CANADA BREAD COMPANY, LIMITED 
By TORONTO, Oct. 30, 2013 (Canada NewsWire via COMTEX) --TSX: CBY
Canada Bread Company, Limited (TSX: CBY) today reported its financial results for the third quarter ended September 30, 2013. Third quarter highlights include:
-- Adjusted Operating Earnings((1)(2)) increased 16.7% to $38.9
million compared to $33.3 million last year. Year-to-date
Adjusted Operating Earnings increased 19.0% to $92.5 million
compared to $77.7 million last year
-- Net earnings((1)) for the quarter increased to $24.5 million
compared to $23.5 million last year. For the first nine months,
net earnings increased to $51.3 million from $49.8 million last
year.
-- Adjusted Earnings per Share((1)(3)) for the quarter was $1.10,
up from $0.93 in the third quarter of 2012. For the first nine
months, Adjusted Earnings per Share was $2.60, up from $2.18
last year.
-- The Company achieved an Adjusted EBITDA((4)) margin of 13.2% in
the third quarter
"The business delivered solid earnings growth in the third quarter, benefiting from a very strong focus on efficiency gains, cost reduction and innovative new products," said Richard Lan, President and CEO. "We are realizing some of the benefits of our strategic initiatives already implemented and moving forward with others to realize this potential."
Financial Overview
Canada Bread Company, Limited ("the Company") sales for the third quarter decreased 2.2% to $392.5 million compared to $401.5 million last year, or 1.4% after adjusting for discontinued categories in the U.K. and the impact of currency translation on sales in the U.S. and U.K. The decrease was due to lower sales volumes, primarily in the fresh bread business, partially offset by higher pricing across the Company.
Sales for the first nine months decreased 1.5% to $1,158.8 million compared to $1,176.6 million last year, or 0.9% after adjusting for discontinued categories in the U.K. and the impact of currency translation, due to similar factors noted above.
Adjusted Operating Earnings increased 16.7% in the third quarter to $38.9 million compared to $33.3 million last year, driven by higher pricing and operational improvements, partly offset by lower volumes. For the first nine months, Adjusted Operating Earnings increased 19.0% to $92.5 million compared to $77.7 million last year, due to similar factors noted above.
Net earnings in the quarter was $24.5 million ($0.96 basic earnings per share) compared to $23.5 million ($0.93 basic earnings per share) last year and included $3.7 million of pre-tax restructuring and other related costs (2012: $0.2 million). Year-to-date net earnings was $51.3 million ($2.02 basic earnings per share) compared to $49.8 million ($1.96 basic earnings per share) last year and included $15.2 million of pre-tax restructuring and other related costs (2012: $7.3 million).
Adjusted Earnings per Share was $1.10 for the third quarter (2012: $0.93) and $2.60 for the first nine months of 2013 (2012: $2.18).
Several items are excluded from the discussions of underlying earnings performance as they are not representative of on-going operational activities. Refer to the section entitled Non-IFRS Financial Measures at the end of this News Release for a description and reconciliation of all non-IFRS financial measures.
Business Segment Review
The following table summarizes sales by business segment:
($ thousands) Third Quarter Year-to-Date (Unaudited) 2013 2012 2013 2012 Fresh Bakery $ 266,719 $ 277,709 $ 780,553 $ 805,056 Frozen Bakery 125,782 123,785 378,283 371,543 Sales $ 392,501 $ 401,494 $ 1,158,836 $ 1,176,599
The following table summarized Adjusted Operating Earnings by business segment:
($ thousands) Third Quarter Year-to-Date (Unaudited) 2013 2012((1)) 2013 2012((1)) Fresh Bakery $ 26,417 $ 28,086 $ 68,245 $ 64,503 Frozen Bakery 12,483 5,243 24,215 13,206 Adjusted Operating Earnings( $ $ $ $ (2)) 38,900 33,329 92,460 77,709
Fresh Bakery
Includes fresh bakery products, including breads, rolls, bagels, sweet goods, and fresh pasta and sauces sold to retail, foodservice and convenience channels. It includes national brands such as Dempster's(®) and Olivieri(®) and many leading regional brands.
Fresh Bakery sales for the third quarter decreased 4.0% to $266.7 million compared to $277.7 million last year, as lower volumes were partly offset by the benefit of an earlier price increase in the fresh bread business. During the first nine months of 2013, sales decreased 3.0% to $780.6 million compared to $805.1 million last year due to similar factors.
