HUSKY INJECTION MOLDING SYSTEMS LTD. SUCCESSFULLY COMPLETES OWNERSHIP REVIEW PROCESS AND ISSUES FISCAL 2007 FOURTH QUARTER AND FULL YEAR RESULTS



    TORONTO, Sept. 28 /CNW/ - Husky Injection Molding Systems Ltd. (TSX: HKY)
today announced it has successfully completed the ownership review process,
see separate press release issued today, and announced its results for the
fourth quarter and year ended July 31, 2007. All figures in this press release
are in US dollars unless otherwise stated.

    Management's Discussion and Analysis

    The following is a discussion of the consolidated financial condition and
results of operations of Husky Injection Molding Systems Ltd. (the "Company")
for the quarter and year ended July 31, 2007. This analysis is current as of
September 28, 2007, and should be read in conjunction with the Company's
Annual Report 2006 - Financial Supplement for the year ended July 31, 2006,
together with the consolidated financial statements for the three and twelve
month periods ended July 31, 2007. Additional information regarding the
Company, including its Annual Information Form, can be found on SEDAR at
www.sedar.com. All amounts are in US dollars unless otherwise noted.
    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            Year Ended
                              July 31,     July 31,     July 31,     July 31,
                                 2007         2006         2007         2006
                             ------------------------------------------------
    Orders                      263.8        243.0      1,121.8        963.9
    -------------------------------------------------------------------------
    Sales                       321.2        248.2      1,076.6        935.3
    -------------------------------------------------------------------------
    Net Income                   21.3          2.2         41.7         25.7
    -------------------------------------------------------------------------
    Earnings Per Share           0.18         0.02         0.36         0.22
    -------------------------------------------------------------------------

    Results of Operations

    Fourth Quarter 2007 and Fiscal Year Ended July 31, 2007

    Sales

    Sales in the fourth quarter increased 29% to $321.2 million from
$248.2 million last year, representing a record fourth quarter for the
Company. This increase was due to higher opening backlog levels in all
territories at the start of the quarter. In North America, sales grew 21% due
to higher shipments in all application markets. European sales were up 35% as
higher shipments in beverage packaging (PET) and packaging more than offset
reduced shipments in technical, general and automotive applications. The
impact of year-over-year currency rate changes increased Euro-denominated
sales by approximately $5.0 million. In Asia Pacific, sales increased 6%,
principally in technical and general applications. Sales in Latin America more
than doubled due to higher opening backlog.
    Sales for the year ended July 31, 2007 were $1,076.6 million, up 15% from
$935.3 million last year, representing a record level of shipments for the
Company. Sales increased in all application markets and across all
territories. This increase was primarily due to higher order intake across all
territories, as well as higher opening backlog levels in all territories
except Latin America.

    Net Income

    Net income for the fourth quarter increased to $21.3 million ($0.18
earnings per share) from $2.2 million ($0.02 earnings per share) last year.
The increase was principally due to higher gross profit and a lower effective
tax rate, partly offset by higher selling and administration expenses.
    Net income for the year was $41.7 million ($0.36 earnings per share),
compared to $25.7 million ($0.22 earnings per share) last year. The increase
in net income resulted from higher gross profit, a lower effective income tax
rate and lower interest expense, net of interest income. These factors were
partly offset by increased selling and administration expenses and a
restructuring charge related to severance and associated benefits from a
workforce reduction of 81 people on the Bolton campus.

    President's Message

    John Galt, the Company's President and Chief Executive Officer,
commented, "Fiscal 2007 was a year of progress for Husky. Our priorities were
clear: to achieve growth by building on our strong foundation, delivering
greater customer value and improving operating efficiencies and speed.
    We achieved over $1.0 billion in orders and sales for the first time in
Husky's history, with solid growth across all markets and territories.
Beverage packaging orders grew 13% over last year, primarily due to increased
tooling demand and accelerated conversions to lightweight bottle designs.
Packaging orders grew 36%, with a significant increase in the closures
segment, driven by ongoing conversion to beverage cartons that include a
plastic cap.
    I enjoyed seeing the talent of our global team continuing to develop.
This year, we saw many new leaders taking on greater responsibilities with
challenging new roles. We benefited from the leadership of many experienced
people in key roles throughout the organization. In particular, I would like
to thank Robert Schad for his contributions in the areas of product
development and strategy.
    I am grateful to lead a committed Husky team. Together, we are continuing
to develop new innovations and are learning to become leaner, faster and more
efficient. I remain confident in our ability to deliver value to our customers
in a number of dynamic industries, and am excited about our long-term growth
prospects."

