INTERIM REPORT RAPPORT INTERMÉDIAIRE

Size: px
Start display at page:

Download "INTERIM REPORT RAPPORT INTERMÉDIAIRE"

Transcription

1 INTERIM REPORT RAPPORT INTERMÉDIAIRE POUR LES FOR NEUFS THE NINE MOIS MONTHS TERMINÉS ENDED LE 27 OCTOBER OCTOBRE 27,

2 MESSAGE TO SHAREHOLDERS Dear shareholders, Sales for the third quarter ended October 27, 2018 amounted to $45.1 million as compared with $48.7 million for the third quarter ended October 28, 2017, a decrease of 7.3%, with 27 fewer stores in operation. Comparable store sales, which include online sales, increased 1.3% for the third quarter as compared to last year, with comparable regular store sales increasing 1.2% and comparable outlet store sales increasing 2.4% (see non-gaap measures in the Management s Discussion and Analysis). On a year-to-date basis, sales for the nine months ended October 27, 2018 amounted to $139.5 million as compared with $148.4 million last year, a decrease of 6.0%, with 27 fewer stores in operation. Comparable store sales, which include online sales, for the first nine months of 2018 increased 2.2% versus the same period a year ago, with comparable regular store sales increasing 1.8% and comparable outlet store sales increasing 4.6%. Net loss for the third quarter amounted to $6.7 million or $(0.22) per share compared to a net loss of $7.1 million or $(0.24) per share for the same period last year. For the nine-month period ended October 27, 2018, the net loss amounted to $17.7 million or $(0.59) per share compared to a net loss of $21.0 million or $(0.70) per share the previous year. Over the past few years, the retail landscape and consumer shopping habits have changed significantly with e-commerce. Consequently, the Company initiated a major shift with a view to close underperforming stores and recalibrate its retail network. This major undertaking is nearing its end with 100 stores closed to date from the peak of 243 stores reached in With the store network optimization process nearly completed and the solid momentum of our e-commerce platform, we remain optimistic about the opportunity to grow our business and improve our margins. For the first seven weeks ended December 15, 2018, total retail sales decreased 10.3% compared to the same period last year, with 27 fewer stores in operation. Comparable store sales, which include online sales, decreased 3.6% compared to the same period last year, with comparable regular store sales decreasing 3.1% and comparable outlet store sales decreasing 6.5%. I wish to thank our employees, customers, suppliers and our shareholders for their continued support. (signed) Jane Silverstone Segal, B.A., LLL Chairman of the Board and Chief Executive Officer December 21, 2018

3 Management s Discussion & Analysis Management s Discussion and Analysis ( MD&A ) should be read in conjunction with the unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, 2018 and the audited consolidated financial statements and MD&A for the year ended January 27, The risks and uncertainties faced by Le Château Inc. (the Company ) are substantially the same as those outlined in the annual MD&A contained in the Annual Report for the year ended January 27, 2018, other than as described in note 2 of the unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, The MD&A has been prepared as at December 21, The Company s independent auditors have not performed a review of the accompanying interim condensed consolidated financial statements. Additional information relevant to the Company can be found on the SEDAR website at and the Company s website at Results of Operations Sales for the third quarter ended October 27, 2018 amounted to $45.1 million as compared with $48.7 million for the third quarter ended October 28, 2017, a decrease of 7.3%, with 27 fewer stores in operation. Comparable store sales, which include online sales, increased 1.3% for the third quarter as compared to last year, with comparable regular store sales increasing 1.2% and comparable outlet store sales increasing 2.4% (see non-gaap measures below). On a year-to-date basis, sales for the nine months ended October 27, 2018 amounted to $139.5 million as compared with $148.4 million last year, a decrease of 6.0%, with 27 fewer stores in operation. Comparable store sales, which include online sales, for the first nine months of 2018 increased 2.2% versus the same period a year ago, with comparable regular store sales increasing 1.8% and comparable outlet store sales increasing 4.6%. Adjusted EBITDA (see non-gaap measures below) for the third quarter of 2018 amounted to $(2.1) million, compared to $(2.5) million for the same period last year. The improvement of $400,000 in adjusted EBITDA for the third quarter was attributable to the reduction of $1.6 million in selling, general and administrative ( SG&A ) expenses, partially offset by the decrease of $1.2 million in gross margin dollars. The decrease in SG&A expenses resulted primarily from the reduction in store operating expenses due mainly to store closures. The decrease of $1.2 million in gross margin dollars was the result of the 7.3% overall sales decline for the third quarter, partially offset by the increase in gross margin percentage to 66.3% from 63.8% in Adjusted EBITDA for the nine months ended October 27, 2018 amounted to $(3.9) million, compared to $(7.1) million last year. The improvement of $3.2 million in adjusted EBITDA for the first nine months of 2018 was attributable to the reduction of $7.5 million in SG&A expenses, offset by the decrease in gross margin dollars of $4.3 million. The decrease in SG&A expenses resulted primarily from the reduction in store operating expenses due mainly to store closures. The decrease of $4.3 million in gross margin dollars was the result of the 6.0% overall sales decline for the first nine months of 2018, partially offset by the increase in the gross margin percentage to 65.9% from 64.9% in Depreciation and amortization for the third quarter amounted to $2.0 million compared to $2.5 million last year. Write-off and impairment of property and equipment relating to store closures and underperforming stores amounted to $156,000 in the third quarter of 2018 (2017 $198,000). For the nine months ended October 27, 2018, depreciation and amortization decreased to $6.6 million from $8.1 million in 2017, due to the reduced investments in non-financial assets over the last several years. On a year-to-date basis, write-off and impairment of property and equipment amounted to $272,000 (2017 $682,000). Finance costs for the third quarter increased to $1.7 million from $1.4 million last year and for the nine months ended October 27, 2018, finance costs increased to $4.9 million from $4.1 million the previous year. The increase in finance costs for the three and nine-month periods ended October 27, 2018 was due to the additional borrowings during the current year. Net loss for the third quarter amounted to $6.7 million or $(0.22) per share compared to a net loss of $7.1 million or $(0.24) per share for the same period last year. For the nine-month period ended October 27, 2018, the net loss amounted to $17.7 million or $(0.59) per share compared to a net loss of $21.0 million or $(0.70) per share the previous year. Over the past few years, the retail landscape and consumer shopping habits have changed significantly with e-commerce. Consequently, the Company initiated a major shift with a view to close underperforming stores and recalibrate its retail network. This major undertaking is nearing its end with 100 stores closed to date from the peak of 243 stores reached in With the store network optimization process nearly completed and the solid momentum of our e-commerce platform, we remain optimistic about the opportunity to grow our business and improve our margins. During the first nine months of 2018, the Company renovated two existing locations and, as planned, closed 17 underperforming stores. As at October 27, 2018, the Company operated 143 stores (including 24 fashion outlet stores) compared to 170 stores (including 47 fashion outlet stores) as at October 28, Total square footage for the Le Château network as at October 27, 2018 amounted to 807,000 square feet (including 210,000 square feet for fashion outlet stores), compared to 946,000 square feet (including 333,000 square feet for fashion outlet stores) as at October 28, The Company is planning to close 4 additional stores during the remainder of 2018 thereby mostly completing the store optimization program that started three years ago. Page 1

4 Management s Discussion & Analysis Liquidity and Capital Resources Cash flow used for operating activities amounted to $8.6 million for the third quarter ended October 27, 2018, compared with $6.3 million for the same period last year. The increase of $2.3 million in cash flow used for operating activities during the third quarter of 2018 was mainly the result of the increase of $2.6 million in the net change in non-cash working capital requirements. On a year-to-date basis, cash flow used for operating activities amounted to $12.7 million, compared with $9.2 million last year. The increase of $3.5 million in cash flow used for operating activities during the first nine months of 2018 was mainly the result of the increase of $5.4 million in the net change in non-cash working capital requirements, offset by the decrease of $2.4 million in the net loss before depreciation, amortization, write-off and impairment of property and equipment and accretion of First Preferred shares for the first nine months of The Company s credit facility, including the current portion, net of cash (bank indebtedness), amounted to $54.4 million at the end of the third quarter, compared with $45.3 million as at October 28, 2017 and $38.8 million as at January 27, On June 9, 2017, the Company renewed its asset based revolving credit facility for a three-year term ending on June 9, 2020 with a limit of $70.0 million, subject to the availability constraints of the borrowing base which is comprised of cash, credit card balances in transit and inventories, as defined in the credit agreement. The revolving credit facility is secured by all the Company s assets. The borrowings bear interest at a rate based on the Canadian prime rate plus 1.75% or the banker s acceptance rate plus 3.0%. The Company is required to pay a standby fee of 0.35% on the unused portion of the revolving credit facility. As at October 27, 2018, the Company had drawn $56.3 million ( $47.0 million) under this credit facility and had outstanding standby letters of credit totaling $650,000 (2017 $1.1 million) which reduced the availability under this credit facility. A portion of the amount drawn under this facility is presented as a current liability based on the Company s estimate of what it expects to settle in the next 12 months. Financing costs related to obtaining the above facility have been deferred and netted against the amounts drawn under the facility, and are being amortized over the term of the facility as finance costs in the consolidated statement of loss. Furthermore on June 9, 2017, the Company obtained a three-year $15.0 million subordinated term loan from another lender, subject to the availability constraints of the borrowing base which is comprised of cash, credit card balances in transit and inventories, as defined in the term loan agreement. The subordinated term loan is secured by all the Company s assets and is subordinated in terms of ranking and repayment to the Company s $70.0 million revolving credit facility. The subordinated term loan bears interest at a variable rate of the banker s acceptance rate plus 9.0% and is repayable at maturity on June 9, The proceeds of the term loan were used to reduce the amount outstanding under the revolving credit facility. The revolving and subordinated term loan credit agreements require the Company to comply with certain non-financial covenants, including restrictions on: i) the declaration and payment of dividends on the Company s shares, ii) the redemption or repurchase of the Company s shares and iii) the payment of interest with respect to loans from related parties. As at October 27, 2018, the Company is in compliance with all of its covenants. Aside from the letters of credit outstanding, the Company did not have any other off-balance sheet financing arrangements as at October 27, Capital expenditures for the third quarter amounted to $697,000, compared to $174,000 for the same period last year. Capital expenditures for the first nine months of 2018 amounted to $2.7 million, compared to $1.7 million for the same period last year and are primarily related to the renovation of certain existing stores and investments in information technology. Capital expenditures were financed with the Company s asset based credit facility. Financial Position Working capital stood at $65.3 million at the end of the third quarter of 2018, compared to $63.7 million as at October 28, 2017 and $65.7 million as at January 27, Long-term debt, including the current portion, amounted to $29.5 million as at October 27, 2018 compared with $30.5 million as at January 27, On February 15, 2017 and March 8, 2017, the Company entered into loan agreements for $2.0 million and $2.5 million, respectively, with a company that is directly controlled by a director of the Company. The financing is in the form of secured loans which bear a variable rate of interest, payable monthly, equal to the lesser of (i) the prime rate of the Royal Bank of Canada multiplied by two and (ii) 7.5%. These loans, which were repayable at maturity on July 14, 2017, were exchanged for First Preferred shares series 1 on June 9, 2017, as noted below. Page 2