Adjusted Operating Earnings in the Fresh Bakery segment declined 5.9% to $26.4 million from $28.1 million last year. Lower volumes and higher raw material and inflationary costs in the fresh bread business were partly offset by operating efficiencies, driven by the closure of a third Toronto, Ontario bakery, higher pricing, and lower selling, general, and administrative expenses. Earnings in the fresh pasta business were consistent with the prior year.
For the first nine months, Adjusted Operating Earnings increased 5.8% to $68.2 million compared to $64.5 million last year. In the fresh bread business, earnings improved as a result of higher pricing, operational improvements, and lower selling, general, and administrative spend, partly offset by lower volumes and higher raw material and other inflationary costs. Earnings in the fresh pasta business increased mainly due to an inventory write-off in the first quarter of last year that did not re-occur.
Frozen Bakery
Includes frozen bakery products, including frozen par-baked bakery products, specialty and artisan breads, and bagels sold to retail, foodservice and convenience channels in North America and the U.K. It includes national brands such as Tenderflake® and New York Bakery Co(TM).
Frozen Bakery sales for the third quarter increased 1.6% to $125.8 million, or 4.2% after adjusting for discontinued categories in the U.K. and the impact of currency translation on sales in the U.S. and U.K. The increase was driven by volume growth in the U.K., and higher pricing in both the North American and U.K. bakery businesses. Year-to-date Frozen Bakery sales increased 1.8% to $378.3 million, or 3.8% after adjusting for discontinued categories in the U.K. and the impact of currency translation on sales in the U.S. and U.K. The increase was due to similar factors affecting the third quarter.
Third quarter Adjusted Operating Earnings increased to $12.5 million from $5.2 million last year. The North American frozen bakery business benefited from operational cost reductions and higher pricing, while the U.K. business earnings benefited from increased volumes in the bagel and croissant categories. This business continued to benefit from network consolidation, investment in scale facilities and focus on its core categories.
For the first nine months of 2013, Adjusted Operating Earnings increased 83.4% to $24.2 million compared to $13.2 million last year, due to similar factors affecting the third quarter.
Subsequent Events
On October 21, 2013 the Company announced that it has established a Special Committee comprised solely of independent directors in connection with the potential sale by Maple Leaf Foods Inc., of its 90% interest in the Company. Maple Leaf has advised the Company's Board that it is exploring strategic alternatives for its 90% interest in the Company, including a potential sale. This process is expected to conclude in early 2014. There can be no assurance that the process being undertaken by Maple Leaf Foods Inc. will result in the consummation of any transaction.
On October 24, 2013, the Company announced that it has signed a definitive agreement to sell substantially all of the net assets of its fresh pasta and sauce business, a component of the Fresh Bakery segment, for gross proceeds of approximately $120 million. Subject to Competition Bureau review, the transaction is expected to close by the end of 2013.
Other Matters
On October 29, 2013, the Company declared a dividend of $0.50 per share payable on January 2, 2014 to shareholders of record at the close of business on December 6, 2013. Unless indicated otherwise by the Company in writing on or before the time the dividend is paid, this dividend will be considered an Eligible Dividend for the purposes of the "Enhanced Dividend Tax Credit System".
Reconciliation of Non-IFRS Financial Measures
The Company uses the following non-IFRS measures: Adjusted Operating Earnings and Adjusted Earnings per Share. Management believes that these non-IFRS measures provide useful information to both Management and investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS.
Adjusted Operating Earnings
Adjusted Operating Earnings, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as earnings before income taxes adjusted for items that are not considered representative of on-going operational activities of the business, and items where the economic impact of the transactions will be reflected in the earnings in future periods when the underlying asset is sold or transferred. The table below provides a reconciliation of net earnings as reported under IFRS in the unaudited consolidated interim statements of earnings to Adjusted Operating Earnings for the three and nine months ended, as indicated below. Management believes that this basis is the most appropriate on which to evaluate operating results, as they are representative of the on-going operations of the Company.