    Gross Profit

    In the fourth quarter, gross profit increased to $72.1 million (22.4% of
sales) from $48.2 million (19.4% of sales) last year. Higher sales and cost
reduction initiatives increased gross profit by approximately $35.0 million.
These factors were partly offset by increased people-related expenses, lower
margin product mix, and higher compensation incentives. In addition,
unfavorable foreign exchange rates, principally on the translation of Canadian
dollar-based monetary items, reduced gross profit by approximately
$2.0 million.
    Gross profit for the year increased to $233.2 million from $198.1 million
last year. As a result, margins were 21.7% of sales compared to 21.2% last
year. Higher sales, cost reduction initiatives, and a recovery of scientific
research and experimental development (SR&ED) investment tax credits increased
gross profit by approximately $82.0 million. These factors were partly offset
by competitive pricing pressures, increased people-related expenses, higher
compensation incentives, and lower margin product mix. In addition,
unfavorable foreign exchange rates reduced gross profit by approximately $10.0
million, principally due to the translation of Canadian dollar-denominated
expenses. This was partly offset by the favorable impact to gross profit as a
result of the stronger Euro.

    Other Income and Expenses

    For the fourth quarter, selling and administration expenses were
$45.8 million, up from $41.2 million last year. The increase resulted from
higher compensation incentives, consistent with improved profitability, higher
people-related expenses, and unfavorable foreign exchange rates on the
translation of Euro and Canadian dollar-denominated expenses. These factors
were offset by lower trade show costs due to the Company's participation in a
large triennial trade show last year. In addition, last year's selling and
administration expenses included an asset impairment charge related to the
Company's decision to close its technical center in England.
    For the year, selling and administration expenses were $171.1 million, up
from $151.4 million last year. The increase was primarily due to higher people-
related expenses and increased compensation incentives. The increase in
compensation incentives was consistent with improved profitability. In
addition, unfavorable foreign exchange rates on Euro and Canadian dollar-
denominated expenses increased selling and administration costs by
approximately $6.0 million.
    Interest expense for the fourth quarter, net of interest income,
decreased to $1.0 million from $1.7 million last year. For the year, interest
expense, net of interest income, decreased to $6.0 million from $8.3 million
last year. The decrease for both the quarter and year was primarily due to
higher interest income which resulted from higher average cash and cash
equivalent balances.

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

    EBITDA for the fourth quarter was $40.2 million, up from $22.2 million
last year. The increase was due to higher gross profit, partly offset by
increased selling and administration expenses. For the year, EBITDA increased
to $109.7 million from $101.5 million last year due to higher gross profit,
partly offset by increased selling and administration expenses and the
restructuring charge.

    Income Taxes

    In the fourth quarter, the income tax provision was $4.7 million
resulting in an effective tax rate of 18%, compared to $3.1 million last year
with an effective tax rate of 58%. A valuation allowance released against
certain income tax assets decreased the current quarter's income tax provision
by $3.5 million compared to an increase of $3.0 million in the same quarter
last year. The prior year's expense was partially offset by the recognition of
a $1.3 million income tax benefit on income earned in a jurisdiction where the
Company had unrecognized future income tax assets, whereas no benefit was
recognized in the current period. Excluding these items, the effective tax
rate would have been 31% for the quarter and 27% for the corresponding quarter
last year.
    The income tax provision for the year was $10.6 million compared to
$12.8 million last year, resulting in an effective tax rate of 20% and 33%,
respectively. The current year's income tax provision included a $2.2 million
decrease in valuation allowances compared to a $6.1 million increase last
year. Income earned in jurisdictions with lower tax rates than Canada reduced
the current income tax provision by $5.9 million, compared to a $0.6 million
reduction last year. The current year's income tax provision included tax
benefits from foreign exchange translation of $2.8 million, compared to
$3.6 million of benefits in fiscal 2006.

