Highlights of the first six months ended May 31, 2005
- Increase of 15.5% in consolidated sales, of which 8.7% came from
internal growth and 6.8% from the two acquisitions made in 2004 in the
United States
- Increase of 12.7% in consolidated net earnings
- More than twofold increase in sales in the United States
- Payment of a second-quarter dividend of $0.05 per share
TSX: RCH
MONTREAL, July 5 /CNW Telbec/ - Richelieu announces its results for its
second quarter, which marks its 39th consecutive quarter of sales growth,
along with its results for the first six months ended May 31, 2005.
"All our market segments performed well in Canada and in the United
States, our eight U.S. distribution centres having more than doubled their
sales for the second quarter and first half of the year due to the benefits of
our acquisitions and internal growth. Our development initiatives in the U.S.
market were successful, as reflected by our internal sales growth of 30% for
the second quarter and 25% for the six months. We are also further expanding
in the U.S. market, where we will soon open a ninth distribution centre that
will be located in North Carolina. We continue to develop new business
initiatives. For instance, we will shortly publish a new ergonomic kitchen
accessories catalogue, set up a new closet storage line, and make various
improvements to our Laval and Longueuil service counters and showrooms,"
indicated Richard Lord, Richelieu's President and Chief Executive Officer.
Management's Discussion and Analysis of Operating Results and Financial
Position for the Second Quarter and First Six Months Ended May 31, 2005
Second-Quarter Operating Results
--------------------------------
Consolidated sales totalled $92.6 million, up by 13.8% or $11.2 million
over $81.3 million for the second quarter in 2004. Of this increase, 7.1% was
internal growth and 6.7% came from the U.S.-based acquisitions of Allied
Hardware and Allied Casework Supply in May and June 2004.
Distribution operations rose 14.6% to $87.6 million, up from
$76.4 million in the second quarter of 2004. They accounted for 94.6% of
second-quarter consolidated sales, compared with 93.9% a year earlier.
Manufacturing operations were relatively stable compared with the second
quarter of 2004, at $5.0 million or 5.4% of the period's consolidated sales,
versus $4.9 million or 6.1% of consolidated sales in the second quarter of
2004.
Manufacturers represented 82% of second-quarter sales, up from 79% for
the same quarter in 2004, whereas hardware retailers including renovation
superstores accounted for 18% of total sales, versus 21% in the second quarter
of 2004. Sales to manufacturers continued to grow during the quarter and
jumped 15.8% due to a combination of internal growth and acquisitions.
Sales to retailers were up 5.8% over the second quarter of 2004; this
internal growth came exclusively from the Canadian market, as the eight U.S.
centres only serve a customer base of kitchen manufacturers and the
architectural woodworking industry.
Sales in Canada totalled $81.7 million, up 7.2% over the equivalent
quarter of 2004. Canadian sales accounted for 88% of consolidated sales,
compared with 94% in the second quarter a year earlier. All market segments
posted a significant increase. The renovation market is still in growth mode
and favoured residential and commercial projects. The office furniture market
continued to solidly recover, while home furnishings showed satisfactory but
less strong growth.
Sales in the United States more than doubled to reach $10.9 million, up
from $5.1 million for the second quarter of 2004. This growth reflects the
network's expansion, the further integration of acquired businesses and the
strength of the markets covered by the eight U.S. distribution centres. U.S.
sales accounted for 12% of second-quarter consolidated sales, versus 6% for
the corresponding period of the previous year.
Earnings before income taxes, interest, depreciation, amortization and
non-controlling interest (EBITDA) amounted to $12.2 million, up by 8.5% or
$1.0 million over the equivalent quarter of 2004. EBITDA from distribution
operations rose 3.2% to $10.7 million. EBITDA from manufacturing operations
jumped 67.3% to $1.6 million, compared with $0.9 million for the same quarter
in 2004.
Richelieu continues to exercise strict control over the operating and
supply costs of its entire organization, as reflected by its high profit
margins. The gross margin remained stable compared with the corresponding
quarter of 2004. The EBITDA profit margin fell 0.7% to 13.2%, down from 13.9%
for the equivalent quarter of 2004. The two major reasons for this decline are
the further pursuit of the business initiatives taken in the first quarter by
the sales-to-retailers division in order to increase its sales to renovation
centres, especially in the ceramics category - and the greater proportion of
the Company's U.S. operations that have not yet achieved the level of
profitability of its Canadian markets, since it is intensifying its market
development efforts in the United States. The EBITDA profit margin from
distribution operations was therefore 12.2%, versus 13.5% for the
corresponding quarter of 2004. The EBITDA profit margin from manufacturing
operations posted a significant improvement due to the streamlining efforts
undertaken at the Cedan plant last year. It increased to 25.5%, up from 14.9%
for the second quarter the previous year.
