The Data Group Income Fund announces full year and fourth quarter results for 2008
HIGHLIGHTS
----------
Full Year 2008
--------------
- Full Year Revenues of $ 380.5 million, Full Year Gross Profit of
$102.1 million, Full Year Net Income of $0.7 million and Full Year
Net Income before Goodwill Impairment Charge of $10.2 million
- Full Year Cash Available for Distribution of $30.3 million or
$1.289 per unit and Cash Distributions of $27.2 million or $1.160 per
unit (see Table 4 and "Non-GAAP Measures" below)
- Full Year Payout Ratio excluding one-time restructuring charges of
84.3%; Full Year Payout Ratio of 89.9% (See Table 4 below)
- Full Year Adjusted EBITDA of $39.1 million (see Table 3 and "Non-GAAP
Measures" below)
- Increased Cash and Cash Equivalents balance from $5.3 million to
$11.5 million
Q4 2008
-------
- Fourth quarter ("Q4") 2008 Revenues of $96.5 million, Q4 Gross
Profit of $24.7 million, Q4 Net Loss of $10.0 million and Q4 Net Loss
before Goodwill Impairment Charge of $0.5 million
- Q4 Cash Available for Distribution of $5.7 million or $0.244 per unit
and Cash Distributions of $6.8 million or $0.290 per unit
(see Table 4 and "Non-GAAP Measures" below)
- Q4 Payout Ratio excluding one-time restructuring charges of 87.8%; Q4
Payout Ratio of 118.9% (See Table 4 below)
- Q4 Adjusted EBITDA of $8.1 million (see Table 3 and "Non-GAAP
Measures" below)
BRAMPTON, ON, March 5 /CNW/ - The DATA Group Income Fund (TSX: DGI.UN)
("the Fund") today announced financial and operating results for the full year
and the fourth quarter ended December 31, 2008.
The Fund owns directly and indirectly all of the outstanding partnership
units of The Data Group Limited Partnership (the "Data Group") and all of the
outstanding shares of the Data Group's general partner, Data Business Forms
Limited.
The Data Group is a leading provider of total document management
solutions, including printed products, and operates as three segments. DATA
East and West (which provided approximately 90% of total revenue in 2008)
sells a broad range of printed products and document management services
directly to end users. Sundog (which provided approximately 6% of total
revenue in 2008) is a commercial printer specializing in the production of
high-quality annual reports, marketing materials and event tickets. Multiple
Pakfold (which provided approximately 4% of total revenue in 2008) sells forms
and labels to independent brokers and resellers.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance, objectives or
achievements of the Fund and/or the Data Group, or industry results, to be
materially different from any future results, performance, objectives or
achievements expressed or implied by such forward-looking statements. When
used in this press release, words such as "may", "would", "could", "will",
"expect", "anticipate", "estimate", "believe", "intend", "plan", and other
similar expressions are intended to identify forward-looking statements. These
statements reflect the Fund's current views regarding future events and
operating performance, are based on information currently available to the
Fund, and speak only as of the date of this press release. These
forward-looking statements involve a number of risks, uncertainties and
assumptions and should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not
such performance or results will be achieved. Many factors could cause the
actual results, performance or achievements of the Fund and the Data Group to
be materially different from any future results, performance or achievements
that may be expressed or implied by such forward-looking statements. The
principal assumptions and risks that the Fund made or took into account in the
preparation of these forward-looking statements include the impact of the
current uncertainty in domestic and global economic conditions on the Data
Group's businesses; the Data Group's ability to grow its sales or even
maintain historical levels of its sales of product and services including
printed business documents; increases in the costs of paper and other raw
materials used by the Data Group; the Data Group's ability to maintain
relationships with its customers; the accuracy of estimated synergies in
respect of expected cash flows, cost savings and profitability from the
combination of the former Data Business Forms Limited and Relizon Canada Inc.
("Relizon Canada") businesses; the risk that any savings, growth prospects or
other synergies from the combination of those businesses will not be fully
realized or will take longer to realize than expected; competition from
competitors supplying similar products and services; and the application of
recent changes to the income tax treatment of certain income trusts, such as
the Fund, which will subject the Fund to tax commencing in 2011 (assuming the
Fund complies with the "normal growth guidelines" contained in such changes),
and the effect of those proposed changes on the trading price of the Fund's
units. Additional factors are discussed elsewhere in this press release and
under the heading "Risks and Uncertainties" in the Fund's management's
discussion and analysis ("MD&A") and in the Fund's other publicly available
disclosure documents, as filed by the Fund on SEDAR (www.sedar.com). Should
one or more of these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual results may
vary materially from those described in this press release as intended,
planned, anticipated, believed, estimated or expected. Unless required by
applicable securities law, the Fund does not intend and does not assume any
obligation to update these forward-looking statements.
NON-GAAP MEASURES
This press release includes certain non-GAAP measures as supplementary
information. When used in this press release, EBITDA means earnings before
interest, taxes, depreciation and amortization, and Adjusted EBITDA for the
three and twelve months ended December 31, 2008 means EBITDA adjusted for
write downs of assets held for sale, goodwill impairment charges and pension
curtailment gains. The Fund believes that, in addition to net income (loss),
EBITDA and Adjusted EBITDA are useful supplemental measures in evaluating the
performance of the Data Group and/or the Fund. Cash available for distribution
means cash provided by (used in) operating activities increased by, or reduced
for, maintenance capital expenditures, changes in non-cash working capital and
other non-cash items. Specifically, the Fund views cash available for
distribution as a measure generally used by Canadian income funds, investors
and management as an indicator of financial performance. EBITDA, Adjusted
EBITDA and cash available for distribution are not earnings or cash flow
measures recognized by Canadian generally accepted accounting principles
("GAAP") and do not have any standardized meanings prescribed by GAAP.
Therefore, EBITDA, Adjusted EBITDA and cash available for distribution are
unlikely to be comparable to similar measures presented by other issuers.
