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BOUCHERVILLE, QUEBEC--(Marketwired - July 30, 2015) -
Unless otherwise indicated in this press release, all amounts are expressed in US dollars.
Uni-Select Inc. UNS, a leading distributor of automotive products in Canada and paint and related products in the United States, today reported solid financial results with increased adjusted earnings for the second quarter ended June 30, 2015.
Over the course of the second quarter, the Corporation completed the sale of substantially all the net assets of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. to affiliates of Icahn Enterprises L.P. for net cash proceeds of $324 million. The proceeds of the transaction were used by Uni-Select to repay its outstanding debt and to settle related transaction costs. Accordingly, the second quarter and six-month period results include respectively two and five months of operations from the net assets sold.
"I am very pleased by our solid performance in the second quarter and delighted by the balanced contribution of both our automotive products and paint and related products segments to our results. I am particularly delighted that we are starting to see Uni-Select emerge as a substantially more profitable operation featuring a very strong balance sheet, said Richard G. Roy, President and Chief Executive Officer of Uni-Select. "As I prepare to leave for retirement, I could not be prouder of what we have achieved as a team and I am confident that an exciting future awaits Uni-Select under the leadership of Henry Buckley as President and Chief Executive Officer effective August 1, 2015."
------------------------------------------------
(In thousands of US dollars,
except per share amounts
and percentages) SECOND QUARTER SIX-MONTH PERIOD
------------------------------------------------
2015 2014 2015 2014
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Sales 408,299 478,690 819,984 891,767
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EBITDA 19,035 29,681 (103,230) 48,283
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Adjusted EBITDA 31,051 31,306 50,542 52,142
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Adjusted EBITDA margin 7.6% 6.5% 6.2% 5.8%
----------------------------------------------------------------------------
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Net earnings (loss) 12,373 15,532 (69,909) 23,920
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Adjusted earnings 19,954 16,470 29,987 26,193
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Earnings (loss) per share 0.58 0.73 (3.29) 1.12
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Adjusted earnings per share 0.94 0.77 1.41 1.23
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SECOND QUARTER RESULTS
(All percentage increases and decreases represent year-over-year changes for the second quarter of 2015 compared to the second quarter of 2014, unless otherwise noted. The 2015 second quarter results include two months of operations from the net assets sold.)
The sales decrease of 14.7% in the second quarter, compared to last year, is due to the sale of net assets of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. and by the declining Canadian dollar, while partly compensated by additional sales from recent acquisitions. On an organic basis, consolidated sales grew 3.7%, namely driven by the recruitment of new customers in the paint and related products segment combined with the implementation of a customer centric strategy in the automotive products segment.
The Corporation generated $19.0 million of EBITDA (after impairment and transaction charges related to the sale of net assets of $13.5 million and a net reversal of restructuring and other charges of $1.7 million), compared to $29.7 million last year. Adjusted EBITDA reached $31.1 million, resulting in an adjusted EBITDA margin of 7.6%, up from 6.5% last year.
Net earnings declined to $12.4 million, from $15.5 million last year, mainly as a result of impairment and transaction charges related to the sale of net assets. Adjusted earnings grew 21.1% from $16.5 million last year ($0.77 on a per share basis) to $20.0 million ($0.94 on a per share basis), favourably impacted by improved EBITDA from remaining operations, financing costs for debt reimbursement as well as by the lower depreciation and amortization on net assets sold.
As indicated above, the Corporation's results are presented in US dollars. Once converted to Canadian dollars, adjusted earnings per share reached C$1.16 for the second quarter of 2015, up 38.1% compared to C$0.84 in 2014.
Segmented Results
Prior to their disposal, the net assets sold over the course of the second quarter were included until May 31, 2015, in the automotive products group for segmented reporting. Accordingly, sales of the automotive products segment declined to $252.9 million from $331.7 million in the prior year, mainly as a result of this disposition and the declining Canadian dollar. Segment organic sales grew 3.0% in the second quarter, driven by a successful ongoing regional strategy to better cater to customer needs through an enhanced product offering and pricing optimization adjustments. EBITDA for the automotive products segment decreased to $4.0 million in the second quarter, a decline mainly attributable to the impairment and transaction charges. Adjusted EBITDA decreased to $14.0 million, a performance attributable to the inclusion of only two months of operation of the US activities sold in Q2, as well as to lower productivity of these operations.
