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IPL Announces Results for the Fourth Quarter and Twelve Months of Fiscal 2004.


SAINT-DAMIEN, Quebec Quebec, city, Canada
Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers.
 -- IPL (Initial Program Load) Same as boot.

1. IPL - Information Processing Language.
2. IPL - Internet Public Library.
3. IPL - Initial Program Load.
4. IPL - Initial Program Loader.
 Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension
:IPI (Intelligent Peripheral Interface) A high-speed hard disk interface used with minis and mainframes that transfers data in the 10 to 25 MBytes/sec range. IPI-2 and IPI-3 refer to differences in the command set that they execute. See hard disk. .MV.A), one of North America's leading manufacturers of plastic products, announced its results today for the fourth quarter and year ended October October: see month.  2, 2004. 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 recent changes made to the symbols of securities listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE)

Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options.
, the trading symbol Trading symbol

See: Ticker symbol
 of the Company's multiple voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.)
balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17
 shares has been changed from IPI.A to IPI.MV.A, effective November November: see month.  8, 2004.
Key Financial Data
(thousands of CDN dollars, except per share amounts)
Unaudited
---------------------------------------------------------------------
                     Three months ended            Years ended
---------------------------------------------------------------------
                 October 2,  September 27,  October 2,  September 27,
                      2004           2003        2004           2003
---------------------------------------------------------------------
Sales               50,875         47,343     209,024        203,023
---------------------------------------------------------------------
Earnings before
 amortization,
 financial expenses
 and income taxes
 (before non-
 recurring
 items)(1) & (2)     5,608          5,697      27,506         28,728
---------------------------------------------------------------------
Earnings before
 amortization,
 financial
 expenses and
 income taxes        4,208            127      26,106         23,158
---------------------------------------------------------------------
Net earnings
 before non-
 recurring charges   1,175          1,228       6,935          7,652
---------------------------------------------------------------------
Net earnings
 before non-
 recurring charges
 per share,
 diluted              0.08           0.08        0.48           0.53
---------------------------------------------------------------------
Net earnings
 (net loss)            167         (2,524)      6,017          4,020
---------------------------------------------------------------------
Net earnings (net
 loss)per share,
 diluted              0.01          (0.17)        0.42          0.28
---------------------------------------------------------------------
Dividend per
 share(3)             0.04          0.075         0.16          0.37
---------------------------------------------------------------------

(1) Fiscal 2003: Costs associated with the closure of the Windsor
    plant, including provisions recorded for the sale of the building
    and equipment not transferred to other plants, and expenses
    incurred for layoffs.
(2) Fiscal 2004: $1.4 million reduction in the value of fixed assets
    for sale related to the Windsor facilities in the fourth quarter
    of fiscal 2004.
(3) Fiscal 2003: An extraordinary dividend of $0.07 per share (after
    share split) is included in the $0.37 dividend paid out during
    the year.



In the fourth quarter of fiscal 2004, the Company posted sales of $50.9 million, up 7.5% from sales of $47.3 million for the fourth quarter of fiscal 2003. This increase is essentially attributable attributable

emanating from or pertaining to attribute.


attributable proportion
see attributable risk (below).

attributable risk
 to the good performance of packaging products, in both 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. , offsetting the moderated performance of industrial products. Sales for the 2004 financial year as a whole grew by 3.0% to $209.0 million from $203.0 million last year.

For the quarter ended October 2, 2004, net earnings before non-recurring charges were $1.2 million or $0.08 per share on a fully 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.
 basis. Pursuant to an assessment by an independent chartered valuation firm, the market value of the Windsor Windsor, British royal family
Windsor (wĭn`zər), family name of the royal house of Great Britain. The name Wettin, family name of Albert of Saxe-Coburg-Gotha, consort of Queen Victoria, was changed to Windsor by George V in 1917.
 plant was revised downward. Consequently, non-recurring charges of $1.4 million were recorded in the fourth quarter of fiscal 2004 as a reduction in the value of fixed assets fixed assets nplactivo sg fijo

fixed assets nplimmobilisations fpl

fixed assets fix npl
 for sale. The quarterly results also include $343,000 in re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form.

http://erg.abdn.ac.uk/users/brant/sre.
 expenses. As a result, net earnings were $167,000, or $0.01 per share on a fully diluted basis. These results compare to net earnings of $1.2 million before non-recurring restructuring charges restructuring charge

The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings.
 for the fourth quarter of 2003, or $0.08 per share, fully diluted (net loss of $2.5 million or $0.17 per share, fully diluted, after non-recurring restructuring charges).