Depreciation and amortization of capital assets grew by 7.4% over the
corresponding quarter of 2004, due to capital expenditures, the opening of two
distribution centres and the acquisitions made since May 31, 2004.
Interest on interest-bearing debt was reduced by almost half to $68,000,
down from $132,000 in the second quarter of 2004, subsequent to a total debt
reduction of $3.7 million over the past 12 months.
Income taxes amounted to $3.8 million, up 9.3% over the second quarter of
2004, reflecting the higher earnings.
Given the previous items, net earnings totalled $7.4 million, an increase
of 9.2%. Net earnings as a percentage of consolidated sales worked out to
8.0%, compared with 8.4% for the quarter of 2004. Earnings per share amounted
to $0.32 ($0.32 fully diluted), up 10.3% over $0.29 ($0.29 fully diluted) for
the second quarter of 2004, whereas the number of shares and options did not
vary significantly over the past 12 months.
Second-Quarter Liquidity and Financial Resources
------------------------------------------------
Operating activities
Cash flows from operating activities (before net changes in non-cash
working capital balances related to operations) grew by 10.4% to $8.6 million,
compared with $7.8 million for the second quarter a year earlier, reflecting
mainly the higher net earnings. Due mainly to the increase in accounts
receivable following the sales growth, cash outlays associated with net
changes in non-cash working capital balances related to operations stood at
$6.8 million, as opposed to a cash inflow of $1.7 million for the comparable
quarter of 2004.
Financing activities
Richelieu paid a total of $1.2 million in dividends to shareholders
during the second quarter, up from $0.9 million for the equivalent quarter of
2004. This growth of $0.3 million reflects the 25% increase in dividends
announced on January 26, 2005. The Company issued 30,000 common shares at an
average price of $6.97 per share for a total of $0.2 million under its share
option plan. Richelieu also repaid $0.2 million in interest-bearing debt
during the second quarter, as opposed to $3.6 million in the second quarter of
2004. Financing activities therefore resulted in a cash outlay of
$1.0 million, compared with $4.5 million for the equivalent quarter of 2004.
Investing activities
Investing activities used cash flows of $1.3 million, down from
$5.0 million in the same period a year earlier when the Company acquired
Allied Hardware. Investments in the second quarter of 2005 were largely
attributable to manufacturing equipment, the fitting out of business premises,
rolling stock and information technology.
Operating Results for the First Six Months Ended May 31, 2005
-------------------------------------------------------------
Consolidated sales amounted to $168.6 million, up by 15.5% or
$22.6 million over the same period in 2004. Of this increase, 8.7% was due to
internal growth and 6.8% came from the acquisition of Allied Hardware and
Allied Casework Supply.
Distribution operations generated sales of $159.7 million, equivalent to
94.7% of the first half's consolidated sales, compared with $137.4 million or
94.1% of consolidated sales for the first six months of 2004. Sales from
manufacturing operations totalled $8.9 million, being 5.3% of the period's
consolidated sales, versus $8.6 million or 5.9% of consolidated sales for the
first half of 2004.
The Company made 81% of its sales to manufacturers and 19% to hardware
retailers including renovation superstores, compared with 78% to manufacturers
and 22% to retailers in the first six months ended May 31, 2004. Sales to
manufacturers jumped 17.4% due to internal growth and expansion-by-
acquisition, whereas sales to retailers reflected internal growth of 7.9%
recorded solely in the Canadian market.
Sales in Canada grew by 8.5% to $148.9 million or 88% of consolidated
sales, compared with $136.9 million or 94% of consolidated sales for the
equivalent period of 2004. Sales in the United States more than doubled to
reach $19.7 million, up from $9.1 million for the first half of 2004. U.S.
sales accounted for 12% of consolidated sales for the first half of 2005,
versus 6% for the first six months of the previous year.
Earnings before income taxes, interest, depreciation, amortization and
non-controlling interest (EBITDA) grew by 11.4% to $20.5 million. EBITDA from
distribution operations rose 5.6% to $18.1 million, up from $17.2 million for
the first half of 2004. EBITDA from manufacturing operations doubled to reach
$2.4 million.
The gross margin remained stable compared with the first half of 2004.
