Q1 Financial Report - 2011
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EBITDA RECONCILIATION<br />
(thousands of dollars) Three Months Ended March 31<br />
<strong>2011</strong> 2010<br />
Profit before income taxes $7,927 $7,090<br />
Finance costs 3,118 3,129<br />
Depreciation and Amortization in cost of sales 1,416 678<br />
Depreciation and Amortization in general and<br />
administrative 857 807<br />
EBITDA (1) 13,318 11,704<br />
Gain on foreign exchange in sales (2) (1,057) (791)<br />
Other operating income (3) (588) (1,051)<br />
Other operating expense (4) 138 0<br />
Adjusted EBITDA (1) $11,811 $9,862<br />
(1) See “Non-IFRS Measures”.<br />
(2) Primarily related to gains on foreign exchange contracts.<br />
(3) Comprised of foreign exchange gains of $570 (2010 – $775) and a gain on disposal of property,<br />
plant & equipment of $18 (2010 - $20). Results in 2010 also include foreign exchange gains of<br />
$247 related to the ineffective portion of hedge accounting and miscellaneous of $9.<br />
(4) Foreign exchange loss related to the ineffective portion of hedge accounting.<br />
ASSETS AND LIABILITIES<br />
(thousands of dollars)<br />
March 31<br />
<strong>2011</strong><br />
March 31<br />
2010<br />
Total assets $380,009 $388,282<br />
Total liabilities $175,752 $159,403<br />
DIVIDENDS<br />
(thousands of dollars)<br />
Three Months Ended<br />
March 31<br />
<strong>2011</strong> 2010<br />
Declared per common share $0.60 $0.51<br />
Total dividends paid $7,527 $6,701<br />
The Company’s dividend policy is described in the “Dividends” section of this MD&A.<br />
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