    Orders and Backlog

    Orders for the fourth quarter increased 9% to $263.8 million from
$243.0 million, reflecting growth in North America and Europe, partly offset
by declines in Asia Pacific and Latin America. North American orders increased
due to improved activity in packaging, PET and automotive markets, which more
than offset a decline in technical and general applications. Orders in Europe
increased principally due to strong demand in packaging and closures.
Approximately 35% of this increase was due to the favorable impact of year-
over-year currency rate changes on Euro-denominated orders. In Asia Pacific,
orders declined due to lower demand for PET, technical and general
applications partly offset by increases in packaging and automotive. Latin
American orders decreased marginally as reduced PET and packaging activity was
partly offset by improvements in automotive, technical and general
applications.
    Orders for the year increased 16% to $1,121.8 million from $963.9 million
last year, representing a record level for the Company. The growth was driven
by strong demand in all territories and across all application markets. PET
growth in North America and Europe was primarily due to conversion to
lightweight bottle design. Orders in packaging grew in a variety of
applications, primarily for beverage cartons with a plastic cap.
    Orders in North America increased in all application markets. PET orders
reflected continued growth in water and carbonated soft drink (CSD)
applications. Orders in automotive, technical and general increased
principally due to demand for metal molding machines for lightweighting and
other applications.
    In Europe, orders grew as a result of increased demand in all
applications. The increase was primarily due to higher order intake in PET and
packaging, principally in Western Europe. The impact of year-over-year
currency rate changes increased Euro-denominated orders by approximately
$27.0 million. PET orders improved primarily as a result of increased demand
in CSD and water applications. Packaging orders increased due to growth in
beverage and non-beverage closure applications. Beverage closure orders
increased principally due to demand for improved quality and flexibility in
beverage container closures.
    In Asia Pacific, orders increased in all application markets and regions,
except North Asia. The growth in PET was due to increased demand in a variety
of applications and an increase in in-house manufacturing by brand owners.
Automotive orders were up as a result of adding capacity in low cost
jurisdictions, particularly in South Asia.
    Orders in Latin America increased across all application markets and in
all regions. The PET increase was principally due to CSD. Packaging orders
were higher due to demand in a variety of applications.
    Consolidated order backlog at July 31, 2007 was $329.0 million compared
to $269.8 million last year, representing a record closing level for the
Company.

    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 change in
gross profit margin of the Company's manufacturing operations is 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. 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.
    For the fourth quarter, gross profit in Asia Pacific increased
principally due to the reversal of certain accruals related to items such as
freight, duty, and equipment start-up costs totaling approximately $1.0
million. Higher margin product mix further contributed to the improvement in
gross profit.

    Liquidity and Capital Resources

    Cash Position

    Cash provided by operating activities totaled $151.6 million compared to
$105.7 million last year. The increase was due to a comparative improvement in
non-cash working capital levels and higher profitability.
    From the beginning of the current fiscal year, non-cash working capital
decreased principally due to higher accounts payable and accruals, partly
offset by higher accounts receivable. The increase in trade payables was
primarily due to higher backlog levels and improved cash management practices.
The change in accruals was due to higher compensation incentives, consistent
with improved profitability, and the deferred gain associated with the
$11.5 million received from MHT Molds and Hot Runner Technology AG which was
awarded by the German appeal court. The increase in accounts receivable was
consistent with higher sales.

    Capital Additions

    Capital additions for the year totaled $30.6 million compared to
$26.2 million last year. Capital investments related principally to equipment
purchases for the Company's manufacturing operations.

    Dividends

    For the three and twelve month periods ended July 31, 2007, the Company
paid a dividend of $2.1 million (2006 - Nil) and $8.3 million (2006 - Nil),
respectively.

    Acquisition

    On June 30, 2007, the Company acquired substantially all of the assets of
Moldflow Corporation's Manufacturing Solutions Division ("Moldflow"). The
Company will now offer customers hot runner temperature controllers, software
products and automated process set-up and optimization tools. The purchase
cost was $8.1 million and is subject to an adjustment based on the working
capital of Moldflow as at the acquisition date. In addition, the Company is in
the process of obtaining third party valuations of certain intangible assets.
Accordingly, the purchase cost allocation is subject to adjustment.