5 Management s Discussion & Analysis Inventory Total inventories as at October 27, 2018 amounted to $93.4 million compared to $95.4 million as at October 28, 2017 and $89.9 million as at January 27, Total finished goods inventory, including goods in transit, at the end of the third quarter decreased by 1.4% compared to October 28, 2017, particularly in prior season discounted merchandise. As part of the Company s inventory management plan, the Company continues to use 24 outlets (210,000 square feet) in its network to sell prior season discounted merchandise. In addition, the on-line outlet division has also played an important role in the selling of these goods. Outstanding Share Data As at December 21, 2018, there were 29,963,762 Class B voting shares and 250,000 First Preferred Shares series 1 outstanding. Furthermore, there were 1,077,500 stock options outstanding with exercise prices ranging from $0.23 to $1.91, of which 1,040,500 were exercisable. On June 9, 2017, approximately $25.0 million of the outstanding principal amount of $41.2 million loans from a company that is directly controlled by a director of the Company, was exchanged for 250,000 newly created First Preferred shares series 1 of Le Château with an equivalent stated capital. The maturity date of the remaining principal amount of the $16.2 million loan was extended to September 30, The loan is secured by all the Company s assets and subordinated in terms of ranking and repayment to the $70.0 million revolving credit facility and the $15.0 million subordinated term loan. The holder of the First Preferred shares series 1 will be entitled to receive, if declared by the board of directors, cumulative quarterly preferred dividends at the rate of 2.5% per quarter. The First Preferred shares series 1 are nonvoting and redeemable, in whole or in part, at the Company s option, at $100 per share, together with accumulated and unpaid dividends. The holder of First Preferred shares series 1 will have the option, after the 5 th anniversary date of their issuance, to require the Company to redeem the shares at $100 per share, together with accumulated and unpaid dividends. The revolving and term loan credit agreements contain restrictions on the declaration and payment of dividends on the Company s shares and on the redemption or repurchase of the Company s shares during the term of these facilities. The preferred shares are classified as a financial liability in the consolidated balance sheet as a result of the holder s right, after the 5 th anniversary date of their issuance, to require the Company to redeem the First Preferred shares series 1. Critical Accounting Policies and Estimates Critical Accounting Estimates: The preparation of financial statements requires the Company to estimate the effect of various matters that are inherently uncertain as of the date of the financial statements. Each of these required estimates varies in regard to the level of judgment involved and its potential impact on the Company s reported financial results. Estimates are deemed critical when a different estimate could have reasonably been used or where changes in the estimates are reasonably likely to occur from period to period, and would materially impact the Company s financial position, changes in financial position or results of operations. The Company s significant accounting policies are discussed in notes 3, 4 and 5 of the audited consolidated financial statements for the year ended January 27, Changes resulting from the adoption of the new accounting standards effective January 28, 2018 are disclosed below. Critical estimates inherent in these accounting policies are discussed in the following paragraphs. Going Concern Assumption In the preparation of financial statements, management is required to identify when events or conditions indicate that significant doubt may exist about the Company s ability to continue as a going concern. Significant doubt about the Company s ability to continue as a going concern would exist when relevant conditions and events, considered in the aggregate, indicate that the Company will not be able to meet its obligations as they become due for a period of at least, but not limited to, twelve months from the balance sheet date. When the Company identifies conditions or events that raise potential for significant doubt about its ability to continue as a going concern, the Company considers whether its plans that are intended to mitigate those relevant conditions or events will alleviate the potential significant doubt. As described further in note 3 of the unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, 2018, the Company renewed its asset based revolving credit facility on June 9, 2017 for a three-year term ending on June 9, 2020 and obtained a three-year $15.0 million subordinated term loan from another lender. For the nine months ended October 27, 2018, the Company generated a loss and negative cash flows from operations. The Company has working capital of $65.3 million as at October 27, The Company s ability to continue as a going concern for the next twelve months involves significant judgment and is dependent on the availability under its credit facility as well as continued support from its controlling shareholders. Inventory valuation The Company records a write-down to reflect management s best estimate of the net realizable value of inventory which includes assumptions and estimates for future sell-through of units, selling prices, as well as disposal costs, where appropriate, based on historical Page 3

6 Management s Discussion & Analysis experience. Management continually reviews the carrying value of its inventory, to assess whether the write-down is adequate, based on current economic conditions and an assessment of sales trends. Impairment of non-financial assets Non-financial assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. A review for impairment is conducted by comparing the carrying amount of the cash generating unit s ( CGU ) assets with their respective recoverable amounts based on value in use. Value in use is determined based on management s best estimate of expected future cash flows, which includes estimates of growth rates, from use over the remaining lease term and discounted using a pre-tax weighted average cost of capital. Management is required to use significant judgment in determining if individual commercial premises in which it carries out its activities are individual CGUs, or if these units should be aggregated at a district or regional level to form a CGU. The significant judgments applied by management in determining if stores should be aggregated in a given geographic area to form a CGU include the determination of expected customer behaviour and whether customers could interchangeably shop in any of the stores in a given area and whether management views the cash flows of the stores in the group as inter-dependent. Accounting Standards Implemented in 2018: IFRS 15 - Revenue from contracts with customers IFRS 15 replaced the requirements of IAS 11, Construction Contracts, and IAS 18, Revenue and related interpretations. This standard specifies the steps and timing for issuers to recognize revenue as well as requiring them to provide more informative, relevant disclosures. These changes are applicable for annual periods beginning on or after January 1, The Company adopted the standard for the annual period beginning January 28, 2018 and applied the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 28, 2018 with no restatement for comparative periods. The implementation of IFRS 15 impacted the allocation of revenue that is deferred in relation to gift cards sold. Previously, an estimate was made of gift cards not expected to be redeemed based on historical redemption patterns. Under IFRS 15, if the Company expects to be entitled to a breakage amount for the gift cards, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The adoption of IFRS 15 increased the deferred revenue liability and the deficit by $347,000 as at January 28, 2018, in relation to revenue that is deferred due to gift cards sold. IFRS 9 - Financial Instruments IFRS 9 replaced the requirements of IAS 39, Financial Instruments: Recognition and Measurement. This final version of IFRS 9 brings together the classification and measurements as well as impairment and hedge accounting phases of the project to replace IAS 39. In addition to the new requirements for classification and measurement of financial assets, a new general hedge accounting model and other amendments issued in previous versions of IFRS 9, the standard also introduces new impairment requirements that are based on a forwardlooking expected credit loss model. These changes are applicable for annual periods beginning on or after January 1, The Company adopted the standard for the annual period beginning January 28, 2018 and applied the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 28, 2018 with no restatement for comparative periods. The implementation of IFRS 9 impacted the fair values of the long-term debt and the first preferred shares at which these financial instruments were initially recorded, as well as their respective interest and accretion expenses. Previously, modifications of debt conditions did not result in any re-evaluation of their fair values provided the value changed by less than 10%. Under IFRS 9, that option is not available and modified debt has been re-evaluated. The adoption of IFRS 9 required a re-classification of measurement category for some financial instruments. Accounts receivable, previously classified as Loans and Receivables under IAS 39 are now classified as Amortized Cost under IFRS 9. Credit facility, trade and other payables, long-term debt and preferred shares, previously classified as Other Financial Liabilities under IAS 39 are now classified as Amortized Cost under IFRS 9. All other assets and liabilities have kept the same classification as under IAS 39. The adoption of IFRS 9 increased the contributed surplus by $4.5 million and the deficit by $1.0 million as at January 28, These were offset by a decrease in the carrying value of the First Preferred shares series 1 by $1.9 million and the carrying value of the long-term debt by $1.6 million as at January 28, These changes are in relation to changes in fair value adjustments and subsequent amortization and accretion expenses. New Standards Not Yet Effective: IFRS 16 Leases In January 2016, the IASB issued IFRS 16, Leases ( IFRS 16 ), replacing IAS 17, Leases and related interpretations. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the Page 4