Investors are cautioned that EBITDA and Adjusted EBITDA should not be
construed as an alternative to net income (loss) determined in accordance with
GAAP as indicators of the Data Group's or the Fund's performance, nor is cash
available for distribution an alternative to cash flows from operating,
investing and financing activities determined in accordance with GAAP as
measures of liquidity and cash flows. For a reconciliation of net income
(loss) to Adjusted EBITDA, see Table 3 below. For a reconciliation of cash
provided by operating activities to cash available for distribution, see Table
4 below.
Table 1 The following table sets out selected historical financial
information for the periods noted.
Consolidated Financial Information
-------------------------------------------------------------------------
For the periods ended Oct. 1 Oct. 1 Jan. 1 Jan. 1
December 31, 2008 and 2007 to to to to
(in thousands of dollars, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
except per unit amounts, 2008 2007 2008 2007
unaudited) $ $ $ $
-------------------------------------------------------------------------
Revenues 96,508 107,235 380,472 398,653
Cost of revenues 71,766 76,430 278,410 291,315
-------------------------------------------------------------------------
Gross profit 24,742 30,805 102,062 107,338
Selling, general and
administrative expenses 16,635 17,227 68,373 70,732
Restructuring and
integration costs 2,026 312 2,621 4,309
Write down of assets
held for sale - - 927 -
Amortization of
intangible assets 2,744 3,363 10,976 10,596
Curtailment gain - (1,461) - (1,461)
Impairment of goodwill 9,500 1,900 9,500 1,900
-------------------------------------------------------------------------
Income (loss) before
interest and income
taxes (6,163) 9,464 9,665 21,262
-------------------------------------------------------------------------
Interest expense on
long-term debt 1,460 1,622 6,029 6,355
-------------------------------------------------------------------------
Income (loss) before
income taxes (7,623) 7,842 3,636 14,907
-------------------------------------------------------------------------
Income tax expense
(recovery)
Current 1,150 - 1,150 -
Future 1,273 (2,830) 1,791 7,482
-------------------------------------------------------------------------
2,423 (2,830) 2,941 7,482
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net income (loss) for
the period (10,046) 10,672 695 7,425
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic and diluted income
(income) per unit (0.43) 0.45 0.03 0.32
Weighted average number
of units outstanding 23,490,592 23,490,592 23,490,592 23,482,264
Consolidated Balance
Sheet Information
Current assets 113,865 109,484 113,865 109,484
Current liabilities 50,003 54,414 50,003 54,414
Total assets 349,770 373,984 349,770 373,984
Total long-term
liabilities 128,449 126,909 128,449 126,909
Unitholders' equity 171,318 192,661 171,318 192,661
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Table 2 The following table sets out selected historical financial
information by business segment for the periods noted.
Consolidated Financial Information
-------------------------------------------------------------------------
For the periods ended Oct. 1 Oct. 1 Jan. 1 Jan. 1
December 31, 2008 and 2007 to to to to
(in thousands of dollars, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
except percentage amounts, 2008 2007 2008 2007
unaudited) $ $ $ $
-------------------------------------------------------------------------
Revenues
-------------------------------------------------------------------------
DATA East and West 88,324 98,852 347,036 361,428
Sundog 5,295 5,470 22,486 25,054
Multiple Pakfold 4,099 4,078 16,037 17,944
Intersegment (1,210) (1,165) (5,087) (5,773)
-------------------------------------------------------------------------
96,508 107,235 380,472 398,653
-------------------------------------------------------------------------
Gross profit
-------------------------------------------------------------------------
DATA East and West 22,637 28,766 93,997 97,243
Sundog 1,601 1,642 6,353 8,171
Multiple Pakfold 504 397 1,712 1,924
-------------------------------------------------------------------------
24,742 30,805 102,062 107,338
-------------------------------------------------------------------------
Gross profit, as a
percentage of revenues
-------------------------------------------------------------------------
DATA East and West 25.6% 29.1% 27.1% 26.9%
Sundog 30.2% 30.0% 28.3% 32.6%
Multiple Pakfold 12.3% 9.7% 10.7% 10.7%
-------------------------------------------------------------------------
25.6% 28.7% 26.8% 26.9%
-------------------------------------------------------------------------
Selling, general and
administrative expenses 16,635 17,227 68,373 70,732
-------------------------------------------------------------------------
As a percentage of
revenues 17.2% 16.1% 18.0% 17.7%
-------------------------------------------------------------------------
Adjusted EBITDA
(see Table 3) 8,053 15,330 39,144 40,804
-------------------------------------------------------------------------
Adjusted EBITDA margin,
as a percentage of revenues 8.3% 14.3% 10.3% 10.2%
-------------------------------------------------------------------------
Net income (loss) (10,046) 10,672 695 7,425
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Table 3 The following table provides a reconciliation of net income
(loss) to Adjusted EBITDA for the periods noted. See "Non-GAAP
Measures".
Adjusted EBITDA Reconciliation
-------------------------------------------------------------------------
For the periods ended Oct. 1 Oct. 1 Jan. 1 Jan. 1
December 31, 2008 and 2007 to to to to
(in thousands of dollars, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
unaudited) 2008 2007 2008 2007
$ $ $ $
-------------------------------------------------------------------------
Net income (loss) for
the period (10,046) 10,672 695 7,425
-------------------------------------------------------------------------
Net interest expense on
long-term debt 1,460 1,622 6,029 6,355
Depreciation of property,
plant and equipment 1,972 2,064 8,076 8,507
Write down of assets
held for sale - - 927 -
Amortization of
intangible assets 2,744 3,363 10,976 10,596
Impairment of goodwill 9,500 1,900 9,500 1,900
Curtailment gain - (1,461) - (1,461)
Current income tax expense 1,150 - 1,150 -
Future income tax
(recovery) expense 1,273 (2,830) 1,791 7,482
-------------------------------------------------------------------------
Adjusted EBITDA 8,053 15,330 39,144 40,804
-------------------------------------------------------------------------
-------------------------------------------------------------------------
RESULTS OF OPERATIONS
THE DATA GROUP INCOME FUND
Revenues
For the quarter ended December 31, 2008, the Fund recorded revenues of
$96.5 million, a decrease of $10.7 million or 10.0% compared with the same
period in 2007. The net decrease, before intersegment revenues, was primarily
the result of a $10.5 million decrease in the Data East and West segment
compared to the fourth quarter of 2007. For the year ended December 31, 2008,
the Fund recorded revenues of $380.5 million, a decrease of $18.2 million or
4.6% compared with the same period in 2007. The net decrease, before
intersegment revenues, was the result of a $14.4 million decrease in the DATA
East and West segment, a $2.6 million decrease in the Sundog segment and a
$1.9 million decrease in the Multiple Pakfold segment. A more detailed
discussion of the results of operations of each of the Fund's reporting
segments is set out below.
