HUSKY INJECTION MOLDING SYSTEMS LTD. ISSUES FISCAL 2007 THIRD QUARTER RESULTS



    TORONTO, June 6 /CNW/ - Husky Injection Molding Systems Ltd. (TSX: HKY)
today announced its results for the third quarter ended April 30, 2007. All
figures in this press release are in US dollars unless otherwise noted.

    Management's Discussion and Analysis

    The following is a discussion of the third quarter fiscal 2007
consolidated financial condition and results of operations of Husky Injection
Molding Systems Ltd. (the "Company"). This analysis is current as of June 6,
2007, and should be read in conjunction with the Company's unaudited interim
consolidated financial statements for the three and nine month periods ended
April 30, 2007, and the Company's Annual Report 2006 - Financial Supplement
for the year ended July 31, 2006. Additional information regarding the
Company, including its Annual Information Form, can be found on SEDAR at
www.sedar.com.
    The Company assesses its performance by reviewing the geographic mix of
sales from its territories, and gross profit and profitability on a
consolidated basis.

    
    Summarized Financial Results
    (in millions of US dollars, except per share data, unaudited)

                                 Three Months Ended      Nine Months Ended
                                April 30,   April 30,   April 30,   April 30,
                                    2007        2006        2007        2006
                              -----------------------------------------------
    Orders                         258.4       173.4       857.9       720.9
    -------------------------------------------------------------------------
    Sales                          303.9       279.6       755.4       687.1
    -------------------------------------------------------------------------
    Net Income                      17.6        20.7        20.4        23.4
    -------------------------------------------------------------------------
    Earnings Per Share              0.15        0.18        0.17        0.20
    -------------------------------------------------------------------------

    President's Message

    John Galt, the Company's President and Chief Executive Officer commented,
"I am pleased with our third quarter financial results. Orders in the quarter
were approximately 50% higher than last year, representing the fourth
consecutive quarter of order improvements over the same quarter in the
previous year.
    Since announcing Robert Schad's decision to consider a sale of his shares
in the Company, we have been working closely with Citigroup Global Markets to
properly present Husky's vision, strategy and strengths to interested parties.
In the meantime, we continue to make progress on a number of fronts, despite
continued competitive pressures and the added challenge of the Canadian
dollar's recent surge in value.
    For the quarter, order levels were higher in all markets and territories.
We remain focused on clear priorities in order to continue this momentum and
grow the business:
    -   Develop new technologies for customers in our core markets, including
        innovations that will build on our leading position in packaging,
        develop our market for metal molding systems and expand our
        addressable market for machines
    -   Evaluate new partnership opportunities and acquisitions
    -   Manage our costs and improve the efficiency of our global operations
    -   Expand our footprint in emerging markets of Asia Pacific and Eastern
        Europe
    -   Improve the range of services we offer customers

    In summary, I am encouraged in our ability to offer new technologies and
products to a growing base of customers that will provide their best long term
return on investment. This will translate into increased value for all of
Husky's stakeholders."

    Results of Operations

    For the three and nine month periods ended April 30, 2007 compared to the
    same periods in the previous year

    Sales

    Sales for the third quarter increased 9% to $303.9 million from
$279.6 million, as a result of higher opening backlog.
    In North America, sales decreased 9% primarily as a result of lower
opening backlog. Shipments were down in all markets except technical and
general. Sales in Europe grew 38% due to increased shipments in all
application markets except technical and general. The impact of year-over-
year currency rate changes on Euro-denominated shipments increased sales by
approximately $12.0 million. Sales in Asia Pacific increased 15% as a result
of strong beverage packaging (PET) and automotive shipments which more than
offset declines in other application markets. In Latin America, sales
decreased 46% due to reduced shipments in all markets except technical and
general, and lower opening backlog.
    For the first nine months, sales increased 10% to $755.4 million from
$687.1 million in the prior year. The increase was due to strong order intake
in the first three quarters in addition to higher opening backlog levels.
    North American sales decreased marginally as higher shipments in
technical, general and beverage packaging applications were more than offset
by declines in packaging and automotive markets. Sales in Europe and Asia
Pacific were up 25% and 30%, respectively. These increases were due to higher
opening backlog levels and increased order intake in the first nine months of
the fiscal year. In addition, year-over-year currency rate changes on Euro-
denominated shipments increased sales in Europe by approximately
$21.0 million. Sales in Latin America declined 22% as a result of lower
opening backlog levels. The decrease was in all markets except technical and
general.

