Maple Leaf Foods Reports Third Quarter Results



    RECALL IMPACTS NEAR-TERM EARNINGS; OFFSETS GAINS IN OTHER BUSINESSES

    TORONTO, Oct. 29 /CNW/ - Maple Leaf Foods Inc. (TSX: MFI) today reported
its financial results for the third quarter ended September 30, 2008.

    
    -   Adjusted Earnings per Share were $0.13 compared to $0.06 last year
    -   Improved commodity markets, protein restructuring and price increases
        all contributed to improvements in underlying results
    -   Net earnings (loss) per share of ($0.10) compared to $0.01 last year,
        including direct costs of a major packaged meats recall at the Bartor
        Road facility
    -   The recall is complete and actions are underway to restore sales and
        volumes

    Note: Adjusted Earnings per Share measures are defined as earnings per
    share from continuing operations before one-time direct product recall,
    restructuring and other related costs and certain non-recurring tax
    adjustments. Adjusted Earnings per Share and Operating Earnings measures
    include on-going effects of the product recall, such as lower sales and
    higher supply chain costs.
    

    "The headline for the third quarter was managing the unprecedented recall
at our Toronto packaged meats plant and doing what was right to protect
consumers and maintain public trust," said Michael H. McCain, President and
CEO. "While the recall is complete, our actions had a very substantial
near-term impact. In other areas of our business, results improved
considerably and as expected we are starting to see material benefits from the
restructuring of our protein operations. Our focus through the remainder of
2008 will be on stabilizing our business and continuing to restore confidence,
including implementing an enhanced food safety program that will be among the
best in North America."
    The following is a summary of Adjusted Earnings per Share (EPS) defined
as EPS from continuing operations before one-time direct product recall,
restructuring and other related costs and certain non-recurring tax
adjustments. On-going effects of the product recall, such as lower sales and
higher supply chain costs are included in Adjusted Operating Earnings and
Adjusted Earnings per Share.

    
                                          Third Quarter        Year-To-Date
                                      ---------------------------------------
                                          2008      2007      2008      2007
                                          ----      ----      ----      ----
    EPS from continuing
     operations                         $(0.10)    $0.01    $(0.18)    $0.00
    Product recall, restructuring
     and other related costs (i)         $0.24     $0.05     $0.34     $0.31

                                      ---------------------------------------
    Adjusted EPS (ii) (iii)              $0.13     $0.06     $0.17     $0.31

    Discontinued operations                        $1.71               $1.80

                                      ---------------------------------------
                                      ---------------------------------------

    EPS before one-time direct
     product recall, restructuring
     and other related costs and
     certain non-recurring tax
     adjustments (ii) (iii)              $0.13     $1.77     $0.17     $2.10
                                      ---------------------------------------
                                      ---------------------------------------

    (i)   Includes the per share impact of one-time direct product recall,
          restructuring and other related costs net of tax and minority
          interest and the recognition of a tax benefit of $5.1 million in Q2
          2007 related to the sale of the animal nutrition business.
    (ii)  These are not recognized measures under Canadian GAAP. Management
          believes that this is the most appropriate basis on which to
          evaluate results, as product recall, restructuring, and other
          related costs are not representative of continuing operations.
    (iii) Does not add due to rounding.

    Business Segment Review
    -----------------------
    Following is a summary of operating earnings from continuing operations
before one-time direct product recall, restructuring and other related costs
and other income ("Adjusted Operating Earnings") by business segment:

    ($ millions)                  Third Quarter             Year-to-Date
                            ------------------------ ------------------------
                               2008    2007  Change     2008    2007  Change
                               ----    ----  ------     ----    ----  ------
    Meat Products Group       $ 0.8  $ 13.6  (94.0%)  $ 31.5  $ 50.1  (37.0%)
    Agribusiness Group (i)     12.3    (3.5) 453.2%     17.2     2.0  752.5%
                            ------------------------ ------------------------
    Protein Group              13.1    10.1   30.2%     48.7    52.1   (6.6%)
    Bakery Products Group      30.6    32.6   (6.3%)    56.4    93.6  (39.8%)
    Non-allocated Costs (ii)   (2.6)   (4.1)  36.1%    (12.0)   (4.6)(158.5%)
                            ------------------------ ------------------------
                            ------------------------ ------------------------
                             $ 41.1  $ 38.6    6.4%    $93.1  $141.1  (34.1%)
                            ------------------------ ------------------------
                            ------------------------ ------------------------

    (i)  Agribusiness Group excludes the results of the animal nutrition
         business that are reported as discontinued operations.
    (ii) Non-allocated costs include costs related to the Company's IT system
         conversion, certain shared services and consulting expenses related
         to restructuring initiatives. Management believes that not
         allocating these costs provides a more comparable assessment of
         segment operating results.

