Cinram Reports Fourth Quarter and Full-Year 2007 Results



    (All figures in U.S. dollars unless otherwise indicated)

    TORONTO, March 5 /CNW/ - Cinram International Income Fund ("Cinram" or
the "Fund") (TSX: CRW.UN) today reported its fourth quarter and full-year
financial results. The Fund recorded full-year revenue of $2,001.1 million up
from $1,940.6 million in 2006. Earnings before interest, taxes and
amortization (EBITA(1)) were $291.8 million in 2007 compared with EBITA of
$366.6 million in 2006. Excluding unusual items, EBITA for 2007 was
$296.1 million, down from $356.4 million in 2006.
    "We reported revenue and EBITA that exceeded the high end of our guidance
range by $51 million and $11 million, respectively," said Cinram chief
executive officer Dave Rubenstein. "We generated increased revenue as a result
of increases in home video replication and distribution, the Ditan
acquisition, and the new handset distribution initiative. These gains were
partially offset by reductions in our printing and CD businesses."
    The Fund reported a net loss of $301.1 million or $5.19 per unit (basic)
for the year ended December 31, 2007, down from net earnings of $51.8 million
or $0.89 per share (basic) in 2006, as it recorded an impairment charge of
$386.3 million in the fourth quarter of 2007.
    Cinram performed its annual goodwill impairment test during the fourth
quarter and determined that the carrying value exceeded the fair value in five
of the 14 reporting units in the United States and Germany. As a result,
Cinram recorded a goodwill impairment charge of $313.7 million. The Fund also
performed a long-lived asset impairment test during the fourth quarter. The
test determined that the carrying value of certain intangible assets and
property, plant and equipment exceeded its fair value, and Cinram recorded an
impairment charge of $55.8 million relating to property, plant and equipment
and $16.8 million relating to intangible assets. Cinram's goodwill and
intangible assets primarily relate to the 2003 acquisition of the Time Warner
DVD and CD manufacturing and distribution, and printing assets. These non-cash
impairment charges have no effect on Cinram's cash generation and cash flows
from operations.
    For the year December 31, 2007, the Fund generated distributable cash of
$146.8 million and declared distributions of $164.7 million resulting in a
payout ratio of 112 per cent. In November 2007, the Fund announced that it was
suspending distributions to unitholders following the December 2007
distribution which was paid out in January 2008.

    Fourth quarter performance

    The Fund reported consolidated revenue of $696.2 million for the quarter
ended December 31, 2007, up from $616.7 million in 2006, principally as a
result of increases in home video replication and distribution, the
acquisition of Ditan, and the new wireless handset distribution initiative.
These increases were partially offset by a decline in the printing segment.
Cinram recorded fourth quarter EBITA of $123.4 million compared with
$205.6 million in the fourth quarter of 2006. Excluding unusual items, EBITA
decreased to $125.1 million from $129.9 million in 2006, and EBITA margins
dropped to 18 per cent from 21 per cent in the fourth quarter of 2006. The
Fund posted a net loss of $316.6 million or $5.53 per share (basic) in the
fourth quarter of 2007 as it recorded an impairment charge of $386.3 million
during the period.

    Segment revenue

    Fourth quarter home video revenue, which includes replication and
distribution of DVDs and high-definition discs, was up five per cent to
$456.4 million from $433.9 million in 2006 as a result of higher distribution,
high-definition disc and DVD replication revenue. We replicated 474 million
DVDs in the fourth quarter, up six per cent from 448 million units in 2006.
DVD revenue for the quarter was $335.2 million compared with $335.5 million in
the fourth quarter of 2006 as the increase in unit production was partially
offset by lower pricing.
    For the year ended December 31, 2007, home video revenue was up two per
cent to $1,283.8 million from $1,259.3 million in 2006, on higher
distribution, high-definition disc and DVD replication revenue. We replicated
1,287.9 million DVDs in 2007, an increase of four per cent from
1,240.4 million units in 2006. DVD revenue decreased to $945.8 million in 2007
from $960.7 million in 2006 as the increase in unit production was offset by
lower pricing. High-definition disc replication revenue was $23.7 million in
2007 up from $5.6 million in 2006.

