Canada Bread Reports Results for Fourth Quarter and Fiscal Year 2010

TORONTO, Feb. 24 /CNW/ - Canada Bread Company, Limited (TSX: CBY) today reported its financial results for the fourth quarter and year ended December 31, 2010. Fourth quarter and full year highlights include:

    <<
    -   Fourth quarter Adjusted Operating Earnings were $27.3 million
        compared to $29.1 million last year
    -   Fourth quarter Adjusted EPS of $0.61 compared to $0.70 in the
        prior year
    -   Full year Adjusted Operating Earnings were $110.5 million compared to
        $120.5 million last year
    -   Fourth quarter net earnings were $13.6 million down from $15.0
        million and $61.0 million compared to $77.5 million for the full year
    >>

Note: Adjusted Operating Earnings are defined as earnings from operations before restructuring and other related costs and other income (expense). Adjusted Earnings per Share ("Adjusted EPS") are defined as basic earnings per share adjusted for the impact of restructuring and other related costs, net of tax. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures at the end of this news release.

"While we had a modest decline in operating earnings in the quarter, a number of initiatives are underway to reduce costs and strengthen volumes," said Richard Lan, President and CEO. "We are consolidating manufacturing facilities, reducing overhead costs and increasing our marketing and sales activities, all with good results. We will also manage significant commodity inflation through price increases."

    <<
    Financial Overview
    ------------------
    >>

Sales for the fourth quarter declined 9% to $393.1 million from $432.2 million in the prior year mostly as a result of an additional week in the fourth quarter last year. Excluding the impact of the extra week in 2009 and unfavourable currency translation of the Company's sales in the U.K. and U.S., sales were largely consistent with the prior year. For the full year, sales were $1,588.4 million, compared to $1,705.8 million in 2009.

Adjusted Operating Earnings in the fourth quarter were $27.3 million compared to $29.1 million last year and $110.5 million compared to $120.5 million for the full year. The fourth quarter decline was largely due to lower volumes in the Company's frozen bakery operations.

During the quarter the business benefited from lower commodity costs and a strong Canadian dollar, which reduced the cost of flour and other ingredients priced in US dollars. However, there was a significant rise in wheat prices late in the quarter that has continued into 2011. A loss of $5.9 million on interest rate swaps and reduced Adjusted Operating Earnings, partly offset by lower income taxes, contributed to a moderate decrease in net earnings from $15.0 million ($0.59 per share) last year to $13.6 million ($0.54 per share) in the fourth quarter of 2010. Net earnings for the full year were $61.0 million ($2.40 per share) compared to $77.5 million ($3.05 per share) in 2009.

    <<
    Business Segment Review
    ------------------------
    The following table summarizes sales by business segment:

    -------------------------------------------------------------------------
    ($ thousands)                    Fourth Quarter              Full Year
                             ------------------------------------------------
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
    Fresh Bakery                $261,876    $279,244  $1,086,827  $1,119,790
    Frozen Bakery                131,203     152,946     501,610     585,998
    -------------------------------------------------------------------------
    Sales                       $393,079    $432,190  $1,588,437  $1,705,788
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The following table summarizes Adjusted Operating Earnings by business
    segment:

    -------------------------------------------------------------------------
    ($ thousands)                    Fourth Quarter             Full Year
                             ------------------------------------------------
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
    Fresh Bakery                 $20,623     $20,079     $99,226     $91,535
    Frozen Bakery                  6,714       9,053      11,251      29,002
    -------------------------------------------------------------------------
    Adjusted Operating Earnings  $27,337     $29,132    $110,477    $120,537
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Fresh Bakery
    ------------
    >>

Includes fresh bakery products, including breads, rolls, bagels, sweet goods, prepared sandwiches, and fresh pasta and sauces sold to retail, foodservice and convenience channels. It includes national brands such as Dempster's(R) and Olivieri(R) and many leading regional brands.

Fourth quarter sales decreased 6% to $261.9 million from $279.2 million last year. Excluding the impact of the extra week in 2009, sales increased by 1% due primarily to a moderate increase in volume.

Adjusted Operating Earnings in the quarter increased slightly to $20.6 million from $20.1 million, due to lower commodity costs and the favourable impact of a stronger Canadian dollar on wheat and ingredient purchases. A significant rise in wheat prices that began in the fourth quarter has continued in 2011, and as a result the business expects to implement price increases in the first quarter. Adjusted Operating Earnings for the full year increased to $99.2 million from $91.5 million last year.

Construction of the Company's bakery facility in Hamilton, Ontario commenced in August 2010. The project is on target to begin initial production of bakery products in July 2011.

