The DATA Group Income Fund Announces third quarter results for 2009
Highlights
----------
Q3 2009
-------
- Third quarter ("Q3") 2009 Revenues of $84.4 million, Q3 Gross Profit
of $22.0 million, Q3 Net Income of $3.3 million
- Q3 Cash Available for Distribution of $6.7 million or $0.285 per
unit, an increase of 9.3% over Q3 2008 and Cash Distributions of
$6.8 million or $0.290 per unit (see Table 4 and "Non-GAAP Measures"
below)
- Q3 Payout Ratio of 101.7% (See Table 4 below)
- Q3 Adjusted EBITDA of $8.6 million (See Table 3 and "Non-GAAP
Measures" below)
YTD 2009
--------
- Year to Date ("YTD") 2009 Revenues of $259.1 million, YTD Gross
Profit of $66.5 million, YTD Net Income of $6.8 million
- YTD Cash Available for Distribution of $18.7 million or $0.798 per
unit and Cash Distributions of $20.4 million or $0.870 per unit (see
Table 4 and "Non-GAAP Measures" below)
- YTD Payout Ratio of 109.0% (See Table 4 below)
- YTD Adjusted EBITDA of $24.3 million (See Table 3 and "Non-GAAP
Measures" below)
BRAMPTON, ON,
OUTLOOK
During the quarter, the Fund has made progress as a result of the initiatives executed in this and previous quarters. Consequently, the Fund currently intends to maintain its monthly distributions at existing levels, based upon the Data Group's third quarter results and currently projected cash flow from operations, including expected revenues from new business wins, lower anticipated operating expenses as a result of previous and recent cost reductions, and its current liquidity and existing cash resources. The Fund's Board of Trustees will continue to closely monitor the Fund's monthly distribution levels in light of the current economic volatility and the Fund's on-going cash available for distribution and cash resources. The current economic environment continues to be very fluid, volatile and difficult to predict. Management will continue to manage on a "more of the same basis". Management believes the Fund is well positioned to benefit from an economic recovery.
Table 1 The following table sets out selected historical financial
information for the periods noted.
Consolidated Financial Information
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For the periods ended
September 30, 2009 and
2008
(in thousands of dollars,
except per unit amounts,
unaudited) Jul. 1 to Jul. 1 to Jan. 1 to Jan. 1 to
Sept. 30, Sept 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Revenues 84,443 89,205 259,129 283,964
Cost of revenues 62,411 66,220 192,624 206,644
-------------------------------------------------------------------------
Gross profit 22,032 22,985 66,505 77,320
Selling, general and
administrative
expenses 15,130 16,749 46,751 52,333
Gain on cancellation of
convertible
debentures - - (2) -
Lease exit charge - - 866 -
Write down of assets held
for sale - 927 - 927
Amortization of
intangible assets 2,649 2,744 7,947 8,232
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Income before interest
and income taxes 4,253 2,565 10,943 15,828
-------------------------------------------------------------------------
Interest expense on
long-term debt 1,292 1,500 3,981 4,569
-------------------------------------------------------------------------
Income before income
taxes 2,961 1,065 6,962 11,259
Future income tax
(recovery) expense (300) (82) 155 518
-------------------------------------------------------------------------
Net income for the
period 3,261 1,147 6,807 10,741
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic and diluted income
per unit 0.14 0.05 0.29 0.46
Number of units
outstanding 23,490,592 23,490,592 23,490,592 23,490,592
-------------------------------------------------------------------------
-------------------------------------------------------------------------
As at As at
Sept. 30, Sept. 30,
Consolidated Balance 2009 2008
Sheet Information $ $
-----------------------------------------------
Current assets 106,731 111,451
Current liabilities 42,631 44,675
Total assets 329,887 360,674
Total long-term
liabilities 128,488 127,257
Unitholders' equity 158,768 188,742
-----------------------------------------------
Table 2 The following table sets out selected historical financial
information by business segment for the periods noted.