7 Management s Discussion & Analysis underlying asset and a lease liability representing its obligation to make lease payments. Lessors continue to classify leases as finance and operating leases. Other areas of the lease accounting model have been impacted, including the definition of a lease. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019, and is to be applied retrospectively. Early adoption is permitted if IFRS 15, Revenue from Contracts with Customers ( IFRS 15 ) has been adopted. The Company does not intend to early adopt IFRS 16. The Company continues to work on the implementation of revised processes, as well as data recording and reporting in order to comply with the requirements of the standard. The Company has upgraded its lease management software and continues to test and validate the inputs, outputs and key assumptions used in its IFRS 16 calculations. Based on the assessment and work done to date, the Company expects the adoption of IFRS 16 will have a significant impact on its consolidated financial statements as the Company will recognize new assets and liabilities for its operating leases of retail stores, offices and equipment. In addition, the nature and timing of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of use assets and interest expense on lease liabilities. The Company will apply the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 27, 2019 with no restatement for comparative periods. The Company has not yet determined whether it will use the optional exemptions or practical expedients under the standard. The Company expects to disclose additional detailed information, including the estimated quantitative financial effects, before the adoption of IFRS 16. Non-GAAP Measures In addition to discussing earnings measures in accordance with IFRS, this MD&A provides adjusted EBITDA as a supplementary earnings measure, which is defined as earnings (loss) before interest, income taxes, depreciation, amortization, write-off and/or impairment of property and equipment and intangible assets and accretion of First Preferred shares series 1 ( Adjusted EBITDA ). Adjusted EBITDA is provided to assist readers in determining the ability of the Company to generate cash from operations and to cover financial charges. It is also widely used for valuation purposes for public companies in our industry. The following table reconciles adjusted EBITDA to loss before income taxes disclosed in the unaudited interim condensed consolidated statements of loss for the three and nine-month periods ended October 27, 2018 and October 28, 2017: (Unaudited) For the three months ended For the nine months ended (In thousands of Canadian dollars) October 27, 2018 October 28, 2017 October 27, 2018 October 28, 2017 Loss before income taxes $ (6,708) $ (7,121) $ (17,663) $ (20,961) Depreciation and amortization 2,039 2,473 6,553 8,123 Write-offs and net impairment of property and equipment and intangible assets Finance costs 1,688 1,352 4,873 4,138 Accretion of First Preferred shares series , Adjusted EBITDA $ (2,123) $ (2,525) $ (3,918) $ (7,070) The Company also discloses comparable store sales which are defined as sales generated by stores that have been open for at least one year on a comparable week basis. Online sales are included in comparable store sales. The following table reconciles comparable store sales to total sales disclosed in the unaudited interim condensed consolidated statements of loss for the three and nine-month periods ended October 27, 2018 and October 28, 2017: (Unaudited) For the three months ended For the nine months ended (In thousands of Canadian dollars) October 27, 2018 October 28, 2017 October 27, 2018 October 28, 2017 Comparable store sales Regular stores $ 37,857 $ 37,424 $ 115,698 $ 113,664 Comparable store sales Outlet stores 6,089 5,949 19,901 19,031 Total comparable store sales 43,946 43, , ,695 Non-comparable store sales 1,153 5,303 3,897 15,702 Total sales $ 45,099 $ 48,676 $ 139,496 $ 148,397 The above measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Page 5

8 Management s Discussion & Analysis Summary of Quarterly Results The table below presents selected financial data for the eight most recently reported quarters. This unaudited quarterly information has been prepared under IFRS. The operating results for any quarter are not necessarily indicative of the results to be expected for any future period. (Unaudited) Loss before Loss per share (In thousands of Canadian dollars, except per share amounts) Sales income taxes Net loss Basic Diluted Third quarter ended October 27, 2018 $ 45,099 $ (6,708) $ (6,708) $ (0.22) $ (0.22) Second quarter ended July 28, ,313 (178) (178) (0.01) (0.01) First quarter ended April 28, ,084 (10,777) (10,777) (0.36) (0.36) Fourth quarter ended January 27, ,972 (3,012) (3,012) (0.10) (0.10) Third quarter ended October 28, ,676 (7,121) (7,121) (0.24) (0.24) Second quarter ended July 29, ,308 (987) (987) (0.03) (0.03) First quarter ended April 29, ,413 (12,853) (12,853) (0.43) (0.43) Fourth quarter ended January 28, ,620 (8,750) (8,750) (0.29) (0.29) Retail sales are traditionally higher in the fourth quarter due to the holiday season. In addition, fourth quarter earnings results are usually reduced by post holiday sale promotions. Forward-looking Statements This Management s Discussion and Analysis may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forwardlooking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law. Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; liquidity risks; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; seasonality and weather patterns; changes in the Company's relationship with its suppliers; lease renewals; information technology security and loss of customer data; fluctuations in foreign currency exchange rates; interest rate fluctuations and changes in laws, rules and regulations applicable to the Company. There can be no assurance that borrowings will be available to the Company, or available on acceptable terms, in an amount sufficient to fund the Company's needs or that additional financing will be provided by any of the controlling shareholders of the Company. The foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. Page 6

9 FINANCIAL HIGHLIGHTS (Unaudited) (In units except where otherwise stated) October 27, 2018 October 28, 2017 Working capital ($'000) $ 65,334 $ 63,731 Capital expenditures ($'000) $ 2,694 $ 1,679 Number of stores at end of quarter Total number of square feet ('000) CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands of Canadian dollars) As at October 27, 2018 As at October 28, 2017 As at January 27, 2018 ASSETS (notes 3 and 13) Current assets Cash $ 1,278 $ 677 $ - Accounts receivable 1, Income taxes refundable Inventories (note 4) 93,395 95,377 89,911 Prepaid expenses 1,976 1,606 1,747 Total current assets 98,088 98,915 93,064 Deposits Property and equipment (note 5) 23,374 29,588 27,052 Intangible assets (note 6) 1,981 2,555 2,434 $ 123,928 $ 131,679 $ 123,035 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) Current liabilities Bank indebtedness $ - $ - $ 261 Current portion of credit facility (note 3) 11,418 15,636 6,322 Trade and other payables (note 7) 18,447 16,338 17,342 Deferred revenue 2,549 2,507 2,842 Current portion of provision for onerous leases (note 8) Total current liabilities 32,754 35,184 27,343 Credit facility (note 3) 44,294 30,373 32,221 Long-term debt (notes 3 and 13) 29,484 30,463 30,518 Provision for onerous leases (note 8) Deferred lease credits 6,791 7,384 7,111 First Preferred shares series 1 (notes 3, 9 and 13) 24,884 24,130 24,718 Total liabilities 138, , ,835 Shareholders' equity (deficiency) Share capital (note 9) 47,967 47,967 47,967 Contributed surplus 14,131 9,572 9,600 Deficit (76,397) (54,355) (57,367) Total shareholders' equity (deficiency) (14,299) 3, $ 123,928 $ 131,679 $ 123,035 See accompanying notes NOTICE The Company s independent auditors have not performed a review of the accompanying interim condensed consolidated financial statements. Page 7

10 CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) For the three months ended For the nine months ended (In thousands of Canadian dollars, except per share information) October 27, 2018 October 28, 2017 October 27, 2018 October 28, 2017 Sales (note 11) $ 45,099 $ 48,676 $ 139,496 $ 148,397 Cost of sales and expenses Cost of sales (note 4) 15,203 17,621 47,523 52,067 Selling (note 5) 27,109 29,024 81,554 89,277 General and administrative (notes 5 and 6) 7,105 7,227 21,162 22,928 49,417 53, , ,272 Results from operating activities (4,318) (5,196) (10,743) (15,875) Finance costs 1,688 1,352 4,873 4,138 Accretion of First Preferred shares series , Loss before income taxes (6,708) (7,121) (17,663) (20,961) Income tax recovery Net loss and comprehensive loss $ (6,708) $ (7,121) $ (17,663) $ (20,961) Net loss per share (note 10) Basic $ (0.22) $ (0.24) $ (0.59) $ (0.70) Diluted (0.22) (0.24) (0.59) (0.70) Weighted average number of shares outstanding ('000) 29,964 29,964 29,964 29,964 See accompanying notes CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIENCY) (Unaudited) For the three months ended For the nine months ended (In thousands of Canadian dollars) October 27, 2018 October 28, 2017 October 27, 2018 October 28, 2017 SHARE CAPITAL $ 47,967 $ 47,967 $ 47,967 $ 47,967 CONTRIBUTED SURPLUS Balance, beginning of period $ 14,125 $ 9,529 $ 9,600 $ 9,287 Transitional adjustments on adoption of new accounting standards (note 2) - - 4,502 - Adjusted balance, beginning of period 14,125 9,529 14,102 9,287 Fair value adjustment of long-term debt (note 13) Stock-based compensation expense Balance, end of period $ 14,131 $ 9,572 $ 14,131 $ 9,572 DEFICIT Balance, beginning of period $ (69,689) $ (47,234) $ (57,367) $ (33,394) Transitional adjustments on adoption of new accounting standards (note 2) - - (1,367) - Adjusted balance, beginning of period (69,689) (47,234) (58,734) (33,394) Net loss (6,708) (7,121) (17,663) (20,961) Balance, end of period $ (76,397) $ (54,355) $ (76,397) $ (54,355) Total shareholders equity (deficiency) $ (14,299) $ 3,184 $ (14,299) $ 3,184 See accompanying notes Page 8

