ZENON Ecological frigidaire dishwasher parts Inc.
Zenon reports best 365 days on record - 94% money in enhance, 26% hard cash maturation year-over-year
Trading Emblem: ZEN and .
ZENON ended 2003, a record setting 365 days,. The recognised extremely creative supervisor in the commercial resided up to its stated purpose of elevating money in at a taller ratio than hard cash and extending hard cash within the array of 20%-30% every year., a 26% enhance above 2002.
Fiscal Highlights
--------------------
For the 3 and season finished Dec 31:
3 months Season
2003 2002 2003 2002
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($ 000's)
Hard cash 65,929 52,345 183,626 145,912
Operating hard cash
before hard cash taxes 5,030 6,078 13,465 8,538
Internet profits 5,878 4,653 12,488 6,439
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Internet profits for each share:
"Our results for 2003 are a sign of our continuing maturation, as we work to accomplish $1 billion in hard cash by 2010," mentioned Andrew Benedek, Chairman and Chief executive officer of ZENON. "In 2003, virtually every part of our key deliverables was met or surpassed. Our reservations for the 365 days were a record setting $243 mil, that turned up the tallest year-end backlog within the Firm’s history of $221 mil, featuring a 35% maturation above 2002."
The Business enterprise has been continuously elevating its backlog for the last four years. Backlog is actually a critical standard for ZENON's maturation in that it's a mirrored image of up coming hard cash, as zero order turns into backlog except if an enterprise consume order is gained. The Business enterprise approximates which in any given 365 days, approximately 70%-80% of the order backlog 're going to produce hard cash for as follows 365 days.
Along with this, ZENON also has in overabundance of $A hundred mil in requests for that it has either been chosen, or is nowdays working on the engineering phase of a potentially larger project. Mix this with other substantial accolades which the Business enterprise is waiting for notice on, and this number extends to approximately $150 mil.
An element that's got speeded up the maturation in backlog 's the elevating number of bigger requests the Business enterprise has been triumphing. 2003 was very elemental for ZENON in which it marked the entry inside the use of its ZeeWeed invention for substantially larger factories. ZENON accomplished this in both the drinking essential fluids and wastewater sectors.
The finale of the 365 days saw the beginning of commissioning on the biggest ultrafiltration drinking essential fluids plant in Singapore, curing 72 mil gallons of essential fluids for each day. Because this day, ZENON has also won the contract to offer its ZeeWeed(R) 1,000 invention for an even bigger drinking essential fluids plant to be constructed in Mississauga (Peel Area), Ontario. Upon completion in 2006, this plant 're going to treat 80 mil gallons of drinking essential fluids for each day.
On the wastewater aspect, commissioning also started on the globe's broadest MBR (membrane bioreactor) in Germany which might treat A dozen mil gallons of wastewater for each day. Along with this, Northern America's broadest MBR is additionally being entrusted in Traverse City, Michigan, curing 7 mil gallons of wastewater for each day. Through out the quarter, ZENON gained a consume order to enlarge the MBR plant in Cauley Creek,.
"The trend is at present clean," kept on Mr. Benedek. "Our on going technological advancement is during retaining with our goal of coming down the expense element for curing a gallon of essential fluids. At that same moment, we are progressing the virtue of our commodities and coming down the space required. For instance, our most recent age bracket of ZeeWeed(R) 500 product could treat 3 times the quantity of essential fluids of our earlier editions in a 3rd the space. We're spending so much time to make it increasing numbers of really cheap for the bigger essential fluids therapy factories to adopt our invention."
According to Mr. Benedek, as criteria enhance, even when for drinking or throw away essential fluids, the coming down cost of the invention 're going to assure that ZENON extends its superstore share. "It will not be long before you begin seeing ZeeWeed(R) factories that would be curing in overabundance of A hundred mil gallons of drinking essential fluids for each day," finalized Mr. Benedek.
ZENON's reservations for the quarter and the 365 days have been broadly Northern American based. Though the Business enterprise has been triumphing campaigns in The european union, namely the biggest MBR plant for a petrochemical Business enterprise being constructed in Italy, activity within the municipal area has been slower. As nations prepare to sign up for europe, elemental infrastructure transforms requires to be made in order that them to meet the criteria of entry inside the Unification.