    Net Income

    Net income for the third quarter was $17.6 million ($0.15 earnings per
share), compared to net income of $20.7 million ($0.18 earnings per share)
last year. On a year-to-date basis, net income was $20.4 million ($0.17
earnings per share), compared to a net income of $23.4 million ($0.20 earnings
per share) last year.

    Gross Profit

    For the quarter, gross profit increased to $74.8 million (24.6% of sales)
from $68.4 million last year (24.5% of sales). Gross profit increased
approximately $15.0 million as a result of higher volume, a recovery of
research and development (R&D) investment tax credits and cost reduction
initiatives. The R&D investment tax credit recovery of $5.7 million was
realized on income earned in a jurisdiction where the Company has investment
tax credits that were not previously recognized. These factors were partly
offset by increased compensation incentives and competitive pricing pressures.
    Gross profit for the first nine months increased to $161.1 million from
$149.9 million last year. As a result, margins were 21.3% of sales compared to
21.8% last year. Higher sales, cost reduction initiatives and a recovery of
R&D investment tax credits of $7.5 million increased gross profit by
approximately $47.0 million. Cost reductions include lean manufacturing, Six
Sigma principles, global purchasing processes and moving certain manufacturing
activities to lower-cost regions. These factors were partly offset by
competitive pricing pressures, unfavorable foreign exchange rates, higher
expenses, most of which were people related, higher compensation incentives,
and lower margin product mix. Unfavorable foreign exchange rates reduced gross
profit approximately $9.0 million principally due to the translation of
Canadian dollar-denominated expenses, partly offset by the stronger Euro.

    Other Income and Expenses

    In the third quarter, selling and administration expenses increased to
$45.9 million from $37.9 million last year. The increase was primarily due to
higher compensation incentives, increased people-related expenses and
unfavorable foreign exchange rates on the translation of Euro and Canadian
dollar-denominated expenses, which increased selling and administration
expenses by $1.4 million.
    For the first nine months, selling and administration expenses were
$125.3 million, up from $110.2 million last year. The increase was primarily
due to higher people-related expenses, unfavorable foreign exchange rates on
the translation of Euro and Canadian dollar-denominated expenses and increased
compensation incentives. In addition, consulting expenses related to cost
reduction initiatives, including steps to improve working capital management,
increased selling and administration expenses.
    Interest expense for the third quarter, net of interest income, decreased
to $1.6 million from $1.8 million last year. For the first nine months,
interest expense, net of interest income, decreased to $5.0 million from
$6.6 million last year. The decrease for both the quarter and year-to- date
periods was primarily due to higher interest income.

    Restructuring Charge

    For the quarter, the Company recorded a $4.4 million restructuring charge
related to severances and associated benefits. This charge resulted from a
workforce reduction of 85 people on the Bolton campus and was in line with the
Company's strategy of becoming a leaner organization to achieve profitable
growth and to effectively serve its customers in emerging markets. For the
full year, the Company expects the impact of this restructuring to have a
negative effect on cash and pre-tax income of approximately $2.1 million.

    Earnings Before Interest, Taxes, Depreciation and Amortization
    (EBITDA)(1)

    For the quarter, EBITDA decreased to $37.1 million from $44.2 million
last year. For the first nine months, EBITDA was $69.6 million compared to
$79.3 million last year.