On February 18, 2011, the Company completed the sale of its fresh sandwich business for $8.0 million, subject to post closing adjustments.

    <<
    Frozen Bakery
    -------------
    >>

Includes frozen bakery products, including frozen par-baked bakery products, specialty and artisan breads, and bagels sold to retail, foodservice and convenience channels in North America and the U.K. It includes national brands such as Tenderflake(R) and New York Bakery Co(R).

Fourth quarter sales declined by 14% to $131.2 million from $152.9 million last year. Excluding the impact of the extra week in 2009, sales decreased by 7% due to lower volumes, predominantly in U.K. bakery operations, and the impact of unfavourable currency translation of the Company's sales in the U.K. and U.S. due to a stronger Canadian dollar.

Adjusted Operating Earnings in the quarter were $6.7 million compared to $9.1 million last year. Performance in the North American frozen bakery operations was lower than 2009, although volume began to strengthen towards the end of the fourth quarter. A number of initiatives are underway to improve performance. Price increases are being implemented in the first quarter in response to the significant rise in wheat prices. In early 2011, the Company announced it will close a high cost bakery in Laval, Quebec and transfer production to its other bakeries where there is available capacity. Results in the U.K. bakery operations were consistent with last year. Management is proceeding with initiatives to reduce costs and consolidate volumes into fewer bakeries and in the first quarter of 2011 announced plans to close a bakery facility in Cumbria, U.K. Also, in the first quarter of 2011, a significant promotion of the Company's bagel brand in the U.K. was launched to support market growth in the bagel category, which has lead to increased demand and stronger volumes.

For the full year, Adjusted Operating Earnings were $11.3 million compared to $29.0 million last year.

    <<
    Other Matters
    -------------
    >>

On February 23, 2011 Canada Bread Company, Limited declared a dividend of $0.06 per share payable on April 1, 2011 to shareholders of record at the close of business on March 10, 2011. Unless indicated otherwise by the Company in writing at or before the time the dividend is paid, this dividend will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System".

    <<
    Forward-Looking Statements
    --------------------------
    >>

This document contains, and the Company's oral and written public communications often contain, forward-looking statements that are based on current expectations, estimates, forecasts and projections about the industries in which the Company operates and beliefs and assumptions made by the Management of the Company. Such statements include, but are not limited to, statements with respect to objectives and goals, as well as statements with respect to beliefs, plans, expectations, anticipations, estimates and intentions. Words such as "expect," "anticipate," "intend," "attempt," "may," "will," "plan," "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict.

In particular, these forward-looking statements are based on expectations concerning performance of the Company's business in general, and are based on a number of factors and assumptions including, but not limited to: the condition of the Canadian, United States and United Kingdom economies; the rate of exchange of the Canadian dollar to the U.S. dollar and the British pound; initiatives to restore sales volumes and reduce costs in the North American and U.K. frozen bakery businesses; the availability and prices of raw materials, energy and supplies; product pricing; the availability of insurance; the competitive environment and related market conditions; improvement of operating efficiencies; continued access to capital; the cost of compliance with environmental and health standards; no adverse results from ongoing litigation; no unexpected actions of domestic and foreign governments and the general assumption that none of the risks identified under the "Risk Factors" in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2010 will materialize. All of these assumptions have been derived from information currently available to the Company including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied or forecasted in such forward-looking statements, which reflect the Company's expectations only as of the date hereof.

Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking statements are discussed more fully under the heading "Risk Factors" in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2010 including the section entitled "Risk Factors" that will be available on SEDAR at www.sedar.com. The Company does not intend to, and the Company disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise except as required by law.

Canada Bread Company, Limited, which is 90.0% owned by Maple Leaf Foods Inc., is a leading manufacturer and distributor of fresh bakery products, frozen par-baked products and fresh pasta and sauces. The Company had 2010 sales of $1.6 billion and employs approximately 7,500 people at its operations across North America and in the United Kingdom.

    <<
    Reconciliation of Non-GAAP Financial Measures
    ---------------------------------------------
    >>

The Company uses the following non-GAAP measures: Adjusted Operating Earnings and Adjusted EPS. Management believes that these non-GAAP measures provide useful information to both management and investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by Canadian GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with Canadian GAAP.

Adjusted Operating Earnings

The following table reconciles earnings from operations before restructuring and other related costs and other income (expense) to net earnings as reported under Canadian GAAP in the unaudited interim period consolidated statements of earnings for the three-month periods and the audited full-year periods ended as indicated below. Management believes that this is the most appropriate basis on which to evaluate operating results, as restructuring and other related costs and other income (expense) are not representative of operational results.

