TORONTO, March 19 /CNW/ - Cinram International Income Fund (TSX.CRW.UN) (the "Fund") announced today that upon completing an extensive review of the Fund's subsidiaries' previously filed tax returns and following on from the previous release on March 4, 2010, the Fund determined that there was a net overstatement of the Income Tax Receivable account on the Consolidated Balance Sheet of approximately $2.7 million as at December 31, 2009. This is significantly less than previously estimated.
The net overstatement results from an overstatement of income taxes recoverable in the fiscal year ended December 31, 2007 of approximately $14.2 million, which adjustment has been reflected as an adjustment to the opening retained earnings as at January 1, 2008, and an understatement of income taxes recoverable in the 2009 fiscal year of $11.5 million. As a result, the previously reported net loss for the quarter and year ended December 31, 2009 of $19,972 and $33,528 will be amended to reduce the reported net loss for the quarter and fiscal year to $8,472 and $22,028 respectively.
The Fund expects to be filing its Audited Consolidated Financial Statements for the year ended December 31, 2009 and related Management Discussion and Analysis, reflecting the adjustments outlined above, on or before March 31, 2010.
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiary. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at www.cinram.com.
SOURCE Cinram Group Inc.
For further information: For further information: John H. Bell, Tel: (416) 332-2902, email@example.com