MONTREAL, QUEBEC -- (Marketwired) -- 09/12/13 -- Transcontinental Inc. (TSX: TCL.A)(TSX: TCL.B)(TSX: TCL.PR.D)
Highlights
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(in millions of dollars,
except per share data) Q3-13 Q3-12 % YTD 2013 YTD 2012 %
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Revenues 493.8 517.0 (4.5)% 1,543.8 1,527.0 1.1 %
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Adjusted operating
income before
amortization
(1)(Adjusted EBITDA) 81.6 78.6 3.8 % 236.5 233.8 1.2 %
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Adjusted operating
income (1)(Adjusted
EBIT) 55.1 49.9 10.4 % 157.7 148.8 6.0 %
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Adjusted net income
applicable to
participating shares
(1) 35.7 24.9 43.4 % 99.0 87.5 13.1 %
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Per share 0.46 0.31 48.4 % 1.27 1.08 17.6 %
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Net income applicable to
participating shares 32.4 8.1 - 77.7 (131.4) -
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Per share 0.42 0.10 - 1.00 (1.62) -
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Note 1: Please refer to the table "Reconciliation of Non-IFRS financial
measures" in this press release.
-- Increase of 10.4% in adjusted operating income.
-- Significant growth of 43.4% in adjusted net income applicable to
participating shares, from $24.9 million to $35.7 million; on a per-
share basis, it rose from $0.31 to $0.46.
-- Revenues down 4.5%, mainly due to the end of the contract to print and
distribute Zellers flyers, a change in the format and type of paper used
by some of our major customers, and difficult market conditions which
affected our magazine, book and catalogue printing business as well as
our publications.
-- TC Transcontinental Printing signed a five-year agreement to print the
Calgary Herald, owned by Postmedia Network Inc.
-- More than $35 million to date in synergies from the acquisition of
Quad/Graphics Canada, Inc.
-- Maintained a solid financial position with a net indebtedness ratio of
1.02x.
Transcontinental Inc.'s (TSX: TCL.A)(TSX: TCL.B)(TSX: TCL.PR.D) third-quarter revenues decreased from $517.0 million in 2012 to $493.8 million in 2013, mainly due to the end of the contract to print and distribute Zellers flyers after its store closures. Other factors were the change in the format and type of paper used by some of our major customers, difficult market conditions affecting our magazine, book and catalogue printing business, and a soft advertising market which continued to impact our Media Sector, particularly with respect to local markets. The decrease was partially offset by new printing contracts, higher volume in educational book publishing and the acquisitions of Modulo and Redux Media, among others.
Third quarter adjusted operating income rose 10.4%, from $49.9 million to $55.1 million. This growth stems mainly from additional synergies from the integration of Quad/Graphics Canada, Inc. and higher volume in our educational book publishing business. It was partially offset by the above-noted soft advertising market and lower volume in our custom content creation business. Net income applicable to participating shares rose from $8.1 million, or $0.10 per share, to $32.4 million, or $0.42 per share. Excluding unusual items, adjusted net income applicable to participating shares rose 43.4%, from $24.9 million to $35.7 million. On a per-share basis, it rose from $0.31 to $0.46.
"Our third quarter results clearly outperformed in our industry," said Francois Olivier, President and Chief Executive Officer. "The growth in adjusted operating income is due mainly to the excellent work by our Printing Sector in achieving synergies from the acquisition of Quad/Graphics Canada, Inc., and our strategy to optimize our cost structure. Efforts to leverage our relationships with our major retail customers also continued to produce results. Despite the pressure we are facing with regards to the advertising market in our Media Sector, we have continued to roll out our digital offering and have launched several new products and services. For upcoming quarters, our solid financial position in conjunction with our capacity to generate significant cash flows, gives us the flexibility we need to continue to invest in our development and transform our operations in order to better meet the continually evolving needs of our customers."
Quarter Highlights
-- To date, TC Transcontinental has achieved more than $35 million in
synergies from the acquisition of Quad/Graphics Canada, Inc. The
Corporation is on track to reach its initial objective of $40 million in
synergies by the end of fiscal 2013 and plans to generate additional
synergies in fiscal 2014.
