Cara Operations Limited: Momentum Continues -- Earnings Increase by 30%.Business Editors TORONTO--(BUSINESS WIRE)--July 20, 2000 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 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAO.) (TSE:CAO.A.) ("Cara") today announced significantly improved operating results for the First Quarter ended June June: see month. 25, 2000. The results showed continued strong year-over-year growth in sales and earnings in all major divisions: For the 12 weeks ended June 25, 2000, 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. grew by 28% to $379 million, gross revenues increased by 28% to $272 million, earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from 6.9 cents reported a year ago. "The strong First Quarter performance indicates that the growth momentum of fiscal 2000 is continuing. Our Restaurant segment's year-over-year system sales growth was 47% or $71 million of which $57 million is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the acquisition of Kelsey's. Both Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. and 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 continued to enjoy meaningful same-restaurant sales growth in excess of 5%, while ATR ATR Achilles tendon reflex, see Ankle reflex enjoyed a significant year-over-year sales increase. Led by the Airport Services Division, the system sales of the Foodservices segment were up 8% from a year ago with continuing operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improvements. Fiscal 2001 is off to a great start and barring any unforeseen disruptions, we see our businesses continuing to deliver solid growth in sales and earnings over the balance of the year. I would like to thank all our team-mates for their continued commitment and contributions to Cara's continued success," commented Gabe Tsampalieros, Cara's President and Chief Executive Officer. ORGANIZATION STRUCTURE In the First Quarter, Cara simplified sim·pli·fy tr.v. sim·pli·fied, sim·pli·fy·ing, sim·pli·fies To make simple or simpler, as: a. To reduce in complexity or extent. b. To reduce to fundamental parts. c. its organization structure to operate under a single, unified management team. Reporting to Gabe Tsampalieros, President and Chief Executive Officer, Jim Williams Jim or Jimmy Williams can refer to: In American football:
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. Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Cara and is now responsible for all operating divisions in both the Restaurants and Foodservices segments. 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 , previously President of Cara's Restaurant Group, was appointed Senior Vice President, Branding and Concept Development. Mr. Holm will also report directly to Mr. Tsampalieros and will be responsible for Cara's world- class brand management system, restaurant concept development and strategic branding and marketing initiatives. "This new structure will allow our team to work even more closely together, allowing for greater efficiencies, the maximization of individual talents and synergies, and a faster response time," added Tsampalieros. SECOND CUP During the First Quarter, Second Cup declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. and paid a special dividend of $2.00 per share to its shareholders. As Second Cup's largest shareholder, with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3.7 million shares (38%), Cara received $7.3 million. The dividend did not have any impact on Cara's earnings as it has appropriately been accounted for as a reduction of Cara's investment in Second Cup which now stands at $25.5 million ($6.95 per share). CHANGE IN ACCOUNTING FOR PENSION BENEFITS 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) ") requires the adoption of section 3461 of the CICA handbook
This article is about reference works. For the subnotebook computer, see .
tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Employee Future Benefits" in fiscal years commencing on or after January January: see month. 1, 2000. Accordingly, Cara has implemented section 3461 on a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a basis but 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 comparative amounts. Based on current discount rates, which are lower than those previously used by the Company and other estimated assumptions, this non-cash obligation will require a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge to opening 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. , net of tax, of approximately $5.6 million. SHARE BUY-BACK On May 25, 2000, Cara announced that it renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. its Normal Course Issuer Bid permitting the Company to purchase up to 2,149,225 Common shares and 2,493,962 Class A Non-Voting non-voting adj non-voting shares → azioni fpl senza diritto di voto shares. This represents approximately 5% of the outstanding Common shares and Class A Non-Voting shares.
