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Press release from CNW Group

Domtar Corporation reports preliminary second quarter 2012 financial results

Friday, July 27, 2012

Domtar Corporation reports preliminary second quarter 2012 financial results07:30 EDT Friday, July 27, 2012Good financial results despite the impact of lack-of-order downtime in paper(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted.)Second quarter 2012 net earnings of $1.61 per share, earnings before items1 of $1.61 per shareYear-to-date shipments of specialty and packaging paper increased 12% compared to 2011Share buybacks totaled $69 million in the second quarter of 2012TICKER SYMBOL(NYSE: UFS) (TSX: UFS)MONTREAL, July 27, 2012 /CNW Telbec/ - Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $59 million ($1.61 per share) for the second quarter of 2012 compared to net earnings of $28 million ($0.76 per share) for the first quarter of 2012 and net earnings of $54 million ($1.30 per share) for the second quarter of 2011. Sales for the second quarter of 2012 amounted to $1.4 billion.Excluding items listed below, the Company had earnings before items1 of $59 million ($1.61 per share) for the second quarter of 2012 compared to earnings before items1 of $61 million ($1.65 per share) for the first quarter of 2012 and earnings before items1 of $98 million ($2.37 per share) for the second quarter of 2011.Second quarter 2012 items:None.First quarter 2012 items:Premium paid and costs related to the debt repurchase of $50 million ($30 million after tax);Closure and restructuring costs, including write-down of property, plant and equipment, of $3 million ($2 million after tax); andNegative impact of purchase accounting of $1 million ($1 million after tax).Second quarter 2011 items:Charge of $62 million ($38 million after tax) related to the impairment and write-down of property, plant and equipment;Net losses on the sale of property, plant and equipment and business of $6 million ($5 million after tax); andClosure and restructuring costs of $2 million ($1 million after tax)."We had a good operating performance in the quarter despite costs associated with lack-of-order downtime," said John D. Williams, President and CEO. "So far this year, our shipments have declined due to softness in market demand for paper but our average pricing and margins are holding up well. The ramp-up of the Appleton paper supply agreement and the conversion of the Marlboro, South Carolina mill to lightweight specialty and packaging grades will remove high volume paper capacity and help reduce the amount of potential downtime for the back half of 2012."Commenting on the Personal Care segment, Mr. Williams added, "Our Personal Care business continues its growth, reaching annualized sales of over $425 million in the second quarter. The addition of EAM Corporation will provide a long term research capability to help further differentiate our offering and grow the business."QUARTERLY REVIEWOperating income before items1 was $106 million in the second quarter of 2012 compared to an operating income before items1 of $113 million in the first quarter of 2012. Depreciation and amortization totaled $96 million in the second quarter of 2012.(In millions of dollars) 2Q 2012 1Q 2012Sales $1,368 $1,398Operating income (loss)     Pulp and Paper segment 96 107 Distribution segment (2) (1) Personal Care segment 12 8 Corporate - (5) Total 106 109Operating income before items1 106 113Depreciation and amortization 96 97The decrease in operating income before items1 in the second quarter of 2012 was the result of lower shipments for papers and pulp and higher costs for both planned maintenance and for lack-of-order downtime in papers. These factors were partially offset by higher selling prices for paper and pulp, lower SG&A costs and the inclusion of Attends Europe for a full quarter.When compared to the first quarter of 2012, paper shipments decreased 5.9% and pulp shipments decreased 5.4%. Paper deliveries of Ariva® decreased 9% when compared to the first quarter of 2012. The shipments-to-production ratio for paper was 98% in the second quarter of 2012, compared to 100% in the first quarter of 2012. Lack-of-order downtime and machine slowdowns in papers totaled 23,000 tons. Paper inventories increased by 13,000 tons while pulp inventories increased by 15,000 metric tons as at the end of June, compared to March levels.LIQUIDITY AND CAPITALCash flow provided from operating activities amounted to $175 million and capital expenditures amounted to $76 million, resulting in free cash flow1 of $99 million for the three months ended June of 2012. Domtar's net debt-to-total capitalization ratio1 stood at 19% at June 30, 2012 compared to 12% at December 31, 2011.OUTLOOK Paper shipments are expected to continue to decline with market demand and due to a shift to lower basis weight papers from the conversion of