Cost of Revenues and Gross Profit
For the quarter ended December 31, 2008, cost of revenues decreased to
$71.8 million from $76.4 million for the same period in 2007. Gross profit for
the quarter ended December 31, 2008 was $24.7 million, which represented a
decrease of $6.1 million or 19.7% from $30.8 million for the same period in
2007. Gross profit as a percentage of revenues decreased to 25.6% for the
quarter ended December 31, 2008 compared to 28.7% for the same period in 2007.
The net decrease in gross profit was primarily attributable to a gross profit
decrease in the Data East and West segment of $6.1 million due to lower
utilization as a result of the lower revenues recorded by this segment. For
the year ended December 31, 2008, cost of revenues decreased to $278.4 million
from $291.3 million for the same period in 2007. Gross profit for the year
ended December 31, 2008 was $102.1 million, which represented a decrease of
$5.3 million or 4.9% from $107.3 million in the same period of 2007. Gross
profit as a percentage of revenue decreased slightly to 26.8% for the year
ended December 31, 2008 from 26.9% for the same period in 2007.
Selling, General and Administrative Expenses, Restructuring and
Integration Costs
Selling, general and administrative ("SG&A") expenses, including
administrative expenses of the Fund, for the quarter ended December 31, 2008
decreased $0.6 million to $16.6 million compared to $17.2 million in the same
period of 2007. As a percentage of revenues, these costs were 17.2% and 16.1%
of revenues for the quarters ended December 31, 2008 and 2007, respectively.
SG&A expenses for the year ended December 31, 2008 decreased by $2.4 million
to $68.4 million compared to $70.7 million in the same period of 2007. As a
percentage of revenues, these costs were 18.0% and 17.8% of revenues for the
years ended December 31, 2008 and 2007, respectively. SG&A expenses for the
three months and the year ended December 31, 2008 were lower due to cost
savings realized from the Data Group's restructuring and on-going productivity
improvement initiatives.
For the three months ended December 31, 2008, the Data Group incurred
$2.0 million of severance costs charged to restructuring expense as a result
of those on-going productivity improvement initiatives. For the three months
ended December 31, 2007, the Data Group incurred $0.3 million of costs related
to the integration of the former Data Business Forms Limited and Relizon
Canada businesses, which primarily consisted of severance and moving expenses
incurred in connection with the restructuring announced by the Fund on March
1, 2007. Those integration costs were attributable primarily to the DATA East
and West segment, by virtue of the fact that the operations of the former
Relizon Canada business now form part of that segment. The balance of those
integration costs were attributable to the Multiple Pakfold segment. For the
year ended December 31, 2008, the Data Group incurred $2.6 million of
severance costs charged to restructuring expense related to on-going
productivity improvement initiatives undertaken in 2008. For the year ended
December 31, 2007, the Data Group incurred $4.3 million of costs related to
the integration of the former Data Business Forms Limited and Relizon Canada
businesses, which primarily consisted of severance and moving expenses
incurred in connection with the restructuring announced by the Fund in March
2007.
Write down of assets held for sale
During the year ended December 31, 2008, the Data Group determined that
the carrying value of a property held for sale required a write down and
recorded a pre-tax charge of $0.9 million. Subsequent to year end, this
facility was sold for gross proceeds of $0.7 million.
Impairment of Goodwill
During the fourth quarter of 2008, the Data Group performed its annual
review for impairment of goodwill by comparing the fair value of each of its
reporting segment to the segment's carrying value on the Data Group's books.
The Data Group determines fair value of each reporting segment by discounting
expected future cash flows in accordance with recognized valuation methods.
The process of determining those fair values requires the Data Group to make a
number of estimates and assumptions such as projected future revenues, costs
of revenues, market conditions well into the future, and discount rates. As a
result of that review, the Data Group concluded that, due to the present
uncertainty surrounding the domestic and global economies generally, the fair
values of the Sundog and Multiple Pakfold segments were less than their
carrying value. Accordingly, the Fund recognized impairment of goodwill
charges of $5.9 million and $3.6 million related to the Sundog and Multiple
Pakfold segments, respectively. As part of this review, management of the Data
Group also critically examined the goodwill associated with the Data East and
West segment, including stress testing the cash flows and increasing the
discount rate associated with those cash flows in the future due to the
current economic environment and found no impairment in this reporting
segment.
Adjusted EBITDA
For the quarter ended December 31, 2008, Adjusted EBITDA was $8.1 million
or 8.3% of revenues. Adjusted EBITDA for the quarter ended December 31, 2008
decreased $7.3 million or 47.5% from the same period in the prior year and the
Adjusted EBITDA margin for the quarter, as a percentage of revenues, decreased
from 14.3% of revenues in 2007 to 8.3% of revenues in 2008. The decrease was
attributable to the declines in the revenues in each of the Data Group's
operating segments described above. For the year ended December 31, 2008,
Adjusted EBITDA was $39.1 million or 10.3% of revenues. Adjusted EBITDA for
the year ended December 31, 2008 decreased $1.7 million or 4.1% from the same
period in the prior year and the Adjusted EBITDA margin for the twelve month
period, as a percentage of revenues, increased from 10.2% of revenues in 2007
to 10.3% of revenues in 2008.
Interest Expense
Net interest expense on long-term debt relating to the Data Group's
credit facilities and the Fund's $34.8 million aggregate principal amount of
outstanding Convertible Debentures was $1.5 million for the quarter ended
December 31, 2008 compared to $1.6 million for the same period in 2007. Net
interest expense on long-term debt was $6.0 million for the year ended
December 31, 2008 compared to $6.4 million for the same period in 2007 due to
a decline in interest rates during 2008.