    Capital Resources

    Debt at July 31, 2007 totaled $163.2 million, compared to $160.9 million
last year. The increase was principally due to the translation of Canadian
dollar-denominated debentures, partly offset by the scheduled repayment of
Euro-denominated loans. Due to the strong cash position, net debt(2) was
negative $37.3 million compared with $63.8 million last year. Debt as a
percentage of capital(3) was 27% compared to 28% last year. Net debt as a
percentage of capital(3) was negative 9% at July 31, 2007, compared to 14%
last year.
    At July 31, 2007, the Company had committed, but unutilized, credit
facilities totaling $98.0 million.
    The Company expects to meet its operating cash requirements through
fiscal 2008, 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 Events

    On September 28, 2007 the Company announced that:

    1.  It has entered into a support agreement with Onex, whereby Onex will
        offer to acquire all of the issued and outstanding common shares of
        Husky at a price of C$8.18 cash per common share. The total value of
        the transaction is approximately C$960.0 million. The transaction is
        expected to be completed by mid December 2007.

    2.  A dividend payment of C$0.02 per common share was approved by the
        Company's Board of Directors, for the first quarter of fiscal 2008.
        The dividend will be paid on October 31, 2007 to shareholders of
        record as of October 22, 2007. The payment of dividends will result
        in a reduction of cash and cash equivalents and shareholders' equity
        of approximately $2.1 million.

    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 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 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; changes
in the Company's dividend policy; acquisitions and the retirement of Company
debt. 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 over 100 countries. Husky's
manufacturing facilities are located in Canada, the United States, Luxembourg,
China and Singapore.
    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, 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 and 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 and 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)             July 31,     July 31,
                                                           2007         2006
    -------------------------------------------------------------------------
    ASSETS
    Current
    Cash and cash equivalents                           200,432       97,112
    Accounts receivable                                 166,885      135,381
    Income taxes receivable                                 554        2,339
    Inventories                                         191,161      190,128
    Prepaid expenses and other assets                    15,488        9,276
    Future income tax assets                             24,328       21,295
    -------------------------------------------------------------------------
    Total current assets                                598,848      455,531
    Cross currency swap receivable, net                  13,847        8,786
    Future income tax assets                              7,033        6,134
    Capital assets, net                                 318,385      340,041
    Intangible assets                                     4,775            -
    -------------------------------------------------------------------------
    Total assets                                        942,888      810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current
    Accounts payable and accrued charges                239,299      175,030
    Customers' deposits                                  78,076       53,440
    Income taxes payable                                  7,477            -
    Current portion of long-term debt                     3,873        3,605
    -------------------------------------------------------------------------
    Total current liabilities                           328,725      232,075
    Long-term debt                                      159,280      157,302
    Employee future benefits                             15,612       15,037
    Future income tax liabilities                           347          909
    Other long-term liabilities                             590          551
    -------------------------------------------------------------------------
    Total liabilities                                   504,554      405,874
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital                                       134,682      134,403
    Retained earnings                                   303,652      270,215
    -------------------------------------------------------------------------
    Total shareholders' equity                          438,334      404,618
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity          942,888      810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                     HUSKY INJECTION MOLDING SYSTEMS LTD.
                    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands of US dollars, unaudited)

                               Three Months Ended            Year Ended
                              July 31,     July 31,     July 31,     July 31,
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    Sales                     321,211      248,179    1,076,605      935,255
    Cost of sales             249,109      199,956      843,426      737,112
    -------------------------------------------------------------------------
    Gross profit               72,102       48,223      233,179      198,143
    -------------------------------------------------------------------------

    Other expenses
    Selling and
     administration            45,823       41,222      171,148      151,392
    Restructuring charge         (707)           -        3,708            -
    Interest - current, net    (1,536)        (848)      (4,142)      (1,805)
             - long-term        2,574        2,533       10,130       10,111
    -------------------------------------------------------------------------
    Total other expenses       46,154       42,907      180,844      159,698
    -------------------------------------------------------------------------