    Meat Products Group (value-added processed packaged meats; chilled meal
    entrees and lunch kits; value-added pork, poultry and turkey products;
    and global meat sales.)
    

    Adjusted Operating Earnings for the third quarter were $0.8 million
compared to earnings of $13.6 million last year. This decline was principally
a result of lower sales and higher supply chain costs related to the product
recall, which Management estimates impacted Adjusted Operating Earnings by
approximately $14 million in the quarter. In addition earnings declined due to
lower poultry processor margins and higher input costs in the packaged meats
business. These negative impacts outweighed the contribution of higher
earnings in the primary pork processing business due to improved pork
processing margins and benefits from consolidating primary pork operations in
Western Canada and expanding the Brandon facility. Year-to-date Adjusted
Operating Earnings were $31.5 million compared with $50.1 million last year.
    Progress continued in the strategic reorganization of the Company's
protein operations. This restructuring will increase profitability and reduce
currency and commodity exposure by reducing the Company's fresh pork
processing operations and focusing growth in its higher margin packaged meat
and meals businesses. The double shift expansion at the Brandon pork
processing plant was completed in the third quarter and is now processing
approximately 83,000 hogs per week. Brandon is the only pork processing plant
that the Company will retain, providing a low cost, high quality pork supply
for its packaged meats business. As part of this consolidation, Maple Leaf
closed its Winnipeg processing facility in the third quarter, increasing the
total number of pork plants closed to three. The marketing of the Burlington
pork plant, which processes over 2 million hogs annually, is well underway and
the Company expects to conclude this process in the next few months.

    Agribusiness Group (swine production and animal by-products recycling)

    Adjusted Operating Earnings from the Agribusiness Group were
$12.3 million compared to a loss of $3.5 million in 2007. Earnings from
rendering operations benefited from higher commodity prices during most of the
quarter, and higher earnings from bio diesel sales. Hog production losses were
significantly reduced from last year and from the run rate for the first half
of the year due to the divestiture of the Alberta and Ontario hog production
businesses, a lower cost of production and improved efficiencies in the
restructured Manitoba operations. In the third quarter the Company marketed
approximately 224,000 hogs, down from 353,000 last year, and the restructuring
of these operations is virtually complete. For the year-to-date, Adjusted
Operating Earnings of $17.2 million compared to $2.0 million in 2007.

    
    Bakery Products Group (fresh, frozen and branded value-added bakery
    products, including frozen par-baked bakery products; and specialty pasta
    and sauces)
    

    Adjusted Operating Earnings in the Bakery Group were $30.6 million
compared to $32.6 million last year. Earnings were significantly impacted in
the first half of 2008 by an unprecedented rise in commodity prices. Price
increases implemented late in 2007 and early 2008 contributed to results in
the third quarter, but have not offset prior losses. In the early part of the
quarter, earnings across the business were affected by high wheat and oil
prices, which began to decline towards the end of the quarter. Management
anticipates that the combination of the price increases implemented earlier in
the year and lower commodity prices will continue to improve margins through
the end of the year. Earnings for the quarter were also affected by increased
investments in marketing and innovation initiatives. Supporting sales growth
and product diversification in the Fresh Bakery business, new product launches
included Dempster's Naan bread, diversifying into this high growth specialty
category and Dempster's BodyWise diet breads. The Company also launched
Nature's Path, a national line of branded organic breads. For the
year-to-date, Adjusted Operating Earnings of $56.4 million compared to $93.6
million in 2007.
    The Company's U.K. bakery business experienced lower bagel sales growth
as a result of a fire at the principal bagel line at the Rotherham plant,
which impacted sales and earnings and increased manufacturing costs as the new
oven was commissioned. These costs and business disruption are covered by
insurance and proceeds of $4.8 million received in the third quarter are
included in other income. The Company has received $6.5 million year-to-date
and expects to receive further insurance reimbursements in the fourth quarter
of 2008 and in the first quarter of 2009.
    As part of its acquisition integration activities the U.K. bakery
business is taking steps to further reduce costs and improve operating
efficiencies. This includes the closure of two small bakery operations
announced in the quarter, with production from these facilities, primarily
croissants and bagels, being transferred to the Company's larger bakeries in
Maidstone and Rotherham.

    
    Other Matters
    -------------
    

    On October 23, 2008, Maple Leaf Foods Inc. declared a dividend of $0.04
per share payable on December 31, 2008 to shareholders of record on December
8, 2008. Unless indicated otherwise, by the corporation, in writing at or
before the time the dividend is paid, each dividend paid by the corporation in
2008 or a subsequent year is an eligible dividend for the purposes of the
"Enhanced Dividend Tax Credit System."
    An investor presentation related to the Company's third quarter financial
results is available at www.mapleleaf.com and can be found under Investor
Relations on the Quarterly Results page. A conference call will be held at
10:00 a.m. EDT on October 29, 2008 to review Maple Leaf Foods' third quarter
financial results. To participate in the call, please dial 416-641-6111 or
866-696-5911. For those unable to participate, playback will be made available
an hour after the event at 416-695-5800 / 800-408-3053 (Passcode 3272764
followed by the number sign).
    A webcast presentation of the third quarter financial results will also
be available at http://investor.mapleleaf.ca via a link
http://events.startcast.com/events/91/B0028.

    
    Forward-Looking Statements
    --------------------------
    

    This document contains, and the Company's oral and written public
communications often contain, forward-looking statements that are based on
current expectations, estimates, forecasts and projections about the
industries in which the Company operates and beliefs and assumptions made by
the Management of the Company. Such statements include, but are not limited
to, statements with respect to our objectives and goals, as well as statements
with respect to our beliefs, plans, objectives, expectations, anticipations,
estimates and intentions. Words such as "expect", "anticipate", "intend",
"attempt", "may", "will", "plan", "believe", "seek", "estimate", and
variations of such words and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of future
performance and involve assumptions and risks and uncertainties that are
difficult to predict. In particular, these forward-looking statements are
based on a variety of factors and assumptions including, but not limited to:
the condition of the Canadian and United States economies; the magnitude of
the rate of change of the Canadian dollar versus the U.S. dollar; the
availability and prices of raw materials, energy and supplies; product
pricing; the competitive environment and related market conditions;
improvement of operating efficiencies; continued access to capital; the cost
of compliance with environmental and health standards; adverse results from
ongoing litigation; no expected actions of domestic and foreign governments
and the general assumption that none of the risks identified under "Risk
Factors" in the Company's 2007 Annual Information Form will materialize. These
assumptions have been derived from information currently available to the
Company including information obtained by the Company from third-party
industry analysts. These assumptions may prove to be incorrect in whole or in
part. In addition, actual results may differ materially from those expressed,
implied or forecasted in such forward-looking statements. Factors that could
cause actual results or outcomes to differ materially from the results
expressed, implied or forecasted in such forward-looking statements are
discussed more fully in the Company's Management's Discussion and Analysis for
the year ended December 31, 2007, which is available on SEDAR at
www.sedar.com. The Company does not intend, and the Company disclaims any
obligation to update any forward-looking statements, whether written or oral,
or whether as a result of new information, future events or otherwise except
as required by law.

    Maple Leaf Foods Inc. is a leading food processing company, headquartered
in Toronto, Canada. The Company employs approximately 23,500 people at its
operations across Canada and in the United States, the United Kingdom and
Asia. The Company had sales of $5.2 billion in 2007.


    
    Consolidated Financial Statements
    (Expressed in Canadian dollars)

    MAPLE LEAF FOODS INC.