Adjusted Earnings per Share
Adjusted Earnings per Share, a non-IFRS measure, is used by Management to evaluate on-going financial operating results. It is defined as basic earnings per share, adjusted for items that are not considered representative of on-going operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. The table below provides a reconciliation of basic earnings per share as reported under IFRS in the unaudited consolidated interim statements of earnings to Adjusted Earnings per Share for the three and nine months ended, as indicated below. Management believes this basis is the most appropriate on which to evaluate financial results as they are representative of the on-going operations of the Company.
Three months ended NIne months ended
($ per share) September 30, September 30,
(Unaudited) 2013 2012((1)) 2013 2012((1))
Basic earnings per share $ 0.96 $ 0.93 $ 2.02 $ 1.96
Items not considered
representative of on-going
operations((i)) 0.02 - 0.14 -
Restructuring and other related
costs((ii)) 0.11 0.01 0.44 0.22
Adjusted Earnings per Share (
(iii)) $ 1.10 $ 0.93 $ 2.60 $ 2.18
(i) Includes gains/losses associated with non-operational
activities, including gains/losses related to restructuring
activities, business combinations, discontinued operations,
and assets held for sale, all net of tax.
(ii) Includes per share impact of restructuring and other related
costs, net of tax.
(iii) May not add due to rounding
Forward-Looking Statements
This document contains, and the Company's oral and written public communications often contain, "forward-looking information" within the meaning of applicable securities laws. These statements are based on current expectations, estimates, forecasts and projections about the industries in which the Company operates and beliefs and assumptions made by Management. Such statements include, but are not limited to, statements with respect to objectives and goals, as well as statements with respect to beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Specific forward-looking information in this document includes, but is not limited to, statements concerning expectations regarding the use of derivatives, futures and options, expectations regarding the timing and amount of capital investments, expectations regarding the timing and cost of old facility closures and new facility openings, the expected use of cash balances, source of funds for ongoing business requirements including capital investments and debt repayment, expectations regarding LEED® certification, expectations regarding the impact of new accounting standards, expectations regarding sufficiency of the allowance for uncollectible accounts and expectations regarding pension plan performance and future pension liabilities and contributions. Words such as "expect", "anticipate", "intend", "attempt", "may", "will", "plan", "believe", "seek", "estimate" and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict.
In particular, these statements are based on a variety of factors and assumptions that are discussed throughout this document. In addition, expectations concerning the performance of the Company's business in general are based on a number of factors and assumptions including, but not limited to: the condition of the Canadian, U.S. and U.K. economies; the rate of exchange of the Canadian dollar to the U.S. dollar and British pound; the availability and prices of raw materials, energy and supplies; product pricing; the availability of insurance; the competitive environment and related market conditions; improvement of operating efficiencies; continued access to capital; the cost of compliance with environmental and health standards; no adverse results from ongoing litigation; no unexpected actions of domestic and foreign governments and the general assumption that none of the risks identified below or elsewhere will materialize. All of these assumptions have been derived from information currently available to the Company including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied or forecasted in such forward-looking information, which reflect the Company's expectations only as of the date hereof.
Factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted in such forward-looking information include, among other things:
-- the risks associated with changes in the Company's systems and
processes
-- the risks associated with the management service agreement with
Maple Leaf
-- the Company's exposure to currency exchange risks
-- the ability of the Company to hedge against the effect of
commodity price changes through the use of commodity futures
and options
-- the impact of international events on commodity prices and the
free flow of goods
-- the risks associated with a consolidating retail environment
-- the risks related to capital expansion projects
-- the risks posed by food contamination, consumer liability and
product recalls
-- the risks related to acquisitions and divestitures
-- the risks posed by compliance with extensive government
regulation
-- the risks posed by litigation
-- the impact of changes in consumer tastes and buying patterns
-- the impact of extensive environmental regulation and potential
environmental liabilities
-- the risks associated with complying with differing employment
laws and practices globally, the potential for work stoppages
due to non-renewal of collective agreements and recruiting and
retaining qualified personnel
-- the impact on pension expense and funding requirements of
fluctuations in the market prices of fixed income and equity
securities and changes in interest rates
-- the risks associated with the Company's independent
distributors
-- the risks posed by competition
-- the risks associated with pricing the Company's products
-- the risks associated with managing the Company's supply chain
the risks associated with failing to identify and manage the
strategic risks facing the Company.
The Company cautions the reader that the foregoing list of factors is not exhaustive. These factors are discussed in more detail under the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended December 31, 2012 that is available on SEDAR at www.sedar.com. The reader should review such section in detail. The Company does not intend to, and the Company disclaims any obligation to, update any forward-looking information, whether written or oral, or whether as a result of new information, future events or otherwise except as required by law.