    
    -------------------------------------------------------------------------
                        Three months ended                        Year ended
                               December 31                       December 31
    (in
     thousands
     of US$)           2007           2006             2007             2006
    -------------------------------------------------------------------------
    Home video $456,353  66%  $433,916  70%  $1,283,788  64%  $1,259,313  65%
    CD           64,666   9%    65,040  11%     229,292  12%     269,957  14%
    Printing     87,003  12%    90,590  15%     268,874  13%     278,801  14%
    Video game   35,449   5%         -   -       65,093   3%           -   -
    Other        52,753   8%    27,168   4%     154,042   8%     132,568   7%
    -------------------------------------------------------------------------
               $696,224 100%  $616,714 100%  $2,001,089 100%  $1,940,639 100%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    The CD segment, which encompasses replication and distribution of CDs,
decreased one per cent in the fourth quarter to $64.7 million from
$65.0 million in 2006 due to lower replication revenue. For the full year, CD
segment revenue was down 15 per cent to $229.3 million from $270.0 million in
2006 due to a decline in replication and corresponding distribution revenue.
    Printing revenue for the fourth quarter was down four per cent to
$87.0 million from $90.6 million in 2006. Full year printing revenue was also
down four per cent to $268.9 million from $278.8 million, principally as a
result of lower DVD and CD related printing, lower pricing, increased raw
material costs and lower operating efficiencies. In the first quarter of 2008,
Cinram finalized plans to close one of its printing facilities in Vernon,
California. The fund expects to incur total costs of $3.4 million in unusual
items in the first and second quarters of 2008 related to the closure.
    Cinram reported video game revenue of $35.4 million and $65.1 million for
the fourth quarter and full year of 2007 (from the date of acquisition),
respectively. This segment represents revenue from Ditan, which Cinram
acquired in April 2007.
    Revenue from our Other segment, which includes Giant Merchandising, the
new handset distribution business and revenue from the acquisition of Vision
Worldwide Management LLC (Vision), increased to $52.8 million and
$154.0 million in the fourth quarter and year ended December 31, 2007,
compared with $27.2 million and $132.6 million in the corresponding 2006
periods, respectively. The 2007 increase in revenue in this segment was
principally attributable to the inception of the handset distribution business
and the acquisition of Vision in the third quarter of 2007. Giant
Merchandising reported a 15 per cent increase in revenue in the fourth quarter
of 2007 to $29.6 million from $25.8 million in 2006, and for the year, revenue
increased to $124.2 million from $122.9 million in 2006.

    Geographic revenue

    Fourth quarter North American revenue was up 10 per cent to
$479.9 million from $437.7 million in 2006, as the increase from the Ditan
acquisition, the new handset distribution business and gains in our core home
video business were partially offset by the performance of the printing
business. North American revenue was up two per cent in 2007 to
$1,444.1 million from $1,418.6 million in 2006 as the increase in revenue from
Ditan was mostly offset by declines in the printing and CD segments. North
America accounted for 69 and 72 per cent of fourth quarter and full-year
consolidated revenue, respectively, compared with 71 and 73 per cent,
respectively, in 2006.
    European revenue increased 21 per cent in the fourth quarter to
$216.3 million from $179.1 million in 2006 due to higher home video sales
which were partially offset by lower CD revenue. On a full-year basis,
European revenue was up seven per cent to $557.0 million from $522.1 million
in 2006. Fourth quarter European revenue represented 31 per cent of
consolidated sales compared with 29 per cent in the fourth quarter of 2006.
For the full year, European revenue represented 28 per cent of consolidated
revenue, up from 27 per cent in 2006.

    Other financial highlights

    Gross profit for the quarter ended December 31, 2007, was up six per cent
to $150.9 million from $143.0 million in 2006. However, gross profit margins
decreased to 22% from 23% in the fourth quarter of 2006 mainly as a result of
lower selling prices for DVDs, CDs and in our printing segment. For the full
year, gross profit was down eight percent to $352.1 million from
$384.3 million in 2006 and gross profit margins were 18 per cent compared with
20 per cent in 2006. In 2007, our average DVD and CD selling prices decreased,
reducing margins, and we experienced declining revenues and margins in our
printing segment and declining margins in our merchandising business, all of
which contributed to the year-over-year decline in gross profit. A portion of
these margin declines were offset by a reduction in fixed costs associated
with the 2006 closure of our Commerce, California, facility as well as
improved efficiencies.
    Amortization expense from capital assets (property, plant and equipment),
which is included in the cost of goods sold, decreased to $32.1 million from
$42.6 million in the fourth quarter of 2006, and decreased to $131.9 million
for year ended December 31, 2007, from $152.7 million in 2006.

    Balance sheet and liquidity

    The Fund had cash and equivalents on hand of $68.4 million and debt of
$692.5 million (excluding transaction costs and loan fees), resulting in a net
debt position of $624.1 million at December 31, 2007, compared with a net debt
position of $522.8 million at the end of 2006. Working capital decreased to
$119.0 million at December 31, 2007, from $282.5 million at December 31, 2006,
due to a lower cash balance and increased bank indebtedness.

    Unit data

    For the three-month period ended December 31, 2007, the basic weighted
average number of units/shares and exchangeable limited partnership units
outstanding was 57.2 million compared with 58.3 million in the prior year. For
the year ended December 31, 2007, the basic weighted average number of
units/shares and exchangeable limited partnership units outstanding was
58.0 million, compared with 57.9 million in the prior year.

    
    Reconciliation of EBITA and EBIT to net earnings
    -------------------------------------------------------------------------
                                  Three months ended              Year ended
                                         December 31             December 31
    (unaudited, in thousands
     of U.S. dollars)               2007        2006        2007        2006
    -------------------------------------------------------------------------
    EBITA excluding unusual
     items                     $ 125,089   $ 129,912   $ 296,127   $ 356,413
    -------------------------------------------------------------------------
    Unusual items                  1,685     (75,641)      4,367     (10,231)
    -------------------------------------------------------------------------
    EBITA(1)                   $ 123,404   $ 205,553   $ 291,760   $ 366,644
    -------------------------------------------------------------------------
    Impairment charge            386,294           -     386,294           -
    Amortization of property,
     plant and equipment          32,061      42,615     131,909     152,656
    Amortization of
     intangible assets            12,315      16,251      62,959      64,364
    Amortization of
     transaction costs and
     loan fees                         -         295           -       2,855
    Write-off of transaction
     costs and loan fees               -           -           -      16,945
    -------------------------------------------------------------------------
    EBIT(2)                    $(307,266)  $ 146,392   $(289,402)  $ 129,824
    -------------------------------------------------------------------------
    Interest expense              14,518      12,836      53,742      48,832
    Foreign exchange gain         (2,978)     (3,813)     (8,585)    (10,564)
    Investment income               (491)     (1,181)     (3,862)     (4,211)
    Income taxes (recovery)       (1,743)     42,890     (29,638)     44,014
    -------------------------------------------------------------------------
    Net (loss) earnings        $(316,572)  $  95,660   $(301,059)  $  51,753
    -------------------------------------------------------------------------

    (1) EBITA is defined herein as earnings before interest expense,
    investment income, income taxes, amortization, foreign exchange gain, the
    write-off of transaction costs and impairment charges. It is a standard
    measure that is commonly reported and widely used in the industry to
    assist in understanding and comparing operating results. EBITA is not a
    defined term under generally accepted accounting principles (GAAP).
    Accordingly, this measure should not be considered as a substitute or
    alternative for net earnings or cash flow, in each case as determined in
    accordance with GAAP. See reconciliation of EBITA to net earnings under
    GAAP as found in the table above.

    (2) EBIT is defined herein as earnings before interest expense,
    investment income, foreign exchange gain and income taxes, and is a
    standard measure that is commonly reported and widely used in the
    industry to assist in understanding and comparing operating results. EBIT
    is not a defined term under GAAP. Accordingly, this measure should not be
    considered as a substitute or alternative for net earnings or cash flow,
    in each case as determined in accordance with GAAP. See reconciliation of
    EBIT to net earnings under GAAP as found in the table above.
    

    Distributable cash

    Distributable cash is defined herein as adjusted cash flow from
operations less the sum of capital expenditures and debt repayments and is a
standard measure that is commonly reported and widely used in the industry to
assist in understanding and comparing operating results. Distributable cash is
not a defined term under GAAP. Accordingly, this measure should not be
considered as a substitute or alternative for net earnings or cash flow, in
each case as determined in accordance with GAAP. The Fund excludes changes in
non-cash working capital from the distributable cash amount due to the
significant impact of the seasonality of the business. The Fund believes this
is the most meaningful presentation to the unitholders.

    
    -------------------------------------------------------------------------
                                                                 Nine months
                                                   Year ended          ended
                                                  December 31,   December 31,
    (unaudited, in thousands of U.S. dollars)            2007           2006
    -------------------------------------------------------------------------
    Cash flow from operations                       $ 259,386      $ 142,749
    Adjust for changes in non-cash working capital    (12,870)        28,176
                                                  ---------------------------
    Adjusted cash flow from operations              $ 246,516      $ 170,925
    Less:
    Capital expenditures                              (89,095)       (44,695)
    Repayment of long-term debt                       (10,617)        (8,981)
                                                  ---------------------------
    Distributable cash                              $ 146,804      $ 117,249
    Distributions declared                          $ 164,734      $ 107,357
    Payout ratio                                         112%            92%
    -------------------------------------------------------------------------
    

    March 6 conference call and webcast

    Cinram's management team will host a conference call to discuss its
results on Thursday, March 6, 2008, at 10:00 a.m. (ET). To participate, dial
416.644.3417 or 1.800.732.0232. The call will also be webcast live at
http://investors.cinram.com/.

    About Cinram

    Cinram International Inc., an indirect, wholly-owned subsidiary of the
Fund, is the world's largest provider of pre-recorded multimedia products and
related logistics services. With facilities in North America and Europe,
Cinram International Inc. manufactures and distributes pre-recorded DVDs,
audio CDs, and CD-ROMs for motion picture studios, music labels, publishers
and computer software companies around the world. Cinram now also provides
distribution and logistics services to the telecommunications industry in
North America and Europe through its wireless subsidiaries. The Fund's units
are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more
information, visit our website at www.cinram.com.

    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Fund, or results of the multimedia
duplication/replication industry, to be materially different from any future
results, performance or achievements expressed or implied by such forward
looking statements. Such factors include, among others, the following: general
economic and business conditions, which will, among other things, impact the
demand for the Fund's products and services; multimedia
duplication/replication industry conditions and capacity; the ability of the
Fund to implement its business strategy; the Fund's ability to retain major
customers; the Fund's ability to invest successfully in new technologies and
other factors which are described in the Fund's filings with the securities
commissions.

    
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands of U.S. dollars)
    -------------------------------------------------------------------------
    As at December 31                                      2007         2006
    -------------------------------------------------------------------------

    ASSETS
    Current assets:
      Cash and cash equivalents                      $   68,406   $  152,681
      Accounts receivable                               588,551      535,377
      Inventories                                        42,822       50,974
      Income taxes receivable                            21,708            -
      Prepaid expenses                                   32,478       22,796
      Future income taxes                                19,337       21,494
    -------------------------------------------------------------------------
                                                        773,302      783,322

    Property, plant and equipment                       463,374      509,727
    Goodwill                                             55,896      329,949
    Intangible assets                                   137,152      182,582
    Transaction costs and loan fees                           -        5,147
    Other assets                                         11,945        2,548
    Future income taxes                                   2,012       17,346
    -------------------------------------------------------------------------
                                                     $1,443,681   $1,830,621
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND UNITHOLDERS' EQUITY
    Current liabilities:
      Bank indebtedness                              $   27,599            -
      Accounts payable                                  233,902   $  152,793
      Accrued liabilities                               364,609      308,471
      Distributions payable                               9,488       13,620
      Income taxes payable                                9,485       14,485
      Current portion of long-term debt                   6,750       10,617
      Current portion of obligations under
       capital leases                                     2,462          812
    -------------------------------------------------------------------------
                                                        654,295      500,798

    Long-term debt                                      651,778      664,875
    Obligations under capital leases                      6,187        3,412
    Other long-term liabilities                          30,986       31,025
    Derivative instruments                               22,495            -
    Future income taxes                                   7,870       62,428