The EBITDA profit margin fell 0.4% to 12.2%, down from 12.6% for the first six
months of 2004. This reduction is due mainly to the same two reasons as set
forth for the second quarter that affected the EBITDA profit margin from
distribution operations. The latter slipped to 11.4% from 12.5% for the
corresponding period of 2004. The EBITDA profit margin from manufacturing
operations improved to 21.3% from 11.0% for the first half of the previous
year. This growth reflects last year's streamlining at the Cedan plant and the
gains in productivity.
Depreciation and amortization of capital assets increased by 7.5%
compared with the first six months of 2004 due to capital expenditures, the
opening of two distribution centres and the acquisitions made in 2004 and
2005.
Interest on interest-bearing debt was lowered to $134,000 from $292,000
for the first half of 2004. This decline of $158,000 reflects a total debt
reduction of $3.7 million over the past 12 months.
Income taxes amounted to $6.3 million, up 12.9% over $5.6 million for the
first half of 2004 due to the higher earnings.
Given the previous items, net earnings totalled $12.3 million, an
increase of 12.7%. Net earnings as a percentage of consolidated sales worked
out to 7.3%, versus 7.5% for the first six months of 2004. Earnings per share
amounted to $0.53 ($0.53 fully diluted), up 12.8% over $0.47 ($0.47 fully
diluted) for the first half of 2004.
Liquidity and Financial Resources for the First Six Months Ended May 31,
------------------------------------------------------------------------
2005
----
Operating activities
Cash flows from operating activities (before net changes in non-cash
working capital balances related to operations) grew by 13.0% to
$14.4 million, compared with $12.7 million for the first half of the previous
year, reflecting mainly the higher net earnings. Cash outlays associated with
net changes in non-cash working capital balances related to operations
amounted to $13.2 million, up from $3.0 million for the first six months of
2004, due mainly to the increase in inventories and accounts receivable
following the sales growth.
Financing activities
Richelieu repaid $1.8 million in long-term debt and paid a total of
$2.3 million in dividends to shareholders in the first six months of 2005. The
Company also issued 135,300 common shares at an average price of $6.88 per
share for a total of $0.9 million under its share option plan. Financing
activities therefore resulted in a cash outlay of $2.9 million for the first
half of 2005.
Investing activities
Investing activities used cash flows of $2.0 million, down from
$5.5 million in the same period a year earlier when the Company acquired
Allied Hardware. Investments made in the first six months of 2005 were
allocated to manufacturing equipment, fitting out business premises, rolling
stock and information technology.
The Company had cash and cash equivalents of $6.0 million as at May 31,
2005.
Financial Position as at May 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.
Changes in major balance sheet items reflect the Company's internal
growth and the two acquisitions made in the second and third quarters of 2004.
Inventories grew to $69.9 million, up by 8.1% or $5.2 million over November
30, 2004, consisting mainly of new product lines, an increase in ceramics
inventories in anticipation of the growth in sales, and the distribution
centres' greater needs in the coming months which correspond to a busier
period.
As at May 31, 2005, Richelieu had excellent working capital of
$93.0 million for a current ratio of 3.7:1, versus $82.4 million and a ratio
of 3.1:1 as at November 30, 2004.
Interest-bearing debt had been lowered to $5.5 million by the end of the
first half of 2005, down from $7.0 million as at November 30, 2004, a net
reduction of $1.5 million. This debt included a demand bank loan of
$2.8 million bearing interest at the bank's prime rate and long-term debt of
$2.7 million (including a current portion of $1.5 million) consisting mainly
of bank loans and balances of sale on business acquisitions.
Shareholders' equity totalled $150.3 million as at May 31, 2005, up from
$139.2 million at the close of the previous year. This variation is due to the
$10.0 million increase in retained earnings, which amounted to $132.7 million
at the end of the first half. In addition, given the issue of 135,300 common
shares following the exercise of options under the share option plan, capital
stock stood at $17.3 million, compared with $16.4 million at 2004 year-end.
Thus, the Company further improved its interest-bearing debt/equity ratio
to 3.7% for the first half of 2005, compared with 5.0% as at November 30,
2004.
As at July 5, 2005, 23,206,962 common shares were outstanding (23,071,662
as at November 30, 2004).
Outlook
-------
Richelieu's strategy is focused on constantly enhancing its product mix
by selecting from the world's leading suppliers the products and solutions
best tailored to its various customers' evolving needs, while also continuing
to provide them with a unique host of marketing tools that effectively promote
their selling efforts. The Company is recognized for its ability to offer its
customers the most extensive selection of quality products along with reliable
service, within 24 hours following an order.