Additional information concerning the Company, including the Company's Annual Information Form, is available on SEDAR at www.sedar.com.
Canada Bread Company Limited, which is 90.0% owned by Maple Leaf Foods Inc. (TSX:MFI), is a leading manufacturer and distributor of fresh bakery products, frozen par-baked products and fresh pasta and sauces. The Company had 2012 sales of $1.6 billion and employs approximately 6,400 people at its operations across North America and in the United Kingdom.
Footnote Legend
(1) 2012 figures have been restated for the impact of adopting the
revised International Accounting Standard 19 Employee Benefits
("IAS 19"), as disclosed in Note 20 of the Company's unaudited
condensed consolidated interim financial statements.
(2) Adjusted Operating Earnings, a non-IFRS measure, is used by
Management to evaluate financial operating results. It is
defined as earnings before income taxes adjusted for items that
are not considered representative of on-going operational
activities of the business, and items where the economic impact
of the transactions will be reflected in earnings in future
periods when the underlying asset is sold or transferred. Please
refer to the section entitled Reconciliation of Non-IFRS
Financial Measures in this news release.
(3) Adjusted Earnings per Share, a non-IFRS measure, is used by
Management to evaluate on-going financial operating results. It
is defined as basic earnings per share, adjusted for all items
that are not considered representative of on-going operational
activities of the business, and items where the economic impact
of the transactions will be reflected in earnings in future
periods when the underlying asset is sold or transferred. Please
refer to the section entitled Reconciliation of Non-IFRS
Financial Measures in this news release.
(4) Adjusted EBITDA, a non-IFRS measure, is used by Management to
evaluate financial operating results. It is defined as earnings
before interest and income taxes plus depreciation and intangible
asset amortization, adjusted for items that are not considered
representative of on-going operational activities of the
business, and items where the economic impact of the transactions
will be reflected in earnings in future periods when the
underlying asset is sold or transferred.
Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars) (Unaudited)
CANADA BREAD COMPANY, LIMITED
Three and nine months ended September 30, 2013 and 2012
Consolidated Balance Sheets
(In thousands of As at As at As at As at
Canadian September September December 31, January 1,
dollars) 30, 30,
(Unaudited) 2013 2012 2012 2012
(Restated) (Restated) (Restated)
ASSETS
Current assets
Cash and cash $ 188,359 $ 87,300 $ 90,415 $ 59,223
equivalents
Accounts 39,807 39,782 50,465 56,522
receivable
Note 30,225 50,893 43,033 52,587
receivable
Inventories 59,689 63,912 62,766 60,048
Income taxes 380 - - 2,162
recoverable
Assets held 5,320 - - -
for sale
Prepaid 6,562 4,288 4,972
expenses and 5,218
other assets
$ 330,342 $ 246,175 $ 251,651 $ 235,760
Property and 391,304 409,958 410,479 425,944
equipment
Investment 10,125 9,524 9,103 8,415
property
Other 4,783 4,713 4,994
long-term 4,456
assets
Deferred tax 17,588 19,419 17,874 17,917
asset
Goodwill 267,082 263,177 264,243 266,013
Intangible 9,622 12,046 11,647 12,710
assets
Total assets $ 1,030,846 $ 965,012 $ 969,991 $ 971,215
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities
Bank $ - $ 1,587 $ - $ 3,153
indebtedness
Accounts 208,175 177,101 169,431
payable and 192,551
accruals
Provisions 7,207 10,251 9,928 23,066
Due to Maple 6,320 3,571 4,830
Leaf Foods 2,451
Inc.