The paint and related products segment recorded sales of $155.4 million, up 5.7% from 2014, or 4.4% organically. Segment EBITDA reached $19.2 million, up 24.1% from $15.5 million last year. This performance is namely attributable to adjustments on sales programs, enhanced gross margins resulting from optimal inventory management, accretive business acquisitions that were partially offset by an unfavourable customer mix. The segment adjusted EBITDA margin reached 12.6%, compared to 10.5% last year.
SIX-MONTH PERIOD RESULTS
(All percentage increases and decreases represent year-over-year changes for the six-month period of 2015 compared to the six-month period of 2014, unless otherwise noted. The 2015 six-month period results include five months of operations from the net assets sold.)
For the first six-month period of 2015, overall sales decreased by 8.0% to $820.0 million, a performance explained by the same factors as for the second quarter. On an organic basis, sales grew 3.0% or $15.6 million in the first half of the year.
The Corporation recorded a negative EBITDA of $103.2 million for the first six months of 2015, compared to an EBITDA of $48.3 million last year. This is explained by impairment and transaction charges of $150.8 million in connection with the sale of the net assets of the US automotive products distribution business activities and restructuring charges to rightsize the corporate operations recorded over the course of the first semester. Adjusted EBITDA for the first half of the year decreased by 3.1% while the adjusted EBITDA margin increased from 5.8% to 6.2%.
The Corporation recorded a net loss of $69.9 million in the first half of the year while adjusted earnings grew 14.5% to $30.0 million ($1.41 on a per share basis) from $26.2 million ($1.23 on a per share basis) for the corresponding period last year.
As indicated above, the Corporation's results are presented in US dollars, once converted to Canadian dollars, adjusted earnings per share for the six-month period amount to C$1.74 compared to C$1.35 in 2014, up 28.9%.
Segmented Results
Prior to their disposal, the net assets sold over the course of the first half of the year were included in the automotive products group for segmented reporting. Accordingly, sales of the automotive products segment were down 15.2% for the first six-month period of 2015 to $516.8 million, or down 8.6% excluding the impact of closed or sold locations, mainly related to the impact of the declining Canadian dollar and partially offset by the sales of recent accretive acquisitions. On an organic basis, sales were similar in the first half of the year. A negative segment EBITDA of $126.1 million was recorded in the first half of the year, down from $23.6 million last year, a decline explained by the impairment and transaction charges. Adjusted EBITDA decreased to $20.7 million, a performance mainly attributable to the inclusion of only five months of operation of the US activities sold in Q2, as well as to lower productivity of these operations.
The paint and related products segment recorded sales of $303.2 million in the first six-month period of the year, up 7.3%. Sales grew 5.5% organically or $15.4 million, driven mainly by the recruitment of new customers. Segment EBITDA reached $35.3 million, up 20.7% from 2014, while adjusted EBITDA reached $35.6 million, up 21.9%, mainly attributable to organic growth and accretive business acquisitions. Segment adjusted EBITDA margin was 11.8%, up from 10.3% for the corresponding period last year.
DEBT REIMBURSEMENT AND GROWTH STRATEGY
Over the course of the second quarter, the Corporation repaid in its entirety the $277.5 million outstanding debt. On June 30, 2015, the Corporation had $78.5 million in cash and $405 million in available credit facility, providing Uni-Select with the wherewithal to actively focus on its organic and acquisition growth-driven strategy.
DIVIDEND
The Uni-Select's Board of Directors declared a dividend of C$0.16 per share payable on October 20, 2015 to shareholders of record on September 30, 2015. This dividend is an eligible dividend for tax purposes.
CONFERENCE CALL
Uni-Select will host a conference call to discuss its second quarter results for 2015 on July 30, 2015 at 2 PM (EDT). To join the conference, dial 1 866 696-5910 followed by 2686549.
A replay of the conference call will be available from 5 PM (EDT) until 11:59 PM on August 10, 2015. To access the replay, dial 1 800 408-3053 followed by 1561870.
ABOUT UNI-SELECT
Leader in the Canadian distribution of automotive products, Uni-Select is also a leading independent automotive paint distributor in the United States with FinishMaster. Over 2,400 employees spread across 13 distribution centres and 189 corporate stores are dedicated to offering advanced solutions and first-rate service to customers in order for them to benefit from a positively experience. Uni-Select's strong network and proficient programs contribute to the success of countless auto service shops and collision centres as well as more than 1,155 independent wholesalers in North America. Its Canadian banner programs made up of Auto Parts Plus(R), Auto-Plus(R), Bumper to Bumper(R), Auto Select(R), Uni-Pro(R), SAX and Carrossier ProColor(R) regroup over 3,900 shops and stores. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
FORWARD-LOOKING INFORMATION
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties which may cause the final results to be significantly different from those listed or implied within this news release. Such risks and uncertainties may include, for example, the impact of the transaction on the business of Uni-Select and certain strategic benefits expected to result from the transaction. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
ADDITIONAL INFORMATION
The Management Report, the unaudited interim financial statements and the accompanying notes for the Second Quarter of 2015 are available in the "Investors" section on the Corporation's website at uniselect.com as well as on SEDAR at sedar.com. The Corporation's Annual Report may also be found on these websites as well as other information related to Uni-Select, including its Annual Information Form.
NON-IFRS FINANCIAL MEASURES
The information included in this press release contains certain measures that are consistent with IFRS. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other entities.
Organic growth - This measure consists of quantifying the increase in pro forma consolidated sales between two given periods, excluding the impact of acquisitions, sales and disposals of stores, exchange-rate fluctuations and when necessary, the variance in the number of billing days. Determining the rate of organic growth, based on findings that Management regards as reasonable, may differ from the actual rate of organic growth.
EBITDA - This measure represents net earnings excluding finance costs, depreciation and amortization, equity income and income taxes. This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.
Adjusted EBITDA, adjusted earnings and adjusted earnings per share - Management uses adjusted EBITDA, adjusted earnings and adjusted earnings per share to assess EBITDA, net earnings and net earnings per share from operating activities, excluding certain adjustments, net of income taxes (for adjusted earnings and adjusted earnings per share), which may affect the comparability of the Corporation's financial results. Management considers that these measures are more representative of the Corporation's operational performance and more appropriate in providing additional information. These adjustments include, among other things, restructuring and other charges, impairment and transaction charges related to the sale of net assets, the non-capitalizable costs related to the development and implementation of the ERP system and costs related to the closure and disposal of stores. The exclusion of these items does not indicate that they are non-recurring.
Adjusted EBITDA margin - The adjusted EBITDA margin is a percentage corresponding to the ratio of adjusted EBITDA to sales.
Free cash flows - This measure corresponds to the cash flows from operating activities according to the consolidated statements of cash flows adjusted for the following items: changes in working capital items, equity income, acquisitions of property and equipment and difference between amounts paid for post-employment benefits and current year expenses. Uni-Select considers the free cash flows to be a good indicator of financial strength and of operating performance because it shows the amount of funds available to manage growth in working capital, pay dividends, repay debt, reinvest in the Corporation and capitalize on various market opportunities that arise. The free cash flows exclude certain variations in working capital items (such as trade and other receivables, inventory and trade and other payables) and other funds generated and used according to the statement of cash flows. Therefore, it should not be considered as an alternative to the consolidated statement of cash flows, or as a measure of liquidity, but as additional information.
Total net debt - This measure consists of long-term debt, including the portion due within a year, net of cash.
UNI-SELECT INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Reconciliation of non-IFRS measures
The following table presents a reconciliation of EBITDA and adjusted EBITDA.
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Second quarter Six-month period
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2015 2014 % 2015 2014 %
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Net earnings (loss) 12,373 15,532 (69,909) 23,920
Income tax expense
(recovery) 1,381 3,968 (44,730) 4,047
Equity income 15 (795) (110) (1,296)
Depreciation and
amortization 2,879 7,751 6,861 15,347
Finance costs, net 2,387 3,225 4,658 6,265
------------------------------------------------
EBITDA 19,035 29,681 (103,230) 48,283
Restructuring and other
charges (1,730) - 3,296 -
Impairment and transaction
charges related to the
sale of net assets 13,544 - 147,546 -
Expenses related to the
development and
deployment of the
enterprise resource
planning system (ERP) (1) - - - 414
Expenses related to the
network optimization and
to the closure and
disposal of stores (2) 202 1,625 2,930 3,445
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Adjusted EBITDA 31,051 31,306 (0.8) 50,542 52,142 (3.1)
Adjusted EBITDA margin 7.6% 6.5% 6.2% 5.8%
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(1) Include costs mainly related to data conversion, employee training and
deployment to various sites.
(2) Consist primarily of handling and freight expenses required to relocate
inventory.
The following table presents a reconciliation of adjusted earnings and adjusted earnings per share.
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Second quarter Six-month period
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2015 2014 % 2015 2014 %
--------------------------------------------------
Net earnings (loss)
attributable to
shareholders, as reported 12,373 15,532 (69,909) 23,920
Restructuring and other
charges, net of taxes (1,109) - 2,559 -
Impairment and
transaction charges
related to the sale of
net assets, net of
taxes 8,911 - 95,587 -
Expenses related to the
development and
deployment of the ERP
system, net of taxes - - - 247
Expenses related to the
network optimization
and to the closure and
disposal of stores, net
of taxes (221) 938 1,750 2,026
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Adjusted net earnings 19,954 16,470 21.1 29,987 26,193 14.5
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Net earnings (loss) per
share attributable to
shareholders, as reported 0.58 0.73 (3.29) 1.12
Restructuring and other
charges, net of taxes (0.05) - 0.12 -
Impairment and
transaction charges
related to the sale of
net assets, net of
taxes 0.42 - 4.49 -
Expenses related to the
development and
deployment of the ERP
system, net of taxes - - - 0.01
Expenses related to the
network optimization
and to the closure and
disposal of stores, net
of taxes (0.01) 0.04 0.09 0.10
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Adjusted earnings per
share 0.94 0.77 22.1 1.41 1.23 14.6
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The effect of the declining Canadian dollar was $0.04 on earnings per share for the quarter compared to the same period of 2014, while the effect for the six-month period was $0.05 compared to the same period last year.
UNI-SELECT INC.
CONSOLIDATED STATEMENTS OF EARNINGS
----------------------------------------------------------------------------
(In thousands of US dollars,
except per share amounts, Quarter Six-month period
unaudited) ended June 30, ended June 30,
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2015 2014 2015 2014
--------------------------------------------
Sales 408,299 478,690 819,984 891,767
Purchases, net of changes in
inventories 285,451 338,174 573,382 626,610
--------------------------------------------
Gross margin 122,848 140,516 246,602 265,157
Employee benefits 62,532 73,347 132,738 142,102
Other operating expenses 29,467 37,488 66,252 74,772
Restructuring and other charges (1,730) - 3,296 -
Impairment and transaction
charges related to the sale of
net assets 13,544 - 147,546 -
--------------------------------------------
Earnings (loss) before finance
costs, depreciation and
amortization, equity income and
income taxes 19,035 29,681 (103,230) 48,283
--------------------------------------------
Finance costs, net 2,387 3,225 4,658 6,265
Depreciation and amortization 2,879 7,751 6,861 15,347
--------------------------------------------
Earnings (loss) before equity
income and income taxes 13,769 18,705 (114,749) 26,671
Equity income (loss) (15) 795 110 1,296
--------------------------------------------
Earnings (loss) before income
taxes 13,754 19,500 (114,639) 27,967
Income tax expense (recovery)
Current 178 5,202 (2,089) 8,203
Deferred 1,203 (1,234) (42,641) (4,156)
--------------------------------------------
1,381 3,968 (44,730) 4,047
--------------------------------------------
Net earnings (loss) attributable
to shareholders 12,373 15,532 (69,909) 23,920
--------------------------------------------
--------------------------------------------
Earnings (loss) per share
Basic 0.58 0.73 (3.29) 1.12
Diluted 0.58 0.72 (3.29) 1.12
Weighted average number of
common shares outstanding (in
thousands)
Basic 21,325 21,264 21,273 21,264
Diluted 21,434 22,573 21,273 22,566
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UNI-SELECT INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
----------------------------------------------------------------------------
(In thousands of US dollars, Quarter Six-month period
unaudited) ended June 30, ended June 30,
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2015 2014 2015 2014
--------------------------------------------
Net earnings (loss) 12,373 15,532 (69,909) 23,920
--------------------------------------------
Other comprehensive income
(loss)
Items that will subsequently be
reclassified to net earnings
(loss):
Effective portion of changes
in the fair value of cash
flow hedges (net of income
tax of $8 and $29 for the
quarter and six-month period
($35 and $59 in 2014)) (22) (85) (78) (158)
Net change in the fair value
of derivative financial
instruments designated as
cash flow hedges transferred
to earnings (net of income
tax of $123 and $167 for the
quarter and six-month period
($48 and $88 in 2014)) 332 116 452 238
Unrealized exchange gains
(losses) on the translation
of financial statements to
the presentation currency (761) (5,307) 1,755 (37)
Unrealized exchange gains
(losses) on the translation
of debt designated as a hedge
of net investments in foreign
operations 3,889 9,497 (10,257) 300
--------------------------------------------
3,438 4,221 (8,128) 343
Items that will not subsequently
be reclassified to net earnings
(loss):
Remeasurements of long-term
employee benefit obligations
(net of income tax of $834
and $599 for the quarter and
six-month period ($529 and
$1,193 in 2014)) 2,256 (829) 1,617 (3,222)
--------------------------------------------
Total other comprehensive income
(loss) 5,694 3,392 (6,511) (2,879)
--------------------------------------------
Comprehensive income (loss)
attributable to shareholders 18,067 18,924 (76,420) 21,041
--------------------------------------------
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UNI-SELECT INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
---------------------------------------------------------------------------
--------------------------------------------
Equity
component of
the
(In thousands of US dollars, Contributed convertible
unaudited) Share capital surplus debentures
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Balance, December 31, 2013 87,271 1,332 1,687
--------------------------------------------
Net earnings - - -
Other comprehensive income
(loss) - - -
--------------------------------------------
Comprehensive income - - -
Contributions by and
distributions to shareholders:
Share repurchases (25) - -
Dividends - - -
Stock-based compensation - 674 -
--------------------------------------------
(25) 674 -
--------------------------------------------
Balance, June 30, 2014 87,246 2,006 1,687
--------------------------------------------
--------------------------------------------
Balance, December 31, 2014 87,238 2,424 1,687
Net loss - - -
Other comprehensive income
(loss) - - -
--------------------------------------------
Comprehensive loss - - -
Contributions by and
distributions to shareholders:
Issuance of shares 8,546 - -
Convertible debentures
redemption - - (1,687)
Dividends - - -
Stock-based compensation - 667 -
--------------------------------------------
8,546 667 (1,687)
--------------------------------------------
Balance, June 30, 2015 95,784 3,091 -
--------------------------------------------
--------------------------------------------
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---------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to shareholders
---------------------------------------------
Accumulated
other
(In thousands of US dollars, Retained comprehensive Total
unaudited) earnings income (loss) equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance, December 31, 2013 394,716 3,749 488,755
---------------------------------------------
Net earnings 23,920 - 23,920
Other comprehensive income
(loss) (3,222) 343 (2,879)
---------------------------------------------
Comprehensive income 20,698 343 21,041
Contributions by and
distributions to shareholders:
Share repurchases (123) - (148)
Dividends (5,434) - (5,434)
Stock-based compensation - - 674
---------------------------------------------
(5,557) - (4,908)
---------------------------------------------
Balance, June 30, 2014 409,857 4,092 504,888
---------------------------------------------
---------------------------------------------
Balance, December 31, 2014 428,497 (6,850) 512,996
Net loss (69,909) - (69,909)
Other comprehensive income
(loss) 1,617 (8,128) (6,511)
---------------------------------------------
Comprehensive loss (68,292) (8,128) (76,420)
Contributions by and
distributions to shareholders:
Issuance of shares - - 8,546
Convertible debentures
redemption 1,687 - -
Dividends (5,343) - (5,343)
Stock-based compensation - - 667
---------------------------------------------
(3,656) - 3,870
---------------------------------------------
Balance, June 30, 2015 356,549 (14,978) 440,446
---------------------------------------------
---------------------------------------------
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UNI-SELECT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
----------------------------------------------------------------------------
(In thousands of US dollars, Quarter Six-month period
