Creo Reports 2004 Fiscal Year and Fourth-Quarter Financial Results.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , 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 -- Creo Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element )(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CREO) -Earnings Increase of 108% to $11.5 million in Fiscal 2004 -Revenue Growth of 10% to $635.8 million in Fiscal 2004 -Strong Annual Growth in Consumables Revenue - Up 62% to $76.8 million Creo Inc. (NASDAQ: CREO; TSX: CRE) today announced its financial results for the fiscal year and fourth quarter ended September September: see month. 30, 2004, reported in U.S. dollars. Revenue in fiscal 2004 was $635.8 million, an increase of 10.0 percent from fiscal 2003, in line with company guidance. Earnings were $11.5 million for the year, up from $5.5 million in fiscal 2003. Earnings were 21 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for fiscal 2004, compared to 11 cents of earnings per diluted share in the previous year. Earnings in fiscal 2004 included approximately 14 cents per diluted share of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). 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 expense and accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. related to cost reduction activities, a non-cash intangible asset 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. amortization charge of approximately 5 cents per diluted share, and a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of approximately 16 cents per diluted share from the sale of an investment. Fourth quarter revenue was $167.1 million, an increase of 11.2 percent from the fourth quarter of 2003. The company reported a loss of $1.3 million for the quarter, a decrease of $3.7 million compared to earnings of $2.4 million in the fourth quarter of 2003. The loss per share was 2 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. in the fourth quarter of 2004, compared to earnings of 5 cents per diluted share in the fourth quarter of last year. The loss this quarter included previously announced items of approximately 4 cents per share of restructuring, 3 cents of severance expense and accelerated depreciation, and 1 cent of non-cash intangible asset amortization. Consumables revenue reached $24.3 million this quarter, an increase of 105.2 percent compared to the fourth quarter of last year and a 12.6 percent increase compared to the third quarter of 2004. For the year, consumables revenue grew by 62.3 percent to $76.8 million compared to fiscal 2003. "Creo's performance in fiscal 2004 establishes a strong foundation for growth in earnings and shareholder value," said Amos Michelson Mi·chel·son , Albert Abraham 1852-1931. German-born American physicist who with Edward Morley disproved the existence of ether, the hypothetical medium of electromagnetic waves. He won a 1907 Nobel Prize in physics. Noun 1. , chief executive officer of Creo. "We doubled earnings and demonstrated tremendous growth in our first year as a digital plate vendor, exceeding our goal to increase consumables revenue by 50 percent. We also achieved our goal of 10 percent total revenue growth. All economic segments showed revenue gains over the prior year - with the most significant improvements in Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). and in our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business. However, the strength of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents and cost of entering the digital plate business, together with pricing pressure in the computer-to-plate See CTP. (CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. ) market-reduced gross margins in the latter half of the year. In light of these factors, we announced a broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased cost-reduction program on October October: see month. 6. We are now implementing this program which we expect to produce annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings of $24 million by the third quarter of 2005. These measures, together with the continuing operational improvement in our plate business, will help offset gross margin pressures and drive increased earnings through fiscal 2005." Mr. Michelson continued, "We are confident that the steps we are taking to streamline our operations and strengthen our competitive cost position will provide a strong platform to deliver another strong year of earnings and revenue growth. The successful execution of our digital media strategy will continue to be our primary focus in the year ahead. Existing and future Creo customers look to Creo for innovative solutions, including consumables. We have been ramping up plate production through the year, and we expect orders from our customers will exceed our existing plate capacity within our forecast horizon. In October we announced plans to double production capacity at our West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. plant by the end of calendar 2005. We have also negotiated the purchase of land in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). to begin construction of a European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. plate facility that we expect to begin production in late 2006 and will ultimately provide an additional 20 million m2 (215 million ft2) of annual plate-production capacity. Other priorities for 2005 include a focused and continued attention to managing costs while balancing mid and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. objectives, increasing sales efficiency of both direct and indirect channels, and positioning Creo to take advantage of the growth opportunities in digital printing." Gross margin in the fourth quarter of 2004 was 40.7 percent, compared to 44.1 percent in the fourth quarter of 2003. The cost of ramping up Creo's plate business to meet customer demand for digital plates, changes in product mix, and pricing pressures on CTP systems reduced gross margin in the second half of fiscal 2004. Gross margin in fiscal 2004 was 42.4 percent compared to 44.6 percent in fiscal 2003. Severance costs of $0.5 million were included in cost of sales in the fourth quarter of 2004 and $1.0 million were included in fiscal 2004. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $69.6 million for the fourth quarter of 2004, including the previously announced expenses of $2.6 million for restructuring and $1.8 million for severances and accelerated depreciation. Total operating expenses in this quarter increased 10.5 percent compared to the fourth quarter of 2003 but were substantially unchanged excluding other expense, restructuring and severance costs, accelerated depreciation, intangible asset amortization and the impact of foreign currency. Total operating expenses in fiscal 2004 of $266.3 million, including the previously announced expenses of $4.3 million for restructuring and $3.9 million for severances and accelerated depreciation, increased by 7.5 percent compared to fiscal 2003. Before the impact of foreign currency, intangible asset amortization, severance and restructuring costs, accelerated depreciation, and financial and other income, total operating expenses in fiscal 2004 decreased approximately 3.2 percent compared to fiscal 2003. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $4.6 million, reflecting 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. inflows from certain accounts and trade payables Payables Related: Accounts payable and accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. related to the restructuring activities. Cash on hand at quarter end was $82.6 million compared to $59.0 million at the same quarter end last year. Weighted shares outstanding were 55,121,336 for the fourth quarter of 2004 and weighted shares outstanding (diluted) were 53,573,425 for fiscal 2004. Fiscal 2004 Highlights - Creo entered the plate market in September 2003 and has grown to be the fourth largest digital plate vendor in the world in just one year. In fiscal 2004, the company acquired two plate-manufacturing facilities - one in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and the other in West Virginia - for an aggregate acquisition cost of $26.7 million, net of working capital. - Creo-branded plates are now in use in commercial, newspaper and packaging printing in nearly every region of the globe, with approximately eight percent of existing Creo customers - and approximately one-third of new customers - using Creo plates. - Creo signed an agreement with Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. to resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. mid-range
adj. Appropriate for or accessible to one who is inexperienced in a field or new to a market: an entry-level job in advertising; an entry-level computer. production color digital presses in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. in January January: see month. 2004. Together with Xerox (Xerox Corporation, Stamford, CT, www.xerox.com) A major manufacturer of analog and digital copy machines, computer printers and document management systems. Corporate headquarters are in Stamford, CT, while manufacturing and marketing is in Rochester, NY. , the company also introduced the industry's first fully integrated production A farming system that produces high quality food and other products by using natural resources and regulating mechanisms to replace polluting inputs and to secure sustainable farming. workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. for digital and commercial printing. - Creo raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $48.4 million in an offering of 5 million Creo common shares in March 2004. Proceeds from this offering will support the capital expenditure requirements over the next two years for the capacity expansion in the West Virginia plate manufacturing plant and construction of a new plate-manufacturing facility in Germany. - In May, Creo exhibited at Drupa 2004, the largest trade show in the graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. industry. Creo demonstrated a full range of complete prepress solutions for packaging, newspaper and commercial printers. Important new products launched at Drupa included Brisque(R) 5.0 and Prinergy(R) Evo as well as the Magnus(TM) VLF (Very Low Frequency) See low radiation. , the most productive very-large-format computer-to-plate device available today - In July, Creo's Board established a Special Committee of independent directors charged with evaluating and assessing Creo's current business plan and considering a full range of strategic options with the