Interest income of $0.1 million and $0.4 million earned during the three
and twelve month periods ended December 31, 2008, respectively, was consistent
with the applicable prior periods. This interest income was substantially
related to the cash and cash equivalents held by the Data Group.
Income Taxes
The Fund reported a loss before income taxes of $7.6 million, a current
income tax expense of $1.2 million and a future income tax expense of $1.3
million for the quarter ended December 31, 2008. The future income tax expense
was mainly due to a change in estimates of future reversals of temporary
differences. The current tax expense represents the estimated amount payable
by the Data Group to settle anticipated assessments by the Canada Revenue
Agency and certain provincial tax authorities that, in each case, adjust the
pricing of transactions between Relizon Canada and its former parent company
prior to the Fund's acquisition of Relizon Canada from The Relizon Company
("Relizon US") in 2006, net of amounts which the Fund reasonably expects to
recover from Relizon US pursuant to the Fund's rights of indemnification under
the share purchase agreement between the Fund and Relizon US relating to the
acquisition of Relizon Canada. The Fund has commenced legal proceedings
against Relizon US to recover the amount of any tax expense related to this
matter, together with related expenses incurred by the Fund in connection with
those proceedings.
The Fund reported income before income taxes of $7.8 million and a future
income tax recovery of $2.8 million for the quarter ended December 31, 2007.
On June 22, 2007, Bill C-52, which contained the Specified Investment
Flow-Through Entity ("SIFT") rules (described below under the heading -
"Outlook"), became law. As a result, under GAAP the Fund commenced accounting
for tax changes in its reporting for the quarter ended June 30, 2007. A net
long-term future income tax liability of $6.7 million has been recognized for
the year ended December 31, 2007, with a $7.5 million charge to the Fund's
income for the year ended December 31, 2007. The future income tax liability
represents estimated temporary differences at December 31, 2007 that are
expected to reverse starting in fiscal year 2011 when the Fund becomes subject
to tax as a result of the SIFT rules. The future income tax expense in 2007
was due to a change in estimates of future reversals of temporary differences,
the impact of the deferred gain on the sale leaseback of the Data Group's
Brockville, Ontario printing facility and changes to substantially enacted
income tax rates. Future income tax liabilities and assets are assessed each
quarter and any changes will be recognized in the Fund's consolidated
statement of income and comprehensive income.
The Fund reported income before income taxes of $3.6 million, a current
income tax expense of $1.2 million and a future income tax expense of $1.8
million for the year ended December 31, 2008. The future income tax expense
was mainly due to a change in estimates of future reversals of temporary
differences. The current tax expense represents the estimated amount payable
by the Data Group to settle anticipated assessments by the Canada Revenue
Agency and certain provincial tax authorities, net of amounts which the Fund
reasonably expects to recover from Relizon US as described above. The Fund
reported income before income taxes of $14.9 million and a future income tax
expense of $7.5 million for the year ended December 31, 2007 related to the
change in tax law and the factors described above.
Net Income (Loss)
Net loss for the quarter ended December 31, 2008 was $10.0 million
compared to a net income of $10.7 million for the quarter ended December 31,
2007. Net income for the year ended December 31, 2008 was $0.7 million
compared to a net income of $7.4 million for the year ended December 31, 2007.
The decrease in comparable profitability was substantially due to a larger
goodwill impairment charge in 2008 and other factors discussed above.
DATA EAST AND WEST
Revenues at the Data Group's DATA East and West segment for the three
months ended December 31, 2008 decreased $10.5 million or 10.7% to $88.3
million from $98.9 million for the same period in the prior year. Revenues for
the year ended December 31, 2008 decreased $14.4 million or 4.0% to $347.0
million from $361.4 million for the same period in the prior year.
Revenues for the three months ended December 31, 2008 were consistent in
Western Canada compared to the same period in 2007, but were offset by a
significant decline in Eastern Canada due to lower spending from customers in
the financial, government and direct mail industries.
The decrease in revenues for the twelve months ended December 31, 2008
was due, in part, to the Data Group's determination, following a strategic
review that commenced in 2007, to eliminate from its customer offering certain
low margin products and services previously manufactured and provided by the
segment. In addition, during the second half of 2008, this segment experienced
a significant decline in revenues in Eastern Canada due to lower spending from
customers in the financial, government and direct mail industries. The segment
continued to experience increases in sales of variable imaging and fulfillment
warehousing services as a result of contracts signed in the fourth quarter of
2007.
For the quarter ended December 31, 2008, gross profit decreased $6.1
million to $22.6 million from $28.8 million for the same period in 2007. Gross
profit as a percentage of revenues for the quarter ended December 31, 2008
decreased to 25.6% from 29.1% for the same period in 2007. The decrease in
gross profit as a percentage of revenues during the quarter ended December 31,
2008 was due to lower utilization as a result of the revenue decline noted
above. This segment continues to be focused upon improving productivity and
efficiencies in the operation of the equipment transferred between locations
in connection with the Data Group's restructuring announced in March 2007.
During the quarter ended December 31, 2008, these initiatives gave rise to the
severance costs and restructuring charges noted under "Selling, General and
Administrative Expenses, Restructuring and Integration Costs" above.
For the year ended December 31, 2008, gross profit decreased $3.2 million
to $94.0 million from $97.2 million in the same period in 2007. Gross profit
as a percentage of revenues for the year ended December 31, 2008 increased
slightly to 27.1% from 26.9% for the same period in 2007. The increase in
gross profit was due to the integration and restructuring initiatives
completed in 2007, which resulted in lower labour and overhead costs as well
as the elimination of certain low margin products and services from the
segment's customer offering offset by a revenue shortfall in the fourth
quarter of 2008. This segment continues to be focused upon improving
productivity and efficiencies in the operation of the equipment transferred
between locations in connection with that restructuring as noted above. During
the year ended December 31, 2008, the segment continued its on-going
productivity improvement initiatives, which gave rise to the additional
severance costs and restructuring charges noted under "Selling, General and
Administrative Expenses, Restructuring and Integration Costs" above.