In future periods, Richelieu's growth will continue to come from:
- residential and commercial renovation, driven by the need to maintain
the housing stock as a high percentage of homes are more than 20 years
old, and by growing quality of life requirements;
- the growing kitchen and bathroom cabinet and renovation superstore
segments, and the home and office furniture market;
- evolving market trends such as new designs and technologies,
decoration, further innovation by world suppliers and ergonomics;
- new construction, to a lesser extent; and
- the acquisitions the Company plans to make in North America.
Next dividend payment
The Board of Directors approved a quarterly dividend of $0.05 per share
at the meeting held on July 5, 2005. This dividend is payable on August 2nd,
2005 to shareholders of record as at July 19, 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 34 distribution centres in
North America - 26 in Canada and eight in the United States - as well as two
manufacturing plants in Canada. 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 JULY 5, 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 July 5,
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 July 5, 2005, until midnight on July 12, 2005, by dialing
1-877-289- 8525, access code: 21128545(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 six months For the three months
ended May 31, ended May 31,
-------------------------------------------------------------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
$ $ $ $
Sales 168,616 146,025 92,560 81,332
Cost of sales, warehouse,
selling and administrative
expenses 148,115 127,619 80,319 70,053
-------------------------------------------------------------------------
Earnings before the
following 20,501 18,406 12,241 11,279
Interest on short-term debt 79 211 41 93
Interest on long-term debt 55 81 27 39
Amortization of
capital assets 1,658 1,543 840 782
-------------------------------------------------------------------------
Earnings before income
taxes and non-controlling
interest 18,709 16,571 11,333 10,365
Income taxes 6,267 5,552 3,796 3,472
-------------------------------------------------------------------------
Earnings before
non-controlling interest 12,442 11,019 7,537 6,893
Non-controlling interest 146 109 115 96
-------------------------------------------------------------------------
Net earnings 12,296 10,910 7,422 6,797
------- -------
------- -------
Retained earnings, beginning
of period 122,710 100,248
Dividends (2,319) (1,843)
-------------------------------------------------
Retained earnings, end
of period 132,687 109,315
-------------------------------------------------
-------------------------------------------------
Earnings per share (note 4)
Basic 0.53 0.47 0.32 0.29
Diluted 0.53 0.47 0.32 0.29
See accompanying notes to interim consolidated statements
Consolidated statements of cash flows (unaudited)
(in thousands of dollars)
For the six months For the three months
ended May 31, ended May 31,
-------------------------------------------------------------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
$ $ $ $
Operating activities
Net earnings 12,296 10,910 7,422 6,797
Items not affecting cash
Amortization of capital
assets 1,658 1,543 840 782
Non-controlling interest 146 109 115 96
Future income taxes 108 150 75 75
Stock-based compensation
expense 179 16 121 16
-------------------------------------------------------------------------
14,387 12,728 8,573 7,766
Net change in non-cash
working capital balances
related to operations (13,152) (3,034) (6,813) 1,659
-------------------------------------------------------------------------
1,235 9,694 1,760 9,425
-------------------------------------------------------------------------
Financing activities
Issue of common shares
(note 3) 932 152 210 77
Dividends paid (2,319) (1,843) (1,160) (922)
New long-term debt 141 -- 141 --
Repayment of long-term debt (1,846) (533) (309) (274)
Increase (decrease) of
bank loans 171 (2,010) 157 (3,356)
-------------------------------------------------------------------------
(2,921) (4,234) (961) (4,475)
-------------------------------------------------------------------------
Investing activities
Business acquisitions -- (4,204) -- (4,204)
Additions to capital assets (2,026) (1,256) (1,252) (746)
-------------------------------------------------------------------------
(2,026) (5,460) (1,252) (4,950)
-------------------------------------------------------------------------
Net change in cash and cash
equivalents (3,712) -- (453) --
Cash and cash equivalent
at beginning 9,747 -- 6,488 --
-------------------------------------------------------------------------
Cash and cash equivalents
at the end 6,035 -- 6,035 --
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental information
Income taxes paid 9,911 8,271 5,713 2,871
Interest paid 134 284 68 110
See accompanying notes to interim consolidated statements
Consolidated balance sheets (unaudited)
(in thousands of dollars)
as at May 31, as at November 30,
2005 2004
-------------------------------------------------------------------------
$ $
ASSETS
Current assets
Cash and cash equivalents 6,035 9,747
Accounts receivable 49,692 46,805
Income taxes receivable 480 --
Inventories 69,906 64,690
Prepaid expenses 968 467
-------------------------------------------------------------------------
127,081 121,709
Capital assets 19,968 19,600
Goodwill 41,951 41,951
-------------------------------------------------------------------------
189,000 183,260
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current liabilities
Bank loans 2,774 2,603
Accounts payable and accrued
liabilities 29,780 32,775
Income taxes payable -- 1,073
Long-term debt due within one year 1,489 2,894
-------------------------------------------------------------------------
34,043 39,345
Long-term debt 1,222 1,522
Future income taxes 1,742 1,634
Non-controlling interest 1,741 1,595
-------------------------------------------------------------------------
38,748 44,096
-------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock (note 3) 17,323 16,391
Contributed surplus (note 3) 242 63
Retained earnings 132,687 122,710
-------------------------------------------------------------------------
150,252 139,164
-------------------------------------------------------------------------
189,000 183,260
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to interim consolidated statements
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
May 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 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 May 31, 2005, capital stock outstanding amounted to 23,206,962
common shares (23,071,662 common shares as at November 30, 2004).