CONSOLIDATED INFORMATION
------------------------
[In thousands of 1st Quarter ended 1st Quarter ended %
dollars except June 25/00 June 20/99 Increase/
for share data] [decrease]
-----------------------------------------------------------------------
System Sales
[note 1] $379,178 $296,450 27.9%
Gross Revenue $271,817 $211,636 28.4%
EBIT [note 2] $17,911 $13,116 36.6%
Net Earnings $8,242 $6,474 27.3%
Earnings Per Share
[in cents] 8.9 6.9 29.6%
SEGMENTED INFORMATION
---------------------
Restaurant Segment 1st Quarter ended 1st Quarter ended %
June 25/00 June 20/99 Increase/
[decrease]
-----------------------------------------------------------------------
System Sales
[note 3] $222,233 $151,265 46.9%
Gross Revenue
[excl. sales by
franchise operators] $94,367 $48,132 96.1%
EBIT [note 2] $13,370 $10,344 29.3%
Foodservices 1st Quarter ended 1st Quarter ended %
June 25/00 June 20/99 Increase/
[decrease]
-----------------------------------------------------------------------
System Sales
[note 4] $156,945 $145,185 8.1%
Gross Revenue
[note 5] $177,450 $163,504 8.5%
EBIT [note 2] $10,027 $7,870 27.4%
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 Note 2: EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). is earnings before interest, provision for taxes and after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. equity income. Note 3: Restaurant segment system sales include sales by franchise operators. Note 4: Foodservices' system sales exclude intercompany sales and sales to Cara's franchise operators by Summit. Note 5: Foodservices' gross revenue excludes intercompany sales but includes sales to Cara's franchise operators by Summit. OPERATING HIGHLIGHTS Swiss Chalet In the First Quarter, Swiss Chalet system sales grew by $8.4 million or 10.9% to $85.7 million. Same restaurant sales increased by a healthy 6.4%. The sales increases were primarily driven by the launch of the new spring menu, continuing strong performance in home delivery and the addition of 8 new restaurants, since this time last year. At quarter-end, there were 181 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 . Harvey's Harvey's system sales increased by $2.8 million or 4.6% to $64.4 million. Same restaurant sales were up by a healthy 5.4%; a significant improvement from a year ago when same restaurant sales were a negative 1%. The increase in same restaurant sales was underpinned by the re-imaging and brand rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. program supported by various promotions including the Swiss Mushroom mushroom, type of basidium fungus characterized by spore-bearing gills on the underside of the umbrella- or cone-shaped cap. The name toadstool is popularly reserved for inedible or poisonous mushrooms, but this classification has no scientific basis. Melt Burger. Speed of service represents a significant opportunity for both same restaurant and system sales growth at a relatively low cost and continues to be a major initiative of the brand. At quarter-end, there were 371 restaurants in operation compared to 367 at the end of the first fiscal quarter last year. Air Terminal Restaurants Sales in the First Quarter relative to last year increased by 29%. The increase is due largely to sales from the new 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. facilities at Pearson Pear·son , Lester Bowles 1897-1972. Canadian politician who served as prime minister (1963-1968). He won the 1957 Nobel Peace Prize for his role in the negotiation of a solution to the Suez crisis (1956). International Airport that began operations in June 1999, and to a lesser extent, "same venue" sales growth of 4%. The division continues to promote innovative product and concept offerings at its various venues and in that regard introduced a new 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. and Saloon (a Kelsey's concept) in the Calgary International Airport Calgary International Airport, (IATA: YYC, ICAO: CYYC), is the main airport that serves Calgary, Alberta, Canada and the surrounding region; It is located 17 km from the downtown core. It is one of Canada's busiest airports by passenger traffic, serving 11. . Kelsey's System sales in the First Quarter amounted to $56.9 million. As the acquisition of our equity position was not completed until July July: see month. 