-----------------------------------------------------------------------
Highlights of the first nine months ended August 31, 2005
- Increase of 10.6% in consolidated sales, of which 6.4% from internal
growth and 4.2% from the two acquisitions made in 2004 in the United
States
- Increase of 85% in distribution sales in U.S. dollars in the United
States, of which 20% from internal growth and 65% from acquisitions
- Increase of 8.5% in consolidated net earnings
- Payment of a dividend of $0.05 per share in the third quarter
- Opening of two new distribution centres in Charlotte, North Carolina
and Longueuil, Quebec in the third quarter
- Solid balance sheet and positive net cash position to pursue
acquisition strategy
-----------------------------------------------------------------------
TSX: RCH
MONTREAL, Sept. 26 /CNW Telbec/ - Richelieu pursued its growth and
expansion in the third quarter ended August 31, 2005. Consolidated sales grew
to $88.0 million, up from $86.0 million for the corresponding period of the
previous year, an increase of 2.4% due entirely to internal growth. Richelieu
achieved sales of $77.0 million in Canada, up 2.1% over the same quarter of
2004. Distribution sales in the United States posted strong growth of 20% in
U.S. dollars and accounted for 12% of the Company's total sales during the
third quarter. "Quarter after quarter, we achieve sustained growth in our
hardware distribution operations in the United States. For the first nine
months of this year, sales in the United States accounted for 12.1% of our
total sales, up from 8.6% for the same period of 2004. While further
developing the Canadian market, we are intensifying our market penetration in
the United States by expanding our U.S. centres' product mix with several of
our product lines. Moreover, we recently opened a ninth distribution centre in
Charlotte, North Carolina," indicated Richard Lord, President and Chief
Executive Officer of Richelieu.
Sales from distribution operations grew by 3.3% or $2.6 million to
$83.6 million, accounting for 95.0% of third-quarter consolidated sales.
Manufacturing operations amounted to $4.4 million, down by $0.6 million from
the comparable quarter a year earlier due to a decline in the manufacturing
subsidiary Cedan Industries Inc.'s sales.
Manufacturers accounted for 82% of third-quarter sales, whereas hardware
retailers including renovation superstores represented 18% of total sales.
Sales to manufacturers rose 2.5% for the quarter due entirely to internal
growth - this increase is all the more satisfactory since the same period last
year yielded exceptional growth of 20%.
Sales of hardware products to retailers showed significant growth of 9%.
Sales of ceramics to retailers were down by 18% - this decline resulted
temporarily from the business strategy refocus undertaken in this product
category in the first quarter of this year. Sales to retailers were up by 1.9%
over the third quarter of 2004 - this increase is due to internal growth in
the Canadian market since the nine U.S. centres only serve a base of kitchen
cabinet manufacturers and architectural woodworking customers at present.
Earnings before income taxes, interest, depreciation, amortization and
non-controlling interest (EBITDA) totalled $12.0 million, up 1.3% over the
same quarter of 2004. EBITDA from distribution operations rose 1.3% to
$10.9 million, while EBITDA from manufacturing operations increased by 1.6% to
$1.1 million.
Richelieu continues to exercise tight control over the operating and
supply costs of all its operations. The gross margin showed an improvement
over the equivalent quarter of 2004, whereas the EBITDA profit margin fell
0.1% to 13.6%, down from 13.7% for the comparable quarter of 2004. The main
reasons for this decline are the further pursuit of the business initiatives
taken during the first quarter of this year by the sales-to-retailers division
in order to increase its sales to renovation centres, especially in the
ceramics category; the greater proportion of Richelieu's U.S. operations that
have not yet achieved the level of profitability of its Canadian markets,
since the Company is intensifying its market development efforts in the United
States; and the production of new marketing tools, especially major catalogues
and brochures such as Collection, Legs and Casters and Office Solution, which
will contribute to further market development. The (EBITDA) profit margin from
distribution operations was therefore 13.0%, compared with 13.3% for the third
quarter of 2004. The EBITDA profit margin from manufacturing operations posted
solid growth, rising to 24.2% from 21.1% for the third quarter a year earlier
due to the streamlining efforts undertaken at the Cedan plant last year.
Depreciation and amortization of capital assets grew by 4.6% over the
corresponding quarter of 2004, due to capital expenditures.
Interest on interest-bearing debt was lowered from $151,000 in the third
quarter of 2004 to $44,000 by the third quarter of 2005, reflecting a total
reduction in interest-bearing debt of $1.8 million for the past 12 months.