Communication paper to Specialty and packaging paper grades. Pulp markets are expected to remain challenging. We anticipate cost inflation to be moderate for the balance of the year.EARNINGS CONFERENCE CALLThe Company will hold a conference call today at 11:00 a.m. (ET) to discuss its second quarter 2012 financial results. Financial analysts are invited to participate in the call by dialing at least 10 minutes before start time 1 (866) 321-8231 (toll free - North America) or 1 (416) 642-5213 (International), while media and other interested individuals are invited to listen to the live webcast on the Domtar Corporation website at www.domtar.com.The Company will release its third quarter 2012 earnings on October 26, 2012 before markets open, followed by a conference call at 11:00 a.m. (ET) to discuss results. The date is tentative and will be confirmed approximately three weeks prior to the official earnings release date.About Domtar Domtar Corporation (NYSE: UFS) (TSX: UFS) designs, manufactures, markets and distributes a wide variety of fiber-based products including communication papers, specialty and packaging papers and adult incontinence products. The foundation of its business is a network of world class wood fiber converting assets that produce papergrade, fluff and specialty pulps. The majority of its pulp production is consumed internally to manufacture paper and consumer products. Domtar is the largest integrated marketer of uncoated freesheet paper in North America with recognized brands such as Cougar®, Lynx® Opaque Ultra, Husky® Opaque Offset, First Choice® and Domtar EarthChoice®. Domtar is also a leading marketer and producer of a complete line of incontinence care products marketed primarily under the Attends® brand name. Domtar owns and operates Ariva®, an extensive network of strategically located paper and printing supplies distribution facilities. In 2011, Domtar had sales of US$5.6 billion from nearly 50 countries. The Company employs approximately 9,500 people. To learn more, visit www.domtar.com.Forward-Looking StatementsAll statements in this news release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the captions "Forward-Looking Statements" and "Risk Factors" of the latest Form 10-K filed with the SEC as periodically updated by subsequently filed Form 10-Q's. Unless specifically required by law, we assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances.   1  Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.Domtar CorporationHighlights(In millions of dollars, unless otherwise noted)          Three monthsended June 30Three monthsended June 30Six monthsended June 30Six monthsended June 30   2012201120122011   (Unaudited)   $$$$       Selected Segment Information           Sales      Pulp and Paper1,1321,261  2,323  2,530  Distribution172190  361  407  Personal Care107-  177-Total for reportable segments1,4111,451  2,861  2,937  Intersegment sales - Pulp and Paper(43)(48)(95)(111)Consolidated sales  1,3681,403  2,766  2,826Depreciation and amortizationand impairment and write-down of property, plant and equipment        Pulp and Paper  88   94  181  186  Distribution  2   1  3  2  Personal Care  6-  9-Total for reportable segments  96   95  193  188  Impairment and write-down of property, plant and equipment - Pulp and Paper-   62  2  65Consolidated depreciation and amortizationand impairment and write-down of property, plant and equipment96   157195  253       Operating income (loss)      Pulp and Paper9691203300  Distribution(2)(2)(3)1  Personal Care12-20-  Corporate-6(5)5Consolidated operating income10695215306Interest expense, net18218942Earnings before income taxes and equity earnings8874126264Income tax expense27203577Equity loss, net of taxes2-4-Net earnings595487187       Per common share (in dollars)     Net earnings      Basic1.621.312.384.50  Diluted1.611.302.364.46Weighted average number of commonand exchangeable shares outstanding (millions)      Basic36.441.136.641.6  Diluted36.641.436.841.9       Cash flows provided from operating activities175306205454Additions to property, plant and equipment762010533Domtar CorporationConsolidated Statements of Earnings(In millions of dollars, unless otherwise noted)        Three monthsended June 30Three monthsended June 30Six monthsended June 30Six monthsended June 30  2012201120122011  (Unaudited)  $$$$      Sales1,3681,4032,7662,826Operating expenses     Cost of sales, excluding depreciation and amortization1,0751,0562,1632,077 Depreciation and amortization9695193188 Selling, general and administrative8988188178 Impairment and write-down of property, plant and equipment-62265 Closure and restructuring costs-2113 Other operating loss (income), net254(1) 1,2621,3082,5512,520Operating income10695215306Interest expense, net18218942Earnings before income taxes and equity earnings8874126264Income tax expense27203577Equity loss, net of taxes2-4-Net earnings595487187     