unaudited) ended June 30, ended June 30,
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2015 2014 2015 2014
--------------------------------------------
OPERATING ACTIVITIES
Net earnings (loss) 12,373 15,532 (69,909) 23,920
Non-cash items:
Restructuring and other
charges (1,730) - 3,296 -
Impairment and transaction
charges related to the sale
of net assets 13,544 - 147,546 -
Finance costs, net 2,387 3,225 4,658 6,265
Depreciation and amortization 2,879 7,751 6,861 15,347
Income tax expense (recovery) 1,381 3,968 (44,730) 4,047
Amortization of incentives
granted to customers 2,818 2,319 5,757 5,043
Other non-cash items 1,222 (829) 4,057 248
Changes in working capital items 9,162 20,793 (26,025) 12,290
Interest paid (1,826) (2,164) (4,544) (5,287)
Income taxes paid (2,709) (3,672) (7,074) (7,708)
--------------------------------------------
Cash flows from operating
activities 39,501 46,923 19,893 54,165
--------------------------------------------
INVESTING ACTIVITIES
Net business acquisitions (416) 2,209 (10,728) (17,577)
Net cash proceeds from sale of
net assets 323,604 - 323,604 -
Balance of purchase price (7) 198 (282) 36
Advances to merchant members and
incentives granted to customers (3,258) (6,728) (6,454) (10,496)
Reimbursement of advances to
merchant members 988 1,944 2,109 3,994
Dividends received from equity
investments - - 401 -
Net acquisitions of property and
equipment (4,305) (1,739) (9,330) (3,103)
Net acquisitions and development
of intangible assets (1,677) (3,242) (2,958) (4,243)
--------------------------------------------
Cash flows from (used in)
investing activities 314,929 (7,358) 296,362 (31,389)
--------------------------------------------
FINANCING ACTIVITIES
Increase in long-term debt 11,493 11,621 96,425 44,034
Repayment of long-term debt (294,346) (48,659) (295,453) (61,714)
Convertible debenture redemption - - (41,713) -
Net increase (decrease) in
merchant members' deposits in
the guarantee fund 119 (21) 48 95
Issuance of shares 8,447 (148) 8,546 (148)
Dividends paid (2,608) (2,369) (5,267) (5,044)
--------------------------------------------
Cash flows used in financing
activities (276,895) (39,576) (237,414) (22,777)
--------------------------------------------
Effects of fluctuations in
exchange rates on cash (381) 2 (421) -
--------------------------------------------
Net increase (decrease) in cash 77,154 (9) 78,420 (1)
Cash, beginning of period 1,373 65 107 57
--------------------------------------------
Cash, end of period 78,527 56 78,527 56
--------------------------------------------
--------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(In thousands of US dollars, unaudited) June 30, Dec. 31,
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2015 2014
----------------------
ASSETS
Current assets:
Cash 78,527 107
Trade and other receivables 139,005 224,910
Income taxes receivable 16,864 10,663
Inventory 234,703 529,575
Prepaid expenses 10,243 11,829
----------------------
Total current assets 479,342 777,084
Equity investments, other investments and advances to
merchant members 17,600 21,743
Property and equipment 27,554 51,924
Intangible assets 68,089 133,556
Goodwill 137,960 192,496
Deferred tax assets 55,608 13,502
----------------------
TOTAL ASSETS 786,153 1,190,305
----------------------
----------------------
LIABILITIES
Current liabilities:
Trade and other payables 296,688 373,690
Provision for restructuring and other charges 5,642 6,724
Dividends payable 2,793 2,743
Current portion of long-term debt, convertible
debentures and merchant members' deposits in the
guarantee fund 3,325 49,993
----------------------
Total current liabilities 308,448 433,150
Long-term employee benefit obligations 25,092 25,233
Long-term debt 5,816 210,462
Merchant members' deposits in the guarantee fund 6,056 6,388
Derivative financial instruments - 511
Deferred tax liabilities 295 1,565
----------------------
TOTAL LIABILITIES 345,707 677,309
----------------------
EQUITY
Share capital 95,784 87,238
Contributed surplus 3,091 2,424
Equity component of the convertible debentures - 1,687
Retained earnings 356,549 428,497
Accumulated other comprehensive loss (14,978) (6,850)
----------------------
TOTAL EQUITY 440,446 512,996
----------------------
TOTAL LIABILITIES AND EQUITY 786,153 1,190,305
----------------------
----------------------
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FOR FURTHER INFORMATION PLEASE CONTACT:
Uni-Select Inc.
Louis Juneau
Vice-President, Legal Affairs and Secretary
450 641-6922
investorrelations@uniselect.com
www.uniselect.com
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