-- TC Transcontinental Printing signed a five-year agreement with Postmedia
Network Inc. to print the Calgary Herald, which is published Monday to
Saturday and has a daily circulation of about 80,000 copies. The
contract will start in November 2013 and will not require additional
investments by TC Transcontinental Printing given its highly efficient
and flexible hybrid printing platform.
-- TC Media launched AutoGo.ca, a new website designed specifically for
motorists looking for a new or used vehicle all across Canada. AutoGo.ca
is the only automobile website that lets users search based on
lifestyle. AutoGo.ca received more than 30,000 unique visitors in the
first month after it was launched.
-- TC Media announced the launch of the TC Media Incubator, a laboratory
for the creation, development and incubation of new digital products in
the company. The TC Media Incubator will be headed by Bruno Leclaire,
appointed Chief Digital Officer of TC Media. The lab will get officially
underway in November 2013.
-- TC Transcontinental was again named one of the best 50 corporate
citizens in Canada in the annual ranking by independent media company
Corporate Knights. This recognition shows the relevance of the steps
taken by the Corporation to meet its commitment to sustainability.
Highlights of the first nine months
For the first nine months of 2013, TC Transcontinental's revenues were up 1.1%, from $1,527.0 million to $1,543.8 million. The increase stems mainly from the acquisition of Quad/Graphics Canada, Inc. and acquisitions in the Media Sector. It was partially offset by the end of the contract to print and distribute Zellers flyers, by a difficult advertising environment and by the incentives granted for the early renewal of some contracts in 2012. Adjusted operating income grew 6.0%, from $148.8 million to $157.7 million, principally due to the synergies achieved from the acquisition of Quad/Graphics Canada, Inc. The increase was partially offset by the same factors as indicated above. Net income applicable to participating shares rose from a loss of $131.4 million, or $1.62 per share, to a profit of $77.7 million, or $1.00 per share. Excluding unusual items, adjusted net income applicable to participating shares rose 13.1%, from $87.5 million, or $1.08 per share, to $99.0 million, or $1.27 per share.
For more detailed financial information, please see Management's Discussion and Analysis for the third quarter ended July 31st, 2013 as well as the financial statements in the "Investors" section of our website at www.tc.tc
Outlook
Further synergies from the second phase of the integration of the operations of Quad/Graphics Canada, Inc. will be generated in the fourth quarter of 2013, but to a lesser degree than in past quarters. Furthermore, the Printing Sector plans to begin the final phase of the integration of these operations early in fiscal 2014, which should generate additional synergies. Since the start of fiscal 2013, we have signed new agreements to print flyers and marketing products worth about $30 million on an annualized basis whose contribution should be noted more significantly in the fourth quarter of 2013. However, such contributions will be partially offset by the closing of Zellers stores and by lower volume in our magazine, book and catalogue printing business.
The difficult market conditions with respect to advertising spending in our local and national markets are likely to continue and also affect our newspaper and magazine publishing operations. As a result, we will continue to focus on efficiency gains in order to limit potential repercussions on our profit margin. We will also continue to invest in the development of new products and services to ensure further diversification of our services.
We expect an unfavourable variance in head office costs in the fourth quarter of 2013, versus 2012, as a result of favourable non-recurring items recorded in the fourth quarter of last year. The excess cash generated in upcoming quarters, in conjunction with our excellent financial position, should permit us to keep investing in internal projects and to make strategic acquisitions if opportunities arise.
Reconciliation of Non-IFRS Financial Measures
Financial data have been prepared in conformity with IFRS. However, certain measures used in this press release do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many readers analyze our results based on certain non-IFRS financial measures because such measures are more appropriate for evaluating the Corporation's operating performance. Internally, Management uses such non-IFRS financial information as an indicator of business performance, and evaluates management's effectiveness with specific reference to these indicators. These measures should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS.
The following table reconciles IFRS financial measures to non-IFRS financial measures.
