| Thu 4 Oct 2001, 0:00 | | Canadian Overseas Packaging Industries Ltd Final E |
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Announcement
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
(incorporated under the laws of Canada)
Share Code: CAN
ISIN: CA13642P108
EARNINGS ANNOUNCEMENT
Audited results for the fiscal year to 30th June 2001
(all funds expressed in thousands of Canadian dollars
except for the common share data)
2001 2000
CONSOLIDATED STATEMENT OF EARNINGS (C$000) (C$000)
Revenues
Sales 162,685 162,198
Investment income 52,551 33,479
Foreign currency gains 178 -
215,414 195,677
Expenses
Cost of Sales 131,730 130,617
Selling and administration 36,039 36,634
Interest
Current 1,846 3,165
Long-term 141 232
Loss on sale of marketable securities 8,685 -
Foreign currency lossses - 1,448
178,441 172,096
Earnings from operations before
income taxes and minority interest 36,973 23,581
Income Taxes
Current 955 1,678
Future 731 (184)
1,686 1,494
Earnings from operations before
minority interest 35,287 22,087
Minority interest 477 539
Net Earnings 35,764 22,626
Earnings per common share * C$ 2.03 C$ 1.29
* (there is no difference between
headline earnings per common share
and earnings per common share)
CONSOLIDATED STATEMENT OF
RETAINED EARNINGS
Retained earnings, beginning of year 324,600 315,612
Net earnings 35,764 22,626
Realization of appraisal increment 294 2,182
360,658 340,420
Dividend 15,820
Retained Earnings, end of year 360,658 324,600
2001 2000
CONSOLIDATED BALANCE SHEET (C$000) (C$000)
ASSETS
Current assets
Cash 29,328 15,655
Term deposits 40,672 64,213
Accounts receivable 31,918 34,302
Income taxes receivable 27
Inventories 13,749 17,424
115,694 131,594
Investments 305,190 268,891
Fixed assets 31,599 33,383
452,483 433,868
LIABILITIES
Current liabilities
Bank indebtedness 20,624 23,220
Accounts payable and accrued
liabilities 23,336 20,013
Income taxes payable 807
Dividend payable 15,820
Current portion of long-term debt 600 808
44,560 60,668
Long-term debt 609 1,273
Future income taxes 3,455 2,742
Minority interest 702 872
49,326 65,555
SHAREHOLDERS EQUITY
Capital stock 47,984 47,984
Retained earnings 360,658 324,600
Appraisal increment 1,833 1,921
Cumulative translation adjustments (7,318) (6,192)
403,157 368,313
452,483 433,868
2001 2000
(C$000) (C$000)
CONSOLIDATED STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES
Net earnings 35,764 22,626
Non-cash items (29,763) (17,568)
6,001 5,058
Changes in non-cash working
capital items 8,548 (8,375)
Cash flows from operating activities 14,549 (3,317)
INVESTMENT ACTIVITIES
Purchase of marketable securities (203,463) (148,677)
Proceeds on sale of marketable
securities 202,328 118,820
Purchase of fixed assets (4,331) (3,270)
Proceeds on sale of fixed assets 290 1,164
Cash flows from investing activities (5,176) (31,963)
FINANCING ACTIVITIES
Bank indebtedness (2,596) 4,780
Repayment of long-term debt (801) (1,097)
Dividend (15,820) (15,820)
Cash flows from financing
activities (19,217) (12,137)
Effect of exchange rate changes (24) 897
Net decrease in cash and
cash equivalents (9,868) (46,520)
Cash and cash equivalents,
beginning of year 79,868 126,388
Cash and cash equivalents,
end of year 70,000 79,868
The Directors have today declared a regular dividend on the
17,578,125 common shares N.P.V. payable to Shareholders registered
at the close of business on 16th November 2001 at the rate of 95
cents per share (2000: 90 cents per share). The payment date for
this dividend is December 7, 2001.
The Annual Report and Accounts for the fiscal year ended 30th June
2001, together with the Notice of the Fortieth Annual Meeting,
will be mailed to shareholders on the 19th October 2001 with a
press announcement appearing on that day. The Fortieth Annual
Meeting of Shareholders will be held on December 4, 2001. Full
details will be circulated with the Notice of the meeting.
By Order of the Board
4th October 2001 D. M. Eramian
Suite 1500, One Brunswick Square, Company Secretary
Germain Street
St. John, New Brunswick, Canada E2L 4H8