ZENON's strong attendance throughout The european union, in especial Eastern The european union, holds vow for the business's up coming outlook in this area. In light of this certainly likely, Mr. Benedek has been mandated by the business's board to duplicate ZENON's Northern American accomplishment in The european union. He can be specializing in elevating ZENON's superstore share within this geographical area above the next 365 days.
MANAGEMENT'S Dialog AND Diagnostic
------------------------------------
As follows is actually a dialog of the consolidated fiscal sistuation and outcomes of operations of ZENON Ecological Inc. for the period finished Dec 31, 2003. This dialog probably will be read in alliance with: the Unaudited Meantime Consolidated Fiscal Statements of the Business enterprise and notes thereto for Parade 31, 2003, June 30, 2003 and Sept 30, 2003; "Management's Dialog and Diagnostic" for Dec 31, 2002, contained in the Yearly Report of the Business enterprise for the 365 days finished Dec 31, 2002; and with the Audited Consolidated Fiscal Statements and notes thereto for the 365 days finished Dec 31, 2002.
Sure info confined in this "Management's Dialog and Diagnostic" consists forward-looking statements based on the business's approximates and presumptions that are topic to dangers and doubts. It may well bring on the business's factual results to vary materially from a forward-looking statements confined in this dialog.
Operating Results
The Business enterprise kept on to publish a robust performance within the 4th quarter...
The hard cash enhance for the quarter, above 2002 4th quarter, was a consequence of maturation in all geographical zones other than The european union. Though Europe's 4th quarter hard cash was just 61% of last year's quarter, on a year basis, it was 39% taller than 2002. Multinational promotes other than The european union uploaded strong quarterly hard cash benefits from requests in Hungary, Asia and the Pacific Perimeter.
For the 365 days, hard cash surpassed the previous 365 days in all geographic sectors other than Canada. But still, elemental Canadian requests were booked in 2003 and the resulting hard cash would be noticed in 2004 and 2005.
Sales reservations within the quarter were $58 mil, resulting in over all reservations for the 365 days of $243 mil, that is actually a 25% enhance above 2002 year-end reservations. The strong reservations turned up a backlog of $221 mil. This backlog is actually a 35% enhance compared against the record backlog of $164 mil which the Business enterprise taped entering 2003. The speeds up in reservations and backlog help management's anticipations for kept on maturation of the enterprise.
Gross money in margin for the quarter was 34%, that turned up gross money in of 39% for the 365 days. As predicted, the margin was cut back in the quarter because of a taller ratio of hard cash which was noticed as a effect of the consume of 3rd party portions and components for systems, when compared to internally formulated membrane and gumption costs. All in all, for the 365 days, the margin of 39% met management's anticipations as compared against 35% in 2002 and 38% in 2001.
Though rivalry is robust and is pressing down margin degrees, the Business enterprise has been capable to maintain its all in all margins by developed efficiencies within the production of membranes and on its kept on concentrate on lessening costs. Also, with the incessant enhance in membrane just sales about the Firm’s licensees, margins as a p'cent of hard cash 're going to enhance. The Business enterprise persists to have negligible transfer ratio erosion as hard cash has been secured by the consume of onward currency deals. Leadership intends margins throughout 2004 to continue at the degrees incurred above the previous 3 years.
Merchandising, general and executive (SG&A) expense was 22% of hard cash within the quarter and 25% for the 365 days. This was a elimination from the 3rd quarter of 2003. But still; the Business enterprise incurred sure costs within the 4th quarter which were not thought out in its previous quarter's projections.
Within the quarter, the Business enterprise adopted the CICA testimonial to expense stock selections trying the prospective application transitional plan of action. This technique expenditures accolades granted, tailored or settled on or next Jan 1, 2003. The cost for the 365 days which was taped within the 4th quarter was $260,000. As well as that, the Business enterprise has adopted the rehearse to reduce the purpose of stock selections as remuneration for Board account holders and as an incentive in recognition of superior employee performance. This undertaking by leadership emphasizes ZENON's commitment to complying with best practices in corporate governance guidelines.