Reconciliation of Non-IFRS financial measures
(unaudited)
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Three months ended July 31 Nine months ended July 31
(in millions of
dollars, except
per share amounts) 2013 2012 2013 2012
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Net income (loss)
applicable to
participating
shares $ 32.4 $ 8.1 $ 77.7 $ (131.4)
Dividends on
preferred shares 1.7 1.7 5.1 5.1
Net loss (income)
related to
discontinued
operations (after
tax) - 5.7 - 7.1
Non-controlling
interests - (0.2) 0.1 -
Unusual adjustments
to income taxes - - - 42.0
Income tax expenses 10.1 10.8 25.6 6.5
Financial expenses
related to unusual
adjustments to
income taxes - - - 16.0
Financial expenses 6.2 9.0 19.8 22.7
Gain on business
acquisition - - - (31.7)
Impairment of
assets 1.9 - 4.7 180.8
Restructuring and
other costs 2.8 14.8 24.7 31.7
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Adjusted operating
income $ 55.1 $ 49.9 $ 157.7 $ 148.8
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Amortization 26.5 28.7 78.8 85.0
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Adjusted operating
income before
amortization $ 81.6 $ 78.6 $ 236.5 $ 233.8
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Net income (loss)
applicable to
participating
shares $ 32.4 $ 8.1 $ 77.7 $ (131.4)
Net loss (income)
from discontinued
operations (after
tax) - 5.7 - 7.1
Unusual adjustments
to income taxes - - - 42.0
Net financial
expenses related
to unusual
adjustments to
income taxes
(after tax) - - - 16.0
Gain on business
acquisition (after
tax) - - - (31.7)
Impairment of
assets (after tax) 1.3 0 3.4 162.7
Restructuring and
other costs (after
tax) 2.0 11.1 17.9 22.8
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Adjusted net income
applicable to
participating
shares $ 35.7 $ 24.9 $ 99.0 $ 87.5
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Average number of
participating
shares outstanding 77.9 80.9 78.0 81.0
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Adjusted net income
applicable to
participating
shares per share $ 0.46 $ 0.31 $ 1.27 $ 1.08
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As at
As at July October
31, 2013 31, 2012
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Long-term debt $ 126.9 204.1
Current portion of
long-term debt 285.5 283.5
Cash 45.9 16.8
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Net indebtedness $ 366.5 470.8
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Adjusted operating
income before
amortization (last
12 months) $ 360.3 $ 357.6
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Net indebtedness
ratio 1.02 x 1.32 x
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Dividends
Dividend on Participating Shares
The Corporation's Board of Directors declared a quarterly dividend of $0.145 per Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on October 25, 2013 to participating shareholders of record at the close of business on October 7, 2013.
Dividend on Preferred shares
The Board declared a quarterly dividend of $0.4253 per share on cumulative 5-year rate reset first preferred shares, series D. This dividend is payable on October 15, 2013. On an annual basis, this represents a dividend of $1.6875 per preferred share.
Additional Information
Conference Call
Upon releasing its third quarter 2013 results, the Corporation will hold a conference call for the financial community today at 4:15 p.m. The dial-in numbers are (514) 940-2795 or (1 416) 644-3414 or 1-800-814-4859 and the access code is: 4638287. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on the Corporation's Web site, which will then be archived for 30 days. For media requests for information or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at (514) 954-3581.
Profile
Largest printer and leading provider of media and marketing activation solutions in Canada, TC Transcontinental creates products and services that allow businesses to attract, reach and retain their target customers. The Corporation specializes in print and digital media, the production of magazines, newspaper, books and custom content, mass and personalized marketing, interactive and mobile applications, TV production and door-to-door distribution.
Transcontinental Inc. (TSX: TCL.A)(TSX: TCL.B)(TSX: TCL.PR.D), known by the brands TC Transcontinental, TC Media and TC Transcontinental Printing, has approximately 9,500 employees in Canada and the United States, and reported revenues of C$2.1 billion in 2012. Website www.tc.tc
Forward-looking Statements
Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to, the economic situation in the world and particularly in Canada and the United States, structural changes in the industries in which the Corporation operates, the exchange rate, availability of capital, energy costs, competition, as well as the Corporation's capacity to engage in strategic transactions and integrate acquisitions into its activities. The main risks, uncertainties and factors that could influence actual results are described in Management's Discussion and Analysis (MD&A) for the fiscal year ended on October 31st, 2012 and in the 2012 Annual Information Form and have been updated in the MD&A for the third quarter ended July 31st, 2013.
Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of divestitures, business combinations, mergers or acquisitions which may be announced after the date of September 12, 2013.
The forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation.
The forward-looking statements in this release are based on current expectations and information available as at September 12, 2013. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Unaudited
Three months ended Nine months ended
July 31 July 31
----------------------------------------------------------------------------
(in millions of
Canadian dollars,
except per share
data) 2013 2012 2013 2012
----------------------------------------------------------------------------
Revenues $ 493.8 $ 517.0 $ 1,543.8 $ 1,527.0
Operating expenses 412.2 438.4 1,307.3 1,293.2
Restructuring and
other costs 2.8 14.8 24.7 31.7
Impairment of assets 1.9 - 4.7 180.8
Gain on business
acquisition - - - (31.7)
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Operating income
before amortization 76.9 63.8 207.1 53.0
Amortization 26.5 28.7 78.8 85.0
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Operating income
(loss) 50.4 35.1 128.3 (32.0)
Net financial expenses 6.2 9.0 19.8 38.7
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Income (loss) before
income taxes 44.2 26.1 108.5 (70.7)
Income taxes 10.1 10.8 25.6 48.5
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Net income (loss) from
continuing operations 34.1 15.3 82.9 (119.2)
Net loss from
discontinued
operations - (5.7) - (7.1)
----------------------------------------------------------------------------
Net income (loss) 34.1 9.6 82.9 (126.3)
Non-controlling
interests - (0.2) 0.1 -
----------------------------------------------------------------------------
Net income (loss)
attributable to
shareholders of the
Corporation 34.1 9.8 82.8 (126.3)
Dividends on preferred
shares, net of
related taxes 1.7 1.7 5.1 5.1
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Net income (loss)
attributable to
participating shares $ 32.4 $ 8.1 $ 77.7 $ (131.4)
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Net income (loss) per
participating share -
basic and diluted
Continuing
operations $ 0.42 $ 0.17 $ 1.00 $ (1.53)
Discontinued
operations - (0.07) - (0.09)
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$ 0.42 $ 0.10 $ 1.00 $ (1.62)
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Weighted average
number of
participating shares
- basic and diluted
(in millions) 77.9 80.9 78.0 81.0
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
Three months ended Nine months ended
July 31 July 31
----------------------------------------------------------------------------
(in millions of
Canadian dollars) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net income (loss) $ 34.1 $ 9.6 $ 82.9 $ (126.3)
Other comprehensive
income (loss)
Items that will be
reclassified to net
income (loss):
Net change related
to cash flow
hedges
Net change in
the fair value
of derivatives
designated as
cash flow
hedges 0.6 (0.4) 1.6 (2.0)
Reclassification
of the net
change in the
fair value of
derivatives
designated as
cash flow
hedges in prior
periods,
recognized in
net income
(loss) during
the period (1.2) (0.5) (1.3) 4.4
Related income
taxes 0.1 (1.8) 0.4 1.0
----------------------------------------------------------------------------
(0.7) 0.9 (0.1) 1.4
----------------------------------------------------------------------------
Cumulative
translation
differences
Unrealized
exchange net
gains on the
translation of
the financial
statements of
foreign
operations 0.2 0.8 0.5 0.7
Unrealized
exchange losses
on the
translation of
debt designated
as a hedge of a
net investment
in foreign
operations (0.2) - (0.8) -
----------------------------------------------------------------------------
- 0.8 (0.3) 0.7
----------------------------------------------------------------------------
Items that will not
be reclassified to
net income (loss):
Changes in
actuarial gains
and losses in
respect of
defined benefit
pension plans
Actuarial gains
(losses) in
respect of
defined benefit
pension plans 55.9 (49.4) 53.3 (79.7)
Related income
taxes 15.0 (13.3) 14.1 (22.1)
----------------------------------------------------------------------------
40.9 (36.1) 39.2 (57.6)
----------------------------------------------------------------------------
Other comprehensive
income (loss) 40.2 (34.4) 38.8 (55.5)
----------------------------------------------------------------------------
Comprehensive income
(loss) $ 74.3 $ (24.8) $ 121.7 $ (181.8)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to:
Shareholders of
the Corporation $ 74.3 $ (24.6) $ 121.6 $ (181.8)
Non-controlling
interests - (0.2) 0.1 -