    Income Taxes

    In the third quarter, the income tax provision was $5.2 million,
resulting in an effective income tax rate of 22.9%, compared to $7.9 million
last year with an effective income tax rate of 27.5%.
    The income tax provision for the nine month period was $5.9 million
resulting in an effective income tax rate of 22.5%, compared to $9.7 million
last year with an effective income tax rate of 29.2%. The income tax provision
was lower as a result of income earned in jurisdictions with lower tax rates
and the reversal of valuation allowances against certain future income tax
assets.

    Orders and Backlog

    Orders for the quarter increased 49% to $258.4 million from
$173.4 million last year. The increase was due to higher demand in all
markets, and across all territories. In the prior year, third quarter orders
were reduced as a result of rising commodity prices which led customers to
postpone purchase decisions, choosing to increase capacity utilization of
existing equipment.
    In North America, increased orders in beverage packaging (PET),
automotive, technical and general application markets were partially offset by
a decrease in other packaging applications. Beverage packaging orders were
higher as a result of increased demand in carbonated soft drink (CSD) and
water applications.
    European orders increased in packaging and PET applications, which were
partly offset by declines in other markets. Packaging orders increased due to
strong demand for closures, particularly for new package designs in Eastern
Europe. The increase in beverage packaging orders was primarily due to higher
demand in CSD, water and juice applications. The impact of year-over-year
currency rate changes increased Euro-denominated orders by approximately
$8.0 million.
    In Asia Pacific, orders increased in beverage packaging, technical and
general applications, which were partly offset by declines in other markets.
The growth in PET was principally due to higher demand in hot-fill and water
applications.
    Orders in Latin America increased in all regions and application markets.
Beverage packaging orders were up due to higher demand in CSD and isotonic
applications.
    For the first nine months, orders increased to $857.9 million from
$720.9 million last year with growth in all application markets and
territories. The impact of year-over-year currency rate changes increased 
Euro-denominated orders by approximately $23.0 million, compared to last year.
    Backlog at April 30, 2007 increased 41% to $382.5 million from
$272.2 million last year.

    Segmented Information

    Sales and Orders

    Please refer to the discussion of sales and orders above.

    Gross Profit

    The Company evaluates gross profit on a consolidated basis. The changes
in gross profit margin of the Company's manufacturing operations for the
quarter and year-to-date periods are attributable to the factors discussed
previously under "Gross Profit". In general, gross profit earned by the
Company's Service and Sales territories fluctuates primarily as a result of
changes to internal pricing between business units, foreign exchange
fluctuations, and competitive pricing pressures. In Europe, margins for the
third quarter decreased as a result of competitive pricing pressure. Margins
in Asia Pacific, for the quarter and year-to-date periods, decreased as a
result of competitive pricing pressure. The reader is reminded that internal
changes in pricing between business units and foreign exchange fluctuations
may affect comparative Service and Sales and manufacturing profit margins, and
that such changes may give rise to segmented results which are not necessarily
indicative of external business or market conditions.

    Liquidity and Capital Resources

    Cash Position

    Cash provided by operating activities in the third quarter totaled
$34.2 million, compared to $9.8 million last year. The increase was primarily
attributable to a comparative improvement in non-cash working capital, partly
offset by lower profitability. For the quarter, working capital decreased as a
result of higher accounts payable and accruals, and increased customer
deposits. The increase in accounts payable and accruals was primarily as a
result of higher compensation incentives. Customer deposits increased as a
result of higher backlog levels. These factors were partly offset by higher
accounts receivable which was consistent with increased sales.
    For the first nine months, cash provided by operating activities totaled
$59.8 million compared to $84.0 million last year. The reduction primarily
resulted from a decline in cash generated by changes in non-cash working
capital. From the beginning of the current fiscal year, non-cash working
capital decreased due to higher accounts payable and accruals, and customer
deposits, partly offset by higher accounts receivable and inventory. The
higher accounts receivable was due to increased sales in the quarter. The
increase in inventory was consistent with higher backlog levels.