    Income before income
     taxes                     25,948        5,316       52,335       38,445
    Provision for (recovery
     of) income taxes
      Current                   8,966        2,769        6,249       11,967
      Future                   (4,290)         322        4,368          808
    -------------------------------------------------------------------------
                                4,676        3,091       10,617       12,775
    -------------------------------------------------------------------------
    Net Income                 21,272        2,225       41,718       25,670
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted
     earnings per share          0.18         0.02         0.36         0.22
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average number
     of common shares
     outstanding          117,229,135  117,171,189  117,210,389  117,131,993
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                CONSOLIDATED STATEMENTS OF RETAINED EARNINGS

    (In thousands of US dollars, unaudited)

                               Three Months Ended            Year Ended
                              July 31,     July 31,     July 31,     July 31,
                                2007         2006         2007         2006
    -------------------------------------------------------------------------
    Retained earnings,
     beginning of period      284,468      267,990     270,215       244,545
    Net Income                 21,272        2,225      41,718        25,670
    Dividends                  (2,088)           -      (8,281)            -
    -------------------------------------------------------------------------
    Retained earnings,
     end of period            303,652      270,215     303,652       270,215
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands of US dollars, unaudited)

                               Three Months Ended            Year Ended
                              July 31,     July 31,     July 31,     July 31,
                                2007         2006         2007         2006
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
    Net Income                 21,272        2,225       41,718       25,670
    Add (deduct) items not
     affecting cash
      Depreciation             13,089       15,087       51,058       54,374
      Amortization                 94           90          366          367
      Loss on disposal of
       capital assets             829           84          854          705
      Employee future benefits    512         (159)         575        1,131
      Future income taxes      (4,527)         589       (4,494)        (199)
      Other                      (577)        (391)      (1,473)        (412)
    -------------------------------------------------------------------------
                               30,692       17,525       88,604       81,636
    Net decrease in non-cash
     working capital balances
     related to operations     61,082        4,141       62,968       24,047
    -------------------------------------------------------------------------
    Cash provided by
     operating activities      91,774       21,666      151,572      105,683
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Additions to capital
     assets                   (11,228)      (6,008)     (30,554)     (26,163)
    Net increase (decrease)
     in accounts payable and
     accrued charges related
     to capital asset
     additions                    805        2,085       (1,897)         135
    -------------------------------------------------------------------------
    Cash used for capital
     asset additions          (10,423)      (3,923)     (32,451)     (26,028)
    Proceeds from sale
     of capital assets            215           57          542        7,664
    Purchase of net assets
     of business               (7,000)           -       (7,000)           -
    -------------------------------------------------------------------------
    Cash used in investing
     activities               (17,208)      (3,866)     (38,909)     (18,364)
    -------------------------------------------------------------------------

    FINANCING ACTIVITIES
    Dividends                  (2,088)           -       (8,281)           -
    Repayment of long-term
     debt                        (953)        (901)      (3,718)     (10,844)
    Issuance of common shares      80           68          279          418
    -------------------------------------------------------------------------
    Cash used in financing
     activities                (2,961)        (833)     (11,720)     (10,426)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Effect of exchange rate
     changes on cash and
     cash equivalents             579          621        2,377        1,070
    -------------------------------------------------------------------------

    Net increase in cash
     and cash equivalents
     during the period         72,184       17,588      103,320       77,963
    Cash and cash equivalents,
     beginning of period      128,248       79,524       97,112       19,149
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period            200,432       97,112      200,432       97,112
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplementary cash flow
     information
    Cash income taxes paid
     (received), net          (10,687)       3,343       (2,876)      11,536
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash interest paid, net     3,245        4,713        5,942        8,880
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------




                    HUSKY INJECTION MOLDING SYSTEMS LTD.
                            SEGMENTED INFORMATION

    (In thousands of US dollars, unaudited)