objective of enhancing shareholder value. Creo's Board anticipates that the evaluation process will be completed during January 2005. - At the Graph Expo trade show in Chicago, subsequent to the end of the fourth quarter, Creo demonstrated a formidable array of new workflow products, including Prinergy(R) 3.0 and Synapse synapse (sĭn`ăps), junction between various signal-transmitter cells, either between two neurons or between a neuron and a muscle or gland. A nerve impulse reaches the synapse through the axon, or transmitting end, of a nerve cell, or neuron. (R) Director. Outlook Mark Dance, chief financial officer 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 Creo, stated, "We expect to see another year of strong growth, and are expecting 10 percent growth of overall revenue in 2005 and a second year of 50 percent plus growth in consumables revenue. We achieved our revenue and earnings targets in the fourth quarter of 2004 and we expect stable revenues and earnings, before restructuring and intangible asset amortization, in the first quarter of 2005. We will begin to see the impact of the cost-reduction initiative announced on October 6 reflected in increased gross margins and reduced operating expenses in the fiscal second quarter, with the full impact of the $24 million of annualized savings apparent in the third quarter. We are committed to achieving our target of eight percent earnings before tax in the fourth quarter of 2005." The company provided the following outlook for the fiscal first quarter ending December 31, 2004: - Revenue between $165 million and $170 million; - Earnings per diluted share between 0 and 4 cents per share, after approximately 2 cents per diluted share in restructuring costs to be paid in the first quarter of 2005 to complete the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. consolidation program and 1 cent per diluted share of intangible asset amortization. The guidance is based on foreign exchange rates on November 8, 2004 and weighted shares outstanding (diluted) of approximately 56,000,000. Creo reports its financial results 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. 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 (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Therefore the company's earnings per share results reported in this news release cannot be directly compared with First Call estimates as First Call estimates are based on adjusted analyst forecasts, which exclude restructuring costs and intangible asset amortization. Conference Call Creo will present the results from the 2004 fiscal year and fourth quarter at 5:00 pm Eastern Time (2:00 pm Pacific Time), today, November 17, 2004. The conference call may be accessed at www.creo.com/investors. To listen to the conference call live by telephone, dial +1-877-825-5811 for participants in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and +1-973-582-2767 for international participants approximately ten minutes before the start time. A telephone playback Playback could mean:
This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include the following: (1) new markets and product introductions do not proceed as planned and may adversely affect future revenues; (2) technological changes or changes in the competitive environment may adversely affect the products, market share, revenues or margins of the business; and (3) changes in general economic, financial or business conditions may adversely affect the business or the markets in which it operates. These risks and uncertainties as well as other important risks and uncertainties are described under the caption "Certain Factors That May Affect Future Results" and elsewhere in our Annual Report for the fiscal year ended September 30, 2003, as filed with the U.S. Securities and Exchange Commission and other documents filed with the U.S. Securities and Exchange Commission, and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this news release. (C) 2004 Creo Inc. The Creo product names mentioned in this document are trademarks or service marks of Creo Inc. and may be registered in certain jurisdictions. Other company and brand, product and service names are for identification purposes only and may be trademarks or registered trademarks of their respective holders. Data is subject to change without notice. About Creo Creo Inc. is a global company with key strengths in imaging and software technology. The leading provider of prepress systems, Creo helps over 25,000 customers worldwide adopt digital production methods which reduce costs, increase print quality and allow them to serve their customers more efficiently. Based on a solid foundation of intellectual property, Creo has an unmatched range of technology solutions that address the needs of commercial, publication, on demand, packaging, and newspaper printers, and creative professionals. Creo product lines include software and hardware for computer-to-plate imaging, systems for digital photography, scanning, and proofing, as well as printing plates and proofing media. Creo also supplies on-press imaging technology, components for digital presses, color servers and high-speed digital printers. Based in Vancouver, Canada, Creo reported fiscal 2004 revenue of US$636 million. Creo trades on NASDAQ (CREO) and the TSX (CRE). www.creo.com.