Given the increase in earnings, income taxes totalled $3.7 million, up
2.1% over the third quarter of 2004.
Net earnings rose 2.0% to $7.3 million. Net earnings as a percentage of
consolidated sales worked out to 8.2%, versus 8.3% for the corresponding
quarter of 2004. Earnings per share amounted to $0.31 ($0.31 diluted), equal
to those for the same quarter of 2004, whereas the number of shares and
options did not vary significantly over the past 12 months.
Third-quarter liquidity and financial resources
-----------------------------------------------
Operating activities
Cash flows from operating activities (before net changes in non-cash
balances related to operations) grew by 4.9% to $8.4 million, compared with
$8.0 million for the third quarter a year earlier, primarily reflecting the
higher net earnings. Due mainly to the increase in inventories, cash outlays
associated with net changes in non-cash balances related to operations
amounted to $5,000, as opposed to a cash inflow of $1.8 million for the
equivalent quarter of 2004.
Financing activities
Richelieu paid a total of $1.2 million in dividends to shareholders
during the third quarter, up from $0.9 million for the comparable quarter of
2004. This growth of $0.2 million reflects the 25% increase in dividends
announced on January 26, 2005. The Company proceeded with a share purchase for
cancellation purposes for a consideration of $1.3 million, thereby returning a
total of $2.5 million to shareholders in the third quarter. Richelieu also
repaid $1.1 million in interest-bearing debt, compared with $3.9 million in
the third quarter of 2004. Financing activities resulted in a cash outlay of
$3.5 million, down from $4.6 million for the equivalent quarter of 2004.
Investing activities
Richelieu invested $0.3 million in rolling stock and information
technology during the third quarter, compared with $3.2 million for the
equivalent period of 2004 including the two acquisitions in the United States.
Operating results for the first nine months ended August 31, 2005
-----------------------------------------------------------------
Consolidated sales totalled $256.6 million, up by 10.6% or $24.7 million
over the equivalent period of 2004. Of this increase, 6.4% was due to internal
growth and 4.2% to the acquisition of Allied Hardware and Allied Casework
Supply in May and June 2004. Sales in Canada grew by 6.4% to $225.6 million,
compared with $212.1 million for the same period of 2004. Sales in the United
States rose sharply to $31.1 million, up from $19.9 million for the
corresponding period a year earlier, an increase of 56.0%. This same growth
expressed in U.S. dollars was 69% and, excluding the decline in the Cedan
manufacturing subsidiary's sales in the United States, this growth was 85%, of
which 20% from internal growth and 65% from acquisitions. Sales in the United
States accounted for 12.1% of consolidated sales for the first nine months of
2005, compared with 8.6% for the same period of 2004.
Sales from distribution operations grew by 11.4% or $25.0 million to
$243.3 million, equivalent to 95% of consolidated sales for the first nine
months, up from $218.4 million for the first nine months of 2004. Sales from
manufacturing operations totalled $13.4 million, a decrease of $0.3 million
due to a decline in Cedan's sales.
During the first nine months of the year, Richelieu made 81% of its sales
to manufacturers and 19% to hardware retailers including renovation
superstores. Sales to manufacturers increased by 11.8% due to internal growth
and acquisitions. Sales of hardware products to retailers rose 11%, whereas
sales of ceramics to retailers fell 11% due to the business strategy refocus
in this product category. Sales to hardware retailers therefore posted
internal growth of 6.0%, achieved exclusively in the Canadian market.
Earnings before income taxes, interest, depreciation, amortization and non-
controlling interest (EBITDA) totalled $32.5 million, an increase of 7.4%.
EBITDA from distribution operations stood at $29.0 million, up 3.9% over
$27.9 million for the same period of 2004. EBITDA from manufacturing
operations amounted to $3.4 million.
The gross margin improved over the corresponding period of 2004, whereas
the EBITDA profit margin fell 0.4% to 12.6%, down from 13.0% for the first
nine months of 2004. This decline is due mainly to the same reasons as set
forth for the third quarter that lowered the EBITDA profit margin from
distribution operations to 11.9%, down from 12.8% for the comparable period of
2004. The EBITDA profit margin from manufacturing operations greatly improved
to 25.7% from 16.7% for the first nine months of 2004 due to productivity
gains at the Cedan plant.
Depreciation and amortization of capital assets increased by 6.4% over
the corresponding period of 2004, due to capital expenditures and the
acquisitions made in 2004 and 2005.
