Cinram Reports Second Quarter 2007 Results



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

    TORONTO, Aug. 7 /CNW/ - Cinram International Income Fund ("Cinram" or the
"Fund") (TSX: CRW.UN) today reported second quarter revenue of $375.9 million
compared with $398.9 million in 2006, and earnings before interest, taxes and
amortization (EBITA1), excluding unusual items, of $33.7 million compared with
$54.7 million in the second quarter of 2006.
    "Our performance in the second quarter reflected increased compression in
the seasonality of the home video business and was in line with expectations
for softer results. Over the last two years, the release schedule has become
more compressed as the peaks in demand have risen while the seasonal troughs
have widened. However, we made a number of significant announcements during
the quarter and executed on Cinram's new strategic direction," said Dave
Rubenstein, chief executive officer of Cinram International Inc. "In April, we
completed our acquisition of Ditan Corporation, the leading independent video
games distributor in the United States. Ditan has given us a strong foothold
in the growing video games business and has created a solid funnel of new
manufacturing and printing opportunities for Cinram. In June, we revealed the
third leg of our new strategy with the announcement of a multi-year agreement
to distribute handsets and accessories for Motorola, leveraging our logistics
capabilities in an industry that thrives on rapid technological change. The
Motorola agreement marks the first of many initiatives we intend to pursue in
the telecommunications space. In addition to our progress on the business
development front, we also repurchased 367,700 units during the second quarter
under our normal course issuer bid. Overall, we are satisfied with the results
of our strategic review which has set a new course for Cinram that will
leverage our core competencies to grow our business, to sustain and supplement
our operating profit."
    Cinram's second quarter 2007 EBITA included $0.9 million of charges under
unusual items related to the consolidation of distribution and certain
warehousing and packaging departments within existing facilities in the United
States. In addition, costs of $1.6 million related to the consolidation were
included in cost of goods sold in the second quarter of 2007. By comparison,
2006 second quarter EBITA included a loss from unusual items of $69.5 million
primarily related to a non-cash charge of $53.7 million associated to the
partial release of cumulative translation adjustments incurred as a result of
the income trust conversion in May 2006, and the write-off of deferred
financing fees of $16.9 million. EBITA margins as a percentage of consolidated
sales decreased to nine per cent from 14 per cent in 2006.
    For the three months ended June 30, 2007, the Fund recorded a net loss of
$26.6 million or $0.45 per unit (basic), compared with a net loss of
$67.3 million or $1.17 per share (basic) for the second quarter of 2006.
    Cash flow from operations decreased to $23.5 million in the second
quarter from $42.9 million in the comparable 2006 quarter on lower net
earnings (net of non-cash unusual items) principally due to lower prices and a
decline in DVD and CD unit volumes. Cinram manufactured 209.5 million DVDs and
97.8 million CDs during the second quarter, down six and 18 per cent relative
to 2006, respectively.

    Year-to-date performance

    For the six months ended June 30, 2007, Cinram recorded revenue of
$819.8 million down from $846.8 million in 2006, principally as a result of a
19 per cent decline in CD manufacturing volumes and lower sales at Giant
Merchandising. DVD unit volumes were up two per cent in the first half of
2007, but higher unit sales were offset by lower prices.
    Cash flow from operations increased to $142.9 million for the six months
ended June 30, 2007, from $126.7 million in the comparable 2006 period. EBITA
excluding unusual items for the six months ended June 30, 2007, decreased to
$104.3 million from $136.4 million in 2006. In addition to lower prices for
DVDs, the combination of lower unit volumes and prices for CDs as well as
softer results from the printing and merchandising segments and the absence of
VHS sales, all had a negative impact on EBITA in the first half of 2007. The
Fund recorded a net loss of $19.4 million in the first half of 2007 compared
with a net loss of $59.3 million in 2006.

    Product revenue

    Second quarter DVD revenue was down 10 per cent to $167.9 million from
$187.2 million in 2006 as a result of a six per cent decrease in volumes and
price declines. DVD revenue decreased to $409.9 million in the first half of
2007 as the two per cent increase in volumes was more than offset by lower
prices. Cinram recorded high-definition disc revenue of $4.2 million and
$6.1 million in the second quarter and first half of 2007, up from
$1.1 million and $1.2 million in the corresponding 2006 periods, respectively.