The slight decrease in net earnings before non-recurring charges for the fourth quarter of 2004 was essentially due to the negative impact on operating costs operating costs nplgastos mpl operacionales  of the significant increases in the costs of raw materials and transportation, which were partially offset by the cost control and productivity improvement program. In addition, 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
 has made the 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.  market more accessible to American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of  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. , which has created more downward pressure on our prices.

For fiscal 2004, net earnings before non-recurring charges were $6.9 million or $0.48 per share, fully diluted ($6.0 million or $0.42 per share, fully diluted, after accounting for non-recurring charges), compared to $7.7 million or $0.53 per share, fully diluted ($4.0 million or $0.28 per share, fully diluted, after accounting for non-recurring charges) in fiscal 2003.

"In light of the many negative economic factors that prevailed once again last year, management considers reasonable the results for fiscal 2004," commented Jean-Yves Bacle, Executive Vice President and General Manager of IPL. "The rise in the Canadian dollar alone had a negative impact of over $8.4 million compared to last year, and nearly $15 million compared to 2001-2002. The operating cost reduction and productivity improvement program allowed us to partially neutralize neutralize

to render neutral.
 the negative effects on profitability of competitive pressures and the rapid rise in the Canadian dollar and raw materials prices, two factors closely linked to higher oil prices."
Data related to US sales are shown in the following table:

---------------------------------------------------------------------
US sales              Three months ended                Years ended
---------------------------------------------------------------------
                October 2,  September 27,  October 2,  September 27,
(unaudited)          2004           2003        2004           2003
---------------------------------------------------------------------
Thousands of
 Canadian         $19,709         18,722      77,909         75,924
---------------------------------------------------------------------
% of total sales     38.7           39.5        37.3           37.4
---------------------------------------------------------------------



In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , sales totalled US $15.0 million, up 19.5% from US $12.5 million in the fourth quarter of fiscal 2003.

For the quarter ended October 2, 2004, funds from operations Funds From Operations (FFO)

Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back.
 totalled $3.7 million, compared to $5.2 million for the same quarter last year.

Management Appointment

Management announced the appointment of Mr. Frederic Frederic may refer to:

In geography:
  • Frederic, Wisconsin, village in Polk County, Wisconsin, United States
  • Frederic Township, Michigan, township in Crawford County, Michigan in the U.S. state of Michigan
In politics:
  • Frederic C.
 Cote to the position of Vice-President vice president or vice-pres·i·dent
n. Abbr. VP
1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death.

2.
, Finance and Administration and Chief Financial Officer, effective October 1, 2004. Prior to this, Mr. Cote has been Vice-President, Finance since March 2003. At the same time, management announced that Mr. Francois Bechard remains a consultant to management, corporate secretary and a director of the Company.

Dividend

The board of directors of the Company has approved a quarterly dividend of $0.04 per share, payable on January January: see month.  6, 2005 to shareholders of record on December December: see month.  23, 2004.

Segmented Results

Packaging Products

Stimulated stim·u·late  
v. stim·u·lat·ed, stim·u·lat·ing, stim·u·lates

v.tr.
1. To rouse to activity or heightened action, as by spurring or goading; excite. See Synonyms at provoke.

2.
 by sustained demand and the introduction of new products to the market, packaging product sales grew by 11.7% in the fourth quarter of 2004 to $26.8 million, up from $24.0 million for the same period the year before. Sales in the US market surged 29.8% in the fourth quarter to US $11.1 million, compared to US $8.6 million for the same period in 2003. This solid improvement in US dollar sales is the fruit of an expanded customer base in the northwest For names and places containing the slightly longer word 'northwestern' (or variants), see .

Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast.
 and midwestl United States, and was achieved despite the marked increase in the Canadian dollar against the US dollar, which hinders the competitive position of the Company's products in the US market. For the 12 months ended October 2, 2004, packaging product sales totalled $99.4 million, up 10.7% compared to sales of $89.8 million for the year ended September September: see month.  27, 2003.

For the three-month period ended October 2, 2004, earnings before amortization, financial expenses and income taxes increased by 48.4% to $4.9 million, compared to $3.3 million for the fourth quarter of fiscal 2003. As a percentage of sales, it was 18.4% in the fourth quarter of 2004 compared to 13.9% for the same period a year ago. This good performance was achieved despite the above-mentioned A`bove´-men`tioned

a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents).

Adj. 1.
  factors. However, the results for the corresponding period in 2003 reflected the negative impacts of SARS and the late arrival of summer throughout 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. . For the 12-month period ended October 2, 2004, net earnings before amortization, financial expenses and income taxes amounted to $18.1 million, up 16.7% from $15.5 million in fiscal 2003.