    <<
    -------------------------------------------------------------------------
    ($ thousands)                     Three months ended December 31, 2010
    -------------------------------------------------------------------------
                                   Fresh      Frozen      Unallo-   Consoli-
                                  Bakery      Bakery       cated      dated
                                                           costs

    Net earnings                                                     $13,582
    Income taxes                                                       4,745
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes                                              18,327
    Interest expense                                                     471
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes and
     interest expense             19,345       5,328      (5,876)     18,798
    Restructuring and other
     related costs                 1,141       1,386         -         2,527
    Other expense                    137         -         5,876       6,012
    -------------------------------------------------------------------------
    Adjusted Operating Earnings  $20,623      $6,714       $  -      $27,337
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    ($ thousands)                     Three months ended December 31, 2009
    -------------------------------------------------------------------------
                                   Fresh      Frozen      Unallo-   Consoli-
                                  Bakery      Bakery       cated      dated
                                                           costs

    Net earnings                                                     $15,009
    Income taxes                                                       9,392
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes                                              24,400
    Interest expense                                                   1,104
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes and
     interest expense             16,635       8,870          -       25,504
    Restructuring and other
     related costs                 3,454         183          -        3,637
    Other income                     (10)                     -          (10)
    -------------------------------------------------------------------------
    Adjusted Operating Earnings  $20,079      $9,053        $ -      $29,132
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    ($ thousands)                    Year ended December 31, 2010
    -------------------------------------------------------------------------
                                   Fresh      Frozen      Unallo-   Consoli-
                                  Bakery      Bakery       cated      dated
                                                           costs

    Net earnings                                                     $60,975
    Income taxes                                                      24,827
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes                                              85,802
    Interest expense                                                   3,308
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes and
     interest expense             86,685       8,301      (5,876)     89,110
    Restructuring and other
     related costs                12,598       2,950         -        15,548
    Other expense (income)           (57)        -         5,876       5,819
    -------------------------------------------------------------------------
    Adjusted Operating Earnings  $99,226     $11,251       $  -     $110,477
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    ($ thousands)                     Year ended December 31, 2009
    -------------------------------------------------------------------------
                                   Fresh      Frozen      Unallo-   Consoli-
                                  Bakery      Bakery       cated      dated
                                                           costs
    Net earnings                                                     $77,478
    Income taxes                                                      35,506
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes                                             112,984
    Interest expense                                                   5,084
    -------------------------------------------------------------------------
    Earnings from operations
     before income taxes and
     interest expense             88,053      30,015         -       118,068
    Restructuring and other
     related costs                 3,373       1,535         -         4,908
    Other expense (income)           109      (2,548)        -        (2,439)
    -------------------------------------------------------------------------
    Adjusted Operating Earnings  $91,535     $29,002      $  -      $120,537
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    >>

Adjusted Earnings per Share

The following table reconciles Adjusted Earnings per Share to basic earnings per share as reported under Canadian GAAP in the consolidated statements of earnings for the unaudited three-month interim periods and the audited full-year periods ended as indicated below. Management believes this is the most appropriate basis on which to evaluate financial results as restructuring and other related costs are not representative of operational results.

    <<
    ($ per share)                 Three months ended           Year ended
                                       December 31,            December 31,
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
    Basic Earnings per Share      $ 0.54      $ 0.59      $ 2.40      $ 3.05
    Restructuring and other
     related costs(i)               0.08        0.11        0.46        0.15
    -------------------------------------------------------------------------
    Adjusted Earnings per
     Share(ii)                    $ 0.61      $ 0.70      $ 2.85      $ 3.20
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (i)  Includes per share impact of restructuring and other related costs,
         net of tax.
    (ii) May not add due to rounding.



    Consolidated Financial Statements
    (Expressed in Canadian dollars)

    CANADA BREAD COMPANY, LIMITED

    Three months and Full Year ended December 31, 2010 and 2009


    CANADA BREAD COMPANY, LIMITED
    Consolidated Balance Sheets
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                           As at December 31,
                                                            2010        2009
    -------------------------------------------------------------------------
    ASSETS

    Current Assets:
      Cash and cash equivalents                      $    84,401 $    57,698
      Accounts receivable                                 29,773      63,620
      Note receivable                                     59,159           -
      Inventories                                         55,477      56,659
      Future tax asset                                     4,015       1,640
      Prepaid expenses and other assets                    4,516       4,438
      -----------------------------------------------------------------------
                                                     $   237,341 $   184,055