Consolidated Financial Information
-------------------------------------------------------------------------
For the periods ended
September 30, 2009
and 2008
(in thousands of dollars,
except percentage
amounts, unaudited) Jul. 1 to Jul. 1 to Jan. 1 to Jan. 1 to
Sept. 30, Sept 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Revenues
DATA East and West 77,727 81,973 237,397 258,712
Sundog 4,829 5,063 14,859 17,191
Multiple Pakfold 3,488 3,931 10,409 11,938
Intersegment (1,601) (1,762) (3,536) (3,877)
-------------------------------------------------------------------------
84,443 89,205 259,129 283,964
Gross profit
DATA East and West 20,125 21,373 61,258 71,360
Sundog 1,450 1,167 4,115 4,752
Multiple Pakfold 457 445 1,132 1,208
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22,032 22,985 66,505 77,320
-------------------------------------------------------------------------
Gross profit, as a
percentage of revenues
DATA East and West 25.9% 26.1% 25.8% 27.6%
Sundog 30.0% 23.0% 27.7% 27.6%
Multiple Pakfold 13.1% 11.3% 10.9% 10.1%
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26.1% 25.8% 25.7% 27.2%
-------------------------------------------------------------------------
Selling, general and
administrative
expenses 15,130 16,749 46,751 52,333
-------------------------------------------------------------------------
As a percentage of
revenues 17.9% 18.8% 18.0% 18.4%
-------------------------------------------------------------------------
Adjusted EBITDA (see
Table 3) 8,648 8,219 25,174 31,091
-------------------------------------------------------------------------
Adjusted EBITDA margin,
as a percentage of
revenues 10.2% 9.2% 9.7% 10.9%
-------------------------------------------------------------------------
Net income for the
period 3,261 1,147 6,807 10,741
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Table 3 The following table provides a reconciliation of net income to
Adjusted EBITDA for the periods noted. See "Non-GAAP Measures".
Adjusted EBITDA Reconciliation
-------------------------------------------------------------------------
For the periods ended
September 30, 2009
and 2008
(in thousands of
dollars, unaudited) Jul. 1 to Jul. 1 to Jan. 1 to Jan. 1 to
Sept. 30, Sept 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Net income for the
period 3,261 1,147 6,807 10,741
-------------------------------------------------------------------------
Net interest expense on
long-term debt 1,292 1,500 3,981 4,569
Depreciation of
property, plant and
equipment 1,746 1,983 5,420 6,104
Write down of assets
held for sale - 927 - 927
Amortization of
intangible assets 2,649 2,744 7,947 8,232
Gain on cancellation of
convertible debentures - - (2) -
Lease exit charge - - 866 -
Future income tax
(recovery) expense (300) (82) 155 518
-------------------------------------------------------------------------
Adjusted EBITDA 8,648 8,219 25,174 31,091
-------------------------------------------------------------------------
-------------------------------------------------------------------------
RESULTS OF OPERATIONS
THE DATA GROUP INCOME FUND
Overview
The Data Group is a leading provider of total document management solutions, including printed products, and operates as three segments. DATA East and West (which provided approximately 90% of total revenues for the third quarter of 2009) sells a broad range of printed products and document management services directly to end users. Sundog (which provided approximately 6% of total revenues for the third quarter of 2009) is a commercial printer specializing in the production of high-quality annual reports, marketing materials and event tickets. Multiple Pakfold (which provided approximately 4% of total revenues for the third quarter of 2009) sells forms and labels to independent brokers and resellers.
