Lassonde Industries Inc. announces the resolution of matters arising from notices of assessment issued following the enactment of Bill 15

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[{"type":"text","content":"\n\n\n\nROUGEMONT, QC, June 16 /CNW Telbec/ - Lassonde Industries Inc.\n(LAS.A - TSX) announces that it has reached an agreement with the Canada\nRevenue Agency, the Ministry of Revenue of Ontario, and Revenu Quebec to\nresolve matters arising from the notices of assessment issued following the\nQuebec government's enactment of Bill 15 in June 2006, which amended the\nTaxation Act with retroactive effect.\n\n\nUpon the enactment of Bill 15, the Company recorded an unusual current\nincome tax expense of $3,730,000 and a non-recurring and non-deductible\ninterest expense of $343,000 in its financial statements for the second\nquarter of 2006. The Company also made provisions for the related interest in\neach subsequent quarter. An amount of $332,000 related to the unusual income\ntax expense was paid in 2007.\n\n\nThe agreement provides for the payment of $2,143,000 in current income\ntaxes plus the related interest computed from April 1, 2008 to the present\ndate. These amounts will be payable within 14 days following the receipt of\nthe new notices of assessment that give effect to the agreement.\n\n\nThe Company's financial statements dated March 29, 2008, included a\nprovision for income taxes payable associated with Bill 15 in the amount of\n$3,398,000 and a provision of $1,046,000 for the related interest. The Company\ntherefore expects to record, in the second quarter of 2008, a $1,255,000\ndecrease in the current income tax expense and an estimated net decrease of\n$1,013,000 in financial expenses, resulting in a net earnings increase of\n$2,268,000, or $0.34 per share. This amount represents the difference between\nthe amounts claimed under the agreement and the balances of the provisions for\nfinancial expenses and income taxes payable, associated with Bill 15, recorded\nin the Company's balance sheet.\n\n\nAbout Lassonde Industries Inc.\n\n\nLassonde Industries Inc. is a Canadian leader in the development,\nmanufacturing, and marketing of a wide range of fruit and vegetable juices and\ndrinks, and fondue bouillons and sauces. The Company also produces and markets\ncertain specialty food products such as canned corn-on-the-cob, meat\nmarinades, barbecue sauces, brunch beans, pasta sauces, tapenades and\nbruschetta topping. Finally, the Company packages and markets imported wines\nfrom various countries. Nearly 1,200 empl...

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