Wajax Earnings Double in First Quarter 2005; Distributable Cash Estimate for Wajax Income Fund Increases to $2.20.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Wajax Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :WJX) today announced two significant developments: - First quarter 2005 earnings doubled to $5.0 million or $0.32 per share on 20% higher revenue compared to $2.5 million or $0.16 per share last year. - The Board of Directors approved a proposal to convert Wajax to an income fund. Estimated annual distributable cash increased from $2.04 for the twelve months ended December December: see month. 31, 2004 at the time of announcement of conversion on March 23, 2005, to $2.20 per unit for the twelve months ended March 31, 2005.
First Quarter 2005 Results
--------------------------
(Dollars in millions, except per share data) Three Months
Ended March 31
--------------
2005 2004
Revenue $254.1 $210.9
Net earnings $5.0 $2.5
Earnings per share (basic) $0.32 $0.16
Highlights - Revenues increased $43.2 million or 20% (23% after excluding the negative impact of the declining U.S. dollar) to $254.1 million in the quarter as substantially higher sales were recorded in all three core businesses. Revenues in Mobile Equipment, Industrial Components and Diesel Engines increased 27%, 14% and 15%, respectively. Higher sales were recorded in most regions of 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 the U.S. with particular strength continuing in the energy sector of Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. . - The increased revenues led to significantly higher segment earnings in all three core businesses. Earnings in Mobile Equipment were up 53% to $5.8 million and Diesel Engines were up 21% to $4.0 million from strong results in western Canada
Western Canada, commonly referred to as the West . Widespread revenue gains in Industrial Components resulted in a more than four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold increase in segment earnings to $3.1 million. - Interest expense decreased $0.5 million quarter-over-quarter as a result of reduced debt, net of cash. - The Company used $19.7 million of cash before financing activities mainly as a result of increased working capital required to support the increase in sales. - The estimated value of the two long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. mining supply and service orders announced in March 2005 has increased from approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $157 million to $165 million over the life of the agreements, as two additional LeTourneau LeTourneau can refer to several things:
- The Company 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. a dividend of $0.07 per share, payable on May 31, 2005 to shareholders of record on May 16, 2005. Income Fund Conversion The Board of Directors today formally approved the previously announced proposal to convert Wajax to an income fund pursuant to a plan of arrangement (the "Arrangement") under the Canada Business Corporations Act The Canada Business Corporations Act, also known as Bill C-44, is a Canadian act respecting Canadian business corporations. See also
LECG Laboratory of Ecological and Conservation Genetics Canada Limited, an independent valuation firm, has provided the Board with an opinion that the Arrangement is fair, from a financial point of view, to shareholders. An Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible providing full details of the Arrangement and proposed income fund conversion will be mailed to shareholders the week of May 9. At the same time, the Information Circular will be filed with SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review and may be viewed at www.sedar.com or on Wajax's website at www.wajax.com. An annual and special meeting of shareholders will be held on June June: see month. 6, 2005 to consider the Arrangement. If the Arrangement is approved by shareholders, and subject to approval by the Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. Superior Court Justice and certain other conditions, Wajax shareholders will receive one fund unit of Wajax Income Fund for every Wajax share held. It is anticipated that if the Arrangement is approved, Wajax Income Fund will make its first distribution on August 22, 2005. The initial distribution will relate to the period from the effective date of the Arrangement (expected to occur on or about June 15, 2005) to July July: see month. 31, 2005. Based on the Company's most recent quarterly results, management estimates that on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, after giving effect to certain adjustments and subject to certain assumptions, cash available for distributions by Wajax Income Fund for the twelve months ended March 31, 2005 would have been $36.7 million or $2.20 per unit. Full details of the assumptions used by management to estimate cash available for distributions will be contained in the Information Circular. Empire Company Limited, the holder of approximately 47.5% of Wajax's outstanding shares, has indicated it will vote in favour of the Arrangement. In addition, the Company has been advised that shortly following completion of the Arrangement, Empire anticipates selling through a secondary offering, subject to market conditions, approximately 2.5 to 3.0 million of the units that it will receive as a result of the Arrangement. Following the secondary offering, Empire will hold approximately 27% to 30% of the outstanding units of Wajax Income Fund. Commenting on the Company's results and the proposed income fund conversion, Neil Manning Neil Mann (born August 26, 1924) is a former Australian rules footballer, who played for Collingwood in the VFL/AFL. He was a premiership player with them in 1953. Mann was a key position player and won Collingwood's best and fairest in 1954. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "We are very pleased with our performance in the first quarter as significant earnings improvements were realized in all three businesses. We are also looking forward to our income fund conversion which is expected to result in higher levels of cash distributions to fund unitholders than would be available to shareholders under the current corporate structure. Going into the second quarter we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the Company's prospects for continued improvements in profitability as demand in most market sectors remains strong." Wajax is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a that has three core distribution businesses engaged in the sale and after-sales parts and service support of mobile equipment, diesel engines and industrial components, through a network of over 100 branches across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. and the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities. Wajax will Webcast its First Quarter Financial Results Conference Call. You are invited to listen to the live Webcast on Monday Monday: see week. , May 2, 2005 at 2:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . To access the Webcast, enter www.wajax.com and click on the link for the Webcast on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page. The archived Webcast will be available at the above mentioned website within 24 hours after the conference call. This news release contains 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. information. Actual future results may differ from expected results. MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial - FIRST QUARTER 2005 The following discussion should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's unaudited Quarterly Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the current quarter and the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. Notes and the Company's Management's Discussion and Analysis for the year ended December 31, 2004. Unless otherwise indicated, all financial information is in millions of dollars, except per share data.