Revenues
The most significant challenge that the Data Group faced in the first nine months of 2009 was the weakness in the domestic and global economic environment, which negatively impacted the Fund's revenues over that period. The decline in revenues was partially offset in the third quarter by revenues from new business. For the quarter ended
Cost of Revenues and Gross Profit
For the quarter ended
Selling, General and Administrative Expenses and Restructuring Costs
Selling, general and administrative ("SG&A") expenses, including administrative expenses of the Fund, for the quarter ended
Asset Sale and Other
During the nine months ended
Adjusted EBITDA
For the quarter ended
Interest Expense
Net interest expense on long-term debt relating to the Data Group's credit facilities and the Fund's
For the quarter ended
Income Taxes
The Fund reported income before income taxes of
The Fund reported income before income taxes of
Net Income
Net income for the quarter ended
DATA EAST AND WEST
Revenues at the Data Group's DATA East and West segment for the quarter ended
Revenues for the three and nine months ended
For the quarter ended
For the nine months ending
SUNDOG
Revenues at the Data Group's Sundog segment for the quarter ended
For the quarter ended
Multiple Pakfold
Revenues at the Data Group's Multiple Pakfold segment for the quarter ended
The decline in revenues for the three and nine months ended
For the quarters ended
Table 4 The following table provides a reconciliation of cash provided
by operating activities to cash available for distribution for
the periods noted. See "Non-GAAP Measures".
Cash Available for Distribution Reconciliation
-------------------------------------------------------------------------
For the periods ended
September 30, 2009 and
2008
(in thousands of dollars,
except percentages and
per unit amounts,
unaudited) Jul. 1 to Jul. 1 to Jan. 1 to Jan. 1 to
Sept. 30, Sept 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Cash provided by
operating activities 6,390 6,341 20,264 29,332
Capital adjustments
Maintenance capital
expenditures(1) (547) (692) (1,853) (2,159)
Purchase of
convertible
debentures - - (6) -
Other adjustments
including
discretionary items:
Changes in non-cash
working capital(2) 708 363 (47) (2,949)
Other(3) 139 107 363 320
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Cash available for
distribution 6,690 6,119 18,721 24,544
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Distributions to
unitholders(4) 6,805 6,805 20,415 20,415
-------------------------------------------------------------------------
Excess (shortfall) of
cash available for
distribution over
actual distributions (115) (686) (1,694) 4,129
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-------------------------------------------------------------------------
Per unit(5)
-------------------------------------------------------------------------
Cash available for
distribution per
unit(5) 0.285 0.260 0.798 1.045
-------------------------------------------------------------------------
Distributions to
unitholders per
unit(5) 0.290 0.290 0.870 0.870
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Excess (shortfall) of
cash available for
distribution per unit
over actual
distributions per unit (0.005) (0.030) (0.072) 0.175
-------------------------------------------------------------------------
Payout ratio(6) 101.7% 111.2% 109.0% 83.2%
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Notes:
(1) Maintenance capital expenditures are additions, replacements or
improvements to property, plant and equipment to maintain the Data
Group's business operations. These expenditures involve the
replacement of printing and digital equipment, computers and
software, and leasehold improvements.
(2) Cash provided by operating activities has been adjusted for
changes in non-cash working capital and other items so as to
remove the impact of timing differences in cash receipts and cash
disbursements, which generally reverse themselves but can vary
significantly across quarters.
(3) Includes other amounts that do not reflect the ongoing operations
of the Data Group's business.
(4) Distributions are in respect of the distributions declared.
(5) Per unit calculations are based upon the number of units
outstanding at the end of each month consistent with the number of
units upon which distributions are declared or paid and not the
weighted average number of units outstanding. As at September 30,
2009 and 2008, 23,490,592 units were outstanding.
(6) The payout ratio represents the distributions paid or declared
to unitholders as a percentage of the cash available for
distribution, in each case for the relevant period.