5, 1999, there are no comparable sales numbers for the prior year period. Despite inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather conditions, Kelsey's has started the year with positive same restaurant sales growth. In the Quarter, a total of 2 Kelsey's and 3 Montana's restaurants were opened bringing the total number of operating restaurants to 118. With 11 restaurants under construction, and more under development, Kelsey's is well positioned for growth this year. Airport Services In the First Quarter, sales increased by almost $5 million or 10.4% to $52.4 million. The increase is due to higher load factors on Air Canada and continued growth from other customers. The division continues to successfully focus on and extract To decompress. WinZip and other decompression utilities use the term to mean "pulling out" the original files from the compressed archive. See WinZip and data compression. operational efficiencies. Construction of the new Toronto New Toronto (tərŏn`tō), part of metropolitan Toronto, S Ont., Canada, on Lake Ontario. flight kitchen continues to progress. Beaver beaver, either of two large aquatic rodents, Castor fiber and Castor canadensis, known for their engineering feats. They were once widespread in N and central Eurasia except E Siberia, and in North America from the arctic tree line to the S United Foods Sales in the Quarter grew by 7.7 % to $67.6 million. The gains were due largely to "net" new business gain including new accounts at the Toronto Zoo The Toronto Zoo is a zoo located in the north eastern part of Toronto, Ontario, Canada. It opened in 1974 as the Metropolitan Toronto Zoo and is owned by the City of Toronto; the word 'Metropolitan' was dropped from its name when the cities of the Municipality of , Sun Life, Shoppers Drug Mart For the Washington, DC area grocery chain, see . Shoppers Drug Mart Corporation TSX: SC is Canada's largest pharmacy chain with more than 1000 stores operating under the names Shoppers Drug Mart across 9 provinces and 2 territories and Pharmaprix in Quebec. and various school boards. The division continues to demonstrate its ability to maintain a high customer retention rate and to secure new business. The division's success in this critical area is based on Beaver's focus on superior service and its ability to offer a wide selection of well recognized "street" as well as "in house" brands. This unique blend continues to be Beaver's competitive advantage. Summit Foods Sales [including intercompany sales] increased by 8.3% to $65.2 million. Most of the increase in sales is attributable to increased volumes at Beaver Foods, Swiss Chalet, Harvey's and the Airport Services division. Summit has also successfully increased its "street account" business by over 5% year-over-year including a new multi-year contract with the 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. Hospital. The current ratio of internal to street sales is 1.1 to 1. At present, capacity is the division's largest constraint Constraint A restriction on the natural degrees of freedom of a system. If n and m are the numbers of the natural and actual degrees of freedom, the difference n - m is the number of constraints. to adding more meaningful levels of new business. As a result, a new distribution facility is now underway.
CARA OPERATIONS LIMITED
Consolidated Statements of Earnings
Unaudited 12 WEEKS ENDED
(In thousands of dollars, June 25 June 20 %
except for share data) 2000 1999 Change
----------------------------------------------------------------------
----------------------------------------------------------------------
System Sales $ 379,178 $ 296,450 27.9
----------------------------------------------------------------------
----------------------------------------------------------------------
Gross Revenue $ 271,817 $ 211,636 28.4
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings before : $ 27,590 $ 20,307 35.9
Amortization of capital
assets 8,529 6,092 40.0
Amortization of goodwill,
contracts and trademarks 988 935 5.7
Interest expense on
consolidated operations
(Note 1) 2,402 1,279 87.8
----------------------------------------------------------------------
Earnings before : 15,671 12,001 30.6
Interest expense on equity
investments 439 795 -44.8
Amortization of goodwill
relating to equity investments 163 163 0.0
Share of net earnings -
The Spectra Group 56 92 -39.1
----------------------------------------------------------------------
Earnings before : 15,125 11,135 35.8
Income taxes 6,562 4,661 40.8
Non-controlling shareholders'
interest 321 - N/A
----------------------------------------------------------------------
Net earnings for the
period $ 8,242 $ 6,474 27.3
----------------------------------------------------------------------
----------------------------------------------------------------------
Shares Outstanding (000's)
Common 42,985 42,985 0.0
Class A, non-voting 49,868 51,309 -2.8
Total 92,853 94,294 -1.5
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings Per Share (cents)
Basic 8.9 6.9 29.6
Fully Diluted 8.6 6.7 28.8
----------------------------------------------------------------------
----------------------------------------------------------------------
Note 1: Includes interest incurred on all investments except the investments in The Second Cup Ltd. and The Spectra Group of Great Restaurants, Inc.