QUARTERLY RESULTS OF OPERATIONS
Consolidated Results
for the three months ended March 31 2005 2004(i)
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Revenue $254.1 $210.9
Net earnings $5.0 $2.5
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Earnings per share - basic $0.32 $0.16
- diluted $0.31 $0.16
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(i) Restated. See Note 2 in the Q1 2005 Quarterly Financial
Statements.
Revenues increased 20%, or $43.2 million, to $254.1 million in the first quarter of 2005 from $210.9 million in the first quarter of 2004. Net earnings of $5.0 million, or $0.32 per share, were recorded in the first quarter of 2005 compared to $2.5 million, or $0.16 per share recorded the previous year. The strengthening 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 relative to the U.S. dollar had the effect of decreasing 2005 consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues by approximately $6.2 million. 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. operations realized lower sales dollars per unit on U.S-sourced products and Spencer's
David Spencer Limited (commonly known as Spencer's U.S. dollar revenues were translated to Canadian dollars at a lower exchange rate compared to last year. The following factors contributed to the year-over-year quarterly results from operations: - Mobile Equipment's revenues increased 27%, or $26.9 million, and earnings increased $2.0 million due to higher equipment and parts and service revenues in both eastern and western Canada. - Industrial Components' revenues increased 14% due to increased volumes in both Kinecor and Spencer Spencer, city (1990 pop. 11,066), seat of Clay co., NW Iowa, on the Little Sioux River; inc. 1880. The city lies in a fertile farm area. Beef is processed, and Spencer's manufactures include work clothes, machinery, prefabricated buildings, and metal products. . Revenues and earnings increased $10.4 million and $2.4 million, respectively, compared to 2004. - Diesel Engines' revenues increased 15%, or $6.1 million, and earnings increased $0.7 million as the strong oil and gas sector continued to drive sales in western Canada. - Corporate costs and eliminations increased $1.6 million compared to last year due mainly to 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. for long-term incentive costs based on changes in the Company's share price. - Funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. , net of cash, increased $24.6 million compared to December 31, 2004 and decreased $6.9 million compared to March 31, 2004. As a result, the Company's quarter-end debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. decreased to 0.26:1 from last year's ratio of 0.32:1. - Interest expense decreased $0.5 million quarter-over-quarter. This resulted principally from a $19.9 million reduction in the average amount of funded debt outstanding during the quarter compared to last year. During the quarter the Company paid a dividend of $0.07 per share. The Company has declared a dividend of $0.07 per share payable on May 31, 2005. There was a $0.04 per share dividend paid in the first quarter of 2004. Mobile Equipment for the three months ended March 31 2005 2004 --------------------------------------------------------------------- Equipment $82.2 $61.0 Parts and service $42.7 $37.0 --------------------------------------------------------------------- Gross revenue $124.9 $98.0 Segment earnings $5.8 $3.8 --------------------------------------------------------------------- Revenues increased $26.9 million, or 27%, to $124.9 million in the first quarter of 2005 from $98.0 million in 2004. Segment earnings increased $2.0 million to $5.8 million from $3.8 million in the previous year. The following events contributed to these quarterly results: - Revenues in western Canada increased $15.7 million compared to last year due to a 34%, or $10.6 million, increase in equipment sales and a 33%, or $5.1 million, increase in parts and service revenues. The equipment sales increase was driven by a 53% increase in forestry forestry, the management of forest lands for wood, water, wildlife, forage, and recreation. Because the major economic importance of the forest lies in wood and wood products, forestry has been chiefly concerned with timber management, especially reforestation, and construction volumes mainly attributed to an $8.5 million gain in Hitachi Hitachi (hētä`chē), city (1990 pop. 202,141), Ibaraki prefecture, E central Honshu, Japan, on the Kashima Sea. The city is a leading producer of Japan's electrical equipment. excavator ex·ca·va·tor n. An instrument, such as a sharp spoon or curette, used in scraping out pathological tissue. excavator (eks´k sales and a $2.2 million increase in equipment rental revenues, reflecting the strong demand for equipment and rentals in western Canada. Mining equipment and crane crane, in zoology crane, large wading bird found in marshes in the Northern Hemisphere and in Africa. Although sometimes confused with herons, cranes are more closely related to rails and limpkins. and utility equipment sales increases of $1.1 million and $0.4 million respectively, were offset by a $1.5 million decrease in material handling equipment sales. Improved mining parts and service revenues combined with the continued focus on revenue building initiatives resulted in a 33% increase in overall parts and service revenues. Earnings more than doubled during the quarter to $3.8 million from $1.6 million, as higher volumes and higher equipment and parts margins more than offset increased selling and administrative expenses resulting from the increased sales activity. - Revenues in eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. compared to last year. During the quarter the Company received two large mining equipment supply and service orders. Wajax has received an order from North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Construction Group ("NACG NACG National Alliance for Choice in Giving ") for fifteen 320 ton Hitachi mining trucks and two 800 ton Hitachi hydraulic shovels over the next sixteen months for use in a major oil sands project in the Fort McMurray, Alberta Fort McMurray, is a community in the Regional Municipality of Wood Buffalo, in the northeastern part of Alberta, Canada. Although it is commonly referred to and thought of as being a city, Fort McMurray is not incorporated. area. The Company also expects to enter into a long-term parts support agreement with NACG for this equipment. The Company will also supply Elk Valley Coal Corporation six pieces of LeTourneau mining equipment over the next six months. In addition the equipment will be operated through an eight year product support program. Total sales value for the equipment and product support for both of these customers is estimated to be approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $165 million over the life of the agreements, with the equipment sales value equal to approximately one half of the total. Effective March 1, 2005, the Company began phasing out its distribution of Timberjack Timberjack, a subsidiary of John Deere since 2000, is a manufacturer of forestry machinery for both cut-to-length and whole tree logging. Originally Timberjack was a Canadian operation, started in Woodstock, Ontario, focusing on whole tree logging, but it was acquired by a forestry products in northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it , Manitoba Manitoba (mănĭtō`bə), province (2001 pop. 1,119,583), 250,934 sq mi (650,930 sq km), including 39,215 sq mi (101,580 sq km) of water surface, W central Canada. and the Maritimes. To replace this line, the Company has secured distribution rights for the Direct Technologies line of tracked feller bunchers A feller buncher is a large logging machine with an attachment that cuts trees in place. It consists of a standard heavy equipment base with a tree-grabbing device furnished with a circular saw or a shear - a pinching device designed to cut small trees off at the base. and harvesters, and the Logset forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. and wheeled harvester harvester, farm machine that mechanically harvests a crop. Small-grain harvesting has been mechanized to a certain extent since early times. In the modern period the first harvester to gain general acceptance was made by Cyrus McCormick in 1831 (see reaper). line for most of Canada. As these two lines are relatively new to the Canadian market place, replacing the Timberjack revenues will not be immediate; however, they give the Company access to a much larger portion of the Canadian forestry market. Revenues from the Timberjack forestry line in the first quarter of $9.8 million were comparable to last year. Industrial Components for the three months ended March 31 2005 2004 --------------------------------------------------------------------- Canada - Kinecor $68.9 $60.1 United States - Spencer $14.9 $13.3 --------------------------------------------------------------------- Gross revenue $83.8 $73.4 --------------------------------------------------------------------- Canada - Kinecor $2.4 $0.6 United States - Spencer $0.7 $0.1 --------------------------------------------------------------------- Segment earnings $3.1 $0.7 --------------------------------------------------------------------- Revenues increased 14%, or $10.4 million, to $83.8 million in the first quarter of 2005 from $73.4 million in 2004. Earnings of $3.1 million increased $2.4 million compared to $0.7 million the previous year. The following factors contributed to the quarterly results: - Revenues in Kinecor increased $8.8 million to $68.9 million as all regions in Canada continued to achieve volume gains. Bearings and power transmission sales increased $5.4 million due to stronger sales in all regions including improvements in eastern Canada's steel and forestry sectors, gains in western Canada's mining sector and a new branch in Rimouski, Quebec Rimouski is a Canadian city (ville) on the center part of Bas-Saint-Laurent region in eastern Quebec, located on the south shore of the Saint Lawrence River at the mouth of the Rimouski River, and km ( mi) north-east of Quebec City. . Hydraulic parts and service revenues increased by $3.4 million, or 18%, as Kinecor benefited from the strong oil and gas sector in western Canada and increased mining activity in eastern Canada. Earnings increased $1.8 million to $2.4 million as improved volumes and slightly higher margins offset the negative impact of increased selling and administrative expenses, due to higher personnel costs compared to last year. - Revenues in Spencer, a U.S. based hydraulics hydraulics, branch of engineering concerned mainly with moving liquids. The term is applied commonly to the study of the mechanical properties of water, other liquids, and even gases when the effects of compressibility are small. business, increased $1.6 million or 12% (20% on a U.S. dollar basis) to $14.9 million compared to $13.3 million last year due mainly to higher parts sales to OEMs and increased mining parts and service revenues. Earnings for the quarter increased $0.6 million to $0.7 million as increased volumes and improved margins, primarily from growth related supplier rebates, offset higher selling and administrative expenses. On May 2, 2005 the Board decided that Spencer would not be a significant part of the Company's future business plans and that strategic alternatives, including a disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of , would be explored. Diesel Engines for the three months ended March 31 2005 2004 --------------------------------------------------------------------- Equipment $21.2 $14.5 Parts and service $24.8 $25.4 --------------------------------------------------------------------- Gross revenue $46.0 $39.9 Segment earnings $4.0 $3.3 --------------------------------------------------------------------- Revenues increased 15%, or $6.1 million, to $46.0 million in the first quarter of 2005 compared to $39.9 million in 2004. Earnings increased $0.7 million to $4.0 million compared to $3.3 million in the previous year. The following events affected revenues and earnings: - Revenues at the Waterous Power Systems operation in Alberta were $5.9 million ahead of 2004 due to a $5.6 million increase in equipment sales and a $0.3 million increase in parts and service revenues. These increases were due mainly to higher new and used engine and transmission sales in the oil and gas sector. - Revenues from the Company's 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. and Atlantic Canada operation, Detroit Detroit, city, United States Detroit (dĭtroit`), city (1990 pop. 1,027,974), seat of Wayne co., SE Mich., on the Detroit River and between lakes St. Clair and Erie; inc. as a city 1815. Diesel-Allison Canada East Canada East or Lower Canada Region of Canada now known as Quebec. In 1791–1841 it was known as Lower Canada and in 1841–67 as Canada East. , increased $0.2 million to $17.9 million. A $1.1 million increase in equipment sales, from higher engine and generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. set volumes, combined with a $0.5 million increase in service revenues due mainly to a stronger on-highway retail market, more than offset a $1.4 million decrease in parts revenue resulting primarily from lower parts sales to Freightliner There are several entries concerning Freightliner:
- Earnings increased $0.7 million to $4.0 million as the higher sales volumes more than offset higher selling and administrative expenses resulting primarily from increased personnel costs compared to last year.
SELECTED QUARTERLY INFORMATION
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2005 2004(i) 2003(i)
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Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
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Revenue $254.1 $249.2 $230.0 $238.1 $210.9 $230.9 $207.8 $227.0
Net
earnings 5.0 6.0 5.2 4.6 2.5 3.4 2.6 2.5
Earnings
per share
- Basic $0.32 $0.38 $0.33 $0.29 $0.16 $0.22 $0.17 $0.16
- Diluted $0.31 $0.37 $0.33 $0.28 $0.16 $0.22 $0.16 $0.16
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(i) Restated. See Note 2 in the Q1 2005 Quarterly Financial
Statements and Note 2 in the Q4 2004 Quarterly Financial Statements.
A discussion of the Company's previous quarterly results can be found in the Company's quarterly Management's Discussion and Analysis reports available on SEDAR at www.sedar.com. LIQUIDITY AND CAPITAL RESOURCES The Company used $19.7 million of cash before financing activities in the first quarter of 2005 compared to $15.6 million of cash used in the first quarter of 2004. Cash used in operating activities amounted to $16.7 million, with $25.0 million of cash used in changes in non-cash working capital offset by $8.3 million of cash generated from operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before . Significant components of the $25.0 million increase in working capital were as follows: - Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying increased $15.9 million during the quarter as a result of the higher sales activity. - Inventory increased by a total of $16.3 million compared to the fourth quarter of 2004 to support the higher sales volumes in all segments and to support the new JCB JCB Noun trademark, Brit a large machine used in building, that has a shovel on the front and a digger arm on the back [initials of Joseph Cyril Bamford, its manufacturer] JCB® n abbr , Direct Technologies and Logset product lines added by Mobile Equipment in 2004. - Accounts payable and accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. increased by $13.4 million during the quarter due mainly to the increased inventory levels and accruals. - Income taxes payable decreased by $6.3 million as a result of final tax payments made in the quarter relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the 2004 taxation year. Working capital, exclusive of funded debt and cash, increased $28.3 million to $151.0 million at March 31, 2005 from $122.7 million at December 31, 2004. The increase was due to the cash flow factors listed above and the increase in the quarter-end U.S. dollar exchange rate compared to the December 31, 2004 rate. The Company invested a net amount of $3.0 million of cash in operations during the first quarter of 2005. The most significant investing activities were $2.4 million of lift truck rental fleet additions in Mobile Equipment and $1.0 million of capital asset additions. Debt, net of cash, of $50.8 million increased $24.6 million compared to December 31, 2004 due principally to the increase in working capital. The Company's debt-to-equity ratio debt-to-equity ratio The relationship between long-term funds provided by creditors and funds provided by owners. A firm's debt-to-equity ratio is calculated by dividing long-term debt by owners' equity. Both items are shown on the balance sheet. increased to 0.26:1 at March 31, 2005 compared to 0.13:1 at December 31, 2004. Compared to March 31, 2004, the debt-to-equity ratio decreased from 0.32:1 to 0.26:1. At March 31, 2005 the Company had utilized $4.0 million (represented entirely by letters of credit) of the $20.0 million 364-day revolving secured bank borrowing facility, which expires December 18, 2005. See New Credit Facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities section below. It is expected that the cash on-hand of $24.2 million at quarter-end along with the $20 million bank facility and cash generated from earnings will provide sufficient cash flow to meet the Company's 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. cash requirements and growth initiatives. The Mobile Equipment segment had possession of $64.9 million of consigned inventory from a major manufacturer at March 31, 2005 compared to $39.9 million the previous year. This inventory is not included in the Company's inventory as the manufacturer has title to the inventory. The Company's off balance sheet financing arrangements include operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. contracts in relation to the Company's long-term lift truck rental fleet in the Mobile Equipment segment. At March 31, 2005, the non-discounted operating lease commitment for the rental fleet was $26.7 million. The Company enters into hedges of its foreign currency exposures on a portion of its U.S. dollar-denominated senior notes by entering into offsetting U.S. dollar forward contracts. During the quarter, the Company had a $3.5 million loss on these hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. activities that was offset by a $3.5 million unrealized foreign currency gain on the U.S. dollar-denominated senior notes. On March 31, 2005 the Company entered into a short-term foreign currency forward contract to buy $30 million U.S. dollars on May 31, 2005 to offset the effect of foreign exchange gains or losses on the portion of its U.S. dollar-denominated senior notes that does not form a part of the hedge against the Company's investment in its U.S. self-sustaining self-sus·tain·ing adj. Able to sustain oneself or itself independently. self  -sus·tain operations.During the quarter the Company paid a dividend of $0.07 per share. In the second quarter of 2005, the Company will pay a dividend of $0.07 per share on May 31, 2005 to shareholders of record on May 16, 2005. A dividend of $0.04 per share was paid in the first quarter of 2004. SHARE CAPITAL During the quarter, 5,000 stock options were exercised with a weighted-average exercise price of $3.80 per share. The following is a summary of the changes in share capital and options.
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Issued and fully paid common shares: Number of Shares Amount
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December 31, 2004 15,739,460 $102.4
Issued 5,000 -
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March 31, 2005 15,744,460 $102.4
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During the quarter no stock options were issued or expired. The
following table summarizes the status of the stock option plan:
Weighted Average
Number of Shares Exercise Price
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Outstanding as at March 31, 2005 838,070 $6.32
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CHANGES IN ACCOUNTING POLICY Vendor Rebates Effective September September: see month. 30, 2004, the Company adopted 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) EIC-144 "Accounting by a Customer (Including a Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. ) For Certain Consideration Received From a Vendor". The abstract requires a customer to record cash consideration received from a vendor as a reduction in the price of the vendor's products and reflect it as a reduction to cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and related inventory when recognized in the income statement and balance sheet. The abstract must be applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin for annual and interim periods ending after August 15, 2004. The company has restated its 2004 comparative results and balances in its financial statements. The implementation of the new standard has resulted in a reduction 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. for the 3 months ending March 31, 2004 of $482 thousand. The impact on balance sheet accounts as of March 31, 2004 was a decrease in inventory of $777 thousand and an increase in future income taxes of $295 thousand. The net earnings for the 3 months ending March 31, 2004 were not impacted by the adoption of the abstract. Asset Retirement Obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. Effective January January: see month. 1, 2004, the Company adopted the CICA Handbook
This article is about reference works. For the subnotebook computer, see .