    Three and nine months ended September 30, 2008 and 2007


    MAPLE LEAF FOODS INC.
    Consolidated Balance Sheets
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                                           As at         As at         As at
                                    September 30, September 30,  December 31,
                                            2008          2007          2007
    -------------------------------------------------------------------------
                                      (Unaudited)   (Unaudited)
    ASSETS
    Current assets
      Cash and cash equivalents      $   125,509   $    93,727   $    28,222
      Accounts receivable                216,688       233,973       202,285
      Inventories                        397,642       367,424       351,064
      Income and other taxes
       recoverable                         3,683             -             -
      Future tax asset - current          44,297        11,939        25,409
      Prepaid expenses and other
       assets                             33,768        27,391        16,529
      Assets held for sale                     -        75,767        10,092
      -----------------------------------------------------------------------
                                         821,587       810,221       633,601

    Investments in associated
     companies                             1,146           902         1,207

    Property and equipment             1,167,233     1,128,099     1,126,727

    Other long-term assets               312,539       282,067       303,360

    Future tax asset - non-current        57,890        18,159        22,837

    Goodwill                             871,312       833,131       817,477

    Other intangibles                     98,238        87,064        92,635
    -------------------------------------------------------------------------
                                     $ 3,329,945   $ 3,159,643   $ 2,997,844
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current liabilities
      Bank indebtedness              $     9,521   $    10,157   $     9,845
      Accounts payable and accrued
       charges                           563,831       584,575       550,528
      Income and other taxes payable           -        15,502        12,881
      Current portion of long-term debt   11,457        70,328        17,945
      -----------------------------------------------------------------------
                                         584,809       680,562       591,199

    Long-term debt                     1,240,805       845,397       855,281

    Future tax liability - non-current    82,546        73,405        61,935

    Other long-term liabilities          236,785       276,132       248,448

    Minority interest                     71,939        77,402        79,554

    Shareholders' equity               1,113,061     1,206,745     1,161,427
    -------------------------------------------------------------------------
                                     $ 3,329,945   $ 3,159,643   $ 2,997,844
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Maple Leaf Foods Inc.
    Consolidated Statements of Earnings
    (In thousands of Canadian dollars, except share amounts)

    -------------------------------------------------------------------------
                              Three months ended           Nine months ended
                                    September 30,               September 30,
    (Unaudited)               2008          2007          2008          2007
    -------------------------------------------------------------------------
    Sales              $ 1,344,334   $ 1,301,099   $ 3,902,898   $ 3,936,007

    Cost of goods sold   1,186,245     1,149,633     3,438,406     3,448,337
    -------------------------------------------------------------------------
    Gross margin       $   158,089   $   151,466   $   464,492   $   487,670
    Selling, general
     and administrative
     expenses              117,012       112,877       371,427       346,555
    -------------------------------------------------------------------------
    Earnings from
     continuing
     operations before
     the following:    $    41,077   $    38,589   $    93,065   $   141,115
    Product recall,
     restructuring and
     other related costs   (42,902)       (6,972)      (62,242)      (50,397)
    Other income             9,157           365        11,075         2,334
    -------------------------------------------------------------------------
    Earnings from
     continuing
     operations before
     interest and
     income taxes      $     7,332   $    31,982   $    41,898   $    93,052
    Interest expense        22,325        23,086        65,856        73,029
    -------------------------------------------------------------------------
    Earnings (loss) from
     continuing operations
     before income
     taxes             $   (14,993)  $     8,896   $   (23,958)  $    20,023
    Income taxes            (4,243)        4,608        (6,202)       12,573
    -------------------------------------------------------------------------
    Earnings (loss) from
     continuing operations
     before minority
     interest          $   (10,750)  $     4,288   $   (17,756)  $     7,450
    Minority interest        2,169         2,590         4,526         6,944
    -------------------------------------------------------------------------
    Net earnings (loss)
     from continuing
     operations        $   (12,919)  $     1,698   $   (22,282)  $       506
    Net earnings from
     discontinued operations
     - net of income tax         -       218,726             -       228,710
    -------------------------------------------------------------------------
    Net earnings
     (loss)            $   (12,919)  $   220,424   $   (22,282)  $   229,216
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic earnings
     (loss) per share
      from continuing
      operations       $     (0.10)  $      0.01   $     (0.18)  $         -
      from discontinued
       operations                -          1.71             -          1.80
    -------------------------------------------------------------------------
                       $     (0.10)  $      1.72   $     (0.18)  $      1.80
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Diluted earnings
     (loss) per share
      from continuing
       operations      $     (0.10)  $      0.01   $     (0.18)  $         -
      from discontinued
       operations                -          1.66             -          1.75
    -------------------------------------------------------------------------
                       $     (0.10)  $      1.67   $     (0.18)  $      1.75
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average
     number of shares
     (millions)              126.3         127.9         126.8         127.5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Maple Leaf Foods Inc.
    Consolidated Statements of Comprehensive Income (Loss)
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                              Three months ended           Nine months ended
                                    September 30,               September 30,
    (Unaudited)               2008          2007          2008          2007
    -------------------------------------------------------------------------
    Net earnings (loss) for
     the period        $   (12,919)  $   220,424   $   (22,282)  $   229,216