    
    -------------------------------------------------------------------------
    (in thousands    Three months ended June 30      Six months ended June 30
     of US$)                2007           2006           2007           2006
    -------------------------------------------------------------------------
    DVD            $167,882  45%  $187,185  47%  $409,880  50%  $412,666  49%
    High-
     definition       4,227   1%     1,086   -      6,103   1%     1,152   -
    CD               46,238  12%    60,848  15%    96,749  12%   126,546  15%
    Printing         45,297  12%    40,162  10%    83,855  10%    82,137  10%
    Distribution     77,557  21%    62,116  16%   154,566  19%   139,492  16%
    Merchandising    30,700   8%    38,027  10%    59,935   7%    65,345   8%
    Other             3,959   1%     9,522   2%     8,718   1%    19,435   2%
    -------------------------------------------------------------------------
                   $375,860 100%  $398,946 100%  $819,806 100%  $846,773 100%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    CD revenue was down 24 per cent in the second quarter to $46.2 million
from $60.8 million in 2006 on a 18 per cent decline in unit volumes, a portion
of which was related to the closure of Cinram's CD manufacturing operations in
France in the first half of 2006. CD revenue fell 24 per cent in the first
half of 2007 to $96.7 million from $126.5 million in 2006 on a 19 per cent
decline in unit volumes and lower prices. Printing revenue for the second
quarter increased 13 per cent to $45.3 million from $40.2 million in 2006, and
was up two per cent in the first half to $83.9 million from $82.1 million in
the first half of 2006. Second quarter distribution revenue, which included a
two-month contribution from the acquisition of Ditan, was up 25 per cent to
$77.6 million from $62.1 million in 2006. In the first half of 2007,
distribution revenue increased 11 per cent to $154.6 million from
$139.5 million in 2006. Giant Merchandising's revenue fell 19 per cent in the
second quarter to $30.7 million from $38.0 million, and was down eight per
cent in the first half of 2007 to $59.9 million from $65.3 million in 2006.

    Geographic revenue

    North American revenue was down seven per cent to $273.2 million in the
second quarter compared with $293.4 million in 2006, principally as a result
of lower DVD and CD sales. In the first half of 2007, revenue from North
America was down two per cent to $606.2 million from $620.5 million in 2006.
Revenue from North America accounted for 73 and 74 per cent of second quarter
and first half 2007 consolidated revenue compared with 74 and 73 per cent in
2006, respectively.
    European revenue declined three per cent in the second quarter of 2007 to
$102.6 million from $105.5 million in 2006 due to a decrease in CD sales. In
the first half, European revenue was down six per cent to $213.6 million from
$226.3 million in 2006. European revenue represented 27 and 26 per cent of
2007 second quarter and first half consolidated revenue compared with 26 and
27 per cent in 2006, respectively.

    Other financial highlights

    Lower prices and manufacturing volumes for DVDs and CDs had a significant
impact on gross profit in the second quarter, which was down 19 per cent to
$46.7 million from $57.5 million in 2006. As a percentage of consolidated
revenue, second quarter gross profit margins were 12 per cent compared with
14 per cent in 2006. In addition, costs of $1.6 million related to the
consolidation of certain facilities in the United States were included in cost
of goods sold in the second quarter of 2007. In the first half of 2007, gross
profit was down 12 per cent to $123.3 million from $139.3 million in 2006, and
the Fund recorded gross profit margins of 15 per cent compared with 16 per
cent in 2006.

    Balance sheet and liquidity

    Cinram's cash and cash equivalent position decreased to $102.3 million at
quarter end from $152.7 million at December 31, 2006, as the Fund used
$47.5 million in cash to finance the acquisition of Ditan Corporation. With
debt of $668.2 million, excluding unamortized transaction costs, the Fund had
a net debt position (long-term debt, excluding unamortized transaction costs,
less cash and cash equivalents) of $565.9 million at June 30, 2007, compared
with a net debt position of $522.8 million at the end of 2006. Working capital
decreased to $188.3 million at June 30, 2007, from $282.5 million at
December 31, 2006, as we used funds to finance the acquisition of Ditan, the
purchase of capital equipment, debt repayments and the repurchase of units.