Creo Inc.
Segmented Revenue by Economic Segment
Three months ended Year ended
(in thousands Sept. 30 Sept. 30 June 30 Sept. 30 Sept. 30
of U.S. dollars) 2004 2003 2004 2004 2003
--------------------------------------------------------------------
Americas $ 58,228 $ 54,380 $ 57,822 $ 226,437 $ 218,207
EMEA 62,510 57,188 56,904 240,352 221,054
Asia-Pacific 25,098 20,251 21,565 89,862 72,662
OEM and Other 21,272 18,446 19,898 79,148 66,115
-----------------------------------------------------
$ 167,108 $ 150,265 $ 156,189 $ 635,799 $ 578,038
-----------------------------------------------------
-----------------------------------------------------
Creo Inc.
Segmented Revenue by Economic Segment as a Percentage of Revenue
Three months ended Year ended
(in thousands Sept. 30 Sept. 30 June 30 Sept. 30 Sept. 30
of U.S. dollars) 2004 2003 2004 2004 2003
Americas 34.8% 36.1% 37.0% 35.6% 37.8%
EMEA 37.5% 38.1% 36.4% 37.8% 38.2%
Asia-Pacific 15.0% 13.5% 13.8% 14.1% 12.6%
OEM and Other 12.7% 12.3% 12.8% 12.5% 11.4%
-----------------------------------------------------
Creo Inc. Consolidated Balance Sheets
(in thousands September 30 June 30 September 30
of U.S. dollars) 2004 2004 2003
---------------------------------------------------------------------
Assets
Current assets
Cash and cash
equivalents $ 82,565 $ 79,422 $ 59,021
Accounts
receivable 140,819 136,149 126,506
Other
receivables 25,819 28,394 23,634
Inventories 111,745 107,089 96,445
Income taxes
receivable 4,147 6,990 6,078
Future income
taxes 16,171 19,801 20,203
------------------------------------------------
381,266 377,845 331,887
Investments - - 12,912
Capital assets,
net 120,653 121,662 112,441
Intangible
assets, net 9,995 10,800 11,253
Goodwill 14,190 13,774 2,180
Other assets 37,269 30,317 17,405
Future
income
taxes 22,072 16,638 13,314
------------------------------------------------
$ 585,445 $ 571,036 $ 501,392
------------------------------------------------
------------------------------------------------
Liabilities
Current
liabilities
Accounts
payable 49,546 43,539 37,368
Accrued
and other
liabilities 82,524 73,489 78,074
Future
income taxes 320 1,817 1,937
Deferred revenue
and credits 64,748 62,962 57,520
------------------------------------------------
197,138 181,807 174,899
Long-term
liabilities 12,166 14,917 16,950
Future
income taxes 6,202 4,212 5,556
------------------------------------------------
215,506 200,936 197,405
Shareholders'
Equity
Share capital 747,847 747,828 696,837
Contributed
surplus 2,225 2,183 6,059
Cumulative
translation
adjustment 21,617 20,549 14,315
------------------------------------------------
Deficit (401,750) (400,460) (413,224)
------------------------------------------------
Total
shareholders'
equity 369,939 370,100 303,987
------------------------------------------------
$ 585,445 $ 571,036 $ 501,392
------------------------------------------------
------------------------------------------------
Creo Inc.