----------------------------------------------------------------------------
$ 74.3 $ (24.8) $ 121.7 $ (181.8)
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited
(in millions of Canadian dollars)
----------------------------------------------------------------------------
Attributable to shareholders of the Corporation
-----------------------------------------------------------
Accumulated
other
Share Contributed Retained comprehensive
capital surplus earnings loss Total
----------------------------------------------------------------------------
Balance as at
November 1, 2012 $ 467.7 $ 2.5 $ 514.2 $ (84.4)$ 900.0
Net income - - 82.8 - 82.8
Other
comprehensive
income - - - 38.8 38.8
Shareholders'
contributions
and
distributions to
shareholders
Participating
share
repurchases (6.4) - (5.2) - (11.6)
Dividends - - (116.9) - (116.9)
Stock-option
based
compensation - 0.6 - - 0.6
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Balance as at
July 31, 2013 $ 461.3 $ 3.1 $ 474.9 $ (45.6)$ 893.7
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----------------------------------------------------------------------------
Balance as at
November 1, 2011 $ 478.1 $ 1.8 $ 750.3 $ (28.1)$ 1,202.1
Net loss - - (126.3) - (126.3)
Other
comprehensive
loss - - - (55.5) (55.5)
Shareholders'
contributions
and
distributions to
shareholders
Participating
share
repurchases (2.6) - (1.8) - (4.4)
Exercise of
stock options 0.6 (0.1) - - 0.5
Dividends - - (39.5) - (39.5)
Stock-option
based
compensation - 0.6 - - 0.6
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Balance as at
July 31, 2012 $ 476.1 $ 2.3 $ 582.7 $ (83.6)$ 977.5
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(in millions of Canadian dollars)
-----------------------------------------------
Non-
controlling
interests Total equity
-----------------------------------------------
Balance as at
November 1, 2012 $ 1.4 $ 901.4
Net income 0.1 82.9
Other
comprehensive
income - 38.8
Shareholders'
contributions
and
distributions to
shareholders
Participating
share
repurchases - (11.6)
Dividends (1.4) (118.3)
Stock-option
based
compensation - 0.6
-----------------------------------------------
Balance as at
July 31, 2013 $ 0.1 $ 893.8
-----------------------------------------------
-----------------------------------------------
Balance as at
November 1, 2011 $ 0.8 $ 1,202.9
Net loss - (126.3)
Other
comprehensive
loss - (55.5)
Shareholders'
contributions
and
distributions to
shareholders
Participating
share
repurchases - (4.4)
Exercise of
stock options - 0.5
Dividends - (39.5)
Stock-option
based
compensation - 0.6
-----------------------------------------------
Balance as at
July 31, 2012 $ 0.8 $ 978.3
-----------------------------------------------
-----------------------------------------------
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
----------------------------------------------------------------------------
As at As at
July 31, October 31,
(in millions of Canadian dollars) 2013 2012
----------------------------------------------------------------------------
Current assets
Cash $ 45.9 $ 16.8
Accounts receivable 356.8 449.8
Income taxes receivable 10.0 38.9
Inventories 77.8 82.5
Prepaid expenses and other current
assets 20.4 14.7
----------------------------------------------------------------------------
510.9 602.7
Property, plant and equipment 612.3 651.2
Intangible assets 183.7 171.5
Goodwill 500.3 487.0
Deferred income taxes 145.1 192.6
Other assets 26.5 31.2
----------------------------------------------------------------------------
$ 1,978.8 $ 2,136.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Current liabilities
Accounts payable and accrued
liabilities $ 224.9 $ 336.8
Provisions 9.6 15.5
Income taxes payable 7.7 50.3
Deferred revenues and deposits 53.2 39.3
Current portion of long-term debt 285.5 283.5
----------------------------------------------------------------------------
580.9 725.4
Long-term debt 126.9 204.1
Deferred income taxes 60.6 68.4
Provisions 43.8 45.3
Other liabilities 272.8 191.6
----------------------------------------------------------------------------
1,085.0 1,234.8
----------------------------------------------------------------------------
Equity
Share capital 461.3 467.7
Contributed surplus 3.1 2.5
Retained earnings 474.9 514.2
Accumulated other comprehensive loss (45.6) (84.4)
----------------------------------------------------------------------------
Attributable to shareholders of the
Corporation 893.7 900.0