CARA OPERATIONS LIMITED
Consolidated Statements of Cash Flows
Unaudited 12 WEEKS ENDED
June 25 June 20
(In thousands of dollars) 2000 1999
----------------------------------------------------------------------
Cash Flows Provided by (Used in)
Operating Activities
Earnings from operations $ 8,242 $ 6,474
Adjustments for:
Amortization of property, plant
& equipment 8,529 6,092
Amortization of goodwill and
other assets 988 935
Equity (earnings) loss 107 71
Non-controlling shareholders' interest 321 -
Loss on disposal of property,
plant & equipment - 176
Restructuring costs (Note) (93) (470)
---------------------------
Cash flow before change in working
capital 18,094 13,278
Change in non-cash operating
working capital (3,712) (3,391)
--------------------------------------------------------------------
14,382 9,887
--------------------------------------------------------------------
Investing Activities
Purchase of property, plant &
equipment $ (16,669) (11,695)
Purchase of goodwill and other
assets (377) (504)
Repayment of employee stock plan
loans 375 393
Acquisitions - -
Other 346 (498)
Proceeds on disposal of property,
plant & equipment 2,684 543
Proceeds on sale of
The Second Cup shares - 31,473
Dividends from The Second Cup shares 7,326 -
--------------------------------------------------------------------
$ (6,315) 19,712
--------------------------------------------------------------------
Financing Activities
Share repurchase $ (41) (1,436)
Change in long-term debt (1,576) (1,002)
Dividend paid (6,499) (6,617)
Issuance of capital stock - -
--------------------------------------------------------------------
$ (8,116) (9,055)
--------------------------------------------------------------------
Change in Cash (49) 20,544
Cash - Beginning of Period 3,217 42,902
Cash - End of Period $ 3,168 $ 63,446
--------------------------------------------------------------------
--------------------------------------------------------------------
Note: In the second quarter of fiscal 1999, the company incurred a $15.5 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge ($9.2 million after tax) to rejuvenate re·ju·ve·nate tr.v. re·ju·ve·nat·ed, re·ju·ve·nat·ing, re·ju·ve·nates 1. To restore to youthful vigor or appearance; make young again. 2. the Harvey's brand which included the closure of approximately 71 restaurants.
CARA OPERATIONS LIMITED
Consolidated Balance Sheet
2000 1999
(In thousands of dollars) June 25 June 20
---------------------------------------------------------------------
---------------------------------------------------------------------
ASSETS
Current
Cash $ 3,168 $ 63,446
Accounts receivable 86,611 67,418
Inventories 27,838 23,713
Prepaid expenses and other assets 3,672 3,824
Future income taxes 9,680 3,938
Current portion of long-term receivables 4,121 1,830
---------------------------------------------------------------------
135,090 164,169
Long-Term Receivables 14,565 16,170
Property, Plant & Equipment 328,895 254,105
Goodwill and Other Assets 92,633 67,001
Future Income Taxes 5,505 8,588
Equity Investments 38,833 50,686
---------------------------------------------------------------------
$ 615,521 560,719
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued charges $ 128,501 $ 93,974
Income taxes 3,180 1,931
Provision for restructuring costs 7,370 8,043
Current portion of long-term debt 5,796 4,389
---------------------------------------------------------------------
144,847 108,337
Long-Term Liabilities (Note 1) 18,665 11,083
Long-Term Debt 181,334 176,822
Future Income Taxes (Note 1) 15,536 17,777
---------------------------------------------------------------------
360,382 314,019
---------------------------------------------------------------------
---------------------------------------------------------------------
Minority interest 4,255 -
---------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital Stock 30,068 30,748
Retained Earnings (Note 1) 220,816 215,952
---------------------------------------------------------------------
250,884 246,700
---------------------------------------------------------------------
$ 615,521 $ 560,719
---------------------------------------------------------------------
---------------------------------------------------------------------
Note 1: Effective April 3, 2000, Cara adopted section 3461 of the Canadian Institute of Chartered Accountants handbook, entitled "Employee Future Benefits". Cara has implemented section 3461 on a retroactive basis but without restatement of comparative amounts. Using 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). changes to pension accounting, estimated assumptions and current market-related discount rates, which are lower than those previously used by the Company the following balance sheet accounts were affected. The Company's pension obligation increased by approximately $8.9 million, opening retained earnings decreased by $5.6 million and future income taxes payable decreased $3.3 million.
CARA OPERATIONS LIMITED
Segmented Information
(In thousands of dollars)
Unaudited 12 Weeks Ended
June 25, 2000
Restaurant Foodservices
Group Group Other Total
---------------------------------------------------------------------------
System Sales $ 222,233 $ 156,945 $ - $ 379,178
External Gross Revenue 94,367 177,450 - 271,817
Intersegment Revenue
excluded from above - 15,577 - 15,577
Amortization of property,
plant & equipment 5,521 2,606 402 8,529
Amortization of goodwill
and other assets 249 441 298 988
Earnings before interest,
income taxes and
equity earnings 13,370 10,027 (5,486) 17,911
Total Assets 300,997 237,398 77,126 615,521
Additions to property, plant
and equipment 3,599 13,031 39 16,669
Additions to goodwill
and other assets 173 204 377
12 Weeks Ended
June 20, 1999
Restaurant Foodservices
Group Group Other Total
----------------------------------------------------------------------------
System Sales $ 151,265 145,185 $ - $ 296,450
External Gross Revenue 48,132 163,504 - 211,636
Intersegment Revenue
excluded from above - 14,253 - 14,253
Amortization of property,
plant & equipment 3,175 2,385 532 6,092
Amortization of
goodwill and other assets 27 709 199 935
Earnings before interest,
income taxes and equity
earnings 10,344 7,870 (5,098) 13,116
Total Assets 207,675 200,570 152,474 560,719
Additions to property, plant
and equipment 6,339 5,256 100 11,695
Additions to goodwill and other
assets 141 363 - 504
CARA OPERATIONS LIMITED - LOCATION STATISTICS
12 Weeks Ended 53 Weeks Ended
June 25, 2000 April 2, 2000
----------------------------------------------------------------------------
Swiss Chalet 181 181
Harvey's 371 366
Kelsey's 81 79
Montana's 27 24
Outback 10 10
Airport Services Division
Flight Kitchens 12 12
Air Terminal & Toast! Cafe and Grill 88 85
Also oversees operation of 85 integrated/stand-alone units of
Second Cup managed by various divisions at June 25, 2000 (at April 2,
2000 - 84 units). These units are included in the divisional units
count.
Beaver Foods Institutional Catering
High schools 442 445
Universities/colleges 246 245
Business and industry 316 300
Resource camps (remote catering) 63 62
Total 1,067 1,052
Health Services Division 51 50
Summit Food Service Distribution Centers 3 3
-----------------------------------------------------------------------
For additional shareholder information please contact:
Michael Forsayeth Stock Exchange Listings
Senior V.P. & Chief Financial Officer Toronto, Ontario
Tel: 905-405-6905 Montreal, Quebec
Fax: 905-405-6777
E-Mail: mforsayeth@cara.com Transfer Agent and Registrar
Website: cara.com Montreal Trust Company
6303 Airport Road
Mississauga, Ontario
Canada L4V 1R8
Market Share Prices
June 25, 2000
Common Shares, CAO (1999 $4.60) $4.99
Class A Subordinated Voting
Shares, CAO.A (1999 $3.90) $3.86
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