Consolidated Statements of Operations and Deficit
Three months ended Year ended
(in thousands Sept. 30 Sept. 30 June 30 Sept. 30 Sept. 30
of U.S. dollars) 2004 2003 2004 2004 2003
-----------------------------------------------------
Revenue
Product $ 97,069 $ 94,326 $ 90,200 $ 379,489 $ 360,618
Service 45,772 44,114 44,432 179,520 170,104
Consumables 24,267 11,825 21,557 76,790 47,316
-----------------------------------------------------
167,108 150,265 156,189 635,799 578,038
Cost of sales 99,173 84,054 89,564 366,180 320,197
-----------------------------------------------------
Gross profit 67,935 66,211 66,625 269,619 257,841
-----------------------------------------------------
Research and
development,
net 22,924 20,665 19,221 84,464 79,007
Sales and
marketing 29,421 28,055 28,202 112,763 106,892
General and
administration 14,720 14,098 17,271 62,459 63,767
Other expense
(income) (811) (1,270) 2,242 (913) (7,997)
Restructuring 2,550 425 805 4,336 2,547
Business
integration
costs - 271 - - 876
Intangible
asset
amortization 805 709 834 3,148 2,659
-----------------------------------------------------
69,609 62,953 68,575 266,257 247,751
Earnings (loss)
before
undernoted
items (1,674) 3,258 (1,950) 3,362 10,090
Gain on sale
of investment - - - (8,723) -
Income tax expense
(recovery) (384) 866 (394) 611 1,541
Equity loss - - - - 3,040
-----------------------------------------------------
Net earnings
(loss) $ (1,290) $ 2,392 $ (1,556) $ 11,474 $ 5,509
-----------------------------------------------------
-----------------------------------------------------
Earnings (loss)
per common
share
Basic $ (0.02) $ 0.05 $ (0.03) $ 0.22 $ 0.11
-----------------------------------------------------
-----------------------------------------------------
Diluted $ (0.02) $ 0.05 $ (0.03) $ 0.21 $ 0.11
-----------------------------------------------------
-----------------------------------------------------
Deficit,
beginning
of period $(400,460) $(415,616) $(398,904) $(413,224) $(418,733)
Net earnings
(loss) (1,290) 2,392 (1,556) 11,474 5,509
-----------------------------------------------------
Deficit, end
of period $(401,750) $(413,224) $(400,460) $(401,750) $(413,224)
-----------------------------------------------------
-----------------------------------------------------
Creo Inc. Consolidated Statements of Cash Flows
Year ended September 30
(in thousands of U.S. dollars) 2004 2003
--------------------------------------------------------------------
Cash provided by operations:
Net earnings $ 11,474 $ 5,509
Items not affecting cash:
Amortization 25,435 24,168
Stock compensation expense 382 -
Gain on sale of investment (8,723) -
Restructuring 408 -
Equity loss - 3,040
Future income taxes (2,308) (903)
Other (1,787) (2,063)
------------------------
24,881 29,751
------------------------
Changes in operating assets and liabilities:
Accounts receivable (12,023) 701
Other receivables (210) 9,947
Inventories (10,807) (2,784)
Accounts payable 7,891 (4,235)
Accrued and other liabilities 1,301 (351)
Income taxes (11,347) (16,355)
Deferred revenue and credits 4,874 (138)
------------------------
(20,321) (13,215)
------------------------
4,560 16,536
------------------------
Cash used in investing:
Purchase of intangible assets (1,890) -
Investments - (2,128)
Repayment of promissory note (4,000) 18,760
Acquisition, net of cash acquired (31,903) (4,700)
Purchase of capital assets (16,442) (20,027)
Proceeds from sale of capital assets 5,517 827
Proceeds from the sale of investments 22,074 -
Other 161 (341)
------------------------
(26,483) (7,609)
------------------------
Cash provided by (used in) financing:
Proceeds from shares issued 49,784 644
Decrease in short-term debt - (16,749)
Decrease in long-term liabilities (4,986) (6,530)
------------------------
44,798 (22,635)
------------------------
Foreign exchange gain on cash and
cash equivalents held
in foreign currency 669 2,058
------------------------
Increase (decrease) in cash
and cash equivalents 23,544 (11,650)
Cash and cash equivalents,
beginning of year 59,021 70,671
------------------------
Cash and cash equivalents,
end of year $ 82,565 $ 59,021
------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion