note 4) - (271) (824) (1,354)
--------------------------------------------------------------------
Earnings before
income taxes and
non-controlling
shareholders'
interest 12,544 9,090 75,079 43,191
Provision for income
taxes 4,856 3,543 23,599 16,177
Non-controlling
shareholders'
interest 338 399 1,672 1,460
--------------------------------------------------------------------
Net earnings for the
period 7,350 5,148 49,808 25,554
Retained Earnings -
Beginning of Period 353,781 317,915 322,850 308,064
Adoption of new
accounting
recommendations for
stock-based
compensation (notes
1 and 7) - - (4,342) -
Share repurchase
under Normal Course
Issuer Bid (2,246) (2,655) (2,246) (5,769)
Dividends - - (7,185) (7,441)
--------------------------------------------------------------------
Retained Earnings -
End of Period $ 358,885 $ 320,408 $ 358,885 $ 320,408
--------------------------------------------------------------------
--------------------------------------------------------------------
Earnings Per Share
(cents) (note 8)
Basic 8.0 5.6 54.2 27.7
Diluted 7.9 5.6 53.6 27.4
--------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
-------------------------------------------------------------------
CARA OPERATIONS LIMITED
Consolidated Balance Sheets
As at As at
Dec 8 March 31
2002 2002
(In thousands of dollars) Unaudited Audited
-------------------------------------------------------------------
-------------------------------------------------------------------
ASSETS
Current Assets
Cash $ 22,733 $ 15,003
Marketable investment 76,673 75,710
Accounts receivable 70,758 68,793
Inventories 29,779 25,575
Prepaid expenses and other assets 3,346 6,972
Future income taxes 9,500 9,500
Current portion of long-term receivables 2,250 2,571
-------------------------------------------------------------------
215,039 204,124
Long-Term Receivables 11,256 12,704
Property, Plant and Equipment 395,949 376,041
Goodwill 49,166 49,166
Brands and Other Intangible Assets (note 2) 105,297 90,309
Equity Investments (notes 2 and 4) - 14,294
-------------------------------------------------------------------
$ 776,707 $ 746,638
-------------------------------------------------------------------
-------------------------------------------------------------------
LIABILITIES
Current Liabilities
Bankers' acceptances $ 31,500 $ 51,500
Accounts payable and accrued liabilities 122,594 123,740
Income taxes payable 8,893 3,890
Current portion of long-term debt 3,739 3,880
-------------------------------------------------------------------
166,726 183,010
Long-Term Debt (note 5) 157,724 160,024
Other Long-Term Liabilities (notes 1 and 5) 25,466 22,354
Future Income Taxes 18,669 18,382
-------------------------------------------------------------------
368,585 383,770
-------------------------------------------------------------------
-------------------------------------------------------------------
Non-Controlling Shareholders' Interest (note 2) 15,463 9,310
-------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital Stock (note 6) 31,148 30,708
Contributed Surplus (note 1) 2,626 -
Retained Earnings 358,885 322,850
-------------------------------------------------------------------
392,659 353,558
-------------------------------------------------------------------
$ 776,707 $ 746,638
-------------------------------------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
--------------------------------------------------------------------
CARA OPERATIONS LIMITED
Consolidated Statements of Cash Flows
Unaudited 12 Week 12 Week 36 Week 36 Week
Period Period Period Period
(In thousands of Ended Ended Ended Ended
dollars) Dec 8, Dec 9, Dec 8, Dec 9,
2002 2001 2002 2001
--------------------------------------------------------------------
Cash Flows Provided by
(Used in)
Operating Activities
Net earnings for the
period $ 7,350 $ 5,148 $ 49,808 $ 25,554
Adjustments for: -
Amortization of
property, plant and
equipment 11,998 9,648 33,514 28,333
Amortization of
intangible assets 308 287 884 867
Gain on disposal of
property, plant and
equipment - (70) (39) (41)
Gain on sale of
business (note 3) - - (20,697) -
Future income taxes 62 - 287 -
Equity investments
(note 4) - (271) (824) (1,354)
Non-controlling
shareholders'
interest 338 399 1,672 1,460
Other non-cash items (614) (403) 479 (1,058)
Change in non-cash
operating working
capital (note 9) 10,628 18,922 (6,268) (35,117)
--------------------------------------------------------------------
30,070 33,660 58,816 18,644
--------------------------------------------------------------------
Investing Activities
Acquisition of
marketable
investment - - - (74,602)
Purchase of
property, plant and
equipment (16,924) (10,853) (38,787) (39,880)
Proceeds on sale of
business (note 3) - - 30,685 -
Business
acquisitions (note 2) - - (19,099) -
Proceeds on disposal
of property, plant
and equipment (4) 233 4,550 4,416
Purchase of
intangible assets (144) (38) (1,482) (120)
Collection of
long-term
receivables 783 1,040 1,769 1,994
--------------------------------------------------------------------
(16,289) (9,618) (22,364) (108,192)
--------------------------------------------------------------------
Financing Activities
Bankers' acceptances
issued - 7,500 76,000 7,500
Repayment of
bankers' acceptances - (25,000) (96,000) -
Share repurchase
under Normal Course
Issuer Bid (2,460) (2,952) (2,460) (5,758)
Repayment of
long-term debt (937) (1,384) (2,308) (3,074)
