Date: July 16, 2009
Source: IESI-BFC Ltd.
Participants may listen to the call by dialing 416-644-3429 or 1-800-594-3790 at approximately
For those unable to participate, a replay will be available after the call until
The Company has elected to report its second quarter financial results in accordance with U.S. GAAP and in U.S. dollars. To facilitate this transition, this press release includes the Company's 2007 annual financial statements, 2008 interim financial statements, and first quarter 2009 financial statements presented in U.S. GAAP and in U.S. dollars. These financial statements are also available on the Company's website at www.iesi-bfc.com in the Investor Relations section under the heading Financial Reports and have been submitted for filing on EDGAR and SEDAR.
A presentation outlining the relevant differences between Canadian and U.S. GAAP affecting
Foreign currency exchange rates
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December 31 , March 31 , June 30 , September 30 , December 31 , March 31,
2007 2008 2008 2008 2008 2009
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Current
rate 1.0120 0.9729 0.9817 0.9435 0.8166 0.7935
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Cumula-
tive
average
rate 0.9311 0.9959 0.9930 0.9817 0.9371 0.8030
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Forward-looking statements
This news release contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. A number of factors could cause actual outcomes and results to differ materially from those estimated, forecast or projected. These factors include those set forth in the Company's Annual Information Form for the year ended
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IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Balance Sheets For the periods then ended (unaudited - stated in accordance with U.S. generally accepted accounting principles ("GAAP") and thousands of U.S. dollars) ---------------------------------------------------------------------------- December 31, March 31, June 30, 2007 2008 2008 ---------------------------------------------------------------------------- ASSETS CURRENT Cash and cash equivalents $ 11,901 $ 16,107 $ 13,155 Accounts receivable 117,246 110,103 125,953 Other receivables 463 450 292 Prepaid expenses 15,182 16,577 18,184 Income taxes recoverable - - 2,581 Restricted cash 1,619 1,005 827 ---------------------------------------------------------------------------- 146,411 144,242 160,992 OTHER RECEIVABLES 770 667 609 FUNDED LANDFILL POST-CLOSURE COSTS 6,048 5,987 6,628 INTANGIBLES 146,428 135,542 136,002 GOODWILL 623,959 620,071 631,832 LANDFILL DEVELOPMENT COSTS 7,394 7,630 8,148 DEFERRED FINANCING COSTS 10,501 9,514 9,418 CAPITAL ASSETS 409,849 408,698 423,811 LANDFILL ASSETS 662,901 649,716 647,538 OTHER ASSETS 1,690 - - ---------------------------------------------------------------------------- $ 2,015,951 $ 1,982,067 $ 2,024,978 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LIABILITIES CURRENT Accounts payable $ 67,620 $ 55,358 $ 57,731 Accrued charges 80,603 60,540 67,120 Dividends or distributions payable 10,534 10,126 10,219 Income taxes payable 2,545 3,111 888 Deferred revenues 12,163 12,637 12,490 Current portion of long-term debt - - 46,142 Landfill closure and post-closure costs 2,935 2,656 2,287 ---------------------------------------------------------------------------- 176,400 144,428 196,877 LONG-TERM DEBT 811,631 838,924 840,015 LANDFILL CLOSURE AND POST-CLOSURE COSTS 56,617 58,717 61,649 OTHER LIABILITIES 5,117 12,317 6,792 DEFERRED INCOME TAXES 66,059 57,975 61,241 ---------------------------------------------------------------------------- 1,115,824 1,112,361 1,166,574 ---------------------------------------------------------------------------- MEZZANINE EQUITY 1,580,137 1,317,494 1,435,515 EQUITY NON-CONTROLLING INTEREST - - - SHARE OR UNITHOLDERS' EQUITY (680,010) (447,788) (577,111) ---------------------------------------------------------------------------- $ 2,015,951 $ 1,982,067 $ 2,024,978 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- September December March 31, 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- ASSETS CURRENT Cash and cash equivalents $ 12,924 $ 11,938 $ 9,520 Accounts receivable 130,709 107,767 102,059 Other receivables 272 228 431 Prepaid expenses 17,924 19,597 17,404 Income taxes recoverable 1,608 - - Restricted cash 92 82 - ---------------------------------------------------------------------------- 163,529 139,612 129,414 OTHER RECEIVABLES 521 394 1,285 FUNDED LANDFILL POST-CLOSURE COSTS 6,913 6,115 6,071 INTANGIBLES 127,326 119,898 112,071 GOODWILL 630,714 617,832 616,644 LANDFILL DEVELOPMENT COSTS 11,399 8,589 8,644 DEFERRED FINANCING COSTS 10,705 9,936 9,451 CAPITAL ASSETS 424,757 408,681 393,478 LANDFILL ASSETS 643,434 621,862 619,247 OTHER ASSETS - - - ---------------------------------------------------------------------------- $ 2,019,298 $ 1,932,919 $ 1,896,305 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LIABILITIES CURRENT Accounts payable $ 66,265 $ 54,134 $ 45,872 Accrued charges 70,180 55,509 49,192 Dividends or distributions payable 9,821 2,337 15,569 Income taxes payable 1,263 1,387 3,646 Deferred revenues 12,375 10,800 10,830 Current portion of long-term debt 44,344 38,380 37,296 Landfill closure and post-closure costs 8,757 7,210 9,014 ---------------------------------------------------------------------------- 213,005 169,757 171,419 LONG-TERM DEBT 847,102 835,210 728,944 LANDFILL CLOSURE AND POST-CLOSURE COSTS 57,073 50,857 55,409 OTHER LIABILITIES 6,838 15,045 15,165 DEFERRED INCOME TAXES 62,307 64,348 65,850 ---------------------------------------------------------------------------- 1,186,325 1,135,217 1,036,787 ---------------------------------------------------------------------------- MEZZANINE EQUITY 1,026,477 EQUITY NON-CONTROLLING INTEREST - 199,342 195,510 SHARE OR UNITHOLDERS' EQUITY (193,474) 598,360 664,008 ---------------------------------------------------------------------------- $ 2,019,328 $ 1,932,919 $ 1,896,305 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Statements of Operations and Comprehensive Income For the three month periods ended (unaudited - stated in accordance with U.S. GAAP and thousands of U.S. dollars, except net income per share or trust unit amounts) ---------------------------------------------------------------------------- March 31, June 30, September December March 31, 2008 2008 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- REVENUES $ 243,349 $ 277,613 $ 282,235 $ 243,606 $ 223,893 ---------------------------------------------------------------------------- EXPENSES OPERATING 146,547 168,745 169,209 145,247 131,177 SELLING, GENERAL AND ADMINISTR- ATION 28,527 31,881 32,301 30,717 30,077 AMORTIZATION 42,711 45,658 46,928 33,562 37,602 ---------------------------------------------------------------------------- OPERATING INCOME 25,564 31,329 33,797 34,080 25,037 INTEREST ON LONG-TERM DEBT 13,729 13,015 13,367 11,379 9,629 NET LOSS (GAIN) ON SALE OF CAPITAL AND LANDFILL ASSETS 40 (126) (265) (511) (134) NET LOSS (GAIN) ON FINANCIAL INSTRUMENTS 9,010 (5,485) 98 6,367 530 NET FOREIGN EXCHANGE (GAIN) LOSS (621) 1 3 5 84 CONVERSION COSTS - - 2,216 921 - OTHER EXPENSES 31 26 31 35 30 ---------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 3,375 23,898 18,347 15,884 14,898 ---------------------------------------------------------------------------- INCOME TAX EXPENSE (RECOVERY) Current 1,821 3,015 1,419 375 2,504 Deferred (9,768) 3,439 654 5,590 2,755 ---------------------------------------------------------------------------- (7,947) 6,454 2,073 5,965 5,259 ---------------------------------------------------------------------------- NET INCOME 11,322 17,444 16,274 9,919 9,639 ---------------------------------------------------------------------------- OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 26,325 (6,067) 25,186 94,271 20,062 Commodity swaps designated as cash flow hedges, net of tax - - - (1,260) (1,114) ---------------------------------------------------------------------------- COMPREHENSIVE INCOME $ 37,647 $ 11,377 $ 41,460 $ 102,930 $ 28,587 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NET INCOME CONTROLLING INTEREST $ 9,487 $ 14,616 $ 13,636 $ 8,311 $ 8,271 NET INCOME - NON- CONTROLLING INTEREST $ 1,835 $ 2,828 $ 2,638 $ 1,608 $ 1,368 COMPREHENSIVE INCOME- CONTROLLING INTEREST $ 37,647 $ 11,377 $ 41,460 $ 102,930 $ 24,530 COMPREHENSIVE INCOME- NON- CONTROLLING INTEREST $ - $ - $ - $ - $ 4,057 Net income per share or trust unit, basic $ 0.16 $ 0.25 $ 0.24 $ 0.14 $ 0.14 Net income per share or trust unit, diluted $ 0.16 $ 0.25 $ 0.24 $ 0.14 $ 0.14 Weighted average number of shares or trust units outstanding (thousands), basic 57,568 57,568 57,504 57,706 59,516 Weighted average number of shares or trust units outstanding (thousands), diluted 68,706 68,706 68,642 68,843 70,653IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Statements of Operations and Comprehensive (Loss) Income For the year to date periods ended (unaudited - stated in accordance with U.S. GAAP and thousands of U.S. dollars, except net income per share or trust unit amounts) ---------------------------------------------------------------------------- December 31, March 31, June 30, 2007 2008 2008 ---------------------------------------------------------------------------- REVENUES $ 854,110 $ 243,349 $ 520,962 ---------------------------------------------------------------------------- EXPENSES OPERATING 494,962 146,547 315,292 SELLING, GENERAL AND ADMINISTRATION 103,325 28,527 60,408 AMORTIZATION 150,505 42,711 88,369 ---------------------------------------------------------------------------- OPERATING INCOME 105,318 25,564 56,893 INTEREST ON LONG-TERM DEBT 38,632 13,729 26,744 NET (GAIN) LOSS ON SALE OF CAPITAL AND LANDFILL ASSETS (1,335) 40 (86) NET LOSS ON FINANCIAL INSTRUMENTS 8,737 9,010 3,525 NET FOREIGN EXCHANGE LOSS (GAIN) 12,728 (621) (620) CONVERSION COSTS - - - OTHER EXPENSES 45 31 57 ---------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 46,511 3,375 27,273 ---------------------------------------------------------------------------- INCOME TAX EXPENSE (RECOVERY) Current 8,174 1,821 4,836 Future 1,352 (9,768) (6,329) ---------------------------------------------------------------------------- 9,526 (7,947) (1,493) ---------------------------------------------------------------------------- NET INCOME 36,985 11,322 28,766 ---------------------------------------------------------------------------- OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment (91,006) 26,325 20,258 Commodity swaps designated as cash flow hedges, net of tax - - - ---------------------------------------------------------------------------- COMPREHENSIVE (LOSS) INCOME $ (54,021) $ 37,647 $ 49,024 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NET INCOME CONTROLLING INTEREST $ 30,989 $ 9,487 $ 24,103 NET INCOME - NON-CONTROLLING INTEREST $ 5,996 $ 1,835 $ 4,663 COMPREHENSIVE INCOME - CONTROLLING INTEREST $ (54,021) $ 37,647 $ 49,024 COMPREHENSIVE INCOME - NON-CONTROLLING INTEREST $ - $ - $ - Net income per share or trust unit, basic $ 0.55 $ 0.16 $ 0.42 Net income per share or trust unit, diluted $ 0.55 $ 0.16 $ 0.42 Weighted average number of shares or trust units outstanding (thousands), basic 56,564 57,568 57,568 Weighted average number of shares or trust units outstanding (thousands), diluted 67,803 68,706 68,706 ---------------------------------------------------------------------------- September December March 31, 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- REVENUES $ 803,197 $ 1,046,803 $ 223,893 ---------------------------------------------------------------------------- EXPENSES OPERATING 484,501 629,748 131,177 SELLING, GENERAL AND ADMINISTRATION 92,709 123,426 30,077 AMORTIZATION 135,297 168,859 37,602 ---------------------------------------------------------------------------- OPERATING INCOME 90,690 124,770 25,037 INTEREST ON LONG-TERM DEBT 40,111 51,490 9,629 NET (GAIN) LOSS ON SALE OF CAPITAL AND LANDFILL ASSETS (351) (862) (134) NET LOSS ON FINANCIAL INSTRUMENTS 3,623 9,990 530 NET FOREIGN EXCHANGE LOSS (GAIN) (617) (612) 84 CONVERSION COSTS 2,216 3,137 - OTHER EXPENSES 88 123 30 ---------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 45,620 61,504 14,898 ---------------------------------------------------------------------------- INCOME TAX EXPENSE (RECOVERY) Current 6,255 6,630 2,504 Future (5,675) (85) 2,755 ---------------------------------------------------------------------------- 580 6,545 5,259 ---------------------------------------------------------------------------- NET INCOME 45,040 54,959 9,639 ---------------------------------------------------------------------------- OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment 45,444 139,715 20,062 Commodity swaps designated as cash flow hedges, net of tax - (1,260) (1,114) ---------------------------------------------------------------------------- COMPREHENSIVE (LOSS) INCOME $ 90,484 $ 193,414 $ 28,587 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NET INCOME CONTROLLING INTEREST $ 37,739 $ 46,050 $ 8,271 NET INCOME - NON-CONTROLLING INTEREST $ 7,301 $ 8,909 $ 1,368 COMPREHENSIVE INCOME - CONTROLLING INTEREST $ 90,484 $ 193,414 $ 24,530 COMPREHENSIVE INCOME - NON-CONTROLLING INTEREST $ - $ - $ 4,057 Net income per share or trust unit, basic $ 0.66 $ 0.80 $ 0.14 Net income per share or trust unit, diluted $ 0.66 $ 0.80 $ 0.14 Weighted average number of shares or trust units outstanding (thousands), basic 57,546 57,706 59,516 Weighted average number of shares or trust units outstanding (thousands), diluted 68,684 68,843 70,653IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Statements of Cash Flows For the three month periods ended (unaudited - stated in accordance with U.S. GAAP and thousands of U.S. dollars) ---------------------------------------------------------------------------- March 31, June 30, September December March 31, 2008 2008 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net income $ 11,322 $ 17,444 $ 16,274 $ 9,919 $ 9,639 Items not affecting cash Share or trust unit based compensation - - 954 (321) 332 Write-off of landfill development costs 725 188 22 233 - Accretion of landfill closure and post-closure costs 778 777 771 684 742 Amortization of intangibles 8,002 8,111 8,123 7,276 7,234 Amortization of capital assets 19,218 19,079 19,805 18,752 18,311 Amortization of landfill assets 15,491 18,468 19,001 7,533 12,057 Interest on long-term debt 943 1,030 846 721 750 Net loss (gain) on sale of capital and landfill assets 40 (126) (265) (511) (134) Net loss (gain) on financial instruments 9,010 (5,485) 98 6,367 530 Deferred income taxes (9,768) 3,439 654 5,590 2,755 Landfill closure and post-closure expenditures (244) (379) (485) (914) (1,226) Changes in non-cash working capital items (12,226) (6,543) 4,079 (3,342) (1,394) ---------------------------------------------------------------------------- Cash generated from operating activities 43,291 56,003 69,877 51,987 49,596 ---------------------------------------------------------------------------- INVESTING Acquisitions (18,975) (35,513) (2,023) 7 (234) Restricted cash proceeds 614 176 742 (59) 82 Investment in other receivables - - - - (1,237) Proceeds from other receivables 69 230 72 57 112 Funded landfill post-closure costs (388) (198) (551) (413) (79) Purchase of capital assets (13,482) (23,846) (24,070) (20,673) (12,659) Purchase of landfill assets (8,373) (13,801) (18,507) (18,343) (7,838) Proceeds from the sale of capital and landfill assets 83 458 807 653 3,415 Investment in landfill development costs (1,054) (678) (3,470) 1,576 (247) ---------------------------------------------------------------------------- Cash utilized in investing activities (41,506) (73,172) (47,000) (37,195) (18,685) ---------------------------------------------------------------------------- FINANCING Payment of deferred financing costs - (924) (2,210) (149) (308) Proceeds from long-term debt 64,951 79,240 55,511 75,725 26,409 Repayment of long-term debt (30,492) (33,432) (41,766) (63,361) (127,961) Common shares or trust units issued, net of issue costs - (3) - - 70,958 Purchase of restricted trust units - - (3,912) 178 - Dividends and distributions paid to share or unitholders and dividends paid to participating preferred shareholders (31,099) (30,921) (29,947) (25,088) (1,926) ---------------------------------------------------------------------------- Cash generated from (utilized in) financing activities 3,360 13,960 (22,324) (12,695) (32,828) ---------------------------------------------------------------------------- Effect of foreign exchange changes on foreign cash and cash equivalents (939) 257 (784) (3,083) (501) ---------------------------------------------------------------------------- NET CASH INFLOW (OUTFLOW) 4,206 (2,952) (231) (986) (2,418) ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 11,901 16,107 13,155 12,924 11,938 ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 16,107 $ 13,155 $ 12,924 $ 11,938 $ 9,520 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- SUPPLEMENTAL CASH FLOW INFORMATION: Cash and cash equivalents are comprised of: Cash $ 13,629 $ 13,138 $ 12,920 $ 11,558 $ 9,519 Cash equivalents 2,478 17 4 380 1 ---------------------------------------------------------------------------- $ 16,107 $ 13,155 $ 12,924 $ 11,938 $ 9,520 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash paid (received) during the period for: Income taxes $ 1,359 $ 8,065 $ 264 $ (402) $ (365) Interest $ 11,186 $ 11,308 $ 9,189 $ 15,827 $ 9,511IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Statements of Cash Flows For the year to date periods ended (unaudited - stated in accordance with U.S. GAAP and thousands of U.S. dollars) ---------------------------------------------------------------------------- December 31, March 31, June 30, 2007 2008 2008 ---------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net income $ 36,985 $ 11,322 $ 28,766 Items not affecting cash Share or trust unit based compensation - - - Write-off of landfill development costs 120 725 913 Accretion of landfill closure and post closure costs 2,873 778 1,555 Amortization of intangibles 23,689 8,002 16,113 Amortization of capital assets 61,724 19,218 38,297 Amortization of landfill assets 65,092 15,491 33,959 Interest on long-term debt 2,413 943 1,973 Net (gain) loss on sale of capital and landfill assets (1,335) 40 (86) Net loss on financial instruments 8,737 9,010 3,525 Net unrealized foreign exchange loss 9,015 - - Deferred income taxes 1,352 (9,768) (6,329) Landfill closure and post-closure expenditure (4,228) (244) (623) Changes in non-cash working capital items 6,466 (12,226) (18,769) ---------------------------------------------------------------------------- Cash generated from operating activities 212,903 43,291 99,294 ---------------------------------------------------------------------------- INVESTING Acquisitions (340,993) (18,975) (54,488) Restricted cash proceeds 5,104 614 790 Restricted cash investment (6,038) - - Investment in other receivables (568) - - Proceeds from other receivables 2,417 69 299 Funded landfill post-closure costs (1,371) (388) (586) Purchase of capital assets (89,607) (13,482) (37,328) Purchase of landfill assets (59,298) (8,373) (22,174) Proceeds from the sale of capital and landfill assets 1,858 83 541 Investment in landfill development costs (3,152) (1,054) (1,732) ---------------------------------------------------------------------------- Cash utilized in investing activities (491,648) (41,506) (114,678) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- September December March 31, 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTVITIES OPERATING Net income $ 45,040 $ 54,959 $ 9,639 Items not affecting cash Share or trust unit based compensation 954 633 332 Write-off of landfill development costs 935 1,168 - Accretion of landfill closure and post closure costs 2,326 3,010 742 Amortization of intangibles 24,236 31,512 7,234 Amortization of capital assets 58,102 76,854 18,311 Amortization of landfill assets 52,960 60,493 12,057 Interest on long-term debt 2,819 3,540 750 Net (gain) loss on sale of capital and landfill assets (351) (862) (134) Net loss on financial instruments 3,623 9,990 530 Net unrealized foreign exchange loss - - - Deferred income taxes (5,675) (85) 2,755 Landfill closure and post-closure expenditure (1,108) (2,022) (1,226) Changes in non-cash working capital items (14,690) (18,032) (1,394) ---------------------------------------------------------------------------- Cash generated from operating activities 169,171 221,158 49,596 ---------------------------------------------------------------------------- INVESTING Acquisitions (56,511) (56,504) (234) Restricted cash proceeds 1,532 1,473 82 Restricted cash investment - - - Investment in other receivables - - (1,237) Proceeds from other receivables 371 428 112 Funded landfill post-closure