11 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended For the nine months ended (In thousands of Canadian dollars) October 27, 2018 October 28, 2017 October 27, 2018 October 28, 2017 OPERATING ACTIVITIES Net loss $ (6,708) $ (7,121) $ (17,663) $ (20,961) Adjustments to determine net cash from operating activities Depreciation and amortization (notes 5 and 6) 2,039 2,473 6,553 8,123 Write-offs and impairment of property and equipment and intangible assets (notes 5 and 6) Amortization of deferred lease credits (430) (238) (1,165) (1,211) Deferred lease credits Stock-based compensation Provision for onerous leases (120) (235) (1,140) (546) Finance costs 1,688 1,352 4,873 4,138 Accretion of First Preferred shares series , Interest paid (1,069) (928) (3,121) (2,195) (3,486) (3,883) (8,470) (10,433) Net change in non-cash working capital items related to operations (5,074) (2,447) (4,427) 963 Income taxes refunded Cash flows related to operating activities (8,560) (6,330) (12,657) (9,220) FINANCING ACTIVITIES Increase in credit facility 10,706 6,683 16,890 (7,767) Financing costs - (17) - (1,023) Proceeds from long-term debt ,500 Cash flows related to financing activities 10,706 6,666 16,890 10,710 INVESTING ACTIVITIES Additions to property and equipment and intangible assets (notes 5 and 6) (697) (174) (2,694) (1,679) Proceeds from disposal of property and equipment (note 5) Cash flows related to investing activities (697) (174) (2,694) (1,079) Increase in cash 1, , Cash (bank indebtedness), beginning of period (171) 515 (261) 266 Cash, end of period $ 1,278 $ 677 $ 1,278 $ 677 See accompanying notes Page 9

12 Notes to the Interim Condensed Consolidated Financial Statements (Unaudited Tabular figures in thousands of Canadian dollars, except share information) 1. Corporate information The unaudited interim condensed consolidated financial statements of Le Château Inc. (the Company ) for the three and nine-month periods ended October 27, 2018 were authorized for issue on December 21, 2018 in accordance with a resolution of the Board of Directors. The Company is incorporated and domiciled in Canada and its shares are publicly traded on the TSX Venture Exchange. The registered office is located in Montreal, Quebec, Canada. The Company s principal business activity is the retail of fashion apparel, accessories and footwear aimed at style-conscious women and men. 2. Basis of preparation The unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies and methods of computation followed in the preparation of these unaudited interim condensed consolidated financial statements are the same as those used in the preparation of the most recent audited annual consolidated financial statements for the year ended January 27, 2018, except for the adoption of new accounting standards effective January 28, 2018, as further described below. These unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, 2018 should be read together with the audited annual consolidated financial statements for the year ended January 27, 2018 prepared in accordance with International Financial Reporting Standards ( IFRS ). The significant accounting judgments, estimates and assumptions used in these unaudited interim condensed consolidated financial statements are consistent with those disclosed in the most recent audited annual consolidated financial statements for the year ended January 27, Significant Accounting Judgment - Going Concern Assumption In the preparation of financial statements, management is required to identify when events or conditions indicate that significant doubt may exist about the Company s ability to continue as a going concern. Significant doubt about the Company s ability to continue as a going concern would exist when relevant conditions and events, considered in the aggregate, indicate that the Company will not be able to meet its obligations as they become due for a period of at least, but not limited to, twelve months from the balance sheet date. When the Company identifies conditions or events that raise potential for significant doubt about its ability to continue as a going concern, the Company considers whether its plans that are intended to mitigate those relevant conditions or events will alleviate the potential significant doubt. As described further in note 3 of the unaudited interim condensed consolidated financial statements for the three and nine-month periods ended October 27, 2018, the Company renewed its asset based revolving credit facility on June 9, 2017 for a three-year term ending on June 9, 2020 and obtained a three-year $15.0 million subordinated term loan from another lender. For the nine months ended October 27, 2018, the Company generated a loss and negative cash flows from operations. The Company has working capital of $65.3 million as at October 27, The Company s ability to continue as a going concern for the next twelve months involves significant judgment and is dependent on the availability under its credit facility as well as continued support from its controlling shareholders. New Accounting Standards Implemented IFRS 15 - Revenue from contracts with customers IFRS 15 replaced the requirements of IAS 11, Construction Contracts, and IAS 18, Revenue and related interpretations. This standard specifies the steps and timing for issuers to recognize revenue as well as requiring them to provide more informative, relevant disclosures. These changes are applicable for annual periods beginning on or after January 1, The Company adopted the standard for the annual period beginning January 28, 2018 and applied the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 28, 2018 with no restatement for comparative periods. The implementation of IFRS 15 impacted the allocation of revenue that is deferred in relation to gift cards sold. Previously, an estimate was made of gift cards not expected to be redeemed based on historical redemption patterns. Under IFRS 15, if the Company expects to be entitled to a breakage amount for the gift cards, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The adoption of IFRS 15 increased the deferred revenue liability and the deficit by $347,000 as at January 28, 2018, in relation to revenue that is deferred due to gift cards sold. Page 10

13 Notes to the Interim Condensed Consolidated Financial Statements IFRS 9 - Financial Instruments IFRS 9 replaced the requirements of IAS 39, Financial Instruments: Recognition and Measurement. This final version of IFRS 9 brings together the classification and measurements as well as impairment and hedge accounting phases of the project to replace IAS 39. In addition to the new requirements for classification and measurement of financial assets, a new general hedge accounting model and other amendments issued in previous versions of IFRS 9, the standard also introduces new impairment requirements that are based on a forwardlooking expected credit loss model. These changes are applicable for annual periods beginning on or after January 1, The Company adopted the standard for the annual period beginning January 28, 2018 and applied the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 28, 2018 with no restatement for comparative periods. The implementation of IFRS 9 impacted the fair values of the long-term debt and the first preferred shares at which these financial instruments were initially recorded, as well as their respective interest and accretion expenses. Previously, modifications of debt conditions did not result in any re-evaluation of their fair values provided the value changed by less than 10%. Under IFRS 9, that option is not available and modified debt has been re-evaluated. The adoption of IFRS 9 required a re-classification of measurement category for some financial instruments. Accounts receivable, previously classified as Loans and Receivables under IAS 39 are now classified as Amortized Cost under IFRS 9. Credit facility, trade and other payables, long-term debt and preferred shares, previously classified as Other Financial Liabilities under IAS 39 are now classified as Amortized Cost under IFRS 9. All other assets and liabilities have kept the same classification as under IAS 39. The adoption of IFRS 9 increased the contributed surplus by $4.5 million and the deficit by $1.0 million as at January 28, These were offset by a decrease in the carrying value of the First Preferred shares series 1 by $1.9 million and the carrying value of the long-term debt by $1.6 million as at January 28, These changes are in relation to changes in fair value adjustments and subsequent amortization and accretion expenses. The following table presents the impact of adopting IFRS 9 and IFRS 15 on the Company s equity as at January 28, 2018: Share capital Contributed surplus Deficit Total Balance as at January 27, 2018 $ 47,967 $ 9,600 $ (57,367) $ 200 Transitional adjustments on adoption of new accounting standards: Adoption of IFRS 9 for long-term debt - 2,479 (878) 1,601 Adoption of IFRS 9 for First Preferred shares series 1-2,023 (142) 1,881 Adoption of IFRS 15 for deferred revenue - - (347) (347) - 4,502 (1,367) 3,135 Balance as at January 28, 2018 $ 47,967 $ 14,102 $ (58,734) $ 3,335 New Standards Not Yet Effective IFRS 16 Leases In January 2016, the IASB issued IFRS 16, Leases ( IFRS 16 ), replacing IAS 17, Leases and related interpretations. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. Lessors continue to classify leases as finance and operating leases. Other areas of the lease accounting model have been impacted, including the definition of a lease. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019, and is to be applied retrospectively. Early adoption is permitted if IFRS 15, Revenue from Contracts with Customers ( IFRS 15 ) has been adopted. The Company does not intend to early adopt IFRS 16. The Company continues to work on the implementation of revised processes, as well as data recording and reporting in order to comply with the requirements of the standard. The Company has upgraded its lease management software and continues to test and validate the inputs, outputs and key assumptions used in its IFRS 16 calculations. Based on the assessment and work done to date, the Company expects the adoption of IFRS 16 will have a significant impact on its consolidated financial statements as the Company will recognize new assets and liabilities for its operating leases of retail stores, offices and equipment. In addition, the nature and timing of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of use assets and interest expense on lease liabilities. The Company will apply the requirements of the standard retrospectively, with the cumulative effects of initial application recorded in the opening deficit on January 27, 2019 with no restatement for comparative periods. The Company has not yet determined whether it will use the optional exemptions or practical expedients under the standard. The Company expects to disclose additional detailed information, including the estimated quantitative financial effects, before the adoption of IFRS 16. Page 11

14 Notes to the Interim Condensed Consolidated Financial Statements Basis of consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. The unaudited interim financial statements of the subsidiary are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions, balances and unrealized gains or losses have been eliminated. The Company has no interests in special purpose entities. 3. Credit facility and long-term debt On June 9, 2017, the Company renewed its asset based revolving credit facility for a three-year term ending on June 9, 2020 with a limit of $70.0 million, subject to the availability constraints of the borrowing base which is comprised of cash, credit card balances in transit and inventories, as defined in the credit agreement. The revolving credit facility is secured by all the Company s assets. The borrowings bear interest at a rate based on the Canadian prime rate plus 1.75% or the banker s acceptance rate plus 3.0%. The Company is required to pay a standby fee of 0.35% on the unused portion of the revolving credit facility. As at October 27, 2018, the Company had drawn $56.3 million ( $47.0 million) under this credit facility and had outstanding standby letters of credit totaling $650,000 (2017 $1.1 million) which reduced the availability under this credit facility. A portion of the amount drawn under this facility is presented as a current liability based on the Company s estimate of what it expects to settle in the next 12 months. Financing costs related to obtaining the above facility have been deferred and netted against the amounts drawn under the facility, and are being amortized over the term of the facility as finance costs in the consolidated statement of loss. Furthermore on June 9, 2017, the Company obtained a three-year $15.0 million subordinated term loan from another lender, subject to the availability constraints of the borrowing base which is comprised of cash, credit card balances in transit and inventories, as defined in the term loan agreement. The subordinated term loan is secured by all the Company s assets and is subordinated in terms of ranking and repayment to the Company s $70.0 million revolving credit facility. The subordinated term loan bears interest at a variable rate of the banker s acceptance rate plus 9.0% and is repayable at maturity on June 9, The proceeds of the term loan were used to reduce the amount outstanding under the revolving credit facility. The revolving and subordinated term loan credit agreements require the Company to comply with certain non-financial covenants, including restrictions on: i) the declaration and payment of dividends on the Company s shares, ii) the redemption or repurchase of the Company s shares and iii) the payment of interest with respect to loans from related parties. As at October 27, 2018, the Company is in compliance with all of its covenants. 4. Inventories October 27, 2018 October 28, 2017 January 27, 2018 Raw materials $ 1,853 $ 2,372 $ 2,076 Work-in-process 2,030 2,266 2,461 Finished goods 86,851 88,560 79,264 Finished goods in transit 2,661 2,179 6,110 $ 93,395 $ 95,377 $ 89,911 The cost of inventory recognized as an expense and included in cost of sales for the three and nine-month periods ended October 27, 2018 was $13.8 million and $43.7 million, respectively (2017 $16.4 million and $49.0 million). For the three and nine-month periods ended October 27, 2018, the Company recorded $373,000 of write-downs as a result of net realizable value being lower than cost (2017 NIL). Page 12

LE CHÂTEAU REPORTS FIRST QUARTER RESULTS RENEWS CREDIT FACILITY ENTERS INTO NEW LONG-TERM FINANCING ARRANGEMENTS

LE CHÂTEAU REPORTS FIRST QUARTER RESULTS RENEWS CREDIT FACILITY ENTERS INTO NEW LONG-TERM FINANCING ARRANGEMENTS PRESS RELEASE LE CHÂTEAU REPORTS FIRST QUARTER RESULTS RENEWS CREDIT FACILITY ENTERS INTO NEW LONG-TERM FINANCING ARRANGEMENTS Montréal, June 9, 2017 Le Château Inc. (TSX: CTU), today reported that sales

More information

Consolidated Financial Statements. Le Château Inc. January 27, 2018

Consolidated Financial Statements. Le Château Inc. January 27, 2018 Consolidated Financial Statements Le Château Inc. January 27, 2018 INDEPENDENT AUDITORS REPORT To the Shareholders of Le Château Inc. We have audited the accompanying consolidated financial statements

More information

LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Q3 Comparable Store Sales Increased by 1.3%

LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Q3 Comparable Store Sales Increased by 1.3% PRESS RELEASE LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Q3 Comparable Store Sales Increased by 1.3% Montréal, December 21, 2018 Le Château Inc. (TSX VENTURE: CTU), today reported that sales for the third

More information

LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Continued improvement in Adjusted EBITDA and in Store Network Recalibration

LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Continued improvement in Adjusted EBITDA and in Store Network Recalibration PRESS RELEASE LE CHÂTEAU REPORTS THIRD QUARTER RESULTS Continued improvement in Adjusted EBITDA and in Store Network Recalibration Montréal, December 8, 2017 Le Château Inc. (TSX VENTURE: CTU), today reported

More information

On behalf of the Board of Directors, I am pleased to provide the results of Le Château Inc. for the third quarter ended October 30, 2010.

On behalf of the Board of Directors, I am pleased to provide the results of Le Château Inc. for the third quarter ended October 30, 2010. interim report For the nine months ended October 30, 2010 MESSAGE TO SHAREHOLDERS On behalf of the Board of Directors, I am pleased to provide the results of Le Château Inc. for the third quarter ended

More information

ONTARIO - SCARBOROUGH TOWN CENTRE BRITISH COLUMBIA - GUILDFORD TOWN CENTRE ONTARIO - YORKDALE SHOPPING CENTRE QUEBEC - FAIRVIEW POINTE-CLAIRE

ONTARIO - SCARBOROUGH TOWN CENTRE BRITISH COLUMBIA - GUILDFORD TOWN CENTRE ONTARIO - YORKDALE SHOPPING CENTRE QUEBEC - FAIRVIEW POINTE-CLAIRE ANNUAL REPORT 20 15 CORPORATE PROFILE Le Château is a leading Canadian specialty retailer offering contemporary fashion apparel, accessories and footwear to style-conscious women and men. Our brand s success

More information

Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2018, and 2017

Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2018, and 2017 Interim Condensed Consolidated Financial Statements for the three months ended 2018, and 2017 () Interim Condensed Consolidated Statements of Income Three months ended In thousands of Canadian dollars,

More information

Leon's Furniture Limited INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

Leon's Furniture Limited INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) Interim Condensed Consolidated Financial Statements INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at September 30 As at December 31 ($ in thousands) 2017 2016 ASSETS Current

More information

ONTARIO - SCARBOROUGH TOWN CENTRE ONTARIO - SCARBOROUGH TOWN CENTRE QUEBEC - CARREFOUR LAVAL LADIES QUEBEC - PROMENADES ST-BRUNO

ONTARIO - SCARBOROUGH TOWN CENTRE ONTARIO - SCARBOROUGH TOWN CENTRE QUEBEC - CARREFOUR LAVAL LADIES QUEBEC - PROMENADES ST-BRUNO ANNUAL REPORT 2014 CORPORATE PROFILE Le Château is a leading Canadian specialty retailer offering contemporary fashion apparel, accessories and footwear to style-conscious women and men. Our brand s success

More information

Interim Condensed Consolidated Financial Statements for the three and six months ended September 30, 2018, and 2017

Interim Condensed Consolidated Financial Statements for the three and six months ended September 30, 2018, and 2017 Interim Condensed Consolidated Financial Statements for the three and six months ended 2018, and 2017 () Interim Condensed Consolidated Statements of Income Three months ended Six months ended 2018 2017

More information

OPERATING RESULTS (in thousands of dollars, except per share amounts) IFRS IFRS IFRS IFRS IFRS (1) (15 months) (Restated)

OPERATING RESULTS (in thousands of dollars, except per share amounts) IFRS IFRS IFRS IFRS IFRS (1) (15 months) (Restated) 0 FINANCIAL HIGHLIGHTS OPERATING RESULTS (in thousands of dollars, except per share amounts) 2016 2015 2014 2013 IFRS IFRS IFRS IFRS IFRS (1) (15 months) (Restated) Sales $523,659 $565,173 $538,975 $610,587

More information

Condensed interim consolidated financial statements. LXRandCo, Inc. Three-month and nine-month periods ended September 30, 2017 and 2016

Condensed interim consolidated financial statements. LXRandCo, Inc. Three-month and nine-month periods ended September 30, 2017 and 2016 Condensed interim consolidated financial statements LXRandCo, Inc. Three-month and nine-month periods ended September 30, 2017 and 2016 Consolidated statements of financial position (in Canadian dollars,

More information

THE NORTH WEST COMPANY INC.

THE NORTH WEST COMPANY INC. THE NORTH WEST COMPANY INC. 2012 FOURTH QUARTER REPORT TO SHAREHOLDERS Report to Shareholders The North West Company Inc. reports its results for the fourth quarter ended January 31, 2013. Sales decreased

More information

Vertex Resource Group Ltd.

Vertex Resource Group Ltd. Condensed Consolidated Interim Financial Statements of For the three-month period ended (Unaudited) Table of contents Condensed consolidated interim statements of financial position... 1 Condensed consolidated

More information

Vertex Resource Group Ltd.

Vertex Resource Group Ltd. Condensed Consolidated Interim Financial Statements of Vertex Resource Group Ltd. For the three and nine month periods ended (Unaudited) Table of contents Condensed consolidated interim statements of financial

More information

Vertex Resource Group Ltd.

Vertex Resource Group Ltd. Condensed Consolidated Interim Financial Statements of Vertex Resource Group Ltd. For the three and six month periods ended (Unaudited) Table of contents Condensed consolidated interim statements of financial

More information

Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. September 30, 2018 and 2017

Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. September 30, 2018 and 2017 Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. 2018 and 2017 Condensed Consolidated Balance Sheets (Unaudited)(Expressed in thousands of Canadian dollars) 2018 December 31, 2017 ASSETS

More information

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2018 (UNAUDITED)

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2018 (UNAUDITED) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of Canadian dollars) June 30, December 31, 2018 2017 Assets Current assets Cash $ 12,195 $ 11,370

More information

Consolidated Interim Financial Statements

Consolidated Interim Financial Statements Consolidated Interim Financial Statements As at September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 As at (thousands of Canadian dollars) ASSETS CONSOLIDATED INTERIM

More information

Consolidated Interim Financial Statements

Consolidated Interim Financial Statements Consolidated Interim Financial Statements As at March 31, 2018 and for the three months ended March 31, 2018 and 2017 As at (thousands of Canadian dollars) ASSETS Current assets CONSOLIDATED INTERIM STATEMENTS

More information

Amended and Restated Condensed interim consolidated financial statements

Amended and Restated Condensed interim consolidated financial statements Amended and Restated Condensed interim consolidated financial statements Consolidated statements of financial position As at Restated Restated See note 1a) See notes 1 and 4 June 30, December 31, 2018

More information

Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2018 and 2017

Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2018 and 2017 Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2018 and 2017 Interim Condensed Consolidated Statement of Financial Position

More information

A N N U A L R E P O R T ANNUEL T RAPPOR

A N N U A L R E P O R T ANNUEL T RAPPOR ANNUAL REPORT 2006 CORPORATE PROFILE Le Château is a leading Canadian specialty retailer offering fashionforward apparel, accessories and footwear to style-conscious women and men. Our brand s success

More information

HÉROUX-DEVTEK QUARTERLY REPORT THIRD QUARTER ENDED DECEMBER 31, 2011 A WORLD-CLASS PRESENCE

HÉROUX-DEVTEK QUARTERLY REPORT THIRD QUARTER ENDED DECEMBER 31, 2011 A WORLD-CLASS PRESENCE HÉROUX-DEVTEK QUARTERLY REPORT THIRD QUARTER ENDED DECEMBER 31, 2011 A WORLD-CLASS PRESENCE MESSAGE TO SHAREHOLDERS Third quarter ended, 2011 On behalf of the Board of Directors, I am pleased to present

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2018 and 2017 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2018 and 2017 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited), 2018 and 2017 (in thousands of United States dollars) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of

More information

Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2018 and 2017

Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2018 and 2017 Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2018 and 2017 Interim Condensed Consolidated Statement of Financial Position

More information

Management s Discussion and Analysis

Management s Discussion and Analysis First Quarterly Report for the Three Months Ended March 31, 2017 Management s Discussion and Analysis of Financial Conditions and Results of Operations For the three months ended March 31, 2017 All figures

More information

Ag Growth International Inc.

Ag Growth International Inc. Unaudited interim condensed consolidated financial statements Ag Growth International Inc. Unaudited interim condensed consolidated statements of financial position [in thousands of Canadian dollars] As

More information

ProntoForms Corporation

ProntoForms Corporation Condensed Interim Consolidated Financial Statements of ProntoForms Corporation For the Three Months Ended March 31, 2017 and 2016 (in Canadian dollars) (Unaudited) Notice to Reader The accompanying condensed

More information

2nd. Quarterly Report To Shareholders. Ended August 2, 2008

2nd. Quarterly Report To Shareholders. Ended August 2, 2008 2nd Quarterly Report To Shareholders 2009 Ended August 2, 2008 Table of Contents President's Message.......................................... 3 Management's Discussion and Analysis.......................

More information

ANNUAL REPORT 2007 RAPPORT ANNUEL 2007 ANNUAL REPORT 2007

ANNUAL REPORT 2007 RAPPORT ANNUEL 2007 ANNUAL REPORT 2007 ANNUAL REPORT 2007 RAPPORT ANNUEL 2007 ANNUAL REPORT 2007 RAPPORT ANNUEL 2007 CORPORATE PROFILE Le Château is a leading Canadian specialty retailer offering fashionforward apparel, accessories and footwear

More information

Leveraging Our Strengths

Leveraging Our Strengths Leveraging Our Strengths First Quarterly Report for the Three Months Ended March 31, 2016 Management s Discussion and Analysis of Financial Conditions and Results of Operations For the three months ended

More information

LEON S FURNITURE LIMITED

LEON S FURNITURE LIMITED LEON S FURNITURE LIMITED Press Release August 14, 2014 2 0 1 4 S E C O N D Q U A R T E R For the three months ended June 30, 2014, total system wide sales were $561,438,000 which includes $474,517,000

More information

Condensed Interim Consolidated Financial Statements. For the 13-week and 39-week periods ended October 30, 2016 and November 1, 2015

Condensed Interim Consolidated Financial Statements. For the 13-week and 39-week periods ended October 30, 2016 and November 1, 2015 Condensed Interim Consolidated Financial Statements For the 13-week and 39-week periods ended and November 1, (Unaudited, expressed in thousands of Canadian dollars, unless otherwise noted) Consolidated

More information

Condensed Interim Consolidated Financial Statements. For the 13-week periods ended April 30, 2017 and May 1, 2016

Condensed Interim Consolidated Financial Statements. For the 13-week periods ended April 30, 2017 and May 1, 2016 Condensed Interim Consolidated Financial Statements For the 13-week periods ended and May 1, 2016 (Unaudited, expressed in thousands of Canadian dollars, unless otherwise noted) Consolidated Interim Statement

More information

A N N UA L R E PORT 2 012

A N N UA L R E PORT 2 012 ANNUAL REPORT 2012 CORPORATE PROFILE Le Château is a leading Canadian specialty retailer offering contemporary fashion apparel, accessories and footwear to style-conscious women and men. Our brand s success

More information

Condensed Consolidated Statements of Financial Position

Condensed Consolidated Statements of Financial Position Condensed Consolidated Statements of Financial Position (unaudited) March 31 December 31 (in thousands of Canadian dollars) 2018 2017 Assets Current Cash $ - $ 4,341 Accounts receivable 4,105 3,490 Prepaids

More information

Significant events. Newfoundland Capital Corporation Limited 1

Significant events. Newfoundland Capital Corporation Limited 1 Newfoundland Capital Corporation Limited Second Quarter 2015 Period Ended June 30 (unaudited) Dartmouth, N.S. August 13, 2015, Newfoundland Capital Corporation Limited ( Company ) today announces its financial

More information

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2018 (UNAUDITED)

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2018 (UNAUDITED) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, Assets Current assets Cash $ 48,243 $ 11,370 Marketable securities 404 404 Trade and

More information

ATS Automation Tooling Systems Inc. Management s Discussion and Analysis. For the Quarter Ended December 31, 2017 TSX: ATA

ATS Automation Tooling Systems Inc. Management s Discussion and Analysis. For the Quarter Ended December 31, 2017 TSX: ATA ATS Automation Tooling Systems Inc. Management s Discussion and Analysis For the Quarter Ended December 31, 2017 TSX: ATA Management s Discussion and Analysis For the Quarter Ended December 31, 2017 This

More information

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Condensed Consolidated Financial Statements. For the period ended December 31, 2017.

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Condensed Consolidated Financial Statements. For the period ended December 31, 2017. Interim Condensed Consolidated Financial Statements For the period ended December 31, 2017 (Unaudited) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars - unaudited)

More information

Condensed Interim Consolidated Financial Statements. For the 13-week and 39-week periods ended October 29, 2017 and October 30, 2016

Condensed Interim Consolidated Financial Statements. For the 13-week and 39-week periods ended October 29, 2017 and October 30, 2016 Condensed Interim Consolidated Financial Statements For the 13-week and 39-week periods ended and (Unaudited, expressed in thousands of Canadian dollars, unless otherwise noted) Interim Consolidated Statement

More information

2017 FIRST QUARTER INTERIM REPORT

2017 FIRST QUARTER INTERIM REPORT 2017 FIRST QUARTER INTERIM REPORT INTERIM MANAGEMENT S DISCUSSION AND ANALYSIS March 31, 2017 Quarterly highlights 3 Preliminary comments to Management s discussion and analysis 4 Profile and description

More information

Condensed Interim Consolidated Financial Statements. For the 13-week periods ended April 29, 2018 and April 30, 2017

Condensed Interim Consolidated Financial Statements. For the 13-week periods ended April 29, 2018 and April 30, 2017 Condensed Interim Consolidated Financial Statements For the 13-week periods ended and April 30, 2017 (Unaudited, expressed in thousands of Canadian dollars, unless otherwise noted) Consolidated Interim

More information

NEXJ SYSTEMS INC. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

NEXJ SYSTEMS INC. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NEXJ SYSTEMS INC. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management s discussion and analysis of financial condition and results of operations (the MD&A

More information

Strongco Corporation September 30, 2018 and 2017

Strongco Corporation September 30, 2018 and 2017 Unaudited Interim Condensed Consolidated Financial Statements September 30, 2018 and 2017 Notice required under National Instrument 51-102, Continuous Disclosure Obligations, Part 4.3 (3) (a). The accompanying

More information

Condensed Interim Consolidated Financial Statements

Condensed Interim Consolidated Financial Statements Condensed Interim Consolidated Financial Statements Condensed Interim Consolidated Financial Statements (Unaudited) Notice of non-auditor review of condensed interim consolidated financial statements for

More information

Freshii Inc. Condensed Consolidated Interim Financial Statements. For the 13 and 39 weeks ended September 30, 2018 and September 24, 2017

Freshii Inc. Condensed Consolidated Interim Financial Statements. For the 13 and 39 weeks ended September 30, 2018 and September 24, 2017 Freshii Inc. Condensed Consolidated Interim Financial Statements For the 13 and 39 weeks ended and 24, 2017 (Expressed in thousands of US Dollars) (Unaudited) Condensed Consolidated Interim Balance Sheets

More information

MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE 13 AND 26 WEEKS ENDED NOVEMBER 4, 2017

MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE 13 AND 26 WEEKS ENDED NOVEMBER 4, 2017 MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE 13 AND 26 WEEKS ENDED NOVEMBER 4, 2017 Forward-Looking Information... 1 Overview of the Business... 3 Food Retailing... 3 Summary Results Second Quarter...