Proceeds on
settlement of
interest rate swap
transaction (note 5) - - 3,231 -
Dividends paid - - (7,185) (7,441)
Issuance of capital
stock by subsidiary - - - 1,150
--------------------------------------------------------------------
(3,397) (21,836) (28,722) (7,623)
--------------------------------------------------------------------
Net Change in Cash 10,384 2,206 7,730 (97,171)
Cash - Beginning of
Period 12,349 7,052 15,003 106,429
--------------------------------------------------------------------
Cash - End of Period $ 22,733 $ 9,258 $ 22,733 $ 9,258
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
Cara Operations Limited
Notes to Interim Consolidated Financial Statements
For the 36 week period ended December 8, 2002 and December 9, 2001
Unaudited
1. Basis of Presentation The Corporation prepares its interim financial statements in accordance with Canadian 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 on a basis consistent with those used and described in the annual consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . The disclosures contained in these interim consolidated financial statements do not include all requirements of generally accepted accounting principles for annual financial statements. These interim consolidated financial statements should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the annual consolidated financial statements for the year ended March 31, 2002. In the first quarter of fiscal 2003, the Corporation adopted the new recommendations issued by The Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. ("CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) ") on stock-based compensation whereby the Corporation will account for stock options as a compensation expense to earnings. Under the new recommendations, a fair value-based method of accounting is required to be applied to all stock-based payments to non-employees and to employee awards that are direct awards of stock that call for settlement in cash or other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , or are stock appreciation rights. These recommendations were applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin without 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 prior period consolidated financial statements. The cumulative effect of adoption was a decrease in opening retained earnings of $4.3 million, an increase in contributed surplus of $2.8 million which pertains to options issued by the Corporation and an increase in other long-term liabilities Other Long-Term Liabilities A balance sheet item that includes obligations that do not currently require interest payments. Notes: This would include items such as remaining leases, future employee benefits and deferred taxes. of $1.5 million which pertains to options issued by subsidiary corporations and has been recognized as a liability as the Corporation will be required to 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. these options. The fair value of each option grant by the Corporation is estimated on the date of grant using the Black-Scholes option pricing model option pricing model A mathematical formula for determining the price at which an option should trade. The model expresses the value of an option as a function of the value of the underlying asset, length of time until maturity, exercise price, yields on with the following assumptions: dividend yield of approximately 2.7%, expected volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of 23.5%, risk-free interest rate Risk-Free Interest Rate Describes return available to an investor in a security somehow guaranteed to produce that return. The risk-free interest rate compensataes the investor for the temporary sacrifice of consumption. ranging from 4.68% to 6.91%, and expected lives ranging from 4.5 to 8 years. The fair value of option grants by subsidiary corporations is determined by the formulas set out in their option plans. The Corporation's stock-based compensation plans are more fully described in Notes 12 and 16 of the annual report. 2. Business Acquisitions a. Milestone's Restaurant Inc. On June June: see month. 10, 2002, the Corporation, together with Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h ("Holm") completed the acquisition of the Milestone's restaurant business from The Spectra Group of Great Restaurants ("Spectra") in a cash and share transaction valued at $34.4 million, plus the assumption of related liabilities. Prior to this date the Corporation had a 38% equity interest in Spectra (Note 4). Under the agreement, the Corporation and Holm surrendered the shares of Spectra held by them for cancellation and made a cash payment funded by the Corporation of $15 million to Spectra. As a result, the Corporation and Holm ceased to be shareholders of Spectra. Milestone's Restaurants Milestone's Restaurants Inc. is a Canadian bar and grill restaurant headquartered in North Vancouver, British Columbia owned by Cara Operations. There are over 30 locations in British Columbia, Alberta and Ontario. Inc., the new company established to own and operate the Milestone's business is owned approximately 74% by the Corporation and 26% by Holm, its President. The acquisition has been accounted for by the purchase method and the Corporation has included the results of operations in its consolidated financial statements, from the effective date of acquisition.