The Business enterprise knows which staffs probably will be awarded for superior performance to preserve a robust and targeted labor force. As a consequence, . Excepting these auxiliary costs, the SG&A expense as a share of hard cash for the 365 days would've been 24% compared against 23% last 365 days. The rise is primarily the consequence of supplements in staffing and the resulting costs of coaching to help the expanding backlog.
As well as that, as the Business enterprise sells more membranes to its licensees, compared against the upper precious over all systems campaigns, the general affect can lead to a taller SG&A expense as a share of hard cash. Leadership persists to concentrate on progressing and lessening SG&A costs as a share of hard cash. Contained in the year-to-date SG&A costs are $394,000 of lawful outgoings ($228. Filter patent violation legal case which the Business enterprise has entered into.
, due to the new membrane manufacturing unit constructed in Hungary in 2002 and the continuing investment in membrane invention. But still,.
Hard cash tax benefit was $848,000 within the quarter compared against hard cash tax expense of $1,425,000 within the 4th quarter of 2002. The general tax expense for the 365 days was $977,.. Before this resolution,.
, primarily due to the favorable resolution of a salary tax negative aspect,,. The total amount reduced other possessions on the total amount sheet. A tax asset of $742,000 was also taped through the quarter due to a statutory tax ratio enhance in Ontario, Canada, that grown the worthiness of the up coming tax possessions.
Through the quarter, expenses on funds possessions of $366,200 and expenses of patents and other possessions of $449,000 were targeted primarily on the investment in research and development for the innovation of the Firm’s proprietary membrane invention. Though the 4th quarter funds expenses were fewer than common quarterly degrees, the Business enterprise persists to concentrate on making an investment elemental funds within the development of its invention and the investment in pilot costs, to permit the Business enterprise to preserve its superstore management world wide. Investment degrees are required to go back to more common degrees in subsequent quarters.
Accounting Rules
The Consolidated Fiscal Statements have been planned trying the equivalent accounting rules as described within the Firm’s 2002 yearly report with the exception of as follows devices:
a) In Feb . 2003, the Canadian Institute of Chartered Accountants
(CICA) issued Accounting Suggestion 14, Disclosure of Guarantees
(AcG -14), that describes disclosure requisites for sure
guarantees. The Business enterprise adopted the fresh suggestions valid
Jan 1, 2003 as noted within the notes about the quarterly consolidated
statements.
b) Through the quarter, the Business enterprise adopted the reasonable value strategy for
accounting for all its stock based recompense as for each Manual
Segment 3870 as issued by the Canadian Institute of Chartered
Accountants (CICA). The Business enterprise adopted these transforms trying the
prospective application transitional plan of action. Accordingly, the reasonable
value based plan of action is utilized on accolades granted, tailored or settled
on or next Jan 1, 2003 where the recompense cost is billed to
hard cash with a corresponding enhance to contributed an excess of. For stock
selections issued before this adoption, the Business enterprise in common with
the CICA issuance, has selected to continue its current policy of not
recording any recompense cost concerning the approving of stock
selections to staffs.
Outlook
Entering 2004, leadership perceives confident which the Business enterprise 're going to meet its hard cash and money in goals of accelerating hard cash 20%-30% and money in 30%-40% every year. Northern American hard cash is predicted to remain strong, especially in light of the solidifying of the sales force in this section. Eu sales are likewise anticipated to enhance progressively as leadership devotes finer concentrate to this section. Mr. Benedek would be guiding his efforts within this regard, as well as that to expanding ZENON's superstore share within the tremendously big Chinese essential fluids therapy superstore.
As the Business enterprise persists to formulate commodities which might could result in coming down the expense for each gallon of essential fluids remedied, it is going to assure that is sustains, if not extends, its share of the worldwide essential fluids therapy superstore. ZENON is so centered at bringing down the price of essential fluids therapy with the use of displacing traditional systems with more dependable and proved technological advancements in membrane technological innovations.
. buck and the solidifying of the Canadian buck and other currencies. ZENON isn't nowdays influenced and has fiscal and natural hedges in lieu to guard margins on current requests. Leadership persists to appraise these transforms in currency and to react to mitigate the up coming fiscal affect about the Business enterprise above 2004.
CONFERENCE CALL AND WEBCAST
---------------------------
ZENON 're going to hold a conference call on Thursday, Parade 11,. (EST) to debate the business's fiscal results for the quarter and year-end, and respond doubts connected with issues addressed within this disclose. To become listed on within the call,. begin. As long as you're incapable to take part in the phone call at the timetabled time,. This service would be completely ready through Parade 18, 2004.
ZENON has recently been chosen as one in every of Canada's Top A hundred Recruiters for the 4th consecutive 365 days. An S&P/TSX Composite Business enterprise, ZENON Ecological Inc...
ZENON Ecological Inc.
Consolidated Balance Sheets
As at Dec 31
2003 2002
$ (000's) $
--------------------------------
Possessions
Existing Possessions
Money and money equivalents 25,049 15,842
Restrictive money 191 688
Passwords receivable 48,860 32,754
Passwords receivable - government financing 326 2,427
Unbilled hard cash 27,957 31,054
Inventories 19,784 12,938
Prepaid expenditures and deposits 1,933 3,192
Up coming hard cash taxes 3,463 1,733
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Over all existing possessions 127,563 100,628
Funds possessions, internet 88,553 90,943
Patents and other possessions 12,133 13,191
Goodwill 4,506 4,506
Up coming hard cash taxes 5,384 1,393
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Over all possessions 238,139 210,661
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LIABILITIES AND SHAREHOLDERS' EQUITY
Existing
Passwords payable and cumulated liabilities 46,460 40,869
Client advances 33,766 23,720
Existing component of long-term account balance A hundred and eighty 160
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Over all existing liabilities 80,406 64,749
Long-term account balance 526 395
Deferred invention credit 5,000 5,000
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Over all liabilities 85,932 70,144
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Shareholders' equity
Funds stock 118,630 115,277
Contributed an excess of 260 -
Kept profits 32,658 20,250
Cumulative interpretation modification 659 4,990
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Over all shareholders' equity 152,207 140,517
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Over all liabilities and shareholders' equity 238,139 210,661
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ZENON Ecological Inc.
Consolidated Statements of Hard cash
For the 3 Months For the Years
finished Dec 31 finished Dec 31
(All figures in $000's 2003 2002 2003 2002
except profits for each share) $ $
Hard cash 65,929 52,345 183,626 145,912
Cost of sales and services 43,585 33,076 111,418 94,190
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Gross money in 22,344 19,269 72,208 51,722
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Expenditures
Merchandising, general and
executive 14,637 10,129 46,181 33,887
Amortization 2,766 3,155 12,799 9,921
Internet interest (89) (93) (237) (624)
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17,314 13,191 58,743 43,184
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Operating hard cash before
hard cash taxes 5,030 6,078 13,465 8,538
Provision for hard cash taxes (848) 1,425 977 2,099
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Internet profits for the period 5,878 4,653 12,488 6,439
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Profits for each share:
,717 27,408 27,657 26,944
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Wholly diluted 28,238 28,282 28,189 27,840
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ZENON Ecological Inc.
