Cascades Continues to Show Good Results - Part 2 of 3: Financial Tables.KINGSEY Kingsey is a small village in Buckinghamshire, England. It is located near the border with Oxfordshire, about two miles east of Thame, a mile south of Haddenham. The village name is of 12th century origin and means 'king's island', referring to a piece of dry land that FALLS, Quebec--(BUSINESS WIRE)--Oct. 27, 1997-- (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAS.) -0-
CASCADES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands of dollars, except per share amounts)
For the 3 month For the 9 month
periods ended periods ended
September 30 September 30
(unaudited) 1997 1996 1997 1996
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Sales 583,478 514,133 1,609,206 1,608,326
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Cost of sales and
expenses
Cost of sales 437,236 369,411 1,203,416 1,161,840
Selling and
administrative
expenses 80,459 73,176 229,663 229,601
Depreciation and
amortization 25,190 21,235 69,407 65,118
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542,885 463,822 1,501,486 1,456,559
_______________________________________________________________
Operating income 40,593 50,311 106,720 151,767
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Financial expenses
Interest on long-term
debt 9,315 11,671 28,984 36,857
Interest on the
liability component
of the convertible
debentures 245 294 817 984
Dividends on redeemable
preferred shares 949 949 2,847 2,847
Foreign exchange loss
on long-term debt - 311 587 1,080
Other interest 4,631 3,495 11,304 10,684
Interest income (1,412) (1,594) (3,845) (4,177)
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13,728 15,126 40,694 48,275
_______________________________________________________________
26,865 35,185 66,026 103,492
Other income and
charges (22,344) 4,452 (15,313) 32,088
_______________________________________________________________
4,521 39,637 50,713 135,580
Provision for income
taxes 4,740 8,547 22,169 45,580
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(219) 31,090 28 544 90,000
_______________________________________________________________
Share of results of
significantly
influenced companies 260 - 476 -
Non-controlling interests 385 (6,176) (6,277) (17,456)
_______________________________________________________________
645 (6,176) (5,801) (17,456)
_______________________________________________________________
Net earnings for
the period 426 24,914 22,743 72,544
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______________________________________
Net earnings per
common share $(0.01) $0.41 $0.30 $1.18
______________________________________
______________________________________
Fully diluted net
earnings per
common share $(0.02) $0.33 $0.28 $0.95
______________________________________
______________________________________
CASCADES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(in thousand of dollars, except per share amounts)
For the 3 month For the 9 month
(unaudited) periods ended periods ended
September 30 September 30
1997 1996 1997 1996
_______________________________
OPERATING ACTIVITIES
Net earnings for the period 426 29,914 22,743 72,544
Items not affecting cash :
Depreciation and
amortization 25,190 21,235 69,407 65,118
Non-recurring items 24,339 (5,207) 14,993 (16,676)
Deferred income taxes 299 3,431 7,286 11,112
Non-controlling interests (385) 6,176 6,277 17,456
Other (914) 2,665 1,072 2,672
______________________________________________________________
Cash flow from operations 48,955 53,214 121,778 152,226
Net change in non-cash
operating working capital
balances (7,682) 13,726 (58,763) 14,631
______________________________________________________________
41,273 66,940 63,015 166,857
______________________________________________________________
FINANCING ACTIVITIES
Increase in long-term debt 416,363 16,660 459,021 54,977
Payments on long-term debt (228,747) (13,383)(311,607)(84,726)
Interest on convertible
debentures (506) (1,508) (2,032) (4,490)
Non-controlling interests (481) (6,271) (2,671) (8,035)
Issue of units from
a subsidiary (36) - 29,487 -
Net proceeds on issue
of shares 15,631 - 15,890 -
Redemption of common shares (904) - (904) (7,509)
Redemption of preferred
shares (50,897) - (50,897) -
Redemption of convertible
debentures (41,310) - (41,310) -
Dividends on common shares - - (6,486) (5,740)
Dividends on preferred shares (908) (1,921) (3,580) (4,593)
______________________________________________________________
108,205 (6,423) 84,911 (60,116)
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INVESTMENT ACTIVITIES
Purchase of capital assets (36,154) (27,839) (97,875)(80,840)
Other assets (12,638) (3,928) (34,748)(27,637)
Business acquisitions (47,573) - (85,352) -
Disposal of operations - 7,085 - 71,182
______________________________________________________________
(96,365) (24,682)(217,975)(37,295)
______________________________________________________________
Net change in cash during
the period 53,113 35,835 (70,049) 69,446
Translation adjustments
related to cash (19) 42 (267) 192
Cash at beginning of period(127,596) (32,721) (4,186)(66,482)
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Cash at end of period (74,502) 3,156 (74,502) 3,156
__________________________________
__________________________________
Cash flow from operations
per common share $ 0.73 $ 0.90 $ 1.84 $ 2.54
__________________________________
__________________________________
Fully diluted cash flow from
operations per common share $ 0.73 $ 0.72 $ 1.75 $ 2.06
__________________________________
__________________________________
CASCADES INC.
CONSOLIDATED BALANCE SHEETS
(in thousands of dollars)
As at September 30
(unaudited) 1997 1996
________________________
ASSETS
Current assets
Cash and temporary investments 62,866 63,573
Accounts receivable 394,810 328,190
Inventories 320,006 267,465
_____________________________________________________________
777,682 659,228
Capital assets 1,197,395 1,083,153
Other assets 137,975 104,815
_____________________________________________________________
2,113,052 1,847,196
____________________________
____________________________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank loans and overdraft 137,368 60,417
Trade accounts payable and
accrued liabilities 321,388 302,589
Current portion of long-term debt 66,359 52,842
____________________________________________________________
525,115 415,848
Long-term debt 783,435 597,289
Deferred income taxes 78,006 66,624
Non-controlling interests 202,697 190,492
Shareholders' equity
Equity component of the
convertible debentures - 72,912
Capital stock 155,818 134,773
Retained earnings 353,721 345,266
Cumulative translation adjustments 14,260 3,992
____________________________________________________________
523,799 576,943
____________________________________________________________
2,113,052 1,847,196
____________________________
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EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : There is an "at" symbol following "abelzile" and "smilot" in the e-mail addresses See Internet address. e-mail address - electronic mail address below. This symbol may not appear properly in some systems. CONTACT: Cascades Inc. Mr. Andre An·dré , John 1751-1780. British army officer hanged as a spy in the American Revolution for conspiring with Benedict Arnold. Belzile, 819/363-5140 abelzile@cascades.com or Cascades Inc. Mr. Stephane Milot, 514/282-2681 smilot@cascades.com |
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