Industrial Products

Industrial product sales totalled $24.1 million in the fourth quarter of fiscal 2004 compared to $23.3 million in the same period a year earlier. This 3.1% increase in sales was achieved despite the intense price pressures in the waste management and materials handling Materials handling

The loading, moving, and unloading of materials. The hundreds of different ways of handling materials are generally classified according to the type of equipment used.
 sectors, and the decline in sales in this latter sector. On the other hand, US sales before conversion to Canadian dollars were US $3.8 million, down 2.8% from sales of US $4.0 million in the fourth quarter of last year. For fiscal 2004 overall, sales of industrial products decreased slightly to $109.6 million from $113.2 million last year.

Earnings before amortization, financial expenses, income taxes and non-recurring charges were $671,000 for the quarter ended October 2, 2004, compared to $2.4 million for the fourth quarter of fiscal 2003. As a percentage of sales, this item stood at 2.8% in the fourth quarter of 2004 compared to 10.2% for the quarter ended September 27, 2003. This decrease resulted from a number of factors, both internal and external. The most notable of these were the strong increase in the Canadian dollar, price pressures in the waste management sector, the oil price spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression.

(jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result.
, which entailed corresponding rises in raw materials prices and transport costs, slowed productivity arising from the transfer of various pieces of equipment from the Windsor plant, and losses associated with new product development in the custom molding molding, in architecture, furniture, and decorative objects, a surface or group of surfaces of projecting or receding contours. A molding may serve as a defining element, terminating a unit or an entire composition (e.g.  and automotive sectors. After accounting for non-recurring charges, earnings before amortization, financial expenses and income taxes was a loss of $729,000 in the fourth quarter of 2004, compared to a loss of $3.2 million in the last quarter of the previous year. For fiscal 2004 overall, earnings before amortization, financial expenses and income taxes totalled $8.0 million ($9.4 million before non-recurring charges), compared to $7.7 million ($13.0 million before non-recurring charges) in fiscal 2003.

Outlook

"Overall, we are optimistic op·ti·mist  
n.
1. One who usually expects a favorable outcome.

2. A believer in philosophical optimism.



op
 about the medium and long term business outlook. However, the continued pressure of increasing raw materials prices and strengthening Canadian dollar will make near business conditions challenging. The development of new proprietary products, primarily for the packaging sector, will enable the Company to pursue its growth and stay ahead of the competition on both sides of the border. The optimization optimization

Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics.
 of productivity, including in particular an intensification in·ten·si·fy  
v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies

v.tr.
1. To make intense or more intense:
 of the robotization of our manufacturing activities, remains a management priority for 2004-2005. The gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract.  implementation of our new business model, combined with the adoption of additional productivity enhancement, cost and quality control measures, should result in a positive trend for profitability in 2005," concluded Mr. Bacle.

Conference Call

IPL Inc. will hold a conference call to present its results today at 11:00 a.m. (Eastern Standard Time). Those interested should call (514) 227-8860 (Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies.  or overseas) or 1-800-814-4862 (elsewhere in North America). The call can also be accessed via a direct broadcast site at the following addresses: www.cnw.ca and www.q1234.com.

Those unable to participate can hear a recording of the call by dialling 1-877-289-8525 and entering the code 21102941# on the telephone keypad A telephone keypad is a keypad that appears on a “Touch Tone” telephone. It was standardised when the Dual-tone multi-frequency (DTMF) system was introduced in the 1960s, and replaced the rotary dial. . This recording will be accessible from 1:00 p.m. on Wednesday Wednesday: see week. , December 8, 2004 until 11:59 p.m. on Wednesday, December 15, 2004.

Profile

IPL Inc. is one of the leading North American North American

named after North America.


North American blastomycosis
see North American blastomycosis.

North American cattle tick
see boophilusannulatus.
 producers of molded mold 1  
n.
1. A hollow form or matrix for shaping a fluid or plastic substance.

2. A frame or model around or on which something is formed or shaped.

3. Something that is made in or shaped on a mold.
 plastic products through injection and extrusion for different industrial sectors. IPL employs more than 1,000 people in its four plants located in Saint-Damien, Saint-Lazare and Lawrenceville Lawrenceville is the name of several places:
  • Lawrenceville, Georgia
  • Lawrenceville, Illinois
  • Lawrenceville, New Jersey
  • The Lawrenceville School
  • Lawrenceville, Ohio
  • Lawrenceville, Pennsylvania
 (Quebec), and Edmundston Edmundston (ĕd`mənstən), city (1991 pop. 10,835), NW N.B., Canada, at the confluence of the St. John and Madawaska rivers, at the U.S. border. It has a large pulp mill and is a railroad center and hunting and fishing base. Settled c.  (New Brunswick New Brunswick, province, Canada
New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada.
). The Company manufactures and markets over 400 products for packaging and material handling. IPL also provides highly technical custom molding services for the automotive and transport industries, as well as for various industrial uses. Further information about IPL is available at www.ipl-plastics.com.