    Property and equipment                               391,690     387,252
    Goodwill                                             375,894     386,807
    Other long-term assets                                13,588      11,620
    Other intangible assets                               13,626      16,678
    -------------------------------------------------------------------------
                                                     $ 1,032,139 $   986,412
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities:
      Bank indebtedness                              $     7,777 $     4,247
      Accounts payable and accrued charges               185,216     172,172
      Due to Maple Leaf Foods Inc.                         5,336       3,817
      Dividends payable                                    1,525       1,525
      Income and other taxes payable                       3,248      13,155
      Current portion of long-term debt                    2,332           -
      -----------------------------------------------------------------------
                                                     $   205,434 $   194,916

    Long-term debt                                         1,629       2,547
    Future tax liability                                  30,797      33,338
    Other long-term liabilities                            8,433       8,524
    Shareholders' equity                                 785,846     747,087
    -------------------------------------------------------------------------
                                                     $ 1,032,139 $   986,412
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CANADA BREAD COMPANY, LIMITED
    Consolidated Statements of Earnings
    (In thousands of Canadian dollars, except share amounts)

    -------------------------------------------------------------------------
                                  Three months ended              Year ended
                                         December 31,            December 31,
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
                              (Unaudited) (Unaudited)

    Sales                    $   393,079 $   432,190 $ 1,588,437 $ 1,705,788
    Cost of goods sold           306,574     342,213   1,254,901   1,365,470
    -------------------------------------------------------------------------
    Gross margin             $    86,505 $    89,977 $   333,536 $   340,318
    Selling, general and
     administrative expenses      59,168      60,846     223,059     219,781
    -------------------------------------------------------------------------
    Earnings from operations
     before the following:   $    27,337 $    29,131 $   110,477 $   120,537
    Restructuring and other
     related costs                (2,527)     (3,637)    (15,548)     (4,908)
    Other income                  (6,013)         10      (5,819)      2,439
    -------------------------------------------------------------------------
    Earnings before interest
     and income taxes        $    18,797 $    25,504 $    89,110 $   118,068
    Interest expense                 471       1,104       3,308       5,084
    -------------------------------------------------------------------------
    Earnings before income
     taxes                   $    18,326 $    24,400 $    85,802 $   112,984
    Income taxes                   4,745       9,391      24,827      35,506
    -------------------------------------------------------------------------
    Net earnings             $    13,581 $    15,009 $    60,975 $    77,478
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings per share -
     basic and diluted       $      0.54 $      0.59 $      2.40 $      3.05
    Weighted average number
     of shares (millions)           25.4        25.4        25.4        25.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CANADA BREAD COMPANY, LIMITED
    Consolidated Statements of Comprehensive Income
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                                  Three months ended              Year ended
                                         December 31,            December 31,
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
                              (Unaudited) (Unaudited)

    Net earnings             $    13,581 $    15,009 $    60,975 $    77,478

    Other comprehensive
     income (loss)

      Change in accumulated
       foreign currency
       translation adjustment     (8,748)    (10,684)    (21,704)    (34,398)
      Change in unrealized
       derivative loss on
       cash flow hedges            3,932         650       5,588       1,754
      -----------------------------------------------------------------------
                             $    (4,816) $  (10,034) $  (16,116) $  (32,644)
    -------------------------------------------------------------------------
    Comprehensive income     $     8,765  $    4,975  $   44,859  $   44,834
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Consolidated Statements of Retained Earnings
    (In thousands of Canadian dollars)
    -------------------------------------------------------------------------
                                                     Years ended December 31,
                                                            2010        2009
    -------------------------------------------------------------------------
    Retained earnings, beginning of year              $  658,541  $  587,163

    Net earnings                                          60,975      77,478

    Dividends declared ($0.24 per share; 2009:
     $0.24 per share)                                     (6,100)     (6,100)
    -------------------------------------------------------------------------
    Retained earnings, end of year                    $  713,416  $  658,541
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CANADA BREAD COMPANY, LIMITED
    Consolidated Statements of Cash Flows
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                                  Three months ended              Year ended
                                         December 31,            December 31,
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
                              (Unaudited) (Unaudited)
    CASH PROVIDED BY (USED IN):