SUNDOG
Revenues at the Data Group's Sundog segment for the quarter ended
December 31, 2008 decreased $0.2 million to $5.3 million from $5.5 million in
2007. Revenues for the year end December 31, 2008 decreased $2.6 million to
$22.5 million from $25.1 million for the same period in the prior year. The
decreases in revenues for the three and twelve months ended December 31, 2008
were a result of continued weaker local market demand for commercial printing
in Alberta and increased competition in that market. In addition, current
economic conditions continue to negatively affect demand for commercial
printing in that market, primarily marketing materials.
For each of the quarters ended December 31, 2008 and 2007, gross profit
was $1.6 million. Gross profit as a percentage of revenues for the quarter
ended December 31, 2008 increased to 30.2% from 30.0% for the same period in
2007. For the year ended December 31, 2008, gross profit decreased $1.8
million to $6.4 million from $8.2 million in the same period of 2007. Gross
profit as a percentage of revenues for the year ended December 31, 2008
decreased to 28.3% from 32.6% for the same period in 2007. The overall
decrease in gross profit was due to the revenue shortfall for the three and
twelve months ended December 31, 2008 as noted above.
MULTIPLE PAKFOLD
Revenues at the Data Group's Multiple Pakfold segment for the quarter
ended December 31, 2008 was unchanged at $4.1 million and $4.1 million for the
same period in 2007. Revenues for the year ended December 31, 2008 decreased
$1.9 million or 10.6% to $16.0 million from $17.9 million for the same period
in the prior year.
The decline in revenues for the twelve months ended December 31, 2008 was
attributable to a loss of business in the Ontario and Québec markets as a
result of the integration and restructuring activities undertaken in 2007,
which disrupted Multiple Pakfold's operations and adversely affected the
segment's ability to meet customer delivery requirements. The Data Group has
implemented management and other changes in its Multiple Pakfold segment which
it believes have resolved those operational difficulties. As a result of these
measures, the Data Group believes that revenues should improve over the longer
term as Multiple Pakfold demonstrates to its customers that it is able to meet
their delivery requirements.
Gross profit was $0.5 million and $0.4 million for the quarters ended
December 31, 2008 and 2007, respectively. Gross profit as a percentage of
revenues for the quarter ended December 31, 2008 was 12.3% compared to 9.7%
for the same period in 2007. The increase in gross profit was due to the
initiatives referred to above. For the year ended December 31, 2008, gross
profit decreased $0.2 million to $1.7 million from $1.9 million for the same
period of 2007. Gross profit as percentage of revenues for the year ended
December 31, 2008 was unchanged at 10.7% compared to the same period in 2007.
Gross profit for the year ended December 31, 2008 was negatively impacted by
the operational difficulties referred above and the resulting reduction in
revenues.
Table 4 The following table provides a reconciliation of cash provided
by operating activities to cash available for distribution for
the periods noted. See "Non-GAAP Measures".
Cash Available for Distribution Reconciliation
-------------------------------------------------------------------------
For the periods ended Oct. 1 Oct. 1 Jan. 1 Jan. 1
December 31, 2008 and 2007 to to to to
(in thousands of dollars, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
except percentages and 2008 2007 2008 2007
per unit amounts, $ $ $ $
unaudited)
-------------------------------------------------------------------------
Cash provided by operating
activities 5,484 12,440 34,816 26,430
Capital adjustments
Maintenance capital
expenditures(1) (902) (1,112) (3,061) (5,268)
Other adjustments including
discretionary items:
Changes in non-cash
working capital(2) (118) 1,380 (3,067) 8,480
Other(3) 1,258 80 1,578 259
-------------------------------------------------------------------------
Cash available for distribution 5,722 12,788 30,266 29,901
-------------------------------------------------------------------------
Distributions to unitholders(4) 6,805 6,805 27,220 27,211
-------------------------------------------------------------------------
Excess (shortfall) of cash
available for distribution over
actual distributions (1,083) 5,983 3,046 2,690
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Per unit(5)
Cash available for distribution
per unit(5) 0.244 0.545 1.289 1.275
-------------------------------------------------------------------------
Distributions to unitholders
per unit(5) 0.290 0.290 1.160 1.160
-------------------------------------------------------------------------
Excess (shortfall) of cash
available for distribution
per unit over actual
distributions per unit(5) (0.046) 0.255 0.129 0.115
-------------------------------------------------------------------------
Payout ratio(6) 118.9% 53.2% 89.9% 91.0%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Notes:
(1) Maintenance capital expenditures are additions, replacements or
improvements to property, plant and equipment to maintain the Data
Group's business operations. These expenditures involve the
replacement of printing and digital equipment, computers and
software, and leasehold improvements.
(2) Cash provided by operating activities has been adjusted for changes
in non-cash working capital so as to remove the impact of timing
differences in cash receipts and cash disbursements, which generally
reverse themselves but can vary significantly across years. In 2007,
a significant portion of the change in non-cash working capital was
due to the impact of cash payments related to the integration costs
expensed and restructuring liabilities assumed as part of the
acquisition of Relizon Canada.
(3) Includes income tax related expenses and other amounts that do not
reflect the ongoing operations of the Data Group's business.
(4) Distributions are in respect of the distributions declared.
(5) Per unit calculations are based upon the number of units outstanding
at the end of each period consistent with the number of units upon
which distributions are declared and paid and not the weighted
average number of units outstanding. As at December 31, 2008 and
2007, 23,490,592 units were outstanding.
(6) The payout ratio represents the percentage of distributions declared
to unitholders divided by the cash available for distribution.
CASH AVAILABLE FOR DISTRIBUTION
See Table 4 above for a reconciliation of cash provided by operating
activities to cash available for distribution. For the quarter ended December
31, 2008, the Fund generated $5.7 million or $0.244 per unit of cash available
for distribution compared to $12.8 million or $0.545 per unit for the same
period in 2007. Cash available for distribution for the quarter ended December
31, 2008 was calculated by deducting from cash provided by operating
activities of $5.5 million maintenance capital expenditures of $0.9 million,
the changes in non-cash working capital of $0.1 million and adding back other
non-cash items of $1.3 million. Cash available for distribution for the
quarter ended December 31, 2007 was calculated by deducting from cash provided
by operating activities of $12.4 million maintenance capital expenditures of
$1.1 million and adding back the changes in non-cash working capital of $1.4
million and other non-cash items of $0.1 million. See Table 4 above for a
breakdown of these figures for the three months ended December 31, 2008 and
2007, respectively.