    Other comprehensive
     income (loss)
      Change in accumulated
       foreign currency
       translation
       adjustment           (9,187)       (6,132)         (953)      (13,722)
      Change in unrealized
       derivative loss on
       cash flow hedges      2,326         7,459        (2,313)       18,273
    -------------------------------------------------------------------------
                       $    (6,861)  $     1,327   $    (3,266)  $     4,551
    -------------------------------------------------------------------------
    Comprehensive income
     (loss)            $   (19,780)  $   221,751   $   (25,548)  $   233,767
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Retained Earnings
    (In thousands of Canadian dollars)
    -------------------------------------------------------------------------
                                              Nine months ended September 30,
    (Unaudited)                                           2008          2007
    -------------------------------------------------------------------------
    Retained earnings, beginning of period         $   390,784   $   204,415

    Net earnings (loss) for the period                 (22,282)      229,216
    Dividends declared ($0.12 per share;
     2007: $0.12 per share)                            (15,700)      (15,391)
    Premium on shares repurchased for cancellation      (5,515)            -
    Premium on shares issued from Restricted
     Share Unit Trust                                     (819)            -
    -------------------------------------------------------------------------
    Retained earnings, end of period               $   346,468   $   418,240
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Maple Leaf Foods Inc.
    Consolidated Statements of Cash Flows
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                              Three months ended           Nine months ended
                                    September 30,               September 30,
    (Unaudited)               2008          2007          2008          2007
    -------------------------------------------------------------------------
    CASH PROVIDED BY (USED IN)
    Operating activities
    Net earnings (loss)
     from continuing
     operations        $   (12,919)  $     1,698   $   (22,282)  $       506
    Add (deduct) items
     not affecting cash:
      Depreciation and
       amortization         37,353        35,722       111,062       105,704
      Stock-based
       compensation          3,840         3,389        12,026        10,474
      Minority interest      2,169         2,590         4,526         6,944
      Future income taxes  (12,517)         (133)      (21,765)      (11,016)
      Gain on sale of
       property and
       equipment            (4,302)         (173)       (4,073)         (255)
      Gain on sale of
       investments               -          (162)            -          (162)
    Change in other
     long-term receivables     163         2,296           559           114
    Decrease in net pension
     asset                  (5,137)       (8,634)      (16,199)      (36,726)
    Asset impairments and
     change in restructuring
     provisions             17,448         3,285        28,792        31,431
    Other                    2,282        (5,081)        5,802        (8,504)
    Change in non-cash
     operating working
     capital                22,070         3,800       (89,835)      (74,819)
    -------------------------------------------------------------------------
    Cash provided by
     operating activities
     of continuing
     operations        $    50,450   $    38,597   $     8,613   $    23,691
    Cash used in operating
     activities of
     discontinued
     operations                  -       (13,969)            -       (17,086)
    -------------------------------------------------------------------------
                       $    50,450   $    24,628   $     8,613   $     6,605
    Financing activities
      Dividends paid        (5,252)       (5,167)      (15,700)      (15,391)
      Dividends paid to
       minority interest      (183)         (184)         (599)         (618)
      Net increase (decrease)
       in long-term debt   138,037      (378,193)      359,371      (260,566)
      Increase in share
       capital                 900         5,242         4,010        20,344
      Purchase of
       treasury stock            -        (4,692)      (11,341)       (4,692)
      Shares repurchased
       for cancellation          -             -       (11,814)            -
      Other                  2,085           (86)          784         7,291
    -------------------------------------------------------------------------
    Cash provided by
     (used in) financing
     activities of
     continuing
     operations        $   135,587   $  (383,080)  $   324,711   $  (253,632)
    Cash used in
     financing activities
     of discontinued
     operations                  -             -             -          (389)
    -------------------------------------------------------------------------
                       $   135,587   $  (383,080)  $   324,711   $  (254,021)
    Investing activities
      Additions to property
       and equipment       (49,344)      (58,511)     (157,708)     (170,236)
      Proceeds from sale
       of property and
       equipment             6,682         1,334        17,227         3,120
      Acquisition of
       businesses - net
       of cash acquired     (1,295)      (51,192)      (62,954)      (64,623)
      Proceeds on sale
       of investments            -         2,091             -         3,713
      Proceeds on disposal
       of business               -             -             -         5,470
      Purchase of Canada
       Bread shares        (32,643)            -       (32,643)       (6,521)
      Other                    224         1,262           365         1,383
    -------------------------------------------------------------------------
    Cash used in investing
     activities of continuing
     operations        $   (76,376)  $  (105,016)  $  (235,713)  $  (227,694)
    Cash provided by
     investing activities
     of discontinued
     operations                  -       507,456             -       503,316
    -------------------------------------------------------------------------
                       $   (76,376)  $   402,440   $  (235,713)  $   275,622
    Increase in cash and
     cash equivalents      109,661        43,988        97,611        28,206
    Net cash and cash
     equivalents,
     beginning of period     6,327        39,582        18,377        55,364
    -------------------------------------------------------------------------
    Net cash and cash
     equivalents, end
     of period         $   115,988   $    83,570   $   115,988   $    83,570
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Maple Leaf Foods Inc.
    Segmented Financial Information
    (In thousands of Canadian dollars)