Consolidated Statements of
Kept Profits
-------------------------------------------------- ---------------------
-------------------------------------------------- ---------------------
For the 3 Months For the Years
finished Dec 31 finished Dec 31
(All figures in $000's 2003 2002 2003 2002
except profits for each share) $ (000's) $ $ (000's) $
------------------------------------------------- ----------------------
Kept profits -
starting off of period 26,800 15,617 20,250 13,795
Internet profits for the period 5,878 4,653 12,488 6,439
Interest on share
consume debts - - - 96
Dividends on personal taste
shares (20) (20) (80) (80)
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Kept profits -
finale of period 32,658 20,250 32,658 20,250
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Consolidated Statements of money Flows
For the 3 Months For the Years
finished Dec 31 finished Dec 31
(All figures in $000's 2003 2002 2003 2002
except profits for each share) $ (000's) $ $ (000's) $
------------------------------------------------- ----------------------
Money FLOWS FROM OPERATING
Performances
Net gain for the period 5,878 4,653 12,488 6,439
Add (deduct) devices not
impacting money
Commodity Expense 260 - 260 -
Deficits (Receive) on dumping
of possessions (49) 68 (181) (256)
Recovery of write-down on
share consume loan (269) (269)
Amortization 2,766 3,155 12,799 9,921
Up coming hard cash tax
provision (1,727) 1,163 (2,821) (539)
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7,128 8,770 22,545 15,296
Internet alter in non-cash
working funds stabilizes
connected with operations (816) 3,239 (1,338) 8,028
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Money flows offered by
operating performances 6,312 12,009 21,207 23,324
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Money FLOWS FROM Making an investment
Performances
Consume of funds possessions (366) (5,658) (12,252) (41,452)
Proceeds on dumping of possessions 49 636 386 1,288
Enhance in patents and
other possessions (449) (2,863) (3,411) (5,656)
Lessen (Enhance) in
restrictive money 271 2,605 497 (455)
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Money flows use within
making an investment performances (495) (5,280) (14,780) (46,275)
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Money FLOWS FROM Funding
Performances
Share consume loan 770 325 770 1,266
Stock selections worked out 575 4 2,583 1,233
Reimbursement of long-term account balance (14) (7) (56) (10,020)
Reimbursement of funds rents (7) (31) (One hundred and five) (73)
Proceeds from long-term account balance - 143 312 143
Proceeds from funds rent - 63 - 63
Negative aspect cost - (693) - (2,169)
Issuance of normal and
non-voting Class A Shares - - - 42,550
Interest on share consume debts - - - 96
Lessen in bank indebtedness - - - (529)
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Money flows offered by (use within)
funding performances 1,324 (196) 3,504 32,560
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Consequence of transfer ratio
transforms on money 450 695 (724) 716
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Internet enhance in money
through the period 7,591 7,228 9,207 10,325
Money and money equivalents,
starting off of period 17,458 8,614 15,842 5,517
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Money and money equivalents,
finale of period 25,049 15,842 25,049 15,842
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Supplemental cashflow
info
Money taxes paid 2,043 287 2,154 413
Money interest paid 126 103 A hundred and eighty 251
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ZENON Ecological Inc.
Segmented info
For the phases finished Dec 31, 2003 and 2002
The Business enterprise operates in Canada, Usa Alleges, The european union, Asia, and the center East, within the essential fluids therapy industry. Its reportable operating sectors are separately dealt with.
The accounting rules of the sectors are the equivalent of those described within the presentation of elemental accounting rules. The Business enterprise passwords for intersegment sales at agreed upon prices, that knows the study and development cost incurred within the development of membranes.
Operations and recognizable possessions by operating section are presented below. Extraneous sales are assigned on such basis as sales to extraneous clients.
Operating
Sectors Invention, The european union, Midst
Membranes Northern American East and
(All figures and Corporate Systems Asia Systems Over all Over all
in $ 000's) 2003 2002 2003 2002 2003 2002 2003 2002
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Hard cash
from
extraneous
clients 12,792 2,032 118,753 106,906 52,081 36,974 183,626 145,912
Intersegment
hard cash 64,211 31,608 1,827 879 762 1,276 66,800 33,763
Amortization
of funds
possessions 9,350 5,747 2,366 3,085 1,083 1,089 12,799 9,921
Section
hard cash
(deficits)
before
interest
and taxes (1,991) (4,080) 11,363 9,038 3,856 2,935 13,228 7,893
Over all
possessions 177,406 151,205 39,502 49,815 21,231 9,641 238,139 210,661
Funds
possessions
expen-
ditures 10,670 39,229 3,070 5,203 1,718 1,773 15,458 46,205
Reconci-
liation
of Hard cash 2003 2002
----------------------------
----------------------------
Over all
hard cash
for
reportable
sectors 13,228 7,893
Reduction
of inter-
section
money
frigidaire refrigerator parts in - 21
Internet interest 237 624
Provision
for hard cash
taxes (977) (2,099)
----------------------------
Net gain
for
the 365 days 12,488 6,439
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----------------------------
Auxiliary Canada Usa Alleges The european union
Info 2003 2002 2003 2002 2003 2002
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Hard cash 25,429 30,502 82,040 76,630 41,034 29,574
Funds possessions
and goodwill 66,798 67,893 668 730 2,459 2,250
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Auxiliary Hungary Rest of global Over all Over all
Info 2003 2002 2003 2002 2003 2002
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Hard cash 11,561 6,303 23,562 2,903 183,626 145,912
Funds possessions
and goodwill 35,262 37,623 5 One hundred forty four 105,192 108,640
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ZENON Ecological Inc.