Interest on interest-bearing debt was greatly reduced to $180,000, down
from $443,000 for the first nine months of 2004. This decline of $263,000
resulted from a total debt reduction of $1.8 million over the past 12 months.
Income taxes amounted to $10.0 million, compared with $9.2 million for
the equivalent period of 2004, an increase of 8.6% reflecting the higher
earnings.
Given the previous items, net earnings totalled $19.5 million, up 8.5%.
Net earnings as a percentage of consolidated sales worked out to 7.6%, versus
7.8% for the same period of 2004. Earnings per share stood at $0.84 ($0.84
diluted), up 7.7% over $0.78 ($0.78 diluted) for the corresponding period of
2004.
Liquidity and financial resources for the first nine months ended
-----------------------------------------------------------------
August 31, 2005
---------------
Operating activities
Cash flows from operating activities (before net changes in non-cash
balances related to operations) grew by 9.9% to $22.8 million, compared with
$20.7 million for the equivalent period of the previous year, reflecting
mainly the higher net earnings. Cash outlays associated with net changes in
non-cash balances related to operations amounted to $13.2 million, up from
$1.3 million for the same period of 2004, due mainly to the growth in
inventories. During the first nine months of 2005, inventories increased by
$12.9 million, primarily to support the business strategy of the sales-to-
retailers division, especially in the ceramics category; to meet the upturn in
demand and to broaden the product mix of the U.S. distribution centres; to
supply the Menuiserie des Pins manufacturing subsidiary with wood for the full
year and to offer further new innovations.
Financing activities
During the first nine months of 2005, Richelieu repaid $2.8 million in
interest-bearing debt and paid a total of $3.5 million in dividends to
shareholders, up by $0.7 million over the nine months of 2004 subsequent to
the 25% increase in quarterly dividends announced in January 2005. The Company
also proceeded with a share purchase for cancellation purposes for a
consideration of $1.3 million, thereby returning a total of $4.8 million to
its shareholders in the first nine months of 2005. Richelieu issued 138,300
common shares at an average price of $6.85 per share for a total of
$0.9 million under its share option plan. Financing activities therefore
resulted in a cash outlay of $6.4 million for the first nine months of 2005,
compared with $8.8 million for the equivalent period of 2004.
Investing activities
Richelieu invested $2.3 million in manufacturing equipment, the fitting
out of business premises, rolling stock and information technology during the
first nine months of 2005, down from $8.7 million for the corresponding period
of 2004 when the Company made two acquisitions in the United States.
The Company had cash and cash equivalents of $10.6 million as at
August 31, 2005, compared with $2.0 million a year earlier.
Financial position as at August 31, 2005
Richelieu continues to show a solid financial position, with a low debt
level and substantial cash flows generated every period to pursue its
expansion and growth.
Richelieu had excellent working capital of $98.5 million for a current
ratio of 3.7:1 as at August 31, 2005, compared with $82.4 million and a ratio
of 3.1:1 as at November 30, 2004.
Interest-bearing debt had been lowered from $7.0 million as at
November 30, 2004 to $4.4 million by the end of the period, a net reduction of
$2.6 million. This debt included a demand bank loan of $2.1 million bearing
interest at the bank's prime rate and long-term debt of $2.3 million
(including a current portion of $1.3 million) consisting mainly of bank loans
and balances of sale on business acquisitions.
Shareholders' equity totalled $155.2 million as at August 31, 2005,
compared with $139.2 million as at November 30, 2004. This variation is due to
the $14.8 million increase in retained earnings, which amounted to
$137.5 million at the end of the nine-month period. In addition, given the
issue of 138,300 common shares following exercises of options under the share
option plan, capital stock stood at $17.3 million, up from $16.4 million at
the close of 2004.
Thus, the Company further improved its interest-bearing debt/equity ratio
to 2.8% as at August 31, 2005, compared with 5.0% as at November 30, 2004.
As at August 31, 2005, 23,154,962 common shares were outstanding
(23,071,662 as at November 30, 2004).
Growth outlook
--------------
"In the coming periods, our primary growth drivers will remain the
residential renovation sector, which continues to show sustained activity, as
well as commercial renovation projects. We will also benefit from the recovery
in the office furniture market. We will further develop our Canadian markets
with other innovations that are continuously added to our product mix.