----------------------------------------------------------------------------
Non-controlling interests 0.1 1.4
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893.8 901.4
----------------------------------------------------------------------------
$ 1,978.8 $ 2,136.2
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----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
Three months ended Nine months ended
July 31 July 31
----------------------------------------------------------------------------
(in millions of
Canadian dollars) 2013 2012 2013 2012
----------------------------------------------------------------------------
Operating activities
Net income (loss) $ 34.1 $ 9.6 $ 82.9 $ (126.3)
Less: Net loss from
discontinued
operations - (5.7) - (7.1)
----------------------------------------------------------------------------
Net income (loss)
from continuing
operations 34.1 15.3 82.9 (119.2)
Adjustments to
reconcile net income
(loss) and cash flows
from operating
activities:
Amortization 33.1 31.7 97.6 99.0
Impairment of assets 1.9 - 4.7 180.8
Gain on business
acquisition - - - (31.7)
Financial expenses on
long-term debt 4.8 6.9 15.2 20.2
Interest on tax
reassessment - - - 16.0
Net losses (net
gains) on disposal
of assets 0.2 0.1 0.1 (0.2)
Income taxes 10.1 10.8 25.6 48.5
Stock-option based
compensation 0.2 0.2 0.6 0.6
Other 0.1 4.8 1.8 (1.4)
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Cash flows generated by
operating activities
before changes in non-
cash operating items
and income tax
recovered (paid) 84.5 69.8 228.5 212.6
Changes in non-cash
operating items (35.6) 18.5 114.1 (25.4)
Income tax recovered
(paid) 2.1 (46.0) (12.1) (50.4)
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Cash flows from
operations in
continuing operations 51.0 42.3 330.5 136.8
----------------------------------------------------------------------------
Cash flows from
operations in
discontinued
operations - 0.8 - 1.2
----------------------------------------------------------------------------
51.0 43.1 330.5 138.0
----------------------------------------------------------------------------
Investing activities
Business combinations (0.3) (1.4) (25.3) (59.2)
Acquisitions of
property, plant and
equipment (14.0) (9.4) (34.5) (26.3)
Disposals of
property, plant and
equipment 0.4 0.4 2.6 0.9
Increase in
intangible assets (8.2) (7.3) (20.2) (16.8)
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Cash flows from
investments in
continuing
operations (22.1) (17.7) (77.4) (101.4)
----------------------------------------------------------------------------
Cash flows from
investments in
discontinued
operations - 10.0 - 10.0
----------------------------------------------------------------------------
(22.1) (7.7) (77.4) (91.4)
----------------------------------------------------------------------------
Financing activities
Reimbursement of
long-term debt (7.1) (8.2) (88.3) (89.4)
Net increase in
revolving term
credit facility 13.0 2.0 10.5 57.8
Financial expenses on
long-term debt (4.2) (6.8) (15.6) (19.4)
Dividends on
participating shares (11.3) (11.7) (111.8) (34.4)
Dividends on
preferred shares (1.7) (1.7) (5.1) (5.1)
Dividends on non-
controlling
interests - - (1.4) -
Issuance of
participating shares - 0.2 - 0.5
Participating share
repurchases - (4.4) (12.1) (4.4)
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Cash flows from the
financing of
continuing
operations (11.3) (30.6) (223.8) (94.4)
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Effect of exchange rate
changes on cash
denominated in foreign
currencies (0.2) 1.5 (0.2) 1.3
----------------------------------------------------------------------------
Net change in cash 17.4 6.3 29.1 (46.5)
Cash at beginning of
period 28.5 22.2 16.8 75.0
----------------------------------------------------------------------------
Cash at end of period $ 45.9 $ 28.5 $ 45.9 $ 28.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-cash investing and
financing activities
Net change in capital
asset acquisitions
financed by accounts
payable $ 1.3 $ (0.8) $ (3.3) $ (3.0)
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Contacts:
Media: Nathalie St-Jean, Senior Advisor, Corporate
Communications
TC Transcontinental
514 954-3581
nathalie.st-jean@tc.tc
www.tc.tc
Financial Community: Jennifer F. McCaughey, Senior Director,
Investor Relations and External Corporate Communications
TC Transcontinental
514 954-2821
jennifer.mccaughey@tc.tc
www.tc.tc