Per common share (in dollars)     Net earnings      Basic1.621.312.384.50  Diluted1.611.302.364.46 Weighted average number of commonand exchangeable shares outstanding (millions)      Basic36.441.136.641.6  Diluted36.641.436.841.9Domtar CorporationConsolidated Balance Sheets at(In millions of dollars)      June 30December 31  20122011  (Unaudited)  $$ Assets      Current assets     Cash and cash equivalents276444 Receivables, less allowances of $5 and $5642644 Inventories673652 Prepaid expenses3922 Income and other taxes receivable5147 Deferred income taxes128125  Total current assets1,8091,934      Property, plant and equipment, at cost  8,6248,448 Accumulated depreciation  (5,174)(4,989)  Net property, plant and equipment3,4503,459Goodwill  260163Intangible assets, net of amortization  346204Other assets  108109   Total assets5,9735,869       Liabilities and shareholders' equity    Current liabilities     Bank indebtedness227 Trade and other payables639688 Income and other taxes payable2317 Long-term debt due within one year64  Total current liabilities690716 Long-term debt  950837Deferred income taxes and other  990927Other liabilities and deferred credits  395417 Shareholders' equity     Exchangeable shares4949 Additional paid-in capital2,2542,326 Retained earnings729671 Accumulated other comprehensive loss(84)(74)  Total shareholders' equity2,9482,972   Total liabilities and shareholders' equity5,9735,869Domtar CorporationConsolidated Statements of Cash Flows(In millions of dollars)    Six monthsended June 30Six monthsended June 30 20122011 (Unaudited)     $$   Operating activities  Net earnings87187Adjustments to reconcile net earnings to cash flows from operating activities   Depreciation and amortization193188 Deferred income taxes and tax uncertainties830 Impairment and write-down of property, plant and equipment265 Net gains on disposals of property, plant and equipment and sale of business-(1) Stock-based compensation expense22 Equity loss, net4- Other(4)1Changes in assets and liabilities, excluding the effects of acquisition and sale of businesses   Receivables26(61) Inventories3  34 Prepaid expenses(12)(13) Trade and other payables(120)(31) Income and other taxes -22 Difference between employer pension and other post-retirement contributionsand pension and other post-retirement expense512 Other assets and other liabilities1119 Cash flows provided from operating activities205454 Investing activities      Additions to property, plant and equipment(105)(33)Proceeds from disposals of property, plant and equipment-28Proceeds from sale of business-10Acquisition of businesses, net of cash acquired(293)-Other(4)- Cash flows (used for) provided from investing activities(402)5 Financing activities  Dividend payments(26)(21)Net change in bank indebtedness152Issuance of long-term debt300-Repayment of long-term debt(188)(1)Debt issue costs-(3)Stock repurchase(73)(234)Other19 Cash flows provided from (used for) financing activities29(248) Net (decrease) increase in cash and cash equivalents(168)211Translation adjustments related to cash and cash equivalents-1Cash and cash equivalents at beginning of period444530Cash and cash equivalents at end of period276742   Supplemental cash flow information   Net cash payments for:    Interest (including $47 million of tender offer premiums in 2012)8237  Income taxes paid4925 Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures(In millions of dollars, unless otherwise noted)The following table sets forth certain non-U.S. generally accepted accounting principles ("GAAP") financial metrics identified in bold as "Earnings before items", "Earnings before items per diluted share", "EBITDA", "EBITDA margin", "EBITDA before items", "EBITDA margin before items", "Free cash flow", "Net debt" and "Net debt-to-total capitalization." Management believes that the financial metrics presented are frequently used by investors and are useful to evaluate our ability to service debt and our overall credit profile. Management believes these metrics are also useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.The Company calculates "Earnings before items" and "EBITDA before items" by excluding the after-tax (pre-tax) effect of items considered by management as not reflecting our current operations. Management uses these measures, as well as EBITDA and Free cash flow, to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Net earnings provides for a more complete analysis of the results of operations. Net earnings and Cash flow provided from operating activities are the most directly comparable GAAP measures.      