Business
Clarke Inc. Reports Q3 2009 Results
Clarke Inc. Reports Q3 2009 Results
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- HALIFAX, le 5 nov. /CNW/ -- Clarke Inc. (\"Clarke\" or the \"Company\") today announced its results for the three and nine months ended September 30, 2009. Clarke had net income for the three and nine months ended September 30, 2009 of $10.6 million and $17.4 million respectively, compared to $0.1 million and $10.3 million respectively, for the three and nine months ended September 30, 2008. The increase in earnings during the quarter was due principally to the gain on the sale of a building previously utilized in the Home Décor segment.Following the collapse of financial markets in late 2008 and the first quarter of 2009, the second and third quarters of 2009 offered a recovery in equity prices. This was reflected by an increase in the market value of Clarke's portfolio of marketable securities. However, the general economic slowdown has continued to adversely affect Clarke's freight segments, with reduced industry volumes creating significant competitive pressure. Clarke has continued to work closely with management in place at its core businesses, achieving cost savings and executing strategic transactions that improve the future prospects of these businesses.RESULTS OF OPERATIONSHighlights of the interim consolidated financial statements for the three and nine months ended September 30, 2009 compared to the three and nine months ended September 30, 2008 are as follows:--------------------------------------------------------------------------------------------------------------------------------------------------Three months Three months Nine months Nine monthsended ended ended endedSeptember 30, September 30, September 30, September 30,2009 2008 2009 2008$ $ $ $-------------------------------------------------------------------------Revenue andother income 70.2 69.5 180.5 202.9Net income 10.6 0.1 17.4 10.3Othercomprehensiveincome (loss) 11.9 (20.8) 10.9 (21.6)Comprehensiveincome (loss) 22.5 (20.7) 28.3 (11.3)Basic EPS -continuingoperations 0.11 (0.39) 0.28 (0.03)Diluted EPS -continuingoperations 0.11 (0.39) 0.28 (0.03)THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009Revenue and other income increased by $0.7 million, or 1%, for the three months ended September 30, 2009 compared to the same period last year. Included in revenue for the period is the revenue of the Entertainmen...