    Distributions

    The Fund paid distributions of $43.7 million in the second quarter, and
$84.4 million in the six months ended June 30, 2007. Cinram's current annual
distribution policy remains unchanged at C$3.25 per unit, to be paid in
monthly distributions of C$0.2708 on or about the 15th day of the month to
unitholders of record on the last business day of each previous month.
    The Fund's Trustees declared a cash distribution of C$0.2708 per unit for
the month of August 2007, payable on September 17, 2007, to unitholders of
record at the close of business on August 31, 2007. Cinram International
Limited Partnership also declared a cash distribution of C$0.2708 per Class B
limited partnership unit for the month of August 2007, payable on September
17, 2007, to unitholders of record at the close of business on August 31,
2007.

    Unit repurchase program and unit data

    The Fund repurchased 367,700 units during the second quarter, 127,700 of
which were cancelled during the quarter, and 240,000 subsequent to quarter
end. For the three-month period ended June, 2007, the basic weighted average
number of units and exchangeable limited partnership units outstanding was
58.4 million compared with 57.7 million units/shares in the second quarter of
2006. For the six months ended June 30, 2007, the basic weighted average
number of units and exchangeable limited partnership units outstanding was
58.4 million, compared with 57.5 million units/shares in the prior year.

    
    Reconciliation of EBITA and EBIT to Net Loss

    -------------------------------------------------------------------------
    (unaudited, in
     thousands of       Three months ended June 30  Six months ended June 30
     U.S. dollars)               2007         2006         2007         2006
    -------------------------------------------------------------------------
    EBITA excluding
     unusual items           $ 33,701     $ 54,704     $104,302     $136,377
    -------------------------------------------------------------------------
    Unusual items(1)              927       52,593        1,947       62,258
    -------------------------------------------------------------------------
    EBITA(2)                 $ 32,774     $  2,111     $102,355     $ 74,119
    -------------------------------------------------------------------------
    Amortization of
     capital assets            32,648       36,959       67,984       73,709
    Amortization of
     intangible
     assets                    17,349       16,100       33,576       32,006
    Amortization of
     deferred
     financing fees                 -          684            -        2,191
    Write off of deferred
     financing fees                 -       16,945            -       16,945
    -------------------------------------------------------------------------
    EBIT(3)                  $(17,223)    $(68,577)    $    795     $(50,732)
    -------------------------------------------------------------------------
    Interest expense           13,230       11,719       25,787       23,456
    Foreign exchange gain      (1,174)      (5,050)      (1,670)      (7,423)
    Investment income          (1,199)      (1,413)      (2,814)      (2,268)
    Income taxes               (1,530)      (6,535)      (1,130)      (5,224)
    -------------------------------------------------------------------------
    Net loss                 $(26,550)    $(67,298)    $(19,378)    $(59,273)
    -------------------------------------------------------------------------
    (1) Excluding write-off of deferred financing fees.

    (2) EBITA is defined herein as earnings before interest expense, interest
        income, income taxes, amortization, foreign exchange gain/loss and a
        write-off of deferred financing fees, and is a measure that is
        commonly reported and widely used in the industry to assist in
        understanding and comparing operating results. EBITA is not a defined
        term under generally accepted accounting principles (GAAP).
        Accordingly, this measure may not be comparable with other issuers
        and should not be considered as a substitute or alternative for net
        earnings or cash flow, in each case as determined in accordance with
        GAAP. See reconciliation of EBITA to net earnings under GAAP as found
        in the table above.

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

    Distributable cash

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

    
    -------------------------------------------------------------------------
    (unaudited, in thousands            Three months ended  Six months ended
     of U.S. dollars)                        June 30, 2007     June 30, 2007
    -------------------------------------------------------------------------
    Cash flow from operations                      $23,463          $142,871
    (Add) deduct changes in non-cash
     working capital                                  (117)           61,840
                                        -------------------------------------
    Adjusted cash flow from operations             $23,580           $81,031
    Less:
    Capital expenditures                           (21,949)          (35,918)
    Debt repayments                                 (3,634)           (7,242)
                                        -------------------------------------
    Distributable cash                             $(2,003)          $37,871
    Distributions declared                         $43,689           $84,411
    Payout ratio                                       N/A               223%
    -------------------------------------------------------------------------
    

    August 8 conference call and webcast - DIAL-IN NUMBER CHANGED

    Cinram's management team will host a conference call to discuss its
results on Wednesday, August 8, 2007, at 10:00 a.m. (ET). To participate, dial
(416) 915-5762 or 1-800-814-4890. The call will also be webcast live at
http://investors.cinram.com/.