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.


Except for historical information provided herein, this press release may contain information and statements of a forward-looking for·ward-look·ing
adj.
Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan.

Adj. 1.
 nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events, and as such involve a number of risks factors. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
CONSOLIDATED EARNINGS
(in thousands of dollars except per share amounts)

                    Twelve months ended       Three months ended
                 October 2 September 27   October 2 September 27
                      2004         2003        2004         2003
                  (audited)    (audited) (unaudited)  (unaudited)

Sales             $209,024     $203,023     $50,875      $47,343
---------------------------------------------------------------------

Operating
 expenses          181,349      175,577      45,267       42,330
---------------------------------------------------------------------

Other revenue         (174)      (1,282)       (343)        (684)
Re-engineering
 expenses              343            -         343            -
Reduction in
 the value of
 fixed assets
 for resale          1,400            -       1,400            -
Non-recurring
 restructuring
 expenses                -        5,570           -        5,570
---------------------------------------------------------------------
                  $182,918     $179,865     $46,667      $47,216
---------------------------------------------------------------------

Earnings before
 amortization,
 financial
 expenses and
 income taxes       26,106       23,158       4,208          127
---------------------------------------------------------------------

Depreciation
 of fixed assets    13,911       13,790       3,257        3,099
Financial expenses   3,037        3,200         657          755
---------------------------------------------------------------------
                    16,948       16,990       3,914        3,874
---------------------------------------------------------------------

Earnings before
 income taxes        9,158        6,168         294       (3,747)
Income taxes         3,141        2,148         127       (1,223)
---------------------------------------------------------------------

Net earnings        $6,017       $4,020        $167      $(2,524)
---------------------------------------------------------------------

Net earnings
 per share basic     $0.42        $0.28       $0.01       $(0.18)
Net earnings
 per share
 fully diluted       $0.42        $0.28       $0.01       $(0.17)
---------------------------------------------------------------------

Average shares
 outstanding    14,448,051   14,382,755  14,453,884   14,383,884
Average shares
 fully diluted  14,492,557   14,499,883  14,493,492   14,491,458



CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(in thousands of dollars)

                    Twelve months ended       Three months ended
                 October 2 September 27   October 2 September 27
                      2004         2003        2004         2003
                  (audited)    (audited) (unaudited)  (unaudited)

Balance at
 beginning         $54,123      $56,927     $58,241      $57,725
Changes in
 accounting
 principles              -       (1 274)          -            -
---------------------------------------------------------------------
As restated         54,123       55,653      58,241       57,725

Net earnings         6,017        4,020         167       (2,524)
Premium paid
 on redemption
 of shares               -         (229)          -            -
Dividends           (2,311)      (5,321)       (577)      (1,078)

Balance at end     $57,829      $54,123     $57,831      $54,123
---------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of dollars)

                    Twelve months ended       Three months ended
                 October 2 September 27   October 2 September 27
                      2004         2003        2004         2003
                  (audited)    (audited) (unaudited)  (unaudited)

Cash flows from:
Operating
 activities
Net earnings        $6,017       $4,020        $167      $(2,524)
Adjustments for:
Depreciation
 of fixed
 assets and
 amortization
 of deferred
 charges            14,389       14,335       3,735        3,642
Amortization
 of deferred
 grants               (478)        (545)       (478)        (545)
Future income
 taxes                 (33)         549      (1,042)        (411)
Loss (profit)
 on disposal of
 fixed assets          239          327         101          315
Loss on
 impairment of
 fixed assets        1,400        4,566       1,400        4,566
Stock-based
 compensation          225         (352)       (207)         197
---------------------------------------------------------------------

Funds from
 operations         21,759       22,900       3,676        5,240

Payment for
 stock-based
 compensation          (97)        (483)        (97)        (483)
Changes in
 non-cash
 working
 capital items      (2,344)      (1,512)      4,753         (707)
---------------------------------------------------------------------
Cash flow
 applied to
 operating
 activities         19,318       20,905       8,332        4,050
---------------------------------------------------------------------