    Operating activities
      Net earnings             $  13,581   $  15,009   $  60,975   $  77,478
      Add (deduct) items not
       affecting cash:
        Depreciation and
         amortization             11,999      12,319      50,159      53,992
        Future income taxes         (471)      2,166      (6,894)         67
        Loss on sale of
         property and equipment      235          10         126         471
        Change in provision for
         restructuring and
         other related costs       1,468       2,811      11,561       2,204
        Amortization of
         terminated interest
         rate swaps                  113         658       2,089       1,975
        Loss on
         interest rate swaps       5,876                   5,876
      Other                          212        (266)         42      (2,826)
      Change in non-cash
       operating working capital (39,117)     10,495     (33,449)    (24,315)
    -------------------------------------------------------------------------
    Cash provided by (used in)
     operating activities      $  (6,104)   $ 43,202   $  90,485   $ 109,046
    -------------------------------------------------------------------------
    Financing activities
      Dividends paid           $  (1,525)  $  (1,525)  $  (6,100)  $  (6,100)
      Changes in long-term debt    1,430       2,547       2,000      (1,971)
      Settlement of interest
       rate swaps with Maple
       Leaf Foods Inc.                 -           -           -      (8,502)
    -------------------------------------------------------------------------
    Cash provided by (used in)
     financing activities      $     (95)   $  1,022   $  (4,100)  $ (16,573)
    -------------------------------------------------------------------------
    Investing activities
      Additions to property
       and equipment           $ (18,707)  $ (11,212)  $ (66,595)  $ (41,659)
      Proceeds from sale of
       property and equipment      2,374          32       3,114         547
      Change in intangible
       assets                        249         501         254         502
      Other                           16        (286)         15      (1,239)
    -------------------------------------------------------------------------
    Cash used in investing
     activities                $ (16,068)  $ (10,965)  $ (63,212)  $ (41,849)
    -------------------------------------------------------------------------
    Increase (decrease) in
     cash and cash equivalents $ (22,267)  $  33,259   $  23,173   $  50,624

    Net cash and cash
     equivalents, beginning of
     period                       98,891      20,192      53,451       2,827
    -------------------------------------------------------------------------
    Net cash and cash
     equivalents, end of
     period                    $  76,624   $  53,451   $  76,624   $  53,451
    -------------------------------------------------------------------------
    Net cash and cash
     equivalents is
     comprised of:

    Cash and cash equivalents  $  84,401   $  57,698   $  84,401   $  57,698
    Bank Indebtedness             (7,777)     (4,247)     (7,777)     (4,247)
    -------------------------------------------------------------------------
    Net cash and cash
     equivalents, end of
     period                    $  76,624   $  53,451   $  76,624   $  53,451
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CANADA BREAD COMPANY, LIMITED
    Segmented Financial Information
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                                  Three months ended              Year ended
                                         December 31,            December 31,
                                    2010        2009        2010        2009
    -------------------------------------------------------------------------
                              (Unaudited) (Unaudited)
    Sales
      Fresh Bakery           $   261,876 $   279,244 $ 1,086,827 $ 1,119,790
      Frozen Bakery              131,203     152,946     501,610     585,998
    -------------------------------------------------------------------------
                             $   393,079 $   432,190 $ 1,588,437 $ 1,705,788
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings from operations
     before restructuring and
     other related costs and
     other income
      Fresh Bakery           $    20,623 $    20,078 $    99,226 $    91,535
      Frozen Bakery                6,714       9,053      11,251      29,002
    -------------------------------------------------------------------------
                             $    27,337 $    29,131 $   110,477 $   120,537
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital expenditures
      Fresh Bakery           $    14,571 $     6,045 $    47,880 $    21,722
      Frozen Bakery                4,136       5,167      18,715      19,937
    -------------------------------------------------------------------------
                             $    18,707 $    11,212 $    66,595 $    41,659
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Depreciation and
     amortization
      Fresh Bakery           $     6,292 $     6,816 $    26,866 $    27,632
      Frozen Bakery                5,707       5,503      23,293      26,360
    -------------------------------------------------------------------------
                             $    11,999 $    12,319 $    50,159 $    53,992
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                                           As at       As at
                                                    December 31, December 31,
                                                            2010        2009
    -------------------------------------------------------------------------
    Total assets
      Fresh Bakery                                   $   470,339 $   441,020
      Frozen Bakery                                      451,810     476,681
      Non-allocated assets                               109,990      68,711
    -------------------------------------------------------------------------
                                                     $ 1,032,139 $   986,412
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Goodwill
      Fresh Bakery                                   $   157,194 $   155,946
      Frozen Bakery                                      218,700     230,861
    -------------------------------------------------------------------------
                                                     $   375,894 $   386,807
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    >>

SOURCE CANADA BREAD COMPANY, LIMITED

For further information: Lynda Kuhn, SVP Communications, 416-926-2026, www.canadabread.ca

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CANADA BREAD COMPANY, LIMITED

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