Especially in the United States, we will broaden our distribution centres'
offering with several of our product lines, which could yield solid results in
these markets. Moreover, our sales force will benefit from complete new high-
quality tools as we have just produced a number of brochures, catalogues and
other selling tools that are unique on the market. We are proud of our
accomplishments in this regard, which will contribute to our sales growth in
the future. We remain active with regard to acquisitions that match our major
criteria of profitability, compatibility, product complementarity and team
quality," indicated Richard Lord, President and Chief Executive Officer of
Richelieu.
Next dividend payment
---------------------
The Board of Directors approved a quarterly dividend of $0.05 per share
at the meeting held on September 26, 2005. This dividend is payable on
October 25, 2005 to shareholders of record as at October 11, 2005.
Profile
-------
Richelieu Hardware Ltd. is Canada's leading distributor, importer and
manufacturer of specialty hardware and complementary products. The Company
also ranks among the top players in its specialty in North America. Its
products are targeted to an extensive customer base of kitchen and bathroom
cabinet, furniture, and window and door manufacturers plus the residential and
commercial woodworking industry, as well as a large customer base of hardware
retailers, including renovation superstores. Richelieu offers customers a
broad mix of high-end products sourced from manufacturers around the world.
Its product selection consists of more than 40,000 different items targeted to
a base of over 36,000 customers who are served by 37 distribution centres in
North America - nine in the United States and 28 in Canada including two
manufacturing plants. The Company also specializes in the manufacture of a
wide variety of veneer sheets and edgebanding products through its subsidiary
Cedan Industries Inc., of components for the window and door industry and of
mouldings through Menuiserie des Pins LtDee, and of various types of panels,
tackboards and whiteboards.
The statements set forth in this press release, which describe
Richelieu's objectives, projections, estimates, expectations or forecasts, may
constitute forward-looking statements within the meaning of securities
legislation. Positive or negative verbs such as "plan", "evaluate",
"estimate", "believe" and other related expressions are used to identify such
statements. Richelieu would like to point out that, by their very nature,
forward-looking statements involve risks and uncertainties such that its
results, or the measures it adopts, could differ materially from those
indicated or underlying these statements, or could have an impact on the
degree of realization of a particular projection. We assume no obligation as
to the updating or revision of the forward-looking statements as a result of
new information, future events or other changes.
CONFERENCE CALL ON SEPTEMBER 26, 2005 AT 2:30 P.M.
--------------------------------------------------
Financial analysts and investors interested in participating in the
conference call on Richelieu's results to be held at 2:30 p.m. on
September 26, 2005, can dial 1-800-814-4860 a few minutes before the start of
the call. For those unable to participate, a taped re-broadcast will be
available as of 4:30 p.m. on September 26, 2005, until midnight on October 3,
2005, by dialing 1-877-289-8525, access code: 21153351 (pound key). Members of
the media are invited to listen in.
<<
Consolidated statements of earnings and retained earnings (unaudited)
(in thousands of dollars, except per-share amounts)
For the For the
nine months three months
ended August 31, ended August 31,
-------------------------------------------------------------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
$ $ $ $
Sales 256,647 231,986 88,032 85,961
Cost of sales, warehouse, selling
and administrative expenses 224,194 201,782 76,080 74,163
-------------------------------------------------------------------------
Earnings before the following 32,453 30,204 11,952 11,798
Interest on short-term debt 97 317 17 106
Interest on long-term debt 83 126 27 45
Amortization of capital assets 2,499 2,348 842 805
-------------------------------------------------------------------------
Earnings before income taxes
and non-controlling interest 29,774 27,413 11,066 10,842
Income taxes 9,974 9,183 3,707 3,631
-------------------------------------------------------------------------
Earnings before non-controlling
interest 19,800 18,230 7,359 7,211
Non-controlling interest 254 210 108 102
-------------------------------------------------------------------------
Net earnings 19,546 18,020 7,251 7,109
------------------
------------------
Retained earnings, beginning
of period 122,710 100,248
Premium on purchase of shares
for cancellation (1,250) -
Dividends (3,479) (2,766)
-----------------------------------------------------
Retained earnings, end of period 137,527 115,502
-----------------------------------------------------
-----------------------------------------------------
Earnings per share (note 4)
Basic 0.84 0.78 0.31 0.31
Diluted 0.84 0.78 0.31 0.31
See accompanying notes to interim consolidated statements
Consolidated statements of cash flows (unaudited)
(in thousands of dollars)
For the For the
nine months three months
ended August 31, ended August 31,
-------------------------------------------------------------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
$ $ $ $
Operating activities