For the year ended December 31, 2008, the Fund generated $30.3 million or
$1.289 per unit of cash available for distribution compared to $29.9 million
or $1.275 per unit in the prior year. Cash available for distribution for the
year ended December 31, 2008 was calculated by deducting from cash provided by
operating activities of $34.8 million maintenance capital expenditures of $3.1
million and the changes in non-cash working capital of $3.1 million and adding
other non-cash items of $1.6 million. Cash available for distribution for the
year ended December 31, 2007 was calculated by deducting from cash provided by
operating activities of $26.4 million maintenance capital expenditures of $5.3
million and adding back the changes in non-cash working capital of $8.5
million and other non-cash items of $0.3 million. See Table 4 above for a
breakdown of these figures for the periods from January 1, 2008 to December
31, 2008 and from January 1, 2007 to December 31, 2007, respectively.
For the quarter ended December 31, 2008, the Fund declared distributions
of $6.8 million or $0.290 per unit. Actual distributions exceeded cash
available for distribution by $1.1 million or $0.046 per unit for the quarter
ended December 31, 2008. During the quarter ended December 31, 2008, the Data
Group made cash payments of $0.3 million related to $2.0 million of severance
costs charged to restructuring expense related to its on-going productivity
improvement initiatives to reduce its cost of operations. During the quarter
ended December 31, 2008, the Data Group also made cash payments of $0.7
million for the restructuring costs accrued as part of the purchase price
accounting for the Relizon Canada acquisition and for the related integration
costs, consisting primarily of severance payments and moving costs. These cash
payments were funded by cash generated from operations and existing cash
resources. During the quarter ended December 31, 2007, the Data Group made
cash payments of $2.5 million for those restructuring and integration costs.
For the quarter ended December 31, 2007, the Fund declared distributions of
$6.8 million or $0.290 per unit. Cash available for distribution exceeded
actual distributions by $6.0 million or $0.255 per unit for the quarter ended
December 31, 2007. See Table 4 above for a breakdown of these figures for the
three months ended December 31, 2008 and 2007, respectively.
For the year ended December 31, 2008, the Fund declared distributions of
$27.2 million or $1.160 per unit. Cash available for distribution exceeded
actual distributions by $3.0 million or $0.129 per unit for the year ended
December 31, 2008. During the year ended December 31, 2008, the Data Group
made cash payments of $0.9 million related to $2.6 million of severance costs
charged to restructuring expense related to its on-going productivity
improvement initiatives to reduce its cost of operations. In addition, in 2008
the Data Group made cash payments of $2.8 million for the restructuring costs
accrued as part of the purchase price accounting for the Relizon Canada
acquisition and for the related integration costs, consisting primarily of
severance payments and moving costs. These cash payments were funded by cash
generated from operations, existing cash resources and the net proceeds from
asset dispositions. During the year ended December 31, 2007, the Data Group
made cash payments of $9.2 million for restructuring and integration costs
related to the acquisition of Relizon Canada. For the year ended December 31,
2007, the Fund declared distributions of $27.2 million or $1.160 per unit.
Cash available for distribution exceeded actual distributions by $2.7 million
or $0.115 per unit for the year ended December 31, 2007. See Table 4 above for
a breakdown of these figures for the periods from January 1, 2008 to December
31, 2008 and from January 1, 2007 to December 31, 2007, respectively.
INVESTING ACTIVITIES
Capital expenditures for the quarter ended December 31, 2008 of $0.9
million related primarily to maintenance capital expenditures which were
funded by cash flow from operations. Capital expenditures for the year ended
December 31, 2008 of $3.1 million related primarily to maintenance capital
expenditures. During the year ended December 31, 2008, the Data Group sold its
Medicine Hat, Alberta facility for gross proceeds of $1.8 million.
FINANCING ACTIVITIES
For the quarter ended December 31, 2008, the Fund paid or declared
aggregate cash distributions of $6.8 million to its unitholders. For the year
ended December 31, 2008, the Fund paid or declared aggregate cash
distributions of $27.2 million to its unitholders.
OUTLOOK
Many of the Data Group's customers are being affected by economic
conditions affecting the broader market. Current and future conditions in the
domestic and global economies remain uncertain. As a result, it is difficult
to estimate the level of growth or contraction for the economy as a whole. It
is even more difficult to estimate growth or contraction in various parts,
sectors and regions of the economy, including the many different markets in
which the Data Group participates. Because all components of the Data Group's
budgeting and forecasting are dependent upon estimates of growth or
contraction in the markets it serves and demand for its products and services,
the prevailing economic uncertainties render estimates of future income and
expenditures very difficult to make. Adverse changes have occurred as a result
of soft economic conditions, wavering consumer confidence, unemployment,
declines in stock markets, contraction of credit availability, declines in
real estate values, or other factors affecting economic conditions generally.
These changes have negatively affected the sales of the Data Group's products
and services, increased exposure to losses from bad debts, increased the cost
and decrease the availability of financing, and may increase costs associated
with manufacturing and distributing products or delivering services to the
Data Group's customers. The Fund expects this economic environment to continue
for at least the near term.
Notwithstanding the economic situation, the Fund believes that it will
continue to meet its objective of monthly per unit distributions to
unitholders of $0.09656 for the foreseeable future. The Fund's Board of
Trustees will continue to monitor the Fund's cash available for distribution,
its payout ratio and the need to pay distributions to ensure the Fund is not
taxable.
The Data Group will continue to review its operations and undertake
restructuring initiatives to maintain a competitive cost structure. These
initiatives may result in the further consolidation of facilities, and the
Data Group may incur additional severance costs, accelerated further
depreciation expense, impairment charges related to property, plant and
equipment and goodwill, and costs attributable to the termination of contracts
for leases, supplier arrangements and other contractual obligations. During
the quarter, the Data Group undertook further initiatives which resulted in a
restructuring charge of $2.0 million. The Data Group anticipates that these
initiatives will generate $2.5 million in annual savings.