More information

Andrew Peller Limited

Andrew Peller Limited Condensed Interim Consolidated Financial Statements ANDREW PELLER LIMITED Condensed Consolidated Balance Sheets These financial statements have not been reviewed by our auditors (in thousands of Canadian

More information

HUDSON S BAY COMPANY 2018 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HUDSON S BAY COMPANY 2018 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HUDSON S BAY COMPANY 2018 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Thirteen and Twenty-six Weeks Ended August 4, 2018 Table of Contents Condensed consolidated statements of loss...

More information

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Nine Months Ended September 30, 2017 Dated: November 9, 2017 The Right Care The Right Time The Right Place Extendicare Inc. Interim Condensed Consolidated Statements

More information

Unaudited condensed consolidated interim financial statements of. Three months ended December 30, 2017 and December 31, 2016

Unaudited condensed consolidated interim financial statements of. Three months ended December 30, 2017 and December 31, 2016 Unaudited condensed consolidated interim financial statements of ROGERS SUGAR INC. Three months ended and (Unaudited and not reviewed by the Company s independent auditors) ROGERS SUGAR INC. (Unaudited)

More information

Unaudited condensed consolidated interim financial statements of. Three and six months ended March 31, 2018 and April 1, 2017

Unaudited condensed consolidated interim financial statements of. Three and six months ended March 31, 2018 and April 1, 2017 Unaudited condensed consolidated interim financial statements of ROGERS SUGAR INC. Three and six months ended and (Unaudited and not reviewed by the Company s independent auditors) ROGERS SUGAR INC. (Unaudited)

More information

Statements of Financial Position 2. Statements of Comprehensive Loss 3. Statements of Cash Flows 4. Statements of Changes in Equity 5

Statements of Financial Position 2. Statements of Comprehensive Loss 3. Statements of Cash Flows 4. Statements of Changes in Equity 5 Condensed Consolidated Financial Statements ended, 2018 and 2017 (Unaudited) Contents Condensed Consolidated Financial Statements Statements of Financial Position 2 Statements of Comprehensive Loss 3 Statements

More information

FORTRESS GLOBAL ENTERPRISES INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Canadian dollars, amounts in thousands)

FORTRESS GLOBAL ENTERPRISES INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Canadian dollars, amounts in thousands) CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Canadian dollars, amounts in thousands) Note December 31, ASSETS Current Cash and cash equivalents 24,118 40,877 Restricted cash 7,937 7,790 Trade

More information

SIR Royalty Limited Partnership

SIR Royalty Limited Partnership Financial Statements For the six-month periods ended and This document is being filed with the Canadian securities regulatory authorities via www.sedar.com by and/or on behalf of, and with the approval

More information

Enercare Solutions Inc. Condensed Interim Consolidated Financial Statements. For the three and nine months ended September 30, 2018 and 2017

Enercare Solutions Inc. Condensed Interim Consolidated Financial Statements. For the three and nine months ended September 30, 2018 and 2017 Enercare Solutions Inc. Condensed Interim Consolidated Financial Statements For the three and nine months ended September 30, 2018 and 2017 Dated November 19, 2018 Enercare Solutions Inc. Condensed Interim

More information

2018 FIRST QUARTER INTERIM REPORT

2018 FIRST QUARTER INTERIM REPORT 2018 FIRST QUARTER INTERIM REPORT INTERIM MANAGEMENT S DISCUSSION AND ANALYSIS March 31, 2018 Quarterly highlights 3 Preliminary comments to Management s discussion and analysis 4 Profile and description

More information

Ag Growth International Inc.

Ag Growth International Inc. Unaudited interim condensed consolidated financial statements Ag Growth International Inc. As at Unaudited interim condensed statements of financial position [in thousands of Canadian dollars] March 31,

More information

PIZZA PIZZA LIMITED. Unaudited Interim Condensed Consolidated Financial Statements

PIZZA PIZZA LIMITED. Unaudited Interim Condensed Consolidated Financial Statements PIZZA PIZZA LIMITED Unaudited Interim Condensed Consolidated Financial Statements thirteen weeks ended April 2, 500 Kipling Avenue Toronto, ON M8Z 5E5 Phone: (416) 967-1010 Fax: (416) 967-5941 NOTICE OF

More information

Selling, general and administrative expenses 35,645 33,787. Net other operating income (292) (270) Operating profit 44,202 17,756

Selling, general and administrative expenses 35,645 33,787. Net other operating income (292) (270) Operating profit 44,202 17,756 Condensed Interim Consolidated Income Statement For the quarter ended September 30 Continuing operations Revenue 328,071 258,941 Cost of sales 248,516 207,668 Gross profit 79,555 51,273 Selling, general

More information

Management s Discussion and Analysis

Management s Discussion and Analysis FIRST QUARTERLY REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2018 Management s Discussion and Analysis of Financial Conditions and Results of Operations For the three months ended March 31, 2018 All figures

More information

Financial Statements. For the three months ended March 31, 2018

Financial Statements. For the three months ended March 31, 2018 Financial Statements For the three months ended March 31, Statements of Financial Position (unaudited) (Thousands of Canadian dollars) Note March 31, Dec. 31, ASSETS Current assets Cash and cash equivalents

More information

Strongco Corporation. Unaudited Interim Condensed Consolidated Financial Statements September 30, 2013 and 2012

Strongco Corporation. Unaudited Interim Condensed Consolidated Financial Statements September 30, 2013 and 2012 Unaudited Interim Condensed Consolidated Financial Statements September 30, 2013 and 2012 Unaudited Interim Consolidated Statement of Financial Position (in thousands of Canadian dollars, unless otherwise

More information

BLACKPEARL RESOURCES INC.

BLACKPEARL RESOURCES INC. BLACKPEARL RESOURCES INC. Consolidated Balance Sheets (unaudited) (Cdn$ in thousands) Note, 2018, 2017 Assets Current assets Cash and cash equivalents 4 $ 3,961 $ 8,214 Trade and other receivables 5 18,803

More information

METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED BY 10.9% IN THE THIRD QUARTER OF 2010

METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED BY 10.9% IN THE THIRD QUARTER OF 2010 PRESS RELEASE METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED BY 10.9% IN THE THIRD QUARTER OF 2010 2010 THIRD QUARTER HIGHLIGHTS Net earnings of $120.0 million, up 6.6% Fully diluted net earnings

More information

DOLLARAMA INC. MANAGEMENT S DISCUSSION AND ANALYSIS

DOLLARAMA INC. MANAGEMENT S DISCUSSION AND ANALYSIS DOLLARAMA INC. MANAGEMENT S DISCUSSION AND ANALYSIS April 11, 2012 The following management s discussion and analysis ( MD&A ) dated April 11, 2012 is intended to assist readers in understanding the business

More information

Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. March 31, 2018 and 2017

Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. March 31, 2018 and 2017 Condensed Consolidated Financial Statements of CEQUENCE ENERGY LTD. 2018 and 2017 Condensed Consolidated Balance Sheets (Unaudited)(Expressed in thousands of Canadian dollars) 2018 $ December 31, 2017

More information

EXFO Inc. Condensed Unaudited Interim Consolidated Balance Sheets

EXFO Inc. Condensed Unaudited Interim Consolidated Balance Sheets Condensed Unaudited Interim Consolidated Balance Sheets (in thousands of US dollars) Assets As at 2017 As at August 31, 2017 Current assets Cash $ 18,451 $ 38,435 Short-term investments 1,004 775 Accounts

More information

SIR Royalty Income Fund

SIR Royalty Income Fund Consolidated Financial Statements For the three-month and nine-month periods ended Consolidated Statements of Financial Position December 31, Assets Current assets Cash 256,296 373,651 Prepaid expenses

More information

TERAGO INC. Statements of Financial Position 2. Statements of Comprehensive Loss 3. Statements of Cash Flows 4. Statements of Changes in Equity 5

TERAGO INC. Statements of Financial Position 2. Statements of Comprehensive Loss 3. Statements of Cash Flows 4. Statements of Changes in Equity 5 Condensed Consolidated Financial Statements Three and nine months ended, 2018 and 2017 (Unaudited) Contents Condensed Consolidated Financial Statements Statements of Financial Position 2 Statements of