2012 2011  Q1Q2YTD Q1Q2Q3Q4YTDReconciliation of "Earnings before items" to Net earnings            Net earnings($)285987 1335411761365 (+)Impairment and write-down of property, plant and equipment($)1-1 2384953 (+)Closure and restructuring costs($)1-1 8112333 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)---   (5)5(3)-(3) (+)Impact of purchase accounting($)1-1 --1-1 (+)Loss on repurchase of long-term debt($)30-30 --3-3 (=)Earnings before items($)6159120 1389812393452 ( / )Weighted avg. number of common and exchangeable shares outstanding (diluted)(millions)37.036.636.8 42.441.439.737.440.2 (=)Earnings before items per diluted share($)1.651.613.26 3.252.373.102.4911.24           Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings            Net earnings($)285987 1335411761365 (+)Equity loss, net of taxes($)224 ---77 (+)Income tax expense($)82735 57204511133 (+)Interest expense, net($)711889 2121252087 (=)Operating income($)109106215 2119518799592 (+)Depreciation and amortization($)9796193 93959395376 (+)Impairment and write-down of property, plant and equipment($)2-2 36281285 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)---  (7)6(4)(1)(6) (=)EBITDA($)208202410 3002582842051,047 (/)Sales($)1,3981,3682,766 1,4231,4031,4171,3695,612 (=)EBITDA margin(%)15%15%15% 21%18%20%15%19%  EBITDA($)208202410 3002582842051,047 (+)Closure and restructuring costs($)1-1 11213852 (+)Impact of purchase accounting($)1-1 --1-1 (=)EBITDA before items($)210202412 3112602862431,100 (/)Sales($)1,3981,3682,766 1,4231,4031,4171,3695,612 (=)EBITDA margin before items(%)15%15%15% 22%19%20%18%20%           Reconciliation of "Free cash flow" to Cash flow provided from operating activities            Cash flow provided from operating activities($)30175205 148306257172883 (-)Additions to property, plant and equipment($)(29)(76)(105) (13)(20)(31)(80)(144) (=)Free cash flow($)199100 13528622692739           "Net debt-to-total capitalization" computation            Bank indebtedness($)1322  2525177  (+)Long-term debt due within one year($)66  2254  (+)Long-term debt($)952950  825824837837  (=)Debt($)971978  852851859848  (-)Cash and cash equivalents($)(315)(276)  (604)(742)(461)(444)  (=)Net debt($)656702  248109398404  (+)Shareholders' equity($)3,0092,948  3,2883,1942,9992,972  (=)Total capitalization($)3,6653,650  3,5363,3033,3973,376   Net debt($)656702  248109398404  (/)Total capitalization($)3,6653,650  3,5363,3033,3973,376  (=)Net debt-to-total capitalization(%)18%19%  7%3%12%12% "Earnings before items", "Earnings before items per diluted share", "EBITDA", "EBITDA margin", "EBITDA before items", "EBITDA margin before items", "Free cash flow", "Net debt" and "Net debt-to-total capitalization" have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Net earnings, Operating income or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements thereby leading to different measures for different companies.Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures - By Segment 2012(In millions of dollars, unless otherwise noted)The following table sets forth certain non-U.S. generally accepted accounting principles ("GAAP"), financial metrics identified in bold as "Operating income (loss) before items", "EBITDA before items" and "EBITDA margin before items" by reportable segment. Management believes that the financial metrics presented are frequently used by investors and are useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.The Company calculates the segmented "Operating income (loss) before items" by excluding the pre-tax effect of items considered by management as not reflecting our ongoing operations. Management uses these measures to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Operating income (loss) provides for a more complete analysis of the results of operations. Operating income (loss) by segment is the most directly comparable GAAP measure.                                 Pulp and PaperDistributionPersonal Care (1)CorporateTotal    Q1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDReconciliation of Operating income (loss) to "Operating income (loss) before items"                              Operating income (loss)($)10796--203(1)(2)--(3)812--20(5)---(5)109106--215 (+)Impairment and write-down of property, plant and equipment($)2---2---------------2---2 (+)Closure and restructuring costs($)1---1---------------1---1 (+)Impact of purchase accounting($)----------1---1-----1---1                              (=)Operating income (loss) before items($)11096--206(1)(2)-- (3)912--21(5)--- (5)113106--219                             Reconciliation of "Operating income (loss) before items"to "EBITDA before items"                                Operating income (loss) before items($)11096--206(1)(2)--(3)912--21(5)--- (5)113106--219 (+)Depreciation and amortization($)9388--18112--336--9---- -9796--193                              (=)EBITDA before items($)203184--387-----1218--30(5)--- (5)210202--412 (/)Sales($)1,1911,132--2,323189172--36170107--177- --- -1,4501,411--2,861 (=)EBITDA margin before items(%)17%16%--17%-----17%17%--17%---- -14%14%--14%"Operating income (loss) before items", "EBITDA before items" and "EBITDA margin before items" have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements thereby leading to different measures for different companies.(1) On March 1, 2012, the Company acquired 100% of the shares of Attends Healthcare Limited. On May 1, 2012, the Company acquired 100% of the shares of EAM Corporation. Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures - By Segment 2011(In millions of dollars, unless otherwise noted)The following table sets forth certain non-U.S. generally accepted accounting principles ("GAAP"), financial metrics identified in bold as "Operating income (loss) before items", "EBITDA before items" and "EBITDA margin before items" by reportable segment. Management believes that the financial metrics presented are frequently used by investors and are useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.The Company calculates the segmented "Operating income (loss) before items" by excluding the pre-tax effect of items considered by management as not reflecting our ongoing operations. Management uses these measures to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Operating income (loss) provides for a more complete analysis of the results of operations. Operating income (loss) by segment is the most directly comparable GAAP measure.                                 Pulp and PaperDistributionPersonal Care (1)CorporateTotal    Q1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDReconciliation of Operating income (loss) to "Operating income (loss) before items"                              Operating income (loss)($)20991189925813(2)(1)-----77(1)6(1)-42119518799592 (+)Impairment and write-down of property, plant and equipment($)36281285---------------36281285 (+)Closure and restructuring costs($)11213751---11----------11213852 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)(4)12(4)(1)3(3)---(3)------(6)--(6)(7)6(4)(1)(6) (+)Impact of purchase accounting($)------------1-1-------1-1                              (=)Operating income (loss) before items($)219167194140720-(2)(1)1(2)--178(1)-(1)-(2)218165193148724                             Reconciliation of"Operating income (loss) before items" to "EBITDA before items"                            Operating income (loss) before items($)219167194140720-(2)(1)1(2)--178(1)-(1)-(2)218165193148724 (+)Depreciation and amortization($)9294919136811114--134-----93959395376                              (=)EBITDA before items($)3112612852311,0881(1)-22--21012(1)-(1)-(2)3112602862431,100 (/)Sales($)1,2691,2611,2461,1774,953217190197177781--175471-----1,4861,4511,4601,4085,805 (=)EBITDA margin before items(%)25%21%23%20%22%---1%---12%19%17%-----21%18%20%17%19%"Operating income (loss) before items", "EBITDA before items" and "EBITDA margin before items" have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements thereby leading to different measures for different companies.(1) On September 1, 2011, the Company acquired 100% of the shares of Attends Healthcare Inc. Domtar CorporationSupplemental Segmented Information(In millions of dollars, unless otherwise noted)                       2012 2011       Q1Q2YTD Q1Q2Q3Q4YTDPulp and Paper Segment           Sales($)1,1911,1322,323 1,2691,2611,2461,1774,953  Intersegment sales - Pulp and Paper($)(52)(43)(95) (63)(48)(43)(39)(193) Operating income($)10796203 2099118992581 Depreciation and amortization($)9388181 92949191368 Impairment and write-down of property, plant and equipment($)2-2 36281285               Papers           Papers Production('000 ST)8708321,702 8998908758713,535 Papers Shipments('000 ST)8708191,689 9139018898313,534   Communication Papers('000 ST)7567051,461 8167947847293,123   Specialty and Packaging('000 ST)114114228 97107105102411               Pulp           Pulp Shipments(a)('000 ADMT)389368757 3753613584031,497   Hardwood Kraft Pulp(%)15%16%19% 20%19%18%19%19%   Softwood Kraft Pulp(%)61%57%57% 55%54%57%58%57%   Fluff Pulp(%)24%27%24% 25%27%25%23%24%              Distribution Segment           Sales($)189172361 217190197177781 Operating income (loss)($)(1)(2)(3) 3(2)(1)-- Depreciation and amortization($)123 11114              Personal Care Segment           Sales($)70107177 --175471 Operating income($)81220 ---77 Depreciation and amortization($)369 --134                        Average Exchange Rates$US / $CAN1.0011.0101.006 0.9860.9680.9801.0230.989    $CAN / $US0.9990.9900.994 1.0141.0341.0210.9771.011    €EUR / $US1.3121.2831.297 -----(a)Figures are gross of market pulp purchased from other producers on the open market for some of our paper making operations. Pulp Shipments represent the amount of pulp produced in excess of our internal requirement.   Note: the term "ST" refers to a short ton and the term "ADMT" refers to an air dry metric ton. SOURCE: DOMTAR CORPORATIONFor further information: MEDIA AND INVESTOR RELATIONS Pascal Bossé Vice-President Corporate Communications and Investor Relations Tel.: 514-848-5938