Stock option plan
During the last quarter , to the contrary to the first quarter, no
options were granted by the Company so that the six-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). 504,550 options with exercise
prices varying from $4.26 to $22.13, for a weighted average price of $15.46,
were outstanding as at May 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
------------------------ ------------------------
Three Six Three Six
months months months months
Average fair value
per option granted $ 8.00 $ 8.00 $ 7.50 $ 7.50
Assumptions:
Dividend yield 0.8% 0.8% 0.8% 0.8%
Expected volatility 25% 25% 25% 25%
Risk-free interest rate 4.4% 4.4% 4.6% 4.6%
Expected life (years) 8.0 8.0 9.0 9.0
For the three-month and six-month periods ended May 31, 2005, the stock-
based compensation expense amounted to $121 ($16 in 2004) and $179 (16$ in
2004) respectively.
Issue
During the six-month period ended May 31, 2005, the Company issued
135,300 common shares (26,500 in 2004) at a weighted average price of $6.88
per share ($5.73 in 2004) under the share option plan.
4) EARNINGS PER SHARE
3-MONTH PERIODS ENDED MAY 31
2005 2004
----------------------------- -----------------------------
Weighted Weighted
average average
number Earnings number Earnings
of shares per of shares per
Earnings (in share Earnings (in share
$ thousands) $ $ thousands) $
Basic
net earnings 7,422 23,196 0.32 6,797 23,049 0.29
Dilutive effect
of stock
options -- 153 (0.00) -- 217 (0.00)
----------------------------- -----------------------------
Diluted net
earnings 7,422 23,349 0.32 6,797 23,266 0.29
----------------------------- ----------------------------
----------------------------- ----------------------------
6-MONTH PERIODS ENDED MAY 31
2005 2004
----------------------------- -----------------------------
Weighted Weighted
average average
number Earnings number Earnings
of shares per of shares per
Earnings (in share Earnings (in share
$ thousands) $ $ thousands) $
Basic
net earnings 12,296 23,149 0.53 10,910 23,040 0.47
Dilutive effect
of stock
options -- 153 (0.00) -- 217 (0.00)
----------------------------- -----------------------------
Diluted net
earnings 12,296 23,302 0.53 10,910 23,257 0.47
----------------------------- -----------------------------
----------------------------- -----------------------------
5) SEGMENTED INFORMATION
3-MONTH PERIODS ENDED MAY 31
Manufac-
Distribution turing Total
$ $ $
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2005
External sales 87,563 4,997 92,560
Inter-segment sales - 1,146 1,146
Earnings before taxes,
interest and amortization 10,677 1,564 12,241
Amortization of capital assets 629 211 840
Goodwill 39,951 2,000 41,951
Total assets 171,895 17,105 189,000
Additions to capital assets 926 326 1,252
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2004
External sales 76,397 4,935 81,332
Inter-segment sales - 1,340 1,340
Earnings before taxes,
interest and amortization 10,344 935 11,279
Amortization of capital assets 572 210 782
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 649 97 746
-------------------------------------------------------------------------
-------------------------------------------------------------------------
6-MONTH PERIODS ENDED MAY 31
Manufac-
Distribution turing Total
$ $ $
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2005
External sales 159,688 8,928 168,616
Inter-segment sales - 2,155 2,155
Earnings before taxes,
interest and amortization 18,137 2,364 20,501
Amortization of capital assets 1,242 416 1,658
Goodwill 39,951 2,000 41,951
Total assets 171,895 17,105 189,000
Additions to capital assets 1,493 533 2,026
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2004
External sales 137,392 8,633 146,025
Inter-segment sales - 2,446 2,446
Earnings before taxes, interest
and amortization 17,183 1,223 18,406
Amortization of capital assets 1,123 420 1,543
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 1,049 207 1,256
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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