                            Three Months Ended July 31, 2007
             ----------------------------------------------------------------
                Service and Sales territories
             ----------------------------------
                                                Manufac- Elimina-
                                                  turing  tions &
               North    Latin              Asia    oper-    other
             America  America   Europe  Pacific   ations      (i)      Total
    -------------------------------------------------------------------------
    External
     sales   112,743   37,266  119,043   52,159        -        -    321,211
    Inter-
     segment
     sales         -        -        -        -  273,020 (273,020)         -
    -------------------------------------------------------------------------
    Total
     sales   112,743   37,266  119,043   52,159  273,020 (273,020)   321,211
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit   19,020    6,123   12,040   10,799   26,451   (2,331)    72,102
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Deprecia-
     tion and
     amort-
     ization     769      225      700      480    9,705    1,304     13,183
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital
     asset
     additions   169       75      147      188    7,140    3,509     11,228
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets   94,635   25,033  122,401  113,029  334,027  253,763    942,888
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                            Three Months Ended July 31, 2006
             ----------------------------------------------------------------
                Service and Sales territories
             ----------------------------------
                                                Manufac- Elimina-
                                                  turing  tions &
               North    Latin              Asia    oper-    other
             America  America   Europe  Pacific   ations      (i)      Total
    -------------------------------------------------------------------------
    External
     sales    93,028   17,856   88,068   49,227        -        -    248,179
    Inter-
     segment
     sales         -        -        -        -  183,767 (183,767)         -
    -------------------------------------------------------------------------
    Total
     sales    93,028   17,856   88,068   49,227  183,767 (183,767)   248,179
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit   16,920    3,189    8,967    7,801    4,924    6,422     48,223
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Deprecia-
     tion and
     amort-
     ization     823      208    2,003      988    9,854    1,301     15,177
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital
     asset
     additions   226      123      213    1,446    3,206      794      6,008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets   96,483   26,037  100,424   96,824  343,288  147,436    810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                  Year Ended July 31, 2007
             ----------------------------------------------------------------
                Service and Sales territories
             ----------------------------------
                                                Manufac- Elimina-
                                                  turing  tions &
               North    Latin              Asia    oper-    other
             America  America   Europe  Pacific   ations      (i)      Total
    -------------------------------------------------------------------------
    External
     sales   379,861   93,855  396,055  206,834        -        -  1,076,605
    Inter-
     segment
     sales         -        -        -        -  912,200 (912,200)         -
    -------------------------------------------------------------------------
    Total
     sales   379,861   93,855  396,055  206,834  912,200 (912,200) 1,076,605
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit   63,771   15,091   39,029   29,230   85,566      492    233,179
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Deprecia-
     tion and
     amort-
     ization   3,097      863    1,849    2,057   38,261    5,297     51,424
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital
     asset
     additions   438      462    1,008    1,293   22,500    4,853     30,554
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets   94,635   25,033  122,401  113,029  334,027  253,763    942,888
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                  Year Ended July 31, 2006
             ----------------------------------------------------------------
                Service and Sales territories
             ----------------------------------
                                                Manufac- Elimina-
                                                  turing  tions &
               North    Latin              Asia    oper-    other
             America  America   Europe  Pacific   ations      (i)      Total
    -------------------------------------------------------------------------
    External
     sales   367,491   90,632  308,902  168,230        -        -    935,255
    Inter-
     segment
     sales         -        -        -        -  770,058 (770,058)         -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     sales   367,491   90,632  308,902  168,230  770,058 (770,058)   935,255
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross
     profit   63,347   14,360   33,716   27,423   54,359    4,938    198,143
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Deprecia-
     tion and
     amort-
     ization   3,323      819    3,858    2,342   39,212    5,187     54,741
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital
     asset
     additions   364      348      514    3,303   19,521    2,113     26,163
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     assets   96,483   26,037  100,424   96,824  343,288  147,436    810,492
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (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
months ended July 31, 2007 were $7,817 (2006 - $8,042) and $104,926 (2006 -
$84,986), respectively. External sales to customers in Canada and the United
States for the year ended July 31, 2007 were $21,056 (2006 - $25,865) and
$358,805 (2006 - $341,626), respectively. External sales are attributed to the
country in which the customer is domiciled.
    Net capital assets in Canada, the United States and Luxembourg as at July
31, 2007 were $100,198 (2006 - $111,550), $72,089 (2006 - $83,288) and $91,786
(2006 - $97,048), respectively.
    

    %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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