Contrans Corp. Reports Results For Third Quarter Ended May 31, 2002.Business Editors WOODSTOCK, Ontario--(BUSINESS WIRE)--July 25, 2002 Contrans Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CSS (1) See Cascading Style Sheets. (2) (Content Scrambling System) The copy protection system applied to DVDs, which uses a 40-bit key to encrypt the movie. .A) is pleased to report results for its third quarter ended May 31, 2002. Powered by continuing solid performance from our more mature operations and complemented by the performances of our recent acquisitions, Contrans has again achieved stellar operating results, with a very substantial increase in 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 .
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(000's omitted except per share amounts) Q3 YTD
(Unaudited) 2002 2001 2002 2001
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Revenue $71,816 $65,495 $192,404 $191,734
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EBITDA $10,194 $8,523 $25,298 $22,612
14.2% 13.0% 13.2% 11.8%
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Income Before Income Taxes(1) $6,525 $5,555 $17,093 $13,670
9.1% 8.4% 9.0% 7.1%
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Net Income(2) $3,945 $4,394 $10,203 $10,274
5.5% 6.7% 5.3% 5.4%
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Earnings Per Share(2) $0.90 $0.99 $2.32 $2.25
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Diluted Earnings Per Share(2) $0.86 $0.99 $2.25 $2.24
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Operating Cash Flow(3) $6,980 $5,700 $17,780 $14,681
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Operating Cash Flow per Share $1.59 $1.29 $4.05 $3.22
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Repurchase of Common Shares $- $564 $1,342 $3,866
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Weighted Avg. Shares Outstanding
- Basic 4,394 4,428 4,394 4,561
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Weighted Avg. Shares Outstanding
- Diluted 4,588 4,430 4,541 4,580
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(1) Effective September 1, 2001, the Corporation has adopted the new accounting recommendations of section 3062 of the Handbook of 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. entitled en·ti·tle 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: "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ". Under the new section, goodwill and other intangible assets with indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those lives are no longer amortized, but are tested for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. on adoption of the new section, and at least annually, thereafter. The effect of this change for the nine month period ended May 31, 2002, and the nine month period ended May 31, 2001 as a result of ceasing amortization is to increase net earnings by $1,137 or $0.26 and $931 or $0.20 per share respectively. (2) Effective September 1, 2001, the Corporation adopted the new recommendations of section 1751 of the Handbook of the Canadian Institute of Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. ("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) ") entitled "Interim Financial Statements". As a consequence, the Corporation changed its accounting policy, for interim reporting purposes only, in connection with the timing of recognizing the impact of changes in substantively enacted tax rates for future income tax purposes. Previously, the benefit associated with changes in substantively enacted tax rates was recognized on an annual basis, whereas under the new standard such benefit should be recognized in the period in which the change in substantively enacted tax rates occurs. This change in reporting was applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin with 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 the prior periods. The effect of adopting this new standard was to increase net earnings in the quarter and the nine month period ended May 31, 2001 by $1,138 or $0.26 per share and by $2,215 or $0.49 per share respectively. (3) Cash from operations before changes in non-cash working capital. |
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