Net earnings 19,546 18,020 7,251 7,109
Items not affecting cash
Amortization of capital assets 2,499 2,348 842 805
Non-controlling interest 254 210 108 102
Future income taxes 183 225 75 75
Stock-based compensation expense 300 39 121 23
Other - (111) - (111)
-------------------------------------------------------------------------
22,782 20,731 8,397 8,003
Net change in non-cash working
capital balances related to
operations (13,156) (1,275) (5) 1,759
-------------------------------------------------------------------------
9,626 19,456 8,392 9,762
-------------------------------------------------------------------------
Financing activities
Issue of common shares (note 3) 947 182 15 30
Dividends paid (3,479) (2,766) (1,160) (923)
Purchase of shares for
cancellation (note 3) (1,291) - (1,291) -
Increase in long-term debt 201 211 60 211
Repayment of long-term debt (2,298) (1,050) (453) (517)
Increase (decrease) of bank loans (520) (5,382) (691) (3,372)
-------------------------------------------------------------------------
(6,440) (8,805) (3,520) (4,571)
-------------------------------------------------------------------------
Investing activities
Business acquisitions - (7,095) - (2,891)
Additions to capital assets (2,290) (1,556) (264) (301)
-------------------------------------------------------------------------
(2,290) (8,651) (264) (3,192)
-------------------------------------------------------------------------
Net change in cash and cash
equivalents 896 1,999 4,608 1,999
Cash and cash equivalent
at beginning 9,747 - 6,035 -
-------------------------------------------------------------------------
Cash and cash equivalents
at the end 10,643 1,999 10,643 1,999
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental information
Income taxes paid 13,320 11,310 3,409 3,039
Interest paid 179 454 45 170
See accompanying notes to interim consolidated statements
Consolidated balance sheets (unaudited)
(in thousands of dollars)
August 31, August 31, November 30,
2005 2004 2004
-------------------------------------------------------------------------
$ $ $
ASSETS
Current assets
Cash and cash equivalents 10,643 1,999 9,747
Accounts receivable 46,396 46,157 46,805
Income taxes receivable 89 74 -
Inventories 77,593 64,938 64,690
Prepaid expenses 715 814 467
-------------------------------------------------------------------------
135,436 113,982 121,709
Capital assets 19,391 20,340 19,600
Goodwill 41,951 41,912 41,951
-------------------------------------------------------------------------
196,778 176,234 183,260
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current liabilities
Bank loans 2,083 - 2,603
Accounts payable and accrued
liabilities 33,523 34,833 32,775
Income taxes payable - - 1,073
Long-term debt due within one year 1,282 3,662 2,894
-------------------------------------------------------------------------
36,888 38,495 39,345
Long-term debt 1,037 2,556 1,522
Future income taxes 1,817 1,860 1,634
Non-controlling interest 1,849 1,493 1,595
-------------------------------------------------------------------------
41,591 44,404 44,096
-------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock (note 3) 17,297 16,289 16,391
Contributed surplus (note 3) 363 39 63
Retained earnings 137,527 115,502 122,710
-------------------------------------------------------------------------
155,187 131,830 139,164
-------------------------------------------------------------------------
196,778 176,234 183,260
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2005 and 2004 (in thousands of dollars, except per-share
amounts)
(unaudited)
1) ACCOUNTING POLICIES
The unaudited interim consolidated financial statements have been
prepared by management in accordance with accounting principles generally
accepted in Canada and follow the same accounting principles and methods of
application as the recent annual consolidated financial statements except for
the application of the new accounting policy described in note 2. In the
management opinion, these interim financial statements reflect all the
adjustments required to fair presentation. These adjustments consist only of
normal recurring adjustments. Operating results for the period are not
necessarily indicative of the results that may be expected for the full year
as the operating level of the Company is subject to seasonal fluctuations.
These interim financial statements should be read in conjunction with the
audited consolidated annual financial statements and the accompanying notes
included in Company's annual report for the fiscal year 2004.
2) CHANGE IN ACCOUNTING POLICIES
Asset Retirement Obligations
Effective December 1st 2004, the Company adopted new accounting standards
contained in Section 3110 of the CICA Handbook, "Asset retirement
obligations". The adoption of this new standard has no effect on the Company's
interim consolidated financial statements and, according to management's
estimates, no material effect is expected on the consolidated financial
statements for the year ending November 30, 2005
3) CAPITAL STOCK
Issued
As at August 31, 2005, capital stock outstanding amounted to 23,154,962
common shares (23,071,662 common shares as at November 30, 2004). During the
nine-month period ended August 31, 2005, the Company issued 138,300 common
shares (31,300 in 2004) at a weighted average price of $6.85 per share ($5.82
in 2004) under the share option plan. In addition, during the last quarter
ended August 31, 2005, the Company, through a normal course issuer bid,
purchased for cancellation 55,000 common shares for a cash consideration of
$1,291.
Stock option plan
During the last quarter , no options were granted by the Company so that
the nine-month period ended May 31, 2005 ended with a total of 215,000 options
granted with an exercise price of $22.13 per share (50,000 at $ 19.20 in
2004). 495,550 options with exercise prices varying from $4.26 to $22.13, for
a weighted average price of $15.45, were outstanding as at August 31, 2005.
The fair value of the options granted has been determined using the Black-
Scholes option pricing model to record the stock-based compensation cost as
follows:
2005 2004
-------- ---------
Average fair value per option granted $ 8.00 $ 7.50
Assumptions:
Dividend yield 0.8% 0.8%
Expected volatility 25% 25%
Risk-free interest rate 4.4% 4.6%
Expected life (years) 8.0 9.0
For the 3-month and 9-month periods ended August 31, 2005, the stock-based
compensation expense amounted to $121 ($23 in 2004) and $300 (39$ in 2004)
respectively.
4) EARNINGS PER SHARE
3-MONTH PERIOD ENDED AUGUST 31
2005 2004
----------------------------- -----------------------------
----------------------------- -----------------------------
Weighted Weighted
average average
number number
of Earnings of Earnings
shares per shares per
Earnings (in share Earnings (in share
$ thousands) $ $ thousands) $
Basic net
earnings 7,251 23,192 0.31 7,109 23,055 0.31
Dilutive
effect of
stock
options - 169 (0.00) - 209 (0.00)
----------------------------- -----------------------------
Diluted net
earnings 7,251 23,361 0.31 7,109 23,264 0.31
----------------------------- -----------------------------
----------------------------- -----------------------------
9-MONTH PERIOD ENDED AUGUST 31
2005 2004
----------------------------- -----------------------------
----------------------------- -----------------------------
Weighted Weighted
average average
number number
of Earnings of Earnings
shares per shares per
Earnings (in share Earnings (in share
$ thousands) $ $ thousands) $
Basic net
earnings 19,546 23,163 0.84 18,020 23,045 0.78
Dilutive
effect of
stock
options - 164 (0.00) - 209 (0.00)
----------------------------- -----------------------------
Diluted net
earnings 19,546 23,327 0.84 18,020 23,254 0.78
----------------------------- -----------------------------
----------------------------- -----------------------------
5) SEGMENTED INFORMATION
3-MONTH PERIOD ENDED AUGUST 31
Distribution Manufacturing Total
$ $ $
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2005
External sales 83,596 4,436 88,032
Inter-segment sales - 788 788
Earnings before taxes, interest
and amortization 10,880 1,072 11,952
Amortization of capital assets 637 205 842
Goodwill 39,951 2,000 41,951
Total assets 179,247 17,531 196,778
Additions to capital assets 179 85 264
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2004
External sales 80,960 5,001 85,961
Inter-segment sales - 1,022 1,022
Earnings before taxes, interest
and amortization 10,743 1,055 11,798
Amortization of capital assets 599 206 805
Goodwill (November 30, 2004) 39,951 2,000 41,951
Total assets (November 30, 2004) 168,153 15,107 183,260
Additions to capital assets and
goodwill 237 64 301
-------------------------------------------------------------------------
-------------------------------------------------------------------------
9-MONTH PERIOD ENDED AUGUST 31
Distribution Manufacturing Total
$ $ $
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2005
External sales 248,283 13,364 256,647
Inter-segment sales - 3,258 3,258
Earnings before taxes, interest
and amortization 29,018 3,435 32,453
Amortization of capital assets 1,879 620 2,499
Goodwill 39,951 2,000 41,951
Total assets 179,247 17,531 196,778
Additions to capital assets 1,672 618 2,290
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2004
External sales 218,353 13,633 231,986
Inter-segment sales - 3,467 3,467
Earnings before taxes, interest
and amortization 27,927 2,277 30,204
Amortization of capital assets 1,723 625 2,348
Goodwill (November 30, 2004) 39,951 2,000 41,951
Total assets (November 30, 2004) 168,153 15,107 183,260
Additions to capital assets and
goodwill 1,286 270 1,556
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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