CASH AVAILABLE FOR DISTRIBUTION
See Table 4 above for a reconciliation of cash provided by operating activities to cash available for distribution for the three and nine month periods ended
For the nine months ended
For the quarter ended
For the quarter ended
For the nine months ended
For the nine months ended
INVESTING ACTIVITIES
Capital expenditures for the quarter ended
FINANCING ACTIVITIES
For the quarter ended
About The DATA Group Income Fund
--------------------------------
The Fund owns directly and indirectly all of the outstanding partnership units of The Data Group Limited Partnership (the "Data Group") and all of the outstanding shares of the Data Group's general partner, Data Business Forms Limited. The DATA Group is a leading provider of document management solutions including printed products. Founded in 1959, the Data Group operates numerous facilities in 11 regions across
Additional information relating to The DATA Group Income Fund is available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and www.datagroupincomefund.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Fund and/or the Data Group, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as "may", "would", "could", "will", "expect", "anticipate", "estimate", "believe", "intend", "plan", and other similar expressions are intended to identify forward-looking statements. These statements reflect the Fund's current views regarding future events and operating performance, are based on information currently available to the Fund, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance or achievements of the Fund and the Data Group to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The principal assumptions and risks that the Fund made or took into account in the preparation of these forward-looking statements include the impact of the weakened domestic and global economic conditions on the Data Group's businesses; the Data Group's efforts to reduce its operating costs may not become effective as quickly as the Data Group expects, thereby impacting the Data Group's profitability and cash available for distribution; should the Data Group's revenues decline further than expected, the cost reduction measures taken by the Data Group in response to the current economic environment may not be sufficient and further reductions may be necessary; the Data Group's ability to maintain and grow historical levels of its sales of product and services including printed business documents; increases in the costs of paper and other raw materials used by the Data Group; the Data Group's ability to maintain relationships with its customers; the accuracy of estimated synergies in respect of expected cash flows, cost savings and profitability from the combination of the former Data Business Forms Limited and Relizon
NON-GAAP MEASURES
This press release includes certain non-GAAP measures as supplementary information. When used in this press release, EBITDA means earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA means EBITDA adjusted for gains on cancellation of convertible debentures, lease exit charges and write downs of assets held for sale. The Fund believes that, in addition to net income (loss), EBITDA and Adjusted EBITDA are useful supplemental measures in evaluating the performance of the Data Group and/or the Fund. Cash available for distribution means cash provided by (used in) operating activities increased by, or reduced for, maintenance capital expenditures, purchases of convertible debentures, changes in non-cash working capital and other non-cash items. Specifically, the Fund views cash available for distribution as a measure generally used by Canadian income funds, investors and management as an indicator of financial performance. EBITDA, Adjusted EBITDA and cash available for distribution are not earnings or cash flow measures recognized by Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP. Therefore, EBITDA, Adjusted EBITDA and cash available for distribution are unlikely to be comparable to similar measures presented by other issuers.
Investors are cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income (loss) determined in accordance with GAAP as indicators of the Data Group's or the Fund's performance, nor is cash available for distribution an alternative to cash flows from operating, investing and financing activities determined in accordance with GAAP as measures of liquidity and cash flows. For a reconciliation of net income to Adjusted EBITDA, see Table 3 above. For a reconciliation of cash provided by operating activities to cash available for distribution, see Table 4 above.
CONSOLIDATED BALANCE SHEETS
-------------------------------------------------------------------------
(in thousands of dollars, unaudited) September 30, December 31,
2009 2008
$ $
-------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 10,718 11,492
Accounts receivable 41,462 47,106
Inventories 48,734 47,583
Prepaid expenses and other current assets 5,817 7,684
--------------------------
106,731 113,865
Property, plant and equipment 35,107 39,909
Goodwill 141,206 141,206
Intangible assets 46,843 54,790