    Unitholders' equity:
      Fund units                                        181,660      181,880
      Exchangeable limited partnership units                298        3,273
      Contributed surplus                                     -        4,967
      Retained earnings (deficit)                      (223,854)     260,030
      Accumulated other comprehensive income            111,966      117,933
    -------------------------------------------------------------------------
                                                         70,070      568,083
    -------------------------------------------------------------------------
                                                     $1,443,681   $1,830,621
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CONSOLIDATED STATEMENTS OF EARNINGS
    AND RETAINED EARNINGS (DEFICIT)
    (unaudited, in thousands of U.S. dollars,
    except per share/unit/exchangeable LP
    unit amounts)
    -------------------------------------------------------------------------
                                Three months ended       Twelve months ended
                                       December 31               December 31
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    Revenue                $  696,224   $  616,714   $2,001,089   $1,940,639
    Cost of goods sold        545,318      473,706    1,648,950    1,556,362
    -------------------------------------------------------------------------
    Gross profit              150,906      143,008      352,139      384,277
    Selling, general and
     administrative expenses   57,878       55,711      187,921      180,520
    Amortization of
     intangible assets         12,315       16,251       62,959       64,364
    Amortization of
     transaction costs
     and loan fees                  -          295            -        2,855
    Impairment of long-lived
     assets and goodwill      386,294            -      386,294            -
    Unusual items               1,685      (75,641)       4,367        6,714
    -------------------------------------------------------------------------
    Earnings (loss) before
     the undernoted          (307,266)     146,392     (289,402)     129,824
    Interest on long-term
     debt                      12,860       12,464       50,889       48,112
    Other interest              1,658          372        2,853          720
    Foreign exchange
     (gain) loss               (2,978)      (3,813)      (8,585)     (10,564)
    Investment income            (491)      (1,181)      (3,862)      (4,211)
    -------------------------------------------------------------------------
    Earnings (loss) before
     income taxes            (318,315)     138,550     (330,697)      95,767
    Income tax (recovery)
     expense                   (1,743)      42,890      (29,638)      44,014
    -------------------------------------------------------------------------
    Net earnings (loss)      (316,572)      95,660     (301,059)      51,753
    Retained earnings,
     beginning of period
     as previously reported   132,248      206,020      260,030      317,121
    Change in accounting
     policy related to
     financial instruments          -            -         (154)           -
    -------------------------------------------------------------------------
    Retained earnings,
     beginning of period
     as restated              132,248      206,020      259,876      317,121
    Repurchase of units        (4,588)           -      (17,937)           -
    Distributions declared    (34,942)     (41,650)    (164,734)    (107,357)
    Dividends declared              -            -            -       (1,487)
    -------------------------------------------------------------------------
    Retained earnings
     (deficit), end
     of period             $ (223,854)  $  260,030   $ (223,854)  $  260,030
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings (loss) per
     unit or share:
      Basic                $    (5.53)  $     1.64   $     (5.19)  $    0.89
      Diluted              $    (5.53)  $     1.64   $     (5.19)  $    0.89
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number
     of units and
     exchangeable LP units
     outstanding, (common
     shares up to
     May 5, 2006)
     (in thousands):
      Basic                    57,195       58,334        57,965      57,865
      Diluted                  57,195       58,389        57,965      57,932
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Loss)
    (unaudited, in thousands of U.S. dollars)
    -------------------------------------------------------------------------
                                Three months ended       Twelve months ended
                                       December 31               December 31
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    Net earnings (loss)
     for the period        $ (316,572)  $   95,660   $ (301,059)  $   51,753
    Other comprehensive
     income (loss), net
     of tax:
      Unrealized gains
       (losses) on
       translating financial
       statements of self-
       sustaining foreign
       operations              (7,563)      13,365      (30,389)      20,803
      Unrealized gains on
       hedges of net
       investment in
       self-sustaining
       foreign operations       6,025            -       46,870       10,372
      Partial release of
       cumulative
       translation
       adjustment                   -       (8,520)         646       36,380
    -------------------------------------------------------------------------
      Unrealized foreign
       exchange translation
       gain (loss), net of
       hedging activities      (1,538)       4,845       17,127       67,555
      Net unrealized loss
       on derivatives
       designated as cash
       flow hedges             (9,580)           -      (12,915)           -
    -------------------------------------------------------------------------
    Other comprehensive
     income (loss)            (11,118)       4,845        4,212       67,555
    -------------------------------------------------------------------------
    Comprehensive income
     (loss)                $ (327,690)  $  100,505   $ (296,847)  $  119,308
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited, In thousands of U.S. dollars)
    -------------------------------------------------------------------------
                                Three months ended       Twelve months ended
                                       December 31               December 31
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    Cash provided by (used in):
    Operating Activities:
      Net earnings (loss)  $ (316,572)  $   95,660   $ (301,059)  $   51,753
      Items not involving
       cash:
        Amortization           44,376       59,161      194,868      219,875
        Write-off of
         transaction costs
         and loan fees              -            -            -       16,945
        Future income taxes   (33,960)      (4,014)     (37,067)     (18,587)
        Partial release
         of cumulative
         translation
         adjustment                 -       (8,520)         646       36,380
        Impairment of
         long-lived assets
         and goodwill         386,294            -      386,294            -
        Non-cash reversal
         of liabilities             -      (63,616)           -      (63,616)
        Hedge ineffectiveness
         of US dollar
         denominated debt           -        9,963            -       12,650
        Non-cash interest
         expense                  444            -        1,629            -
        Loss (gain) on
         disposition of
         property, plant
         and equipment            983      (19,758)         912      (20,166)
        Gain on settlement
         of hedging
         arrangements               -            -            -       (5,020)
        Other                     182          201          293          333
      Change in non-cash
       operating working
       capital                 (1,786)        (770)      12,870       (4,001)
    -------------------------------------------------------------------------
                               79,961       68,307      259,386      226,546
    Financing Activities:
      Increase in long-term
       debt                         -            -            -      675,000
      Transaction costs and
       loan fees                    -            -       (2,414)      (5,993)
      Repayment of long-term
       debt and bank
       indebtedness           (28,017)      (3,582)     (41,391)    (735,781)
      Increase in bank
       indebtedness            35,868            -       58,373            -
      Proceeds on settlement
       of hedging
       arrangements                 -            -            -        5,020
      Increase (decrease) in
       obligations under
       capital leases            (665)         402       (1,666)        (167)
      Issuance of units/
       common shares                -          366          992       11,378
      Repurchase of units      (5,340)           -      (27,100)           -
      Distributions paid      (41,307)     (42,295)    (171,333)     (93,737)
      Dividends paid                -            -            -       (1,487)
    -------------------------------------------------------------------------
                              (39,461)     (45,109)    (184,539)    (145,767)
    Investing Activities:
      Purchase of property,
       plant and equipment    (15,049)     (13,570)     (89,095)     (57,622)
      Acquisition, net of
       cash                      (730)           -      (58,276)           -
      Proceeds on disposition
       of property, plant
       and equipment               27       28,417          242       28,618
      Decrease (increase)
       in other assets          1,989        6,975       (9,397)      11,400
      Increase (decrease)
       in other long-term
       liabilities                 79       (1,600)         (39)      (2,876)
    -------------------------------------------------------------------------
                              (13,684)      20,222     (156,565)     (20,480)
    Foreign exchange loss
     (gain) on cash held
     in foreign currencies     (4,611)         373       (2,557)       2,461
    -------------------------------------------------------------------------
    (Decrease) increase
     in cash and cash
     equivalents               22,205       43,793      (84,275)      62,760
    Cash and cash
     equivalents, beginning
     of period                 46,201      108,888      152,681       89,921
    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end of
     period                $   68,406   $  152,681   $   68,406   $  152,681
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Supplemental cash flow
     information:
      Interest paid        $   11,990   $   14,242   $   51,125   $   48,425
      Income taxes paid         3,278       10,358       36,319       67,201
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash and cash equivalents are defined as cash and short-term deposits,
    which have an original maturity of less than 90 days
    





For further information:

For further information: Lyne B. Fisher, Tel: (416) 321-7930,
lynefisher@cinram.com

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