Based on preliminary information, the net assets consolidated at the
date of acquisition were as follows:
(In thousands of dollars)
Current assets $ 1,800
Property, plant and equipment 22,143
Brands 13,457
---------------------------------------------------------------------
37,400
Liabilities 3,000
Non-controlling shareholder's interest 5,098
---------------------------------------------------------------------
Total acquisition cost $ 29,302
---------------------
---------------------
Represented by:
Cash consideration $ 15,000
Previously owned equity investment surrendered 14,302
---------------------
$ 29,302
---------------------
---------------------
b. Kelsey's International Inc. Under a Share Purchase Agreement dated April 5, 2002, the Corporation acquired 819,753 common shares of Kelsey's International Inc. ("KII") from the non-controlling shareholders at $5.00 per share. This acquisition increased the Corporation's ownership of KII from 61.6% to 65.4%. The purchase price of $4.1 million was allocated to tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. of $0.9 million and $3.2 million to Brands. 3. Sale of Business - Health Services On April 30, 2002, the Corporation completed the sale of its Health Services Division for cash proceeds of $30.7 million. The sale resulted in an after tax gain of $17.8 million (19.3 cents per share). 4. Equity Investments Earnings from equity investments include a $3.3 million gain, realized as a result of the exchange of the Spectra shares owned by the Corporation for the shares of Milestone's Restaurants Inc. on June 10, 2002 since this transaction is considered to be a culmination in the earnings process. This amount has been reduced by $2.5 million being the Corporation's proportion share of the losses reported by Spectra prior to the share exchange date. Prior to the exchange date the Corporation had a 38% equity interest in Spectra. Taxes payable as a result of the share exchange transaction are estimated to be $0.5 million. 5. Long-term Debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. On August 8, 2002, the Corporation settled the interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. transaction and the gain will be amortized over the remaining term of the Corporation's medium term notes that are due in June 2008. 6. Capital Stock The Corporation's authorized capital stock authorized capital stock The number of shares of capital stock that a business may issue. Authorized capital stock is stated in a firm's articles of incorporation; changes in it may occur only if approved by the stockholders. consists of an unlimited number of common shares, Class A non-voting shares and preference shares issuable in series. Shares issued are set out below:
Class A non-voting Common shares
----------------------------------------------------------------------
Number of Stated Number of Stated
Shares Amount Shares Amount
(In thousands of dollars,
except number of shares)
----------------------------------------------------------------------
Balance at
March 31, 2002 48,910,542 $ 24,580 42,984,520 $ 6,128
Repurchase of shares
under Normal Course
Issuer Bid (415,900) (214)
Options exercised 88,960 654 - -
----------------------------------------------------------------------
Balance at
December 8, 2002 48,583,602 $ 25,020 42,984,520 $ 6,128
----------------------------------------------------------------------
Total
----------------------------------------------------------------------
Number of Stated
Shares Amount
(In thousands of dollars,
except number of shares)
----------------------------------------------------------------------
Balance at March 31, 2002 91,895,062 $ 30,708
Repurchase of shares under
Normal Course Issuer Bid (415,900) (214)
Options exercised 88,960 654
----------------------------------------------------------------------
Balance at December 8, 2002 91,568,122 $ 31,148
----------------------------------------------------------------------