Dividends 12,708 12,708 12,708 5,083
payable
Income taxes - 123 2,008 -
payable
Current 564 350 358
portion of 2,452
long-term debt
$ 234,974 $ 205,691 $ 199,263 $ 228,756
Long-term debt 2,433 2,986 2,921 1,634
Deferred tax 26,375 19,224 19,998 21,784
liability
Employee 40,112 60,447 56,011 50,434
benefits
Provisions 8,144 5,521 6,277 5,005
Total $ 312,038 $ 293,869 $ 284,470 $ 307,613
liabilities
Shareholders'
equity
Share capital $ 142,965 $ 142,965 $ 142,965 $ 142,965
Retained 582,262 543,316 555,322 530,852
earnings
Accumulated
other
comprehensive (6,419) (15,138) (12,766) (10,215)
loss
Total $ 671,143 $ 685,521 $ 663,602
shareholders' $ 718,808
equity
Total $ 965,012 $ 969,991 $ 971,215
liabilities and $ 1,030,846
shareholders'
equity
Consolidated Statements of Earnings
(In thousands
of Canadian Three months ended Nine months ended
dollars,
except share September 30, September 30,
amounts)
(Unaudited) 2013 2012 2013 2012
(Restated) (Restated)
Sales $ 392,501 $ 401,494 $ 1,158,836 $ 1,176,599
Cost of goods 305,866 318,879 923,339 946,787
sold
Gross margin $ 86,635 $ 82,615 $ 235,497 $ 229,812
Selling,
general and 47,735 49,286 143,037 152,103
administrative
expenses
Earnings
before the $ 38,900 $ 33,329 $ 92,460 $ 77,709
following:
Restructuring
and other (3,714) (170) (15,168) (7,259)
related costs
Other
(expense) (744) (13) (5,136) 1,358
income
Earnings
before $ 34,442 $ 33,146 $ 72,156 $ 71,808
interest and
income taxes
Interest
(income) (73) 365 615 1,193
expense
Earnings
before income $ 34,515 $ 32,781 $ 71,541 $ 70,615
taxes
Income taxes 10,027 9,246 20,243 20,826
Net earnings $ 24,488 $ 23,535 $ 51,298 $ 49,789
Earnings per
share
Basic and
diluted $ 0.96 $ 0.93 $ 2.02 $ 1.96
earnings per
share
Weighted
average number 25.4 25.4 25.4 25.4
of shares
(millions)
Consolidated Statements of Comprehensive Income
Three months ended Nine months ended
(In thousands of
Canadian dollars) September 30, September 30,
(Unaudited) 2013 2012 2013 2012
(Restated) (Restated)
Net earnings $ 24,488 $ 23,535 $ 51,298 $ 49,789
Other comprehensive
income (loss)
Item that will not be
reclassified to
profit or loss:
Change in
actuarial gains 836 (4,061) 13,767 (6,824)
and losses
Total item that will
not be reclassified 836 (4,061) 13,767 (6,824)
to profit or loss
Items that are or may
be reclassified
subsequently to
profit or loss:
Change in
accumulated
foreign currency
translation (471) (4,836) 6,331 (4,273)
adjustment
Change in
unrealized gains
and losses
on cash flow (430) (228) 16 (650)
hedges
Total items that are
or may be
reclassified
subsequently to $ (901) $ (5,064) $ 6,347 $ (4,923)
profit or loss
$ (65) $ (9,125) $ 20,114 $ (11,747)
Comprehensive income $ 24,423 $ 14,410 $ 71,412 $ 38,042
Consolidated Statements of Changes in Shareholder's Equity
Total
accumulated
other Total
(In thousands of
Canadian Share Retained comprehensive shareholders'
dollars)
(Unaudited) capital earnings loss equity
Balance at
December 31,
2012
(restated) $ 142,965 $ 555,322 $ (12,766) $ 685,521
Net earnings - 51,298 - 51,298
Other
comprehensive - 13,767 6,347 20,114
income
Dividends
declared - (38,125) - (38,125)
($1.50 per
share)
Balance at
September 30, $ 142,965 $ 582,262 $ (6,419) $ 718,808
2013
Total
accumulated
other Total
(In thousands of
Canadian Share Retained comprehensive shareholders'
dollars)
(Unaudited) capital earnings loss equity
(Restated)
Balance at
January 1, 2012
(restated) $ 142,965 $ 530,852 $ (10,215) $ 663,602
Net earnings - 49,789 - 49,789
Other
comprehensive - (6,824) (4,923) (11,747)
loss
Dividends
declared - (30,501) - (30,501)
($1.20 per
share)