--------------------------
329,887 349,770
--------------------------
--------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 28,875 32,224
Accrued restructuring and integration
provisions 1,200 3,627
Income taxes payable 2,157 4,022
Deferred revenue 8,130 7,861
Distributions payable 2,269 2,269
--------------------------
42,631 50,003
Revolving bank facility 70,000 70,000
Convertible debentures 34,445 34,327
Future income taxes 8,601 8,446
Deferred gain 1,579 1,724
Unfavourable lease obligation 1,054 1,142
Deferred lease inducement 888 980
Lease exit accrual 828 -
Pension obligations 8,889 9,680
Post-employment and post-retirement benefits 2,204 2,150
--------------------------
171,119 178,452
--------------------------
Unitholders' Equity
Units 215,336 215,336
Conversion options 897 898
Accumulated other comprehensive loss - (1,059)
Deficit (57,465) (43,857)
--------------------------
158,768 171,318
--------------------------
329,887 349,770
--------------------------
--------------------------
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
-------------------------------------------------------------------------
(in thousands of dollars, except per unit
amounts, unaudited) For the For the
three months three months
ended ended
September 30, September 30,
2009 2008
$ $
-------------------------------------------------------------------------
Revenues 84,443 89,205
Cost of revenues (including depreciation of
$1,689 and $1,892, respectively) 62,411 66,220
--------------------------
Gross profit 22,032 22,985
--------------------------
Expenses
Selling, commissions and expenses 8,138 8,955
General and administration expenses
(including depreciation of $57 and $91,
respectively) 6,992 7,794
Write down of assets held for sale - 927
Amortization of intangible assets 2,649 2,744
--------------------------
17,779 20,420
--------------------------
Income before interest and income taxes 4,253 2,565
--------------------------
Interest expense on long-term debt
(net of interest income of $15 and $121,
respectively) 1,292 1,500
--------------------------
Income before income taxes 2,961 1,065
--------------------------
Future income tax recovery (300) (82)
--------------------------
Net income for the period 3,261 1,147
--------------------------
--------------------------
(Gain) loss on cash flow hedges (344) 45
--------------------------
Comprehensive income for the period 3,605 1,102
--------------------------
--------------------------
Basic income per unit 0.14 0.05
--------------------------
Diluted income per unit 0.14 0.05
--------------------------
Units outstanding 23,490,592 23,490,592
--------------------------
--------------------------
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
-------------------------------------------------------------------------
(in thousands of dollars, except per unit
amounts, unaudited) For the For the
nine months nine months
ended ended
September 30, September 30,
2009 2008
$ $
-------------------------------------------------------------------------
Revenues 259,129 283,964
Cost of revenues (including depreciation
of $5,221 and $5,763 respectively) 192,624 206,644
--------------------------
Gross profit 66,505 77,320
--------------------------
Expenses
Selling, commissions and expenses 25,347 28,619
General and administration expenses
(including depreciation of $199 and $341,
respectively) 21,404 23,714
Lease exit charge 866 -
Gain on cancellation of convertible debentures (2) -
Write down of assets held for sale - 927
Amortization of intangible assets 7,947 8,232
--------------------------
55,562 61,492
--------------------------
Income before interest and income taxes 10,943 15,828
--------------------------
Interest expense on long-term debt
(net of interest income of $262 and $331,
respectively) 3,981 4,569
--------------------------
Income before income taxes 6,962 11,259
--------------------------
Future income tax expense 155 518
--------------------------
Net income for the period 6,807 10,741
--------------------------
--------------------------
(Gain) loss on cash flow hedges (1,059) 420
--------------------------
Comprehensive income for the period 7,866 10,321
--------------------------
--------------------------
Basic income per unit 0.29 0.46
--------------------------
Diluted income per unit 0.29 0.46
--------------------------
Units outstanding 23,490,592 23,490,592
--------------------------
--------------------------
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY
-------------------------------------------------------------------------
(in thousands of dollars, Accumulated
unaudited) other
comprehensive Total
Conversion income Unitholders'
Units options (loss) Deficit Equity
$ $ $ $ $
-------------------------------------------------------------------------
Balance as at
December 31, 2007 215,336 898 (66) (23,507) 192,661
Accounting policy
change - - - 6,175 6,175
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Balance as at
January 1, 2008 215,336 898 (66) (17,332) 198,836
Distributions
declared - - - (20,415) (20,415)
Loss on cash flow
hedges - - (420) - (420)
Net income for the