Normal Course Issuer Bid On May 21, 2002, the Corporation approved and filed with the Toronto Stock Exchange, a renewal Notice of Intention to make a Normal Course Issuer Bid permitting the Corporation to purchase through the facilities of the Exchange, up to a total of 2,149,225 Common shares and 2,445,527 Class A non-voting shares. This represents approximately 5% of the outstanding Common shares and Class A non-voting shares. 7. Stock-based Compensation The effect of expensing stock-based compensation under the new CICA accounting standard resulted in a compensation expense in the quarter of $0.3 million or 0.3 cents per share. On May 30, 2002, 477,575 options were granted under the Executive Stock Option Plan at an exercise price of $7.63 per share. Options under this grant vest in 3 equal tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". on each of the first through third anniversaries of the date of the grant, provided that in order for the options to be exercisable, the Corporation's Class A non-voting shares must have traded on The Toronto Stock Exchange at no less than $9.54 per share for a period of 30 consecutive calendar days at any time between the date of grant and the date of exercise. On September 3, 2002, 40,000 options were granted under the Executive Stock Option Plan at an exercise price of $7.39 per share. Options under this grant vest in 3 equal tranches on each of the first through third anniversaries of the date of the grant, provided that in order for the options to be exercisable, the Corporation's Class A non-voting shares must have traded on The Toronto Stock Exchange at no less than $9.24 per share for a period of 30 consecutive calendar days at any time between the date of grant and the date of exercise. 8. Earnings Per Share The components of basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of are as follows:
12 Week 12 Week 36 Week 36 Week
Period Ended Period Ended Period Ended Period Ended
Dec 8, 2002 Dec 9, 2001 Dec 8, 2002 Dec 9, 2001
----------------------------------------------------------------------
Net earnings
(In thousands
of dollars) $ 7,350 $ 5,148 $ 49,808 $ 25,554
----------------------------------------------------------------------
Weighted average
outstanding
shares 91,691,639 92,061,180 91,842,098 92,405,752
Dilutive effect
of options 955,217 541,503 1,017,731 788,251
----------------------------------------------------------------------
92,646,856 92,602,683 92,859,829 93,194,003
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share
(In cents)
Basic 8.0 5.6 54.2 27.7
Diluted 7.9 5.6 53.6 27.4
----------------------------------------------------------------------
9. Cash Flows
12 Week 12 Week 36 Week 36 Week
Period Ended Period Ended Period Ended Period Ended
Dec 8, 2002 Dec 9, 2001 Dec 8, 2002 Dec 9, 2001
(In thousands
of dollars)
----------------------------------------------------------------------
Accounts
receivable $ 7,116 $ 11,954 $ (2,198) $ (5,612)
Inventories (1,022) 2,318 (3,638) 831
Prepaid expenses
and other assets (1) (838) 4,072 2,950
Accounts payable
and accrued
liabilities 3,397 4,330 (9,417) (10,662)
Income taxes
payable 1,138 1,158 4,913 (22,624)
----------------------------------------------------------------------
Net Change in
Non-Cash Working
Capital $ 10,628 $ 18,922 $ (6,268) $ (35,117)
----------------------------------------------------------------------
10. Segment Information
Set out below are system sales and gross revenue information for each
of the Corporation's significant brands or operating divisions:
12 Week Period Ended 12 Week Period Ended
December 8, 2002 December 9, 2001
(In thousands System Gross System Gross
of dollars) Sales Revenue Sales Revenue
----------------------------------------------------------------------
Harvey's $ 63,248 $ 13,155 $ 65,664 $ 7,812
Swiss Chalet 100,816 32,487 99,665 28,851
Kelsey's 47,017 26,778 41,892 24,918
Montana's 28,202 19,609 22,468 17,239
Outback 9,546 9,546 8,741 8,741
Air Terminal
Restaurants 16,442 15,757 15,445 14,492
Second Cup 41,977 6,032 - -
Milestone's 14,703 14,703 - -
Airport Services 46,870 46,870 45,873 45,873
Summit Foods 93,831 93,831 92,308 92,308
Other 2,042 2,042 7,294 7,294
Interdivisional sales (49,795) (17,678) (46,578) (12,779)
----------------------------------------------------------------------
$ 414,899 $ 263,132 $ 352,772 $ 234,749
----------------------------------------------------------------------
36 Week Period Ended 36 Week Period Ended
December 8, 2002 December 9, 2001
(In thousands System Gross System Gross
of dollars) Sales Revenue Sales Revenue
----------------------------------------------------------------------
Harvey's $ 193,355 $ 33,318 $ 197,818 $ 25,081
Swiss Chalet 286,936 90,896 281,679 82,604
