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The CHOMEDEY News • May 4, 2002 • PAGE 10
THE CHOMEDEY
news BIZ BIT$
CIBC expects hit from Teleglobe
exposure
Canadian Imperial Bank of Commerce
became the latest of Canada's big banks to
come clean on its exposure to troubled BCE
unit Teleglobe Inc. on Thursday.
CIBC raised its second-quarter credit provisions
to $390 million. Of that, $90 million is
earmarked to cover the bank's approximately
$100 million exposure to Teleglobe.
For fiscal 2002, CIBC said it expects to set
aside $1.45 billion to $1.5 billion for bad
loans, up from previous expectations of
$1.25 billion to $1.35 billion.
The higher provisions will result in per
share earnings of 47 and 54 cents a share in
the second quarter, to be reported May 21.
CIBC joins National Bank of Canada, Bank
of Montreal, Laurentian Bank of Canada
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and Toronto-Dominion Bank in taking
action to cover potential defaults from
Teleglobe.
Last month BCE said it will no longer provide
long-term funding for the <strong>money</strong>-losing
subsidiary.
Molson tops up in Q1
Beer giant Molson Inc. continued to brew
up profits in its Q4 results released on
Thursday thanks to strong domestic sales
and consolidation of its Brazilian operations.
The Montreal-based company posted a
profit of $33.6 million, or 27 cents a diluted
share, in its March quarter, compared to
$18.5 million, or 15 cents, last year.
The results matched the analysts' consensus
forecast compiled by earnings tracker
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Revenues rose 12 per cent to $619.3 million
from $552.3-million in the fourth quarter of
2001.
For the full fiscal year profits reached
$177.6 million, up from $133.9 million.
In March, Molson bought Cervejarias
Kaiser SA, the second-largest brewer in
Brazil, for US$765-million, giving Molson
an immediate 18 per cent share the
Brazilian market, the fourth-largest in the
world. The deal made Molson No. 13 in the
world.
Drug chain Shoppers profitable in Q1
Shoppers Drug Mart Corp., Canada's largest
drugstore chain, credited lower debt and
interest rates on Thursday for pulling its
bottom line out of the red.
The company posted a net profit of $42 million,
or 20 cents a share, in the March quarter,
compared with a loss of $10 million, or
six cents per share, in the same period a year
ago.
Sales increased 8.1 per cent to $1.18 billion.
Prescription sales increased 11.7 per cent to
$558 million.
The company attributed the profit to
"improved performance and a $15-million
after-tax reduction in interest expense versus
the prior year."
The bottom line was also boosted by the
repayment of $526 million in debt, using the
proceeds of last November's initial public
stock offering.
Shoppers has 866 stores under the Drug
Mart brand and the Pharmaprix banner in
Quebec. Of that total, 829 are drugstores
and 37 are home health-care stores.
Air Canada continues to experience
financial turbulence
Air Canada continues to struggle toward
992 Curé-Labelle, Chomedey (Across from MAXI )
profitability, reporting wider net losses in
the first quarter but an improvement in
operating results.
For the three months ending March 31, Air
Canada lost $219 million or $1.83 a share.
That was an increase of 22 per cent compared
with a loss of $179 million, or $1.49
a share, in the same quarter a year ago. First
quarter revenues were $2.29 billion, down
2.6 per cent.
However, the airline improved its quarterly
operating results, cutting its losses to $160
million, compared with $293 million a year
ago.
Analysts were expecting Air Canada to
announce a Q1 loss of $2.34 a share.
Air Canada has cut flights and trimmed
staff, and president Robert Milton says the
cuts are beginning to work. He says the airline
was the only full-service international
carrier in North America to report improved
quarterly results year-to-year.
Air Canada is expected to break even or turn
a profit next year.
AT&T Canada cuts 1,000 jobs,
reduces capital spending
AT&T Canada will eliminate 1,000 jobs and
reduce its capital spending to between $200
million and $220 million, moves the company
says will position it for further growth.
AT&T Canada has also re-negotiated its
banking arrangements to ensure the company
is well financed through the end of 2003.
The moves will save roughly $80 million
annually.
AT&T Canada also reported a net loss of
$157.6 million and said it expects to take a
large writedown on goodwill, which is currently
valued at $1.64 billion on the company's
books.
The company laid off 650 people last year.
Laval company wins
recognition in the U.S.
(TCN) The Quebec Biotechnology and
Innovation Centre (QBIC), Biotech City’s
business incubator was honoured on April
29 th by the National Business Incubation
Association (NBIA), receiving the international
association’s Randall M. Whaley
Incubator of the Year Award. The term
‘business incubation’ refers to the process
of starting and growing companies.
Each year the NBIA, an umbrella group for
business incubators from 59 countries
around the world, presents awards to underscore
the excellence of incubators, their
clients and their graduate enterprises. The
award, NBIA’s most prestigious honour, is
granted in recognition of exemplary programs
that support the start-up and development
of companies. As its recipient, QBIC
becomes the first business incubator outside
the U.S. to receive this distinction.
As part of Biotech City, QBIC offers services
tailored to the needs of developing scientific
companies. Founded in 1996 by Laval
Technopole and the Institut national de la
recherche scientifique, the Centre promotes
an entrepreneurial approach.
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