period - - - 10,741 10,741
-----------------------------------------------------
Balance as at
September 30,
2008 215,336 898 (486) (27,006) 188,742
-----------------------------------------------------
-----------------------------------------------------
Balance as at
December 31,
2008 215,336 898 (1,059) (43,857) 171,318
Distributions
declared - - - (20,415) (20,415)
Cancellation of
convertible
debentures - (1) - - (1)
Gain on cash flow
hedges - - 1,059 - 1,059
Net income for
the period - - - 6,807 6,807
-----------------------------------------------------
Balance as at
September 30,
2009 215,336 897 - (57,465) 158,768
-----------------------------------------------------
-----------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------
(in thousands of dollars, unaudited) For the For the
three months three months
ended ended
September 30, September 30,
2009 2008
$ $
-------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
-------------------------------------------------------------------------
Net income for the period 3,261 1,147
Items not involving cash
Depreciation of property, plant and equipment 1,746 1,983
Amortization of intangible assets 2,649 2,744
Pension expense 237 494
Contributions made to pension plans (502) (498)
Write down of assets held for sale - 927
Loss on disposal of property, plant and
equipment 86 46
Accretion of convertible debentures 42 42
Amortization of deferred gain (48) (50)
Unfavourable lease obligation (30) (27)
Amortization of lease inducement (31) (30)
Accretion of lease exit accrual (30) -
Post-employment and post-retirement benefits 18 8
Future income tax recovery (300) (82)
--------------------------
7,098 6,704
Changes in non-cash items relating to operating
activities (708) (363)
--------------------------
6,390 6,341
--------------------------
Investing activities
-------------------------------------------------------------------------
Purchase of property, plant and equipment (547) (692)
Proceeds on disposal of property, plant and
equipment - 7
--------------------------
(547) (685)
--------------------------
Financing activities
-------------------------------------------------------------------------
Distributions to unitholders (6,805) (6,805)
--------------------------
(6,805) (6,805)
--------------------------
Decrease in cash and cash equivalents during
the period (962) (1,149)
-------------------------------------------------------------------------
Cash and cash equivalents - beginning of period 11,680 14,864
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 10,718 13,715
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental cash flow information
Interest paid 870 940
Income taxes (received) paid (772) -
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------
(in thousands of dollars, unaudited) For the For the
nine months nine months
ended ended
September 30, September 30,
2009 2008
$ $
-------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
-------------------------------------------------------------------------
Net income for the period 6,807 10,741
Items not involving cash
Depreciation of property, plant and equipment 5,420 6,104
Amortization of intangible assets 7,947 8,232
Pension expense 697 1,481
Contributions made to pension plans (1,488) (1,479)
Write down of assets held for sale - 927
(Gain) loss on disposal of property, plant
and equipment (1) 31
Gain on cancellation of convertible debentures (2) -
Lease exit charge 866 -
Accretion of convertible debentures 125 126
Amortization of deferred gain (145) (147)
Unfavourable lease obligation (88) (81)
Amortization of lease inducement (92) (92)
Accretion of lease exit accrual (38) -
Post-employment and post-retirement benefits 54 22
Future income tax expense 155 518
--------------------------
20,217 26,383
Changes in non-cash items relating to operating
activities 47 2,949
--------------------------
20,264 29,332
--------------------------
Investing activities
-------------------------------------------------------------------------
Purchase of property, plant and equipment (1,853) (2,159)
Proceeds on disposal of property, plant and
equipment 1,236 1,642
--------------------------
(617) (517)
--------------------------
Financing activities
-------------------------------------------------------------------------
Repurchase of convertible debentures (6) -
Distributions to unitholders (20,415) (20,415)
--------------------------
(20,421) (20,415)
--------------------------
(Decrease) increase in cash and cash
equivalents during the period (774) 8,400
-------------------------------------------------------------------------
Cash and cash equivalents - beginning of period 11,492 5,315
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 10,718 13,715
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental cash flow information
Interest paid 3,411 3,791
Income taxes (received) paid 2,698 -
For further information: Mr. David Odell, President and CEO, The Data Group Limited Partnership, Tel: (905) 791-3151; Mr. Paul O'Shea, Chief Financial Officer, The Data Group Limited Partnership, Tel: (905) 791-3151
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