Kelsey's 142,577 82,994 128,917 76,735
Montana's 85,337 60,094 65,667 49,356
Outback 29,568 29,568 26,586 26,586
Air Terminal
Restaurants 51,684 49,720 50,612 47,459
Second Cup 121,013 17,117 - -
Milestone's 34,276 34,276 - -
Airport Services 157,059 157,059 165,152 165,152
Summit Foods 274,776 274,776 275,419 275,419
Other 10,029 10,029 25,417 25,417
Interdivisional
sales (147,492) (51,110) (144,083) (44,208)
----------------------------------------------------------------------
$1,239,118 $ 788,737 $1,073,184 $ 729,601
----------------------------------------------------------------------
11. Interest Expense net of Investment Income
12 Week 12 Week 36 Week 36 Week
Period Ended Period Ended Period Ended Period Ended
Dec 8, 2002 Dec 9, 2001 Dec 8, 2002 Dec 9, 2001
(In thousands
of dollars)
----------------------------------------------------------------------
Interest expense
on long-term
debt $ 2,353 $ 1,766 $ 5,760 $ 6,368
Other interest
expense 175 208 904 755
Investment loss
(income) on
marketable
securities 15 (253) (946) (606)
Interest income (380) (433) (1,298) (2,140)
----------------------------------------------------------------------
$ 2,163 $ 1,288 $ 4,420 $ 4,377
----------------------------------------------------------------------
12. Subsequent Event On December 27, 2002, Cara acquired the remaining 34.6% interest in Kelsey's International Inc. ("KII") still held by Paul Jeffery, KII's founder and Chief Executive Officer. The total cash cost of the acquisition will be approximately $60 million, with $11.5 million to be paid on closing and the balance payable on August 3, 2004. In addition, all of the KII option rights held by KII's management will be acquired for cancellation on similar payment terms. The after tax cost of acquiring these options is expected to be approximately $7.0 million, a portion of which has been previously charged to earnings and retained earnings, with the balance approximately $5.5 million to be expensed in Cara's Fourth Quarter results for fiscal 2003.
--------------------------------------------------------------------
CARA OPERATIONS LIMITED - LOCATION STATISTICS
36 Weeks 24 Weeks 12 Weeks 52 Weeks
Ended Ended Ended Ended
December 8, September 15, June 23, March 31,
2002 2002 2002 2002
--------------------------------------------------------------------
Swiss Chalet 187 183 187 186
Harvey's 358 359 364 363
Kelsey's 104 103 99 99
Montana's 51 49 48 47
Outback 16 16 15 14
Second Cup 385 384 387 388
Milestone's 21 19 19 19
--------------------------------------------------------------------
--------------------------------------------------------------------
Airport Services Division
Flight Kitchens 11 11 11 11
--------------------------------------------------------------------
--------------------------------------------------------------------
Air Terminal Restaurants 94 93 93 83
--------------------------------------------------------------------
--------------------------------------------------------------------
Summit Food Service
Distribution Centers 4 4 4 4
--------------------------------------------------------------------
--------------------------------------------------------------------
----------------------------------------------
Stock Exchange Listing
Toronto
----------------------------------------------
----------------------------------------------
Transfer Agent and Registrar
Computershare Investor Services Inc.
c/o Montreal Trust Company
Tel: (416) 263-9487
----------------------------------------------
----------------------------------------------
Market Share Prices
December 8, 2002
Common Shares, CAO (2001 $6.65) $6.90
Class A Subordinated Voting
Shares, CAO.A (2001 $5.35) $7.00
----------------------------------------------
----------------------------------------------
On pourra se procurer le texte francais de
ce rapport en communiquant avec le
Responsable des relations avec les
investissuers
----------------------------------------------
For additional shareholder information please contact:
----------------------------------------------
Michael Forsayeth
Senior V.P. & Chief Financial Officer
Tel: 905-405-6905
Fax: 905-405-6777
E-Mail: mforsayeth@cara.com
Website: cara.com
6303 Airport Road
Mississauga, Ontario
Canada L4V 1R8
----------------------------------------------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion