Business
CCL Reports 9% Growth in EPS from Continuing Operations in Third Quarter 2008 and Declares Dividend
TORONTO, Nov. 5 /CNW/ - November 5, 2008 Dear Shareholder:
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 5 /CNW/ -\n\n\nNovember 5, 2008\n\n\nDear Shareholder:\n\n\nPlease find enclosed our Third Quarter 2008 Investor Package.\n\n\nThe credit crunch and its continuing impact on global equity and debt\nmarkets have been traumatic for individuals and corporations. As we have\nwitnessed in the last few years, cheap credit fuelled the economy allowing\nconsumers to overextend themselves and businesses to experience excessively\nhigh valuations and leverage. As a result, cash and liquidity have become\ncritical to the survival and growth of global companies. At CCL, we continue\nto be disciplined in maintaining a conservative financial leverage, in\nensuring our capital reinvestment plans create shareholder value and in not\noverpaying for acquisitions. In addition, we recently completed a debt\nplacement at very good interest rates and favourable terms, which provides us\nwith substantial cash along with existing unused lines of credit ensuring\nliquidity into the next decade. We are in great shape to ride out this storm\nas we are well-positioned to continue our strategy of prudent growth by taking\nadvantage of opportunities that will develop from this economic fallout.\n\n\nWe continue to generate strong cash flow despite the challenging economic\nenvironment. As a result, your Board of Directors is pleased to declare the\nquarterly dividend at the level approved early in 2008 when it was increased\nby 17%. The quarterly dividend is $0.14 per Class B non-voting share and\n$0.1275 per Class A voting share and is payable on January 2, 2009 to\nshareholders of record as at December 12, 2008.\n\n\nConference calls with our stakeholders are held following the release of\nour quarterly results and when significant events require additional\ncommunication. These calls are made to ensure that all stakeholders are kept\ncurrent with our business developments and to support our good corporate\ngovernance practices. Presentation materials used during conference calls and\nformal investor meetings are posted on our website along with audio recordings\nof the meetings. Instructions for accessing these services are set out at the\nend of this earnings release.\n\n\nWe encourage all shareholders to access our website www.cclind.com on a\nregular basis for investor and company news. If you would like to have future\nPress Rele...