    Capital Additions

    Capital additions for the third quarter were $9.2 million compared to
$3.7 million last year. Additions principally related to manufacturing
equipment purchases.

    Dividends

    For the three and nine month periods ended April 30, 2007, the Company
paid a dividend of $2.1 million and $6.2 million respectively.

    Capital Resources

    Debt at the end of April 30, 2007 totaled $160.4 million which is
consistent with $160.9 million at July 31, 2006, as principal repayments were
offset by the translation of Canadian dollar-denominated debt. Net debt(2)
decreased to $32.2 million from $63.8 million at July 31, 2006, primarily as a
result of higher cash and cash equivalent balances. Debt as a percentage of
capital(3) was 28% at April 30, 2007 and July 31, 2006. Net debt as a
percentage of capital(3) decreased to 7% from 14% at July 31, 2006.
    At April 30, 2007, the Company had committed, but unutilized, credit
facilities totaling $96.1 million.
    The Company expects to meet its operating cash requirements through
fiscal 2007, including required working capital investments, capital
expenditures, and currently scheduled repayments of debt, from cash on hand,
cash flow from operations and its committed borrowing capacity.

    Subsequent Event

    On June 6, 2007, the Company's Board of Directors approved a dividend
payment of C$0.02 per common share, for the fourth quarter. The dividend will
be paid on July 31, 2007 to the shareholders of record as of July 16, 2007.
The Company's intention is to continue with the regular quarterly dividend.
The payment of dividends will result in a reduction of cash and cash
equivalents and shareholders' equity of approximately $2.1 million.

    2007 Fourth Quarter Outlook

    For the fourth quarter, based on the strong opening backlog levels, the
Company expects sales to be in line with the third quarter of fiscal 2007.
However, net income is expected to be lower, principally due to unfavorable
product mix and a stronger Canadian dollar.

    Forward-Looking Statements

    The information in this press release contains certain forward-looking
statements which reflect the Company's current view of future events, business
outlook and anticipated financial performance. The material assumptions
identified in the 2007 Outlook section above may be incorrect. The statements
are also subject to risks and uncertainties which are difficult to predict.
Future events, outcomes and financial performance may differ materially from
those predicted in these statements as a result of factors which may include,
but are not limited to: a reduction in sales of beverage packaging (PET)
equipment; failure of the Company's cost reduction programs to be successful;
changes in macro-economic factors that affect the Company's capital equipment
markets; continued strengthening of the Canadian dollar; being named as a
defendant in a legal action; competitive price pressures; customer driven
price concessions and cost absorption; the timing of orders booked and
shipped; changes in product mix; excess or shortage of manufacturing capacity;
pricing of key raw materials used by the Company's customers; supply chain
disruption, including a significant increase in the cost of a key production
input; changes in governmental, environmental or regulatory policies; failures
of, or deficiencies in, information systems or internal business processes.
These and additional factors are discussed in more detail on pages 10 and 11
under the "Forward-Looking Statements and Risks Factors" section in the
Company's Annual Report 2006 - Financial Supplement for the year ended
July 31, 2006. The Company assumes no obligation to update or revise any
forward-looking statements, in order to reflect actual events, results or
circumstances.

    About Husky

    Husky Injection Molding Systems (www.husky.ca) is a global supplier of
injection molding equipment and services to the plastics industry. Customers
use Husky equipment to manufacture a wide range of products in the packaging,
technical and automotive industries. The Company has more than 40 service and
sales offices, supporting customers in more than 100 countries. Husky's
manufacturing facilities are located in Canada, the United States, Luxembourg
and China.
    The Company's common shares (HKY) are listed on the Toronto Stock
Exchange.

    -----------------------------
    (1) EBITDA: Earnings before interest, taxes, depreciation and
        amortization is a non-GAAP measure. EBITDA does not have a
        standardized meaning prescribed by GAAP, and may not be directly
        comparable to similar measures presented by other companies due to
        the nature of its calculation. The Company believes this measure may
        be relevant to stakeholders.