tr.v. de·com·mis·sioned, de·com·mis·sion·ing, de·com·mis·sions To withdraw (a ship, for example) from active service. an asset, with an offsetting liability. The asset retirement obligations pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to operating leases of branch facilities where certain clauses require premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person to be returned to their original state at the end of the lease term. The total estimated undiscounted cash flows required to settle these obligations amount to $1,025 thousand. The Company adopted the section 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 beginning on October October: see month. 1, 2004. As a result, figures for the consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. as at March 31, 2004 were restated as follows: a $11 thousand increase in fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , an increase in future income taxes of $279 thousand, an increase in accrued liabilities of $743 thousand and a decrease in retained earnings of $450 thousand. RISKS AND UNCERTAINTIES For information on risks and uncertainties refer to the Management's Discussion and Analysis for the year ended December 31, 2004 included in the Company's 2004 Annual Report which may be found on SEDAR at www.sedar.com. WAJAX INCOME FUND Conversion to an Income Fund The Company has announced that its board of directors has approved a process for the conversion of Wajax into an income fund by way of a plan of arrangement (the "Conversion"). Pursuant to the Conversion, the current shareholders of Wajax will exchange their common shares for fund units in the new income trust on a one-for-one basis, to be known as the Wajax Income Fund (the "Fund"), and will continue to indirectly own, through the Fund, the same pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. economic interest in Wajax's businesses. The Company intends to hold a special meeting of shareholders to consider the proposed Conversion on June 6, 2005 in conjunction with its annual general meeting of shareholders. The Conversion is subject to certain approvals, including approval of the Ontario Superior Court of Justice The Superior Court of Justice for Ontario, Canada is the successor to the former Ontario Court of Justice (General Division), and was created on April 19 1999. Its predecessor, the Ontario Court (General Division) was the result of the 1990 merger and discontinuance of the previous , a favourable vote of Wajax shareholders at the annual and special meeting, receipt of a fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. , finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the new credit facilities and approval of the TSX to list the Fund units. Distributable Cash Based on actual results for the twelve months ended March 31, 2005, the Company estimates that, organized as an income fund, it would have initially generated annual distributions of approximately $2.20 per unit on a pro forma basis, after adjustments, and assuming approximately 16.7 million units are outstanding. Holders of fund units will be 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: to receive monthly payments of distributable cash from the Fund. New Credit Facilities As part of the Conversion, the Company expects to retire the $50 million U.S. dollar-denominated senior notes and approximately $15 million of debentures using cash on hand and an amount to be drawn down under proposed new $95 million bank term credit facilities. The debt retirement will result in a pre-payment penalty and unamortized deferred financing costs of approximately $5.2 million which will be charged to earnings in the period of the pre-payment. Additional information regarding the Conversion can be found on the Company's website at www.wajax.com. OUTLOOK Results for the first quarter of 2005 were ahead of management's expectations. The Company benefited from strength in a number of important market sectors, particularly the petroleum sector in western Canada, and the mining and construction industries in most regions of the country. Going into the second quarter management expects to maintain improved profitability compared to 2004, assuming the continuation continuation - continuation passing style of strong market demand. 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. This Management's Discussion and Analysis contains forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Wajax. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These factors include and are not restricted to the risks identified in this Managements' Discussion and Analysis. The Company's Annual Management's Discussion and Analysis is filed with the Canadian securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities and risk factors included in that filed document are incorporated herein by reference. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and Wajax does not assume any obligation to update or revise them to reflect new events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Additional information, including the Company's Annual Report and Annual Information Form, may be found on SEDAR at www.sedar.com.
WAJAX LIMITED
Unaudited Consolidated Financial Statements
For the three months ended March 31, 2005
WAJAX LIMITED
CONSOLIDATED BALANCE SHEETS
(unaudited)
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March 31 December 31 March 31
(in thousands of dollars) 2005 2004 2004
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(restated
note 2)
Current Assets
Cash and cash equivalents $ 24,234 $ 49,409 $ 26,528
Accounts receivable 131,230 115,207 105,380
Inventories 177,148 161,046 148,992
Future income taxes 6,108 6,132 6,813
Prepaid expenses and other
recoverable amounts 3,837 3,963 2,262
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342,557 335,757 289,975
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Non-Current Assets
Rental equipment 17,154 16,362 16,845
Capital assets 30,058 30,251 31,469
Goodwill and other assets 54,698 54,621 55,077
Future income taxes 2,673 2,851 2,743
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104,583 104,085 106,134
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$ 447,140 $ 439,842 $ 396,109
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Current Liabilities
Accounts payable and
accrued liabilities $ 165,623 $ 155,730 $ 125,348
Income taxes payable 1,655 7,935 1,138
Current portion of long-term debt 4,782 4,683 4,356
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172,060 168,348 130,842
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Non-Current Liabilities
Future income taxes 3,726 3,545 2,861
Long-term pension liability 2,155 2,080 1,917
Long-term debt 70,223 70,884 79,880
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76,104 76,509 84,658
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Shareholders' Equity
Share capital 102,409 102,390 102,212
Contributed surplus 428 373 119
Retained earnings 96,139 92,222 78,278
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198,976 194,985 180,609
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$ 447,140 $ 439,842 $ 396,109
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WAJAX LIMITED
CONSOLIDATED STATEMENTS OF EARNINGS
AND RETAINED EARNINGS
(unaudited)
---------------------------------------------------------------------
Three months ended
March 31
-------------------
(in thousands of dollars, except per share data) 2005 2004
---------------------------------------------------------------------
(restated
note 2)
Revenue $ 254,099 $ 210,891
Cost of sales $ 195,330 161,625
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Gross profit 58,769 49,266
Selling and administrative expenses 49,013 43,014
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Earnings before interest and income taxes 9,756 6,252
Interest expense 1,528 2,038
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Earnings before income taxes 8,228 4,214
Income taxes - current 2,810 1,497
- future 399 210
---------------------------------------------------------------------
Net earnings $ 5,019 $ 2,507
Retained earnings, beginning of
period as reported 92,222 77,331
Impact of new accounting standards: (Note 2)
Vendor rebates - (482)
Asset retirement obligations - (450)
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Retained earnings, beginning of period,
as restated 92,222 76,399
Dividends on common shares (1,102) (628)
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---------------------------------------------------------------------
Retained earnings, end of period $ 96,139 $ 78,278
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Earnings per share (Note 3) - basic $ 0.32 $ 0.16
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- diluted $ 0.31 $ 0.16
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Number of common shares outstanding 15,744,460 15,696,960
Number of common share stock
options outstanding 838,070 805,570
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WAJAX LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three months ended March 31
(in thousands of dollars) 2005 2004
---------------------------------------------------------------------
(restated
note 2)
OPERATING ACTIVITIES
Net earnings $ 5,019 $ 2,507
Items not affecting cash flows:
Amortization
- Rental equipment 961 1,300
- Capital assets 1,213 1,337
- Deferred expenses and intangible assets 231 386
Pension expense - net of payments 170 157
Stock-based compensation expense (Note 4) 55 56
Future income taxes 399 210
Other 192 -
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Cash flows before changes in non-cash
working capital 8,240 5,953
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Changes in non-cash working capital:
Accounts receivable (15,860) 711
Inventories (16,349) (5,624)
Prepaid expenses and other recoverable amounts 128 97
Accounts payable and accrued liabilities 13,396 (13,361)
Income taxes payable (6,280) (212)
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(24,965) (18,389)
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Cash flows used by operating activities (16,725) (12,436)
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INVESTING ACTIVITIES
Rental equipment additions (2,351) (2,695)
Rental equipment disposals 370 435
Capital asset additions (1,024) (983)
Proceeds on disposal of capital assets 12 70
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(2,993) (3,173)
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Cash flows before financing activities (19,718) (15,609)
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FINANCING ACTIVITIES
Issuance of common shares on exercise
of stock options (Note 4) 19 -
Repayment of debentures (904) (815)
Hedging activities (Note 5) (3,476) (2,025)
Dividends paid (1,102) (628)
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(5,463) (3,468)
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Cash flows before effect of foreign exchange (25,181) (19,077)
---------------------------------------------------------------------
Effect of foreign exchange on
translation adjustment 6 210
---------------------------------------------------------------------
Net change in cash and cash equivalents $ (25,175) $ (18,867)
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---------------------------------------------------------------------
---------------------------------------------------------------------
Cash and cash equivalents - beginning
of period $ 49,409 $ 45,395
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---------------------------------------------------------------------
Cash and cash equivalents - end of period $ 24,234 $ 26,528
---------------------------------------------------------------------
Cash flows provided by operating activities
include the following:
---------------------------------------------------------------------
Interest paid $ 800 $ 1,229
Income taxes paid $ 9,092 $ 1,708
---------------------------------------------------------------------
Significant non-cash transactions:
Rental equipment transferred to inventory $ 228 $ 320
Note receivable transferred from inventory $ 377 $ -
WAJAX LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabulated in thousands of dollars)
(unaudited)
Note 1 Significant accounting policies The accounting policies used in the preparation of these unaudited interim consolidated financial statements conform with those used in the Company's annual consolidated financial statements. These interim consolidated financial statements do not include all of the disclosures included in the Company's annual consolidated financial statements. Accordingly, these unaudited interim financial statements should be read in conjunction with the Company's annual consolidated financial statements as at and for the year ended December 31, 2004. Note 2 Change in accounting policies a. Vendor Rebates Effective September 30, 2004, the Company adopted CICA EIC-144 "Accounting by a Customer (Including a Reseller) For Certain Consideration Received From a Vendor". The abstract requires a customer to record cash consideration received from a vendor as a reduction in the price of the vendor's products and reflect it as a reduction to cost of goods sold and related inventory when recognized in the income statement and balance sheet. The abstract must be applied retroactively for annual and interim periods ending after August 15, 2004. The company has restated its 2004 comparative results and balances in its financial statements. The implementation of the new standard has resulted in a reduction to opening retained earnings for the 3 months ending March 31, 2004 of $482 thousand. The impact on balance sheet accounts as of March 31, 2004 was a decrease in inventory of $777 thousand and an