Investing activities
Acquisition of
 fixed assets
 and deposits      (13,618)     (19,130)     (2,719)      (3,828)
Disposal of
 fixed assets          306          106         263           15
Disposal of
 fixed assets
 held for sale           -            -        (240)           -
Business
 acquisition          (160)           -           -            -
Increase in
 deferred
 charges            (2,030)      (1,331)     (1,089)        (965)
Disposal of
 other assets          149          588         228          395
---------------------------------------------------------------------
Cash flow from
 investing
 activities        (15,353)     (19,767)     (3,557)      (4,383)
---------------------------------------------------------------------

Financing
 activities
Long-term loan         339       15,488          44           65
Repayment of
 long-term debt     (9,832)      (8,932)     (2,216)      (2,214)
Increase
 (decrease) of
 short term
 debt                7,171       (3,052)     (2,589)       2,610
Grants for
 fixed assets          563          759         563          759
Issuance of
 multiple
 voting shares         105          191           -          191
Redemption of
 shares                  -        (271)           -            -
Dividends           (2,311)      (5,321)       (577)      (1,078)
---------------------------------------------------------------------
Cash flow
 applied to
 financing
 activities         (3,965)      (1,138)     (4,775)         333
---------------------------------------------------------------------

Increase
 (decrease) in
 cash and cash
 equivalents             -            -           -            -
---------------------------------------------------------------------

Cash and cash
 equivalents at
 beginning               -            -           -            -
---------------------------------------------------------------------
---------------------------------------------------------------------

Cash and cash
 equivalents at
 end                    $-           $-          $-           $-
---------------------------------------------------------------------
---------------------------------------------------------------------



CONSOLIDATED BALANCE SHEETS
(in thousands of dollars)                      As at          As at
                                           October 2   September 27
                                                2004           2003
ASSETS                                      (audited)      (audited)

Current assets:
Cash
Accounts receivable - Trade                  $29,408        $27,413
Accounts receivable - Other                    7,766          5,123
Inventories                                   31,095         24,612
Molds for sale                                 5,099          6,509
Prepaid expenses                               1,424          1,340
Income taxes recoverable                           -            731
Grant receivable                                   -            335
Future income taxes                              754              -
Future income taxes                                -              -
---------------------------------------------------------------------
                                              75,546         66,063
---------------------------------------------------------------------

Deposits on acquisition of fixed assets          297          2,408
---------------------------------------------------------------------

Fixed assets                                  95,214         90,940
---------------------------------------------------------------------

Intangible assets                              6,067          4,107
---------------------------------------------------------------------

Fixed assets for sale                          4,485          6,504
---------------------------------------------------------------------

Deferred charges                               3,725          2,636
---------------------------------------------------------------------

Other assets                                      77             29
---------------------------------------------------------------------

                                            $185,411       $172,687
---------------------------------------------------------------------
---------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Bank overdraft
Bank loans                                    $9,781         $2,610
Accounts payable and accrued
 liabilities - Trade                          20,539         16,856
Accounts payable and accrued
 liabilities - Other                           3,668          2,498
Stock-based compensation                       1,115            818
Income taxes payable                           1,758              -
Future income taxes                                -            300
Current portion of long-term debt              8,723          9,080
---------------------------------------------------------------------
                                              45,584         32,162
---------------------------------------------------------------------

Long-term debt                                43,239         48,600
---------------------------------------------------------------------

Stock-based compensation                         400            569
---------------------------------------------------------------------

Future income taxes                           14,336         13,315
---------------------------------------------------------------------

Shareholders' equity
Capital stock                                 24,023         23,918
Retained earnings                             57,829         54,123
---------------------------------------------------------------------
                                              81,852         78,041
---------------------------------------------------------------------
                                            $185,411       $172,687
---------------------------------------------------------------------
---------------------------------------------------------------------



SEGMENT DISCLOSURES SHEET
(in thousands of dollars)

                    Twelve months ended       Three months ended
                 October 2 September 27   October 2 September 27
                      2004         2003        2004         2003
                  (audited)    (audited) (unaudited)  (unaudited)

Packaging products

 Total sales       $99,433      $89,797     $26,807      $23,995
---------------------------------------------------------------------

 Earnings before
  amortization,
  financial
  expenses and
  income taxes     $18,088      $15,502      $4,937       $3,326
---------------------------------------------------------------------

Industrial products
 Material
  handling/Waste
  management       $37,467      $40,373      $8,283       $7,479

 Automotive/Custom
  molding           72,124       72,853      15,785       15,869
---------------------------------------------------------------------
 Total sales      $109,591     $113,226     $24,068      $23,348
---------------------------------------------------------------------
---------------------------------------------------------------------

Earnings before
 amortization,
 financial
 expenses and
 income taxes       $8,018       $7,656       $(729)     $(3,199)
---------------------------------------------------------------------
---------------------------------------------------------------------



IPL INC. (TSX:IPI.MV.A)
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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