Notes to Unaudited Fiscal Statements
1. Basis of Presentation
The associating unaudited consolidated fiscal statements have
been planned tracking the accounting rules as set out within the
financial 2002 yearly consolidated fiscal statements, except as
described in note 2. These audited compacted notes about the
consolidated statements probably will be read in partnership with the
audited fiscal statements and notes contained in the Firm’s 2002
Yearly Report.
2. New Accounting Criteria
(a) Guarantees
----------
In Feb . 2003, the Canadian Institute of Chartered
Accountants ("CICA") issued Accounting Suggestion 14, Disclosure
of Guarantees (AcG-14), that describes disclosure requisites
for sure guarantees. The Business enterprise adopted the fresh
suggestions valid Jan 1, 2003.
AcG-14 specifies an assurance to be a contract (consisting of an
indemnity) which contingently demands the Business enterprise to make
payments to a 3rd party based on (i) transforms in an underpinning
that's connected with an asset, a legal responsibility or an equity of the
warranted festivity or (ii) failure of an additional festivity to operate
under an obligating covenant.
The sole elemental warrant the Business enterprise has offered to
3rd parties is:
Director/Officer indemnification
--------------------------------
Under its by-laws, the Business enterprise indemnifies its
directors/officers, previous directors/officers and persons
that have acted at the business's request to be a
director/officer of an creature during which the Business enterprise is actually a
shareholder, about the scope allowed legally, against any and
all fees and penalties, costs, expenditures, quantities paid in settlement and
ruins incurred by the administrators and officers due to
any legal case, or any judicial, executive or investigative
proceeding during which the administrators and officers are sued as a
effect inside their service. Indemnification asserts would be topic
to any statutory or other lawful restriction period. There're zero
indemnification asserts known about the Business enterprise at the moment. The
Business enterprise has bought directors' and officers' legal responsibility
assurance. Nil amount has been cumulated within the consolidated
balance sheet with honour to any indemnifications.
(b) In the course of the quarter, the Firm altered its strategy for
accounting for stock-based recompense and adopted the reasonable
value based strategy for accounting for all its stock-based
recompense. The Firm adopted these alters trying the
prospective application transitional strategy. Accordingly, the
reasonable value based strategy is utilised in accolades granted, adapted
or settled on or afterwards Jan 1, 2003, where the recompense
cost is invoiced to revenue with a corresponding augment to
contributed residual. Before this adoption, the Firm as
allowed by Part 3870 as issued by the CICA has selected to
continue its current policy of recording nil recompense cost
on the grant of stock selections to staffs. The recompense
cost is computed trying the Black-Scholes selection costing model
and the price is pass around beyond the vesting period.
3. Stock Based Recompense
In the course of the quarter, the recompense cost invoiced against revenue for
accolades granted, adapted or settled on or afterwards Jan 1, 2003 was
$260,000. The recompense cost was computed trying the Black-
Scholes selection costing model with as follows presumptions: Jeopardy-
free rate of interest of 5, dividend yield of 0%,.
In 2002, the Firm didn't recognise recompense when stock
selections were granted to staffs and controllers beneath the stock
selection plan. The table below presents pro-forma net gain and rudimentary
and diluted revenue for each quite typical share as though stock selections granted to
staffs and controllers had been insistent based on the reasonable value
strategy. This table contains all stock selections granted by the Firm
in the course of the three and calendar year finished Dec 31, 2002.