    (2) Net debt is defined as total debt less cash and cash equivalents. Net
        debt is a non-GAAP measure, which does not have a standardized
        meaning prescribed by GAAP, and which may not be directly comparable
        to similar measures presented by other companies due to the nature of
        its calculation.

    (3) Debt as a percentage of capital is defined as total debt divided by
        the sum of total debt and shareholders' equity. Net debt as a
        percentage of capital is defined as net debt divided by the sum of
        net debt and shareholders' equity. Debt and net debt as a percentage
        of capital are non-GAAP measures, which do not have a standardized
        meaning prescribed by GAAP, and which may not be directly comparable
        to similar measures presented by other companies due to the nature of
        their calculation.



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                         CONSOLIDATED BALANCE SHEETS

    (IN THOUSANDS OF US DOLLARS, UNAUDITED)

                                                       April 30,     July 31,
                                                           2007         2006
    -------------------------------------------------------------------------
    ASSETS
    Current
    Cash and cash equivalents                           128,248       97,112
    Accounts receivable                                 188,063      135,381
    Income taxes receivable                              12,758        2,339
    Inventories                                         209,468      190,128
    Prepaid expenses and other assets                    14,499        9,276
    Future income tax assets                             21,077       21,295
    -------------------------------------------------------------------------
    Total current assets                                574,113      455,531
    Cross currency swap receivable, net                  10,204        8,786
    Future income tax assets                              6,167        6,134
    Capital assets, net                                 321,060      340,041
    -------------------------------------------------------------------------
    Total assets                                        911,544      810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current
    Accounts payable and accrued charges                222,417      175,030
    Customers' deposits                                  93,173       53,440
    Current portion of long-term debt                     3,853        3,605
    -------------------------------------------------------------------------
    Total current liabilities                           319,443      232,075
    Long-term debt                                      156,560      157,302
    Employee future benefits                             15,100       15,037
    Future income tax liabilities                           757          909
    Other long-term liabilities                             614          551
    -------------------------------------------------------------------------
    Total liabilities                                   492,474      405,874
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital                                       134,602      134,403
    Retained earnings                                   284,468      270,215
    -------------------------------------------------------------------------
    Total shareholders' equity                          419,070      404,618
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity          911,544      810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                    CONSOLIDATED STATEMENTS OF OPERATIONS

    (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE DATA, UNAUDITED)

                              Three Months Ended         Nine Months Ended
                             April 30,    April 30,    April 30,    April 30,
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    Sales                     303,862      279,570      755,394      687,076
    Cost of sales             229,042      211,174      594,317      537,156
    -------------------------------------------------------------------------
    Gross profit               74,820       68,396      161,077      149,920
    -------------------------------------------------------------------------

    Other expenses
    Selling and
     administration            45,924       37,926      125,325      110,170
    Restructuring charge        4,415            -        4,415            -
    Interest - current, net      (921)        (462)      (2,606)        (957)
             - long-term        2,522        2,309        7,556        7,578
    -------------------------------------------------------------------------
    Total other expenses       51,940       39,773      134,690      116,791
    -------------------------------------------------------------------------

    Income before income
     taxes                     22,880       28,623       26,387       33,129
    Provision for (recovery
     of) income taxes
      Current                    (572)       7,355       (2,717)       9,198
      Future                    5,821          521        8,658          486
    -------------------------------------------------------------------------
                                5,249        7,876        5,941        9,684
    -------------------------------------------------------------------------
    Net Income                 17,631       20,747       20,446       23,445
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted
     earnings per share          0.15         0.18         0.17         0.20
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average
     number of common
     shares outstanding   117,220,962  117,157,831  117,204,072  117,118,784
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                CONSOLIDATED STATEMENTS OF RETAINED EARNINGS

     (IN THOUSANDS OF US DOLLARS, UNAUDITED)

                                 Three Months Ended      Nine Months Ended
                                April 30,   April 30,   April 30,   April 30,
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------