costs (1,137) (1,550) (79) Purchase of capital assets (61,398) (82,071) (12,659) Purchase of landfill assets (40,681) (59,024) (7,838) Proceeds from the sale of capital and landfill assets 1,348 2,001 3,415 Investment in landfill development costs (5,202) (3,626) (247) ---------------------------------------------------------------------------- Cash utilized in investing activities (161,678) (198,873) (18,685) ----------------------------------------------------------------------------IESI-BFC Ltd. (formerly BFI CANADA LTD.) Consolidated Statements of Cash Flows (continued) For the year to date periods ended (unaudited - stated in accordance with U.S. GAAP and thousands of U.S. dollars) ---------------------------------------------------------------------------- December 31, March 31, June 30, 2007 2008 2008 ---------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES FINANCING Payment of deferred financing costs (6,696) - (924) Proceeds from long-term debt 523,639 64,951 144,191 Repayment of long-term debt (203,570) (30,492) (63,924) Common shares or trust units issued, net of issue costs 81,525 - (3) Purchase of restricted shares or trust units - - - Dividends and distributions paid to share or unitholders' and dividends paid to participating preferred shareholders (114,356) (31,099) (62,020) ---------------------------------------------------------------------------- Cash generated from (utilized in) financing activities 280,542 3,360 17,320 ---------------------------------------------------------------------------- Effect of foreign exchange changes on foreign cash and cash equivalents 2,830 (939) (682) ---------------------------------------------------------------------------- NET CASH INFLOW (OUTFLOW) 4,627 4,206 1,254 ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 7,274 11,901 11,901 ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 11,901 $ 16,107 $ 13,155 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- SUPPLEMENTAL CASH FLOW INFORMATION: Cash and cash equivalents are comprised of: Cash $ 11,145 $ 13,629 $ 13,138 Cash equivalents 756 2,478 17 ---------------------------------------------------------------------------- $ 11,901 $ 16,107 $ 13,155 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash paid (received) during the period for: Income taxes $ 5,782 $ 1,359 $ 9,424 Interest $ 41,949 $ 11,186 $ 22,494 ---------------------------------------------------------------------------- September December March 31, 30, 2008 31, 2008 2009 ---------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES FINANCING Payment of deferred financing costs (3,134) (3,283) (308) Proceeds from long-term debt 199,702 275,427 26,409 Repayment of long-term debt (105,690) (169,051) (127,961) Common shares or trust units issued, net of issue costs (3) (3) 70,958 Purchase of restricted shares or trust units (3,912) (3,734) - Dividends and distributions paid to share or unitholders' and dividends paid to participating preferred shareholders (91,967) (117,055) (1,926) ---------------------------------------------------------------------------- Cash generated from (utilized in) financing activities (5,004) (17,699) (32,828) ---------------------------------------------------------------------------- Effect of foreign exchange changes on foreign and cash equivalents (1,466) (4,549) (501) ---------------------------------------------------------------------------- NET CASH INFLOW (OUTFLOW) 1,023 37 (2,418) ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 11,901 11,901 11,938 ---------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 12,924 $ 11,938 $ 9,520 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- SUPPLEMENTAL CASH FLOW INFORMATION: Cash and cash equivalents are comprised of: Cash $ 12,920 $ 11,558 $ 9,519 Cash equivalents 4 380 1 ---------------------------------------------------------------------------- $ 12,924 $ 11,938 $ 9,520 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash paid (received) during the period for: Income taxes $ 9,688 $ 9,286 $ (365) Interest $ 31,683 $ 47,510 $ 9,511
For more information, contact:
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com
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