RNS Number:7396Q
Canadian Overseas Packaging Ind Ld
09 October 2003
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
(incorporated under the laws of Canada)
EARNINGS ANNOUNCEMENT
Audited results for the fiscal year to June 30, 2003
(all funds expressed in thousands of Canadian dollars except for the common
share data)
CONSOLIDATED STATEMENT OF EARNINGS 2003 2002
(C$000) (C$000)
_______ _______
Revenues
Sales 167,925 172,214
Investment income 7,305 33,136
_______ _______
175,230 205,350
_______ _______
Expenses
Cost of sales 125,832 123,019
Selling and administrative expenses 37,945 39,800
Interest
Current 1,406 1,645
Long term 80 82
Foreign currency losses 3,511 370
_______ _______
168,774 164,916
_______ _______
Earnings from operations before income taxes and minority 6,456 40,434
interest _______ _______
Income taxes
Current 701 1,787
Future 406 853
_______ _______
1,107 2,640
_______ _______
Earnings from operations before minority interest 5,349 37,794
Minority interest 414 32
_______ _______
Net earnings 5,763 37,826
======= =======
Basic earnings per common share (17,578,125 shares) C$0.33 C$2.15
======= =======
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(in thousands of Canadian dollars)
Capital Retained Appraisal Cumulative Total
Stock Earnings Increment Translation
Adjustments
__________ _________ _________ __________ ________
$ $ $ $ $
Balance, June 30, 2001 47,984 360,658 1,833 (7,318) 403,157
Realization of appraisal
increment 27 (27)
Effect of exchange rate
changes 11 1,278 1,289
Net earnings 37,826 37,826
Dividend ($0.95 per share) (16,699) (16,699)
__________ _________ _________ __________ ________
Balance, June 30, 2002 47,984 381,812 1,817 (6,040) 425,573
Realization of appraisal
increment 25 (25)
Effect of exchange rate
changes (310) (2,667) (2,977)
Net earnings 5,763 5,763
Dividend ($1.00 per share) (17,578) (17,578)
__________ _________ _________ __________ ________
Balance, June 30, 2003 47,984 370,022 1,482 (8,707) 410,781
========== ========= ========= ========== ========
2003 2002
(C$000) (C$000)
_______ _______
CONSOLIDATED BALANCE SHEET
Assets
Current assets
Cash 13,739 26,360
Term deposits, at cost, 3.2% (2.4% to 5.3% in 2002),
maturing in July 2003 37,876 43,035
Accounts receivable 30,966 35,992
Inventories 12,372 14,850
_______ _______
94,953 120,237
Investments 312,318 316,888
Property, plant and equipment 40,307 34,186
_______ _______
447,578 471,311
======= =======
Liabilities
Current liabilities
Bank indebtedness 10,487 14,659
Accounts payable and accrued liabilities 19,712 24,755
Income taxes payable 737 697
Current portion of long-term debt 251 651
_______ _______
31,187 40,762
Long-term debt 907
Future income taxes 4,350 4,289
Minority interest 353 687
_______ _______
36,797 45,738
_______ _______
Shareholders Equity
Capital stock 47,984 47,984
Retained earnings 370,022 381,812
Appraisal increment 1,482 1,817
Cumulative translation adjustments (8,707) (6,040)
_______ _______
410,781 425,573
_______ _______
447,578 471,311
======= =======
2003 2002
(C$000) (C$000)
_______ _______
CONSOLIDATED STATEMENT OF CASH FLOWS
Operating Activities
Net earnings 5,763 37,826
Non-cash items 2,587 (22,134)
_______ _______
8,350 15,692
Changes in non-cash working capital items 2,501 (3,032)
_______ _______
Cash flows from operating activities 10,851 12,660
_______ _______
Investing Activities
Purchase of marketable securities (90,712) (211,123)
Proceeds on sale of marketable securities 97,892 226,712
Purchase of property, plant and equipment (13,401) (6,317)
Proceeds on disposal of property, plant and equipment 149 965
_______ _______
Cash flows from investing activities (6,072) 10,237
_______ _______
Financing Activities
Bank indebtedness (4,172) (5,965)
Long-term debt 1,550
Repayment of long-term debt (835) (645)
Dividend (17,578) (16,699)
_______ _______
Cash flows from financing activities (21,035) (23,309)
_______ _______
Foreign exchange loss on cash and cash equivalents held in
Foreign currency (1,524) (193)
_______ _______
Net decrease in cash and cash equivalents (17,780) (605)
Cash and cash equivalents, beginning of year 69,395 70,000
_______ _______
Cash and cash equivalents, end of year 51,615 69,395
======= =======
The Directors have today declared a regular dividend on the 17,578,125 common
shares N.P.V. payable to Shareholders registered at the close of business on
November 14, 2003 at the rate of $1.00 per share (2002: $1.00 per share).
The payment date for this dividend is December 5, 2003. The equivalent dividend
rate and exchange rate in # sterling currency will be announced on October 31,
2003.
The audited financial results have been prepared using accounting policies
consistent with those of the annual financial statements for the year ended
June 30, 2002, and conform with Canadian generally accepted accounting
principles. Under International Accounting Standards unrealized losses on
marketable securities of ($6,207) and unrealized change in fair value of foreign
exchange contracts of $1,560 would have been recorded resulting in net earnings
and earnings per common share being $1,116 and $0.06 respectively for the year
ended June 30, 2003. The headline earnings per common share (excluding gain on
sale of fixed assets) is $0.32 ($2.15 for 2002).
The Annual Report and Accounts for the fiscal year ended June 30, 2003, together
with the Notice of the Forty Second Annual Meeting, will be mailed to
shareholders on the October 24, 2003. The Forty Second Annual Meeting of
Shareholders will be held on December 2, 2003. Full details will be circulated
with the Notice of the Meeting.
Auditors: Raymond Chabot Grant Thornton
Montreal, Quebec, Canada
October 9, 2003 By Order of the Board
Suite 1500, One Brunswick Square, Germain Street D. M. Eramian
St. John, New Brunswick, Canada E2L 4H8 Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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