The Fund expects that the SIFT rules will, all other things being equal,
likely result in a reduction of cash available for distribution from the Fund
commencing in 2011. With respect to the limitations on equity unit issuances
under the guidelines that accompanied those tax changes, the Fund believes
that it should be able to fund its currently identified growth plan without
exceeding its "normal growth". However, with the current uncertainty in the
capital markets resulting from the tax changes, there can be no assurance that
sufficient capital to fund further acquisitions or expansion projects will be
available on terms acceptable to the Fund, or at all.
The Fund's Board of Trustees has determined that there are no current
economic benefits associated with an early conversion from a SIFT trust to a
taxable entity not subject to the SIFT rules. There is meaningful value in the
interim period and the Fund therefore has no current intention to make
significant changes to its structure during this period without compelling
reasons to do otherwise. The Minister of Finance has released draft
legislation that purports to permit the conversion from a SIFT trust to a
taxable entity not subject to the SIFT rules without any adverse material
consequences for the SIFT trust and its investors. The Fund, with input from
external legal and financial advisors, will continue to closely monitor
developments in this area and expects to make further decisions over time with
a view to maximizing value for the Fund's unitholders, including what the
Fund's Board of Trustees determines will be the optimal structure post-2010.
The Fund will also continue to closely monitor its payout ratio over the 2008
to 2010 period, continuing to take into account the current and anticipated
performance of the Data Group and its business and the Fund's cash available
for distribution during this period.
Sales of some of the Data Group's products are subject to seasonal
fluctuations in demand. Certain elements of the gift card and direct mail
businesses and the buying pattern of certain major customers of the Data Group
generate higher revenues and profit in the fourth quarter than the other three
quarters. Economic conditions resulted in lower revenue from these businesses
in 2008 compared to 2007.
The Data Group will continue to fund necessary maintenance capital
expenditures by utilizing cash flow from operations.
The Data Group will continue its strategic focus on being the leading
document management service provider in Canada, concentrating on providing
high value-added products and services. The Data Group will also selectively
pursue acquisition opportunities within its existing business segments.
About The DATA Group Income Fund
--------------------------------
The DATA Group Income Fund owns a 100% interest in The DATA Group Limited
Partnership ("The DATA Group"). The DATA Group is a leading provider of
document management solutions including printed products. Founded in 1959, the
Data Group operates numerous facilities in 11 regions across Canada and has a
leading market share in the total document management services segment.
Additional information relating to The DATA Group Income Fund is
available on the System for Electronic Document Analysis and Retrieval (SEDAR)
at www.sedar.com and www.datagroupincomefund.com.
CONSOLIDATED BALANCE SHEETS
-------------------------------------------------------------------------
(in thousands of dollars, unaudited) December 31, December 31,
2008 2007
$ $
-------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 11,492 5,315
Accounts receivable 47,106 57,417
Inventories 47,583 42,266
Prepaid expenses and other current assets 7,684 3,649
Income taxes recoverable - 837
---------------------------
113,865 109,484
Property, plant and equipment 39,909 47,528
Goodwill 141,206 151,206
Intangible assets 54,790 65,766
---------------------------
349,770 373,984
---------------------------
---------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 32,224 40,014
Accrued restructuring and
integration provisions 3,627 5,245
Income taxes payable 4,022 -
Deferred revenue 7,861 6,886
Distributions payable 2,269 2,269
---------------------------
50,003 54,414
Revolving bank facility 70,000 70,000
Convertible debentures 34,327 34,159
Future income taxes 8,446 6,655
Deferred gain 1,724 1,920
Unfavourable lease obligation 1,142 1,251
Deferred lease inducement 980 1,103
Pension obligation 9,680 9,668
Post-employment and post-retirement benefits 2,150 2,153
---------------------------
178,452 181,323
---------------------------
Unitholders' Equity
Units 215,336 215,336
Conversion option 898 898
Accumulated other comprehensive loss (1,059) (66)
Deficit (43,857) (23,507)
---------------------------
171,318 192,661
---------------------------
349,770 373,984
---------------------------
---------------------------
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
-------------------------------------------------------------------------
(in thousands of dollars, For the three For the three
except per unit amounts, unaudited) months ended months ended
December 31, December 31,
2008 2007
$ $
-------------------------------------------------------------------------
Revenues 96,508 107,235
Cost of revenues (including depreciation
of $1,875 and $1,877, respectively) 71,766 76,430
---------------------------
Gross profit 24,742 30,805
---------------------------
Expenses
Selling, commissions and expenses 8,988 10,143
General and administration expenses
(including depreciation of $97
and $187, respectively) 7,647 7,084
Restructuring and integration costs 2,026 312
Amortization of intangible assets 2,744 3,363
Curtailment gain - (1,461)
Impairment of goodwill 9,500 1,900
---------------------------
30,905 21,341
---------------------------
Income (loss) before interest
and income taxes (6,163) 9,464
---------------------------
Interest expense on long-term debt
(net of interest income of $83
and $108, respectively) 1,460 1,622
---------------------------
Income (loss) before income taxes (7,623) 7,842
---------------------------
Income tax expense (recovery)
Current 1,150 -
Future 1,273 (2,830)
---------------------------
2,423 (2,830)
---------------------------
---------------------------
Net income (loss) for the period (10,046) 10,672
---------------------------
---------------------------
Loss on cash flow hedges 573 397
---------------------------
Comprehensive income (loss) for the period (10,619) 10,275
---------------------------
---------------------------
Basic income (loss) per unit (0.43) 0.45
---------------------------
Diluted income (loss) per unit (0.43) 0.45
---------------------------
Units outstanding 23,490,592 23,490,592
---------------------------
---------------------------
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
-------------------------------------------------------------------------
(in thousands of dollars, except For the year For the year
per unit amounts, unaudited) ended ended
December 31, December 31,
2008 2007
$ $
-------------------------------------------------------------------------
Revenues 380,472 398,653
Cost of revenues (including
depreciation of $7,638 and $7,812,
respectively) 278,410 291,315
---------------------------
Gross profit 102,062 107,338
---------------------------
Expenses