    -------------------------------------------------------------------------
                              Three months ended           Nine months ended
                                    September 30,               September 30,
    (Unaudited)               2008          2007          2008          2007
    -------------------------------------------------------------------------

    Sales
      Meat Products
       Group           $   838,195   $   862,961   $ 2,457,378   $ 2,637,653
      Agribusiness
       Group                63,658        53,158       183,819       180,507
      Bakery Products
       Group               442,481       384,980     1,261,701     1,117,847
    -------------------------------------------------------------------------
                       $ 1,344,334   $ 1,301,099   $ 3,902,898   $ 3,936,007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings from
     continuing
     operations before
     product recall,
     restructuring and
     other related
     costs and other
     income
      Meat Products
       Group           $       812   $    13,590   $    31,542   $    50,104
      Agribusiness
       Group                12,336        (3,493)       17,152         2,012
      Bakery Products
       Group                30,550        32,591        56,378        93,644
      Non-allocated
       costs                (2,621)       (4,099)      (12,007)       (4,645)
    -------------------------------------------------------------------------
                       $    41,077   $    38,589   $    93,065   $   141,115
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Capital
     expenditures
      Meat Products
       Group           $    29,742   $    32,022   $   101,593   $    93,146
      Agribusiness
       Group                 2,638         3,790         9,614        10,416
      Bakery Products
       Group                16,964        22,699        46,501        66,674
    -------------------------------------------------------------------------
                       $    49,344   $    58,511   $   157,708   $   170,236
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Depreciation and
     amortization
      Meat Products
       Group           $    18,970   $    17,621   $    56,548   $    52,211
      Agribusiness
       Group                 4,085         5,327        12,252        14,984
      Bakery Products
       Group                 14,298       12,774        42,262        38,509
    -------------------------------------------------------------------------
                       $     37,353  $    35,722   $   111,062   $   105,704
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                           As at         As at         As at
                                    September 30, September 30,  December 31,
                                            2008          2007          2007
    -------------------------------------------------------------------------
                                      (Unaudited)   (Unaudited)
    Total assets
      Meat Products Group            $ 1,716,044   $ 1,592,649   $ 1,560,244
      Agribusiness Group                 240,432       460,053       302,999
      Bakery Products Group              908,152       869,776       823,137
      Non-allocated assets               465,317       237,165       311,464
    -------------------------------------------------------------------------
                                     $ 3,329,945   $ 3,159,643   $ 2,997,844
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Goodwill
      Meat Products Group            $   450,734   $   450,686   $   450,929
      Agribusiness Group                  12,942         2,042         2,058
      Bakery Products Group              407,636       380,403       364,490
    -------------------------------------------------------------------------
                                     $   871,312   $   833,131   $   817,477
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    





For further information:

For further information: Lynda Kuhn, SVP Communications & Consumer
Relations, (416) 926-2026, www.mapleleaf.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890