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Stock Selections Granted 3 months Finished Calendar year Finished
2003 2002 2003 2002
-------------------- ----------------------
(All figures in $ 000s
except incomes for each share)
Revenue for the yr 5,878 4,653 12,488 6,439
Recompense expense 93 153 373 399
---------------------------------------------- ----------------------
Pro-forma revenue
for the yr 5,785 4,500 12,115 6,040
---------------------------------------------- ----------------------
Rudimentary revenue for each share $ $ $ $
, envisioned dividend yield of 0%,.
4. Finances Stock
The Firm is allowed to downside an infinite number of quite typical
shares, an infinite number of non-voting, convertible taking part
Class A shares and 300,000 2% redeemable, convertible, balloting
Ranges 1 personal taste shares.
As follows listings the alters within the issued quite typical shares,
non-voting Class A shares and the Ranges 1 personal taste shares for the
24 months finished Dec 31.
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Quite typical shares Number $
---------------------------------------------------------------------
(000's)
Balance as at January 1, 2002 20,413,752 21,901
Public supplying 1000000 16,652
Movement of selections 153,238 1,155
Shares cancelled (7,794,584) (105,149)
Shares issued 7,794,584 105,149
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Balance as at Dec 31, 2002 21,566,990 39,708
Movement of selections 262,440 2,563
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Balance as at Dec 31, 2003 21,829,430 42,271
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Non-voting Class A shares Number $
---------------------------------------------------------------------
(000's)
Balance as at January 1, 2002 3,900,000 47,859
Public supplying 2,000,000 24,403
Movement of selections 11,000 77
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Sub-Total 5,911,000 72,339
Share buy loan receivable (70,000) (770)
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Balance as at Dec 31, 2002 5,841,000 71,569
Movement of selections 4,000 20
Invoice of loan receivable 70,000 770
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Balance as at Dec 31, 2003 5,915,000 72,359
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Ranges 1 personal taste shares Number $
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(000's)
Balance at January 1, 2002, Dec 31, 2002
and Dec 31, 2003 300,000 4,000
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As at Dec 31, 2003 the Firm has awe-inspiring stock selections for
714,779 quite typical shares of that 457,763 are entrusted and 174,580 non-
balloting Class A shares awe-inspiring all of that are entrusted.
5. Incomes For each Quite typical Share
---------------------------------------------------------------------
3 months finished Yr finished
Dec 31 Dec 31
($ 000s) 2003 2002 2003 2002
----------------------------------------------- --------------------
Numerator for rudimentary and
diluted incomes for each
quite typical share:
Web incomes attributable
to quite typical investors
($000's) 5,878 4,653 12,488 6,439
-------------------- --------------------
Denominator (number of
quite typical shares in
1000s):
Denominator for rudimentary
incomes for each quite typical
share - weighted average
of remarkable shares 27,717 27,408 27,657 26,994
Result of dilutive stock
selections and personal taste
shares 521 874 532 846
-------------------- --------------------
Denominator for diluted
incomes for each quite typical
share - fixed
weighted average of
awe-inspiring shares
frigidaire dishwasher parts 28,238 28,282 28,189 27,840
--------------------- --------------------
----------------------------------------------- --------------------
Incomes for each quite typical
. Bank Credit Facilities
In the course of the quarter, the Firm and its subsidiaries reconditioned
contracts with clear on its financiers, that along with current
. These
facilities are made up the following:
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Dec Dec
31 31
($ 000s) 2003 2002
---------------------------------------------------------- ---------
364-day committed extendable operating credit
facility 40,000 40,000
Crave facilities 12,300 7,900
Twisting term facility 6,200 300
Correspondence of credit facility 44,200 43,000
Foreign currency market hedging facility 17,900 16,000
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120,600 107,200
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7. Foreign currency market Benefits and Losses
As part of the retailing, general and exec expenditures is known as a
foreign currency market ingredient the following:
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3 months finished Yr finished
Dec 31 Dec 31
---------------------------------------------- ---------------------
2003 2002 2003 2002
$ $ $ $
---------------------------------------------- ---------------------
Foreign currency market Benefits
(Losses) (185,000) 345,000 (191,000) 345,000
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The foreign currency market fluctuation all through 2003 contributed about the
alter within the cumulative interpretation modification account.
, Chairman & Chief executive officer, , Corporate Communications & Investor Relationships, . 3055