increase in future income taxes of $295 thousand. The net earnings for the 3 months ending March 31, 2004 were not impacted by the adoption of the abstract. b. Asset Retirement Obligations Effective January 1, 2004, the Company adopted the CICA Handbook section 3110 "Asset Retirement Obligations". This section requires a company to capitalize the fair market value of the costs to decommission an asset, with an offsetting liability. The asset retirement obligations pertain to operating leases of branch facilities where certain clauses require premises to be returned to their original state at the end of the lease term. The total estimated undiscounted cash flows required to settle these obligations amount to $1,025 thousand. The Company adopted the section on a retroactive basis beginning on October 1, 2004. As a result, figures for the consolidated balance sheets as at March 31, 2004 were restated as follows: a $11 thousand increase in fixed assets, an increase in future income taxes of $279 thousand, an increase in accrued liabilities of $743 thousand and a decrease in retained earnings of $450 thousand. Note 3 Earnings per share The following table sets forth the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. of basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (in thousands, except per share information):
Quarter 2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
(restated
note 2)
Numerator for basic and diluted
earnings per share:
- net income $ 5,019 $ 2,507
---------------------------------------------------------------------
Denominator for basic earnings per share :
- weighted average shares 15,739,516 15,696,960
---------------------------------------------------------------------
---------------------------------------------------------------------
Denominator for diluted earnings per share:
- weighted average shares 15,739,516 15,696,960
- effect of dilutive employee stock options 495,414 313,701
---------------------------------------------------------------------
Denominator for diluted earnings per share 16,234,930 16,010,661
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic earnings per share $ 0.32 $ 0.16
---------------------------------------------------------------------
Diluted earnings per share $ 0.31 $ 0.16
---------------------------------------------------------------------
---------------------------------------------------------------------
Of the 838,070 (2004 - 805,570) stock options outstanding at the end of the period, no options (2004 - 90,000 with a price range of $9.25-$11.50) are excluded from the above calculations as they are not currently anti-dilutive. Note 4 Stock-based compensation plans During the quarter 5,000 (2004 - nil) stock options were exercised with a weighted-average exercise price of $3.80. The Company did not issue any employee stock options (2004 - 61,570 with an exercise price of $8.54 and a weighted average life of 8 years). The Company recorded a compensation cost of $55 thousand for the quarter in respect of employee stock options granted after December 31, 2002. The Company had accounted for employee stock options using the intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. method prior to 2003 and accordingly has not recorded compensation cost for grants prior to this year. There would have been a nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. reduction in both net earnings and earnings per share if the Company had accounted for employee stock options issued in 2002 under the fair value method. Note 5 Financial Instruments The Company hedges its foreign currency exposures on a portion of its U.S. dollar-denominated senior notes by entering into offsetting U.S. dollar forward contracts. During the year, the Company had a $3.5 million loss on these hedging activities that was offset by a $3.5 million foreign currency gain on the U.S. dollar-denominated senior notes. At March 31, 2005 the Company has two short-term foreign currency forward contracts outstanding to buy a total of $30 million U.S. dollars on May 31, 2005. Note 6 Employees' pension plans
Net pension plan expenses are as follows:
Quarter 2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Net pension plan expense
- defined benefit plans $ 215 $ 202
Net pension plan expense
- defined contribution plans 1,059 974
$ 1,274 $ 1,176
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Note 7 Segmented information
Quarter 2005 2004
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Revenue (restated
note 2)
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Mobile Equipment $ 124,898 $ 98,043
Industrial Components
- Canada 68,880 60,078
- United States 14,933 13,315
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Total Industrial Components 83,813 73,393
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Diesel Engines 46,038 39,944
Segment eliminations (650) (489)
---------------------------------------------------------------------
Total consolidated $ 254,099 $ 210,891
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---------------------------------------------------------------------
Segment Earnings
---------------------------------------------------------------------
---------------------------------------------------------------------
Mobile Equipment $ 5,757 $ 3,765
Industrial Components
- Canada 2,406 568
- United States 683 146
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Total Industrial Components 3,089 714
---------------------------------------------------------------------
Diesel Engines 3,999 3,308
Corporate costs and eliminations (3,089) (1,535)
---------------------------------------------------------------------
Total consolidated $ 9,756 $ 6,252
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Interest expense, income taxes and corporate costs are not allocated
to business segments.
Note 8 Contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. A Statement of Claim has been served naming the Company and its subsidiary, Wajax Industries Limited, as defendants in proceedings under the Class Proceedings Act of 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 . The action arises out of the conversion on January 1, 2001 of the Employee Pension Plan from defined benefit to defined contribution, the taking of contribution holidays and the payment of pension administration expenses from the pension fund. The Company had previously evaluated the claims it anticipated could be articulated ar·tic·u·la·ted adj. Characterized by or having articulations; jointed. and concluded such claims would be unlikely to succeed. Management has assessed the facts and arguments pleaded and continues to believe the claims would be unlikely to succeed. Note 9 Comparative information Certain comparative numbers have been reclassified to conform with current presentation. Wajax Limited (TSX:WJX) |
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