    Retained earnings, beginning
     of period                   268,919     247,243     270,215     244,545
    Net Income                    17,631      20,747      20,446      23,445
    Dividends                     (2,082)          -      (6,193)          -
    -------------------------------------------------------------------------
    Retained earnings,
     end of period               284,468     267,990     284,468     267,990
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

     (IN THOUSANDS OF US DOLLARS, UNAUDITED)

                                 Three Months Ended      Nine Months Ended
                                April 30,   April 30,   April 30,   April 30,
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
    Net Income                    17,631      20,747      20,446      23,445
    Add (deduct) items not
     affecting cash
      Depreciation                12,576      13,638      37,969      39,287
      Amortization                    91         103         272         277
      Loss on disposal of
       capital assets                 21         174          25         621
      Employee future benefits       877         223          63       1,290
      Future income taxes           (657)         92          33        (788)
      Other                       (1,451)        575        (896)        (21)
    -------------------------------------------------------------------------
                                  29,088      35,552      57,912      64,111
    Net decrease (increase) in
     non-cash working capital
     balances related to
     operations                    5,116     (25,784)      1,886      19,906
    -------------------------------------------------------------------------
    Cash provided by
     operating activities         34,204       9,768      59,798      84,017
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Additions to capital assets   (9,196)     (3,681)    (19,326)    (20,155)
    Net decrease in accounts
     payable and accrued charges
     related to capital asset
     additions                       (31)       (876)     (2,702)     (1,950)
    -------------------------------------------------------------------------
    Cash used for capital
     asset additions              (9,227)     (4,557)    (22,028)    (22,105)
    Proceeds from sale of
     capital assets                  149          51         327       7,607
    -------------------------------------------------------------------------
    Cash used in investing
     activities                   (9,078)     (4,506)    (21,701)    (14,498)
    -------------------------------------------------------------------------

    Dividends                     (2,082)          -      (6,193)          -
    Repayment of long-term debt     (940)       (856)     (2,765)     (9,943)
    Issuance of common shares         58          57         199         350
    -------------------------------------------------------------------------
    Cash used in financing
     activities                   (2,964)       (799)     (8,759)     (9,593)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Effect of exchange rate
     changes on cash and
     cash equivalents              2,100         (25)      1,798         449
    -------------------------------------------------------------------------

    Net increase in cash and
     cash equivalents during
     the period                   24,262       4,438      31,136      60,375
    Cash and cash equivalents,
     beginning of period         103,986      75,086      97,112      19,149
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period               128,248      79,524     128,248      79,524
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplementary cash flow
     information
    Cash income taxes paid, net      608       5,441       7,811       8,193
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash interest paid
     (received), net                (805)       (370)      2,697       4,167
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                            SEGMENTED INFORMATION

    (IN THOUSANDS OF US DOLLARS, UNAUDITED)

                                Three Months Ended April 30, 2007
               --------------------------------------------------------------
                Service and Sales territories
               --------------------------------
                                                     Manu-  Elimi-
                 North   Latin             Asia  facturing nations
               America America   Europe Pacific operations & other(i)  Total
    -------------------------------------------------------------------------

    External
     sales      93,767  14,958  144,152  50,985        -         -   303,862
    Intersegment
     sales           -       -        -       -  267,377  (267,377)        -
    -------------------------------------------------------------------------
    Total
     sales      93,767  14,958  144,152  50,985  267,377  (267,377)  303,862
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit     15,887   2,560   10,642   5,538   41,777    (1,584)   74,820
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Depreciation
     and amorti-
     zation        768     215      292     617    9,402     1,373    12,667
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital asset
     additions     154     159      285     367    8,189        42     9,196
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets     93,591  24,006  136,957 104,413  365,722   186,855   911,544
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                Three Months Ended April 30, 2006
               --------------------------------------------------------------
                Service and Sales territories
               --------------------------------
                                                     Manu-  Elimi-
                 North   Latin             Asia  facturing nations
               America America   Europe Pacific operations & other(i)  Total
    -------------------------------------------------------------------------