More information

LEON S FURNITURE LIMITED

LEON S FURNITURE LIMITED LEON S FURNITURE LIMITED Press Release November 13, 2014 2 0 1 4 T H I R D Q U A R T E R The Board is pleased to announce the 2014 third quarter results of Leon s Furniture Limited. For the three months

More information

MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 HLS

MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 HLS MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 HLS Therapeutics Inc. ( HLS or the Company ) was formed on March 12, 2018 by the amalgamation of HLS Therapeutics

More information

FORWARD LOOKING STATEMENTS AND DEFINITIONS 2 OUTSTANDING SHARE DATA 3 BUSINESS OVERVIEW FIRST QUARTER SUMMARY AND OUTLOOK 4

FORWARD LOOKING STATEMENTS AND DEFINITIONS 2 OUTSTANDING SHARE DATA 3 BUSINESS OVERVIEW FIRST QUARTER SUMMARY AND OUTLOOK 4 MORNEAU SHEPELL MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2017 FORWARD LOOKING STATEMENTS AND DEFINITIONS 2 OUTSTANDING SHARE DATA 3 BUSINESS OVERVIEW 3 2017 FIRST QUARTER

More information

Average butter market is the average daily price for Grade AA Butter traded on the CME, used as the base price for butter. 4

Average butter market is the average daily price for Grade AA Butter traded on the CME, used as the base price for butter. 4 We are presenting the results for the first quarter of fiscal 2018, which ended on June 30, 2017. Net earnings totalled $200.3 million, an increase of $23.6 million or 13.4%. Earnings before interest,

More information

AIRBOSS OF AMERICA CORP THIRD QUARTER INTERIM REPORT

AIRBOSS OF AMERICA CORP THIRD QUARTER INTERIM REPORT AIRBOSS OF AMERICA CORP. THIRD QUARTER INTERIM REPORT AirBoss of America Corp. Management s Discussion and Analysis of Financial Condition and Results of Operations The following Management s Discussion

More information

INTERIM MANAGEMENT DISCUSSION AND ANALYSIS FIRST QUARTER 2013

INTERIM MANAGEMENT DISCUSSION AND ANALYSIS FIRST QUARTER 2013 Q1 INTERIM MANAGEMENT DISCUSSION AND ANALYSIS FIRST QUARTER 2013 SUMMARY - Uni-Select posted sales of $421.8 million during the quarter, a negative organic growth of 1.1%. Our operations were affected

More information

THE NORTH WEST COMPANY INC.

THE NORTH WEST COMPANY INC. THE NORTH WEST COMPANY INC. 2011 FIRST QUARTER REPORT TO SHAREHOLDERS Report to Shareholders The North West Company Inc. reports its results for the first quarter ending April 30, 2011 prepared under International

More information

Dollarama Inc. Consolidated Financial Statements

Dollarama Inc. Consolidated Financial Statements Consolidated Financial Statements (Expressed in thousands of Canadian dollars, unless otherwise noted) March 30, 2017 Independent Auditor s Report To the Shareholders of Dollarama Inc. We have audited

More information

SIR Royalty Limited Partnership

SIR Royalty Limited Partnership Financial Statements For the six-month periods ended and This document is being filed with the Canadian securities regulatory authorities via www.sedar.com by and/or on behalf of, and with the approval

More information

EXFO Inc. Condensed Unaudited Interim Consolidated Balance Sheets

EXFO Inc. Condensed Unaudited Interim Consolidated Balance Sheets Condensed Unaudited Interim Consolidated Balance Sheets (in thousands of US dollars) Assets As at May 31, 2017 As at August 31, 2016 Current assets Cash $ 34,373 $ 43,208 Short-term investments 3,337 4,087

More information

PyroGenesis Canada Inc.

PyroGenesis Canada Inc. Condensed Interim Financial Statements Three and the nine months ended 2017 and 2016 (Unaudited) CONDENSED INTERIM FINANCIAL STATEMENTS The accompanying unaudited financial statements of PyroGenesis Canada

More information

MANAGEMENT S DISCUSSION AND ANALYSIS

MANAGEMENT S DISCUSSION AND ANALYSIS MANAGEMENT S DISCUSSION AND ANALYSIS For the quarter ended March 31, 2016 and 2015 The following Management s Discussion and Analysis ( MD&A ) is prepared as at May 12, 2016 and is based on the consolidated

More information

METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED 8.8% IN THE SECOND QUARTER OF 2010

METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED 8.8% IN THE SECOND QUARTER OF 2010 PRESS RELEASE METRO S FULLY DILUTED NET EARNINGS PER SHARE INCREASED 8.8% IN THE SECOND QUARTER OF 2010 2010 SECOND QUARTER HIGHLIGHTS Net earnings of $80.3 million, up 5.2% Fully diluted net earnings

More information

Management s Discussion and Analysis For the three months ended March 31, 2018

Management s Discussion and Analysis For the three months ended March 31, 2018 Management s Discussion and Analysis For the three months ended March 31, 2018 May 10, 2018 MANAGEMENT S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION BASIS OF PRESENTATION This

More information

SIR Royalty Limited Partnership

SIR Royalty Limited Partnership Financial Statements For the three-month periods ended and This document is being filed with the Canadian securities regulatory authorities via www.sedar.com by and/or on behalf of, and with the approval

More information

Magellan Aerospace Corporation Second Quarter Report June 30, 2008

Magellan Aerospace Corporation Second Quarter Report June 30, 2008 Magellan Aerospace Corporation Second Quarter Report June 30, 2008 Magellan Aerospace Corporation (the Corporation or Magellan ) is listed on the Toronto Stock Exchange under the symbol MAL. The Corporation

More information

AirIQ Inc. Consolidated Condensed Interim Financial Statements (Unaudited) For the three-month period ended June 30, 2018.

AirIQ Inc. Consolidated Condensed Interim Financial Statements (Unaudited) For the three-month period ended June 30, 2018. Consolidated Condensed Interim Financial Statements (Unaudited) AirIQ Inc. For the three-month period ended June 30, 2018 Notice to Reader: The following consolidated condensed interim financial statements

More information

IMAGING DYNAMICS COMPANY LTD.

IMAGING DYNAMICS COMPANY LTD. IMAGING DYNAMICS COMPANY LTD. FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Your Global Medical Imaging Technology Provider Management Report To the Shareholders of Imaging Dynamics Company

More information

SIR Royalty Income Fund. Consolidated Financial Statements December 31, 2015 and 2014

SIR Royalty Income Fund. Consolidated Financial Statements December 31, 2015 and 2014 Consolidated Financial Statements and March 11, 2016 Independent Auditor s Report To the Unitholders of We have audited the accompanying consolidated financial statements of and its subsidiaries, which

More information

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Nine Months Ended September 30, 2016 Dated: November 10, 2016 THE RIGHT CARE THE RIGHT PLACE THE RIGHT TIME Extendicare Inc. Interim Condensed Consolidated Statements

More information

HUDSON S BAY COMPANY 2017 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HUDSON S BAY COMPANY 2017 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HUDSON S BAY COMPANY 2017 Q2 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Thirteen and Twenty-six Weeks Ended July 29, 2017 Table of Contents Condensed consolidated statements of loss...

More information

US Oil Sands Inc. Unaudited Condensed Consolidated Financial Statements For the Three and Six months ended June 30, 2017

US Oil Sands Inc. Unaudited Condensed Consolidated Financial Statements For the Three and Six months ended June 30, 2017 US Oil Sands Inc. Unaudited Condensed Consolidated Financial Statements For the Three and Six months ended June 30, 2017 (Expressed in Canadian Dollars) NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Statement of Financial Position (unaudited)

Statement of Financial Position (unaudited) Condensed Interim Financial Statements (unaudited) For the three and nine months ended and CONDENSED INTERIM FINANCIAL STATEMENTS Statement of Financial Position (unaudited) As at Notes December 31, ASSETS

More information

BLACKPEARL RESOURCES INC.

BLACKPEARL RESOURCES INC. BLACKPEARL RESOURCES INC. Consolidated Balance Sheets (unaudited) (Cdn$ in thousands) Note March 31, 2018 December 31, 2017 Assets Current assets Cash and cash equivalents 4 $ 7,252 $ 8,214 Trade and other

More information

SELECTED FINANCIAL AND OPERATING INFORMATION

SELECTED FINANCIAL AND OPERATING INFORMATION 1 TSX: PSD OTCQX: PLSDF Q1 For the three months ended March 31, 2018 SELECTED FINANCIAL AND OPERATING INFORMATION (thousands of dollars except per share data, numbers of shares and kilometres of seismic

More information

ENGHOUSE SYSTEMS LIMITED

ENGHOUSE SYSTEMS LIMITED Second Quarter 2016 June 9, 2016 To our Shareholders, Second quarter revenue was 78.5 million, an increase of 14.3% over revenue of 68.7 million in the second quarter last year. On a year to date basis,

More information

LIQUOR STORES N.A. LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

LIQUOR STORES N.A. LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS LIQUOR STORES N.A. LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Three and nine months ended 2017 and 2016 (Unaudited, expressed in thousands of Canadian dollars) Condensed Interim Consolidated

More information

Dollarama Inc. Consolidated Financial Statements

Dollarama Inc. Consolidated Financial Statements Consolidated Financial Statements (Expressed in thousands of Canadian dollars, unless otherwise noted) March 29, 2018 Independent Auditor s Report To the Shareholders of Dollarama Inc. We have audited

More information