Selling, commissions and expenses 37,513 41,465
General and administration expenses (including
depreciation of $438 and $695, respectively) 30,860 29,267
Write down of assets held for sale 927 -
Restructuring and integration costs 2,621 4,309
Amortization of intangible assets 10,976 10,596
Curtailment gain - (1,461)
Impairment of goodwill 9,500 1,900
---------------------------
92,397 86,076
---------------------------
Income before interest and income taxes 9,665 21,262
---------------------------
Interest expense on long-term debt
(net of interest income of $414
and $328, respectively) 6,029 6,355
---------------------------
Income before income taxes 3,636 14,907
---------------------------
Income tax expense
Current 1,150 -
Future 1,791 7,482
---------------------------
2,941 7,482
---------------------------
---------------------------
Net income for the year 695 7,425
---------------------------
---------------------------
Loss on cash flow hedges 993 124
---------------------------
Comprehensive (loss) income for the year (298) 7,301
---------------------------
---------------------------
Basic income per unit 0.03 0.32
---------------------------
Diluted income per unit 0.03 0.32
---------------------------
Weighted average units outstanding 23,490,592 23,482,264
---------------------------
---------------------------
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY
-------------------------------------------------------------------------
(in thousands of dollars, Accumulated
unaudited) other Total
Conver- compre- Unit-
sion hensive holders'
Units option income Deficit Equity
$ $ $ $ $
-------------------------------------------------------------------------
Balance as at
December 31, 2006 215,164 902 - (1,409) 214,657
Accounting policy change - - 58 (2,312) (2,254)
-------------------------------------------------
Balance as at
January 1, 2007 215,164 902 58 (3,721) 212,403
Distributions declared - - - (27,211) (27,211)
Loss on cash flow hedges - - (124) - (124)
Conversion of
convertible debentures 172 (4) - - 168
Net income for the year - - - 7,425 7,425
-------------------------------------------------
Balance as at
December 31, 2007 215,336 898 (66) (23,507) 192,661
-------------------------------------------------
-------------------------------------------------
Balance as at
December 31, 2007 215,336 898 (66) (23,507) 192,661
-------------------------------------------------
Accounting policy change - - - 6,175 6,175
-------------------------------------------------
Balance as at
January 1, 2008 215,336 898 (66) (17,332) 198,836
Distributions declared - - - (27,220) (27,220)
Loss on cash flow hedges - - (993) - (993)
Net income for the year - - - 695 695
-------------------------------------------------
Balance as at
December 31, 2008 215,336 898 (1,059) (43,857) 171,318
-------------------------------------------------
-------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------
(in thousands of dollars, For the three For the three
unaudited) months ended months ended
December 31, December 31,
2008 2007
$ $
-------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
-------------------------------------------------------------------------
Net income (loss) for the period (10,046) 10,672
Items not involving cash
Depreciation of property, plant and equipment 1,972 2,064
Amortization of intangible assets 2,744 3,363
Pension expense 495 829
Contributions made to pension plans (485) (697)
Curtailment gain - (1,461)
Loss (gain) on disposal of property,
plant and equipment 4 (204)
Impairment of goodwill 9,500 1,900
Accretion of convertible debentures 42 44
Amortization of deferred gain (49) (33)
Unfavourable lease obligation (28) (27)
Amortization of lease inducement (31) (30)
Post-employment and post-retirement benefits (25) 230
Future income tax expense (recovery) 1,273 (2,830)
---------------------------
5,366 13,820
Changes in non-cash items relating
to operating activities 118 (1,380)
---------------------------
5,484 12,440
---------------------------
Investing activities
-------------------------------------------------------------------------
Purchase of property, plant and equipment (902) (1,112)
Proceeds on disposal of property,
plant and equipment - 4,809
---------------------------
(902) 3,697
---------------------------
Financing activities
-------------------------------------------------------------------------
Bank overdraft - (4,017)
Distributions to unitholders (6,805) (6,805)
---------------------------
(6,805) (10,822)
---------------------------
(Decrease) increase in cash and
cash equivalents during the period (2,223) 5,315
-------------------------------------------------------------------------
Cash and cash equivalents - beginning of period 13,715 -
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 11,492 5,315
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental cash flow information
Interest paid 1,859 2,298
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------
(in thousands of dollars, unaudited) For the year For the year
ended ended
December 31, December 31,
2008 2007
$ $
-------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
-------------------------------------------------------------------------
Net income for the year 695 7,425
Items not involving cash
Depreciation of property, plant and equipment 8,076 8,507
Amortization of intangible assets 10,976 10,596
Pension expense 1,976 3,336
Contributions made to pension plans (1,964) (2,826)
Curtailment gain - (1,461)
Write down of assets held for sale 927 -
Loss (gain) on disposal of property,
plant and equipment 35 (148)
Impairment of goodwill 9,500 1,900
Accretion of convertible debentures 168 172
Amortization of deferred gain (196) (33)
Unfavourable lease obligation (109) (104)
Amortization of lease inducement (123) (122)
Post-employment and post-retirement benefits (3) 186
Future income tax expense 1,791 7,482
---------------------------
31,749 34,910
Changes in non-cash items relating
to operating activities 3,067 (8,480)
---------------------------
34,816 26,430
---------------------------
Investing activities
-------------------------------------------------------------------------
Purchase of property, plant and equipment (3,061) (5,268)
Proceeds on disposal of property,
plant and equipment 1,642 5,597
Acquisition of business - 1,000
---------------------------
(1,419) 1,329
---------------------------
Financing activities
-------------------------------------------------------------------------
Distributions to unitholders (27,220) (27,211)
---------------------------
(27,220) (27,211)
---------------------------
Increase in cash and cash equivalents
during the period 6,177 548
-------------------------------------------------------------------------
Cash and cash equivalents - beginning of period 5,315 4,767
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 11,492 5,315
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental cash flow information
Interest paid 5,650 7,432
Non-cash investing and financing activities
Non-cash lease inducement - 766
For further information: Mr. David Odell, President and CEO, The Data
Group Limited Partnership, Tel: (905) 791-3151; Mr. Paul O'Shea, Chief
Financial Officer, The Data Group Limited Partnership, Tel: (905) 791-3151
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