    External
     sales     103,302  27,862  104,168  44,238        -         -   279,570
    Intersegment
     sales           -       -        -       -  240,090  (240,090)        -
    -------------------------------------------------------------------------
    Total
     sales     103,302  27,862  104,168  44,238  240,090  (240,090)  279,570
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit     17,334   3,762   11,247   7,308   31,628    (2,883)   68,396
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Depreciation
     and amorti-
     zation        827     205     820      754    9,785     1,350    13,741
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital asset
     additions      43     156      23    1,126     2,243       90     3,681
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets    101,038  29,455 114,704   98,506   359,584  126,224   829,511
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                Nine Months Ended April 30, 2007
               --------------------------------------------------------------
                Service and Sales territories
               --------------------------------
                                                     Manu-  Elimi-
                 North   Latin             Asia  facturing nations
               America America   Europe Pacific operations & other(i)  Total
    -------------------------------------------------------------------------

    External
     sales     267,118  56,589  277,012 154,675        -         -   755,394
    Intersegment
     sales           -       -        -       -  639,180  (639,180)        -
    -------------------------------------------------------------------------
    Total
     sales     267,118  56,589  277,012 154,675  639,180  (639,180)  755,394
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit     44,751   8,968   26,989  18,431   59,115     2,823   161,077
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Depreciation
     and amorti-
     zation      2,328     638    1,149   1,577   28,556     3,993    38,241
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital asset
     additions     269     387      861   1,105   15,360     1,344    19,326
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets     93,591  24,006  136,957 104,413  365,722   186,855   911,544
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                Nine Months Ended April 30, 2006
               --------------------------------------------------------------
                Service and Sales territories
               --------------------------------
                                                     Manu-  Elimi-
                 North   Latin             Asia  facturing nations
               America America   Europe Pacific operations & other(i)  Total
    -------------------------------------------------------------------------

    External
     sales     274,463  72,776  220,834 119,003        -         -   687,076
    Intersegment
     sales           -       -        -       -  586,291  (586,291)        -
    -------------------------------------------------------------------------
    Total
     sales     274,463  72,776  220,834 119,003  586,291  (586,291)  687,076
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit     46,427  11,171   24,749  19,622   49,435    (1,484)  149,920
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Depreciation
     and amorti-
     zation      2,500     611    1,855   1,354   29,358     3,886    39,564
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital asset
     additions     138     225      301   1,857   16,315     1,319    20,155
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets    101,038  29,455  114,704  98,506  359,584   126,224   829,511
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (i) Eliminations and other includes Corporate activities and assets not
        attributable to the operating segments.


    External sales to customers in Canada and the United States for the
    three month period ended April 30, 2007 were $7,426 (2006 - $7,016) and
    $86,341 (2006 - $96,286), respectively.  External sales to customers in
    Canada and the United States for the nine month period ended April 30,
    2007 were $13,239 (2006 - $17,823) and $253,879 (2006 - $256,640),
    respectively.

    Capital assets in Canada, the United States and Luxembourg as at
    April 30, 2007 were $99,829 (2006 - $115,366), $73,199 (2006 - $86,399)
    and $94,369 (2006 - $98,953), respectively.

    SUBSEQUENT EVENT

    On June 6, 2007, the Company's Board of Directors approved a dividend
    payment of C$0.02 per common share, for the fourth quarter. The dividend
    will be paid on July 31, 2007 to the shareholders of record as of
    July 16, 2007. The Company's intention is to continue with the regular
    quarterly dividend. The payment of dividends will result in a reduction
    of cash and cash equivalents and shareholders' equity of approximately
    $2.1 million.
    

    %SEDAR: 00011000E




For further information:

For further information: Daniel Gagnon, Vice President, Finance & CFO,
(905) 951-5000

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HUSKY INJECTION MOLDING SYSTEMS LTD.

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