    About Cinram

    Cinram International Inc., an indirect wholly-owned subsidiary of the
Fund, is one of the world's largest providers 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, CDs and CD-ROMs for motion picture studios, music labels, publishers and
computer software companies around the world. The Fund's units are listed on
the Toronto Stock Exchange under the symbol CRW.UN and are included in the
S&P/TSX Composite Index. For more information, visit our website at
www.cinram.com.

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


    
    INTERIM CONSOLIDATED BALANCE SHEETS
    (in thousands of U.S. dollars)
    -------------------------------------------------------------------------
                                                        June 30  December 31
                                                           2007         2006
                                                     (unaudited)
    -------------------------------------------------------------------------

    ASSETS
    Current assets:
      Cash and cash equivalents                        $102,329     $152,681
      Accounts receivable                               326,780      535,377
      Inventories                                        50,581       50,974
      Income taxes recoverable                            8,916            -
      Prepaid expenses                                   19,816       22,796
      Future income taxes                                21,444       21,494
    -------------------------------------------------------------------------
                                                        529,866      783,322

    Property, plant and equipment                       513,834      509,727
    Goodwill                                            331,658      329,949
    Intangible assets                                   186,150      182,582
    Deferred financing fees                                   -        5,147
    Other assets                                         17,119        2,548
    Future income taxes                                  17,466       17,346
    -------------------------------------------------------------------------
                                                     $1,596,093   $1,830,621
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND UNITHOLDERS' EQUITY
    Current liabilities:
      Accounts payable                                 $107,835     $152,793
      Accrued liabilities                               211,599      308,471
      Distributions payable                              14,873       13,620
      Income taxes payable                                    -       14,485
      Current portion of long-term debt                   4,891       10,617
      Current portion of obligations under
       capital leases                                     2,410          812
    -------------------------------------------------------------------------
                                                        341,608      500,798

    Long-term debt                                      656,297      664,875
    Obligations under capital leases                      7,104        3,412
    Other long-term liabilities                          30,903       31,025
    Derivative instruments                                3,263            -
    Future income taxes                                  60,644       62,428

    Unitholders' equity:
      Fund units                                        182,471      181,880
      Exchangeable limited partnership units              3,267        3,273
      Contributed surplus                                 2,986        4,967
      Retained earnings                                 156,087      260,030
      Accumulated other comprehensive income            151,463      117,933
    -------------------------------------------------------------------------
                                                        496,274      568,083
    -------------------------------------------------------------------------
                                                     $1,596,093   $1,830,621
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
    AND RETAINED EARNINGS
    (unaudited, in thousands of U.S. dollars, except per
     share/unit/exchangeable LP unit amounts)
    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    Revenue                  $375,860     $398,946     $819,806     $846,773
    Cost of goods sold        329,113      341,398      696,518      707,434
    -------------------------------------------------------------------------
    Gross profit               46,747       57,548      123,288      139,339
    Selling, general and
     administrative expenses   45,694       39,803       86,970       76,671
    Amortization of
     intangible assets         17,349       16,100       33,576       32,006
    Amortization of deferred
     financing fees                 -          684            -        2,191
    Unusual items                 927       69,538        1,947       79,203
    -------------------------------------------------------------------------

    Earnings (loss) before
     the undernoted           (17,223)     (68,577)         795      (50,732)
    Interest on
     long-term debt            12,914       11,652       25,186       23,272
    Other interest                316           67          601          184
    Foreign exchange gain      (1,174)      (5,050)      (1,670)      (7,423)
    Investment income          (1,199)      (1,413)      (2,814)      (2,268)
    -------------------------------------------------------------------------

    Loss before income taxes  (28,080)     (73,833)     (20,508)     (64,497)
    Income tax recovery        (1,530)      (6,535)      (1,130)      (5,224)
    -------------------------------------------------------------------------

    Net loss                  (26,550)     (67,298)     (19,378)     (59,273)

    Retained earnings,
     beginning of period as
     previously reported      226,326      323,659      260,030      317,121
    Change in accounting
     policy related to
     financial instruments          -            -         (154)           -
    -------------------------------------------------------------------------