Balance at
September 30,
2012
(restated) $ 142,965 $ 543,316 $ (15,138) $ 671,143
Consolidated Statements of Cash Flows
Three months ended Nine months ended
(In thousands of
Canadian dollars) September 30, September 30,
(Unaudited) 2013 2012 2013 2012
(Restated) (Restated)
CASH (USED IN) PROVIDED BY:
Operating activities
Net earnings $ 24,488 $ 23,535 $ 51,298 $ 49,789
Add (deduct) items not
affecting cash:
Depreciation and 13,051 12,582 38,947 36,522
amortization
Deferred income 2,615 (1,039) 1,531 (121)
taxes
Income tax 7,412 10,285 18,712 20,947
current
Interest (73) 365 615 1,193
(income) expense
Gain on sale of (30) (11) (1,387) (137)
long-term assets
Impairment of - - 4,212 -
assets
Increase in 1,235 473 2,706 840
pension liability
Net income taxes (10,022) (7,831) (23,576) (18,222)
paid
Interest received 121 (350) (15) (1,204)
(paid)
Change in
provision for
restructuring and
other related 502 (1,157) (217) (7,755)
costs
Other (553) (112) 41 304
Change in non-cash 27,665
operating working (12,608) 67,094 (1,553)
capital
Cash provided by $ 66,411 $ 24,132 $ 159,961 $ 80,603
operating activities
Financing activities
Dividends paid $ (12,708) $ (12,708) $ (38,125) $ (22,840)
Net decrease in (1,761) (34) (211) (822)
long-term debt
Cash used in $ (14,469) $ (12,742) $ (38,336) $ (23,662)
financing activities
Investing activities
Additions to $ (9,214) $ (10,147) $ (26,797) $ (32,180)
long-term assets
Capitalization of (323) - (323) -
interest expense
Proceeds from sale 346
of long-term 2,434 3,439 4,882
assets
Cash used in $ (9,191) $ (7,713) $ (23,681) $ (27,298)
investing activities
Increase in cash and $ 42,751 $ 3,677 $ 97,944 $ 29,643
cash equivalents
Net cash and cash 145,608
equivalents, 82,036 90,415 56,070
beginning of period
Net cash and cash $ 188,359
equivalents, end of $ 85,713 $ 188,359 $ 85,713
period
Net cash and cash
equivalents is
comprised of:
Cash and cash $ 188,359 $ 87,300 $ 188,359 $ 87,300
equivalents
Bank indebtedness - (1,587) - (1,587)
Net cash and cash $ 188,359
equivalents, end of $ 85,713 $ 188,359 $ 85,713
period
Segmented Financial Information
Three months ended Nine months ended September
September 30, 30
2013 2012 2013 2012
(Restated) (Restated)
Sales
Fresh $ 266,719 $ 277,709 $ 780,553 $ 805,056
Bakery
Frozen 125,782 123,785 378,283 371,543
Bakery
$ 392,501 $ 401,494 $ 1,158,836 $ 1,176,599
Earnings before restructuring and other related
costs and
other
income
Fresh $ 26,417 $ 28,086 $ 68,245 $ 64,503
Bakery
Frozen 12,483 5,243 24,215 13,206
Bakery
$ 38,900 $ 33,329 $ 92,460 $ 77,709
Capital expenditures
Fresh $ 1,247 $ 6,821 $ 7,995 $ 24,553
Bakery
Frozen 7,967 3,326 18,802 7,627
Bakery
$ 9,214 $ 10,147 $ 26,797 $ 32,180
Depreciation and amortization
Fresh $ 8,190 $ 7,918 $ 24,425 $ 22,622
Bakery
Frozen 4,861 4,664 14,522 13,900
Bakery
$ 13,051 $ 12,582 $ 38,947 $ 36,522
As at As at As at As at January
September September December 31, 1,
30, 30,
2013 2012 2012 2012
(Restated) (Restated) (Restated)
Total assets
Fresh Bakery $ 465,687 $ 507,476 $ 504,062 $ 522,236
Frozen 342,552 350,922 356,311 369,523
Bakery
Non-allocated 222,607 106,614 109,618 79,456
assets
$ 1,030,846 $ 965,012 $ 969,991 $ 971,215
Goodwill
Fresh Bakery $ 125,892 $ 125,892 $ 125,892 $ 125,892
Frozen 141,190 137,285 138,351 140,121
Bakery
$ 267,082 $ 263,177 $ 264,243 $ 266,013
SOURCE Canada Bread Company, Limited
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SOURCE: Canada Bread Company, Limited
Investor Contact: Nick Boland, VP Investor Relations: 416-926-2005 Media Contact: 416-926-2020
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