    Retained earnings,
     beginning of period
     as restated              226,326      323,659      259,876      317,121
    Distributions declared    (43,689)     (24,564)     (84,411)     (24,564)
    Dividends declared              -            -            -       (1,487)
    -------------------------------------------------------------------------
    Retained earnings,
     end of period           $156,087     $231,797     $156,087     $231,797
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Loss per unit or share:
      Basic                    $(0.45)      $(1.17)      $(0.33)      $(1.03)
      Diluted                  $(0.45)      $(1.17)      $(0.33)      $(1.03)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number
     of units and
     exchangeable LP units
     outstanding, (common
     shares up to May 5, 2006)
     (in thousands):
      Basic                    58,377       57,657       58,368       57,482
      Diluted                  58,377       57,657       58,368       57,482
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
     (unaudited, in thousands of U.S. dollars)

    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    Net loss for
     the period              $(26,550)    $(67,298)    $(19,378)    $(59,273)
    Other comprehensive
     income, net of tax:
      Unrealized gains on
       translating financial
       statements of self-
       sustaining foreign
       operations              13,034       50,640       13,193       50,111

      Gains on hedges of net
       investment in self-
       sustaining foreign
       operations              22,649       10,426       24,541       10,372
    -------------------------------------------------------------------------
      Unrealized foreign
       exchange translation
       gain, net of hedging
       activities              35,683       61,066       37,734       60,483
      Net unrealized gain
       on derivatives
       designated as cash
       flow hedges              7,521            -        5,975            -
    -------------------------------------------------------------------------

    Other comprehensive
     income                    43,204       61,464       43,709       60,881
    -------------------------------------------------------------------------

    Comprehensive income
     (loss)                   $16,654      $(5,834)     $24,331       $1,608
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited, In thousands of U.S. dollars)
    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    Cash provided by
     (used in):
    Operating Activities:
      Net loss               $(26,550)    $(67,298)    $(19,378)    $(59,273)
      Items not involving
       cash:
        Amortization           49,997       53,743      101,560      107,906
        Write off of
         deferred financing
         fee                        -       16,945            -       16,945
        Future income taxes      (297)     (12,678)      (1,854)     (11,234)
        Release of cumulative
         translation
         adjustment                 -       48,334            -       44,244
        Non cash interest
         expense                  444            -          741            -
        Gain on settlement of
         hedging arrangements       -       (5,020)           -       (5,020)
        Other                     (14)         (18)         (38)          62
        Change in non-cash
         operating working
         capital                 (117)       8,861       61,840       33,036
    -------------------------------------------------------------------------
                               23,463       42,869      142,871      126,666
    Financing Activities:
      Increase in long
       term debt                4,445      675,000        4,445      675,000
      Transaction costs             -       (5,993)      (2,414)      (5,993)
      Repayment of
       long-term debt          (8,079)    (686,750)     (11,687)    (728,643)
      Proceeds on settlement
       of hedging arrangements      -        5,020            -        5,020
      Decrease in obligations
       under capital leases      (800)        (193)        (969)        (372)
      Issuance of units/
       common shares              899        8,857          992        8,912
      Repurchase of units      (3,048)           -       (3,048)           -
      Distributions paid      (43,701)     (11,170)     (84,423)     (11,170)
      Dividends paid                -            -            -       (1,487)
    -------------------------------------------------------------------------
                              (50,284)     (15,229)     (97,104)     (58,733)
    Investing Activities:
      Purchase of property,
       plant and equipment    (21,949)     (13,260)     (35,918)     (26,187)
      Acquisition,
       net of cash            (47,472)           -      (47,472)           -
      Proceeds on disposition
       of property, plant
       and equipment               19          173           72          201
      (Increase) decrease
       in other assets            (64)      (1,441)     (14,571)       2,347
      (Decrease) increase in
       other long-term
       liabilities               (304)       2,926         (122)       2,636
    -------------------------------------------------------------------------
                              (69,770)     (11,602)     (98,011)     (21,003)
    Foreign exchange loss
     on cash held in
     foreign currencies         1,580        1,370        1,892        2,215
    -------------------------------------------------------------------------
    (Decrease) increase in
     cash and cash
     equivalents              (95,011)      17,408      (50,352)      49,145
    Cash and cash equivalents,
     beginning of period      197,340      121,658      152,681       89,921
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period           $102,329     $139,066     $102,329     $139,066
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Supplemental cash flow
     information:
      Interest paid           $12,499      $12,441      $24,922      $24,529
      Income taxes paid        12,842       33,582       24,116       44,205
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash and cash equivalents are defined as cash and short-term deposits,
    which have an original maturity of less than 90 days.
    





For further information:

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

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