|
|
|
|
|
|
|
(millions of
Canadian dollars)
|
Unaudited Statements of Operations
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
Nine months ended October 31,
|
|
|
the Company
|
Predecessor
1
|
the Company
|
Predecessor
1
|
|
|
2004
|
2003
|
2004
|
2003
|
|
|
|
|
|
|
|
Revenues
|
$
637.1
|
$
679.5
|
$
1,832.7
|
$
1,682.9
|
|
Cost of sales
|
505.2
|
517.8
|
1,516.0
|
1,347.9
|
|
Gross profit
|
131.9
|
161.7
|
316.7
|
335.0
|
|
Operating expenses
|
|
|
|
|
|
Selling and
marketing
|
34.3
|
41.1
|
103.2
|
123.6
|
|
Research and
development
|
23.9
|
29.0
|
79.3
|
81.6
|
|
General and administrative
|
35.4
|
40.9
|
97.3
|
92.0
|
|
Total operating expenses
|
93.6
|
111.0
|
279.8
|
297.2
|
|
Operating income from continuing
|
|
|
|
|
|
operations
|
38.3
|
50.7
|
36.9
|
37.8
|
|
Financing costs
|
11.2
|
0.6
|
32.0
|
2.4
|
|
Other (income)
and expenses
|
|
|
|
|
|
Accretion in
carrying value of redeemable
|
|
|
|
|
|
preferred shares
|
1.0
|
—
|
3.0
|
—
|
|
Loss on early
redemption of preferred
|
|
|
|
|
|
shares
|
6.4
|
—
|
6.4
|
—
|
|
Foreign exchange gain on long-term
debt
|
(51.9)
|
—
|
(50.6)
|
—
|
|
Income from continuing operations
|
|
|
|
|
|
before income
taxes
|
71.6
|
50.1
|
46.1
|
35.4
|
|
Income tax expense
|
18.0
|
16.3
|
6.2
|
12.7
|
|
Income from continuing operations
|
53.6
|
33.8
|
39.9
|
22.7
|
|
Income (loss)
from discontinued
|
|
|
|
|
|
operations - net of tax
|
(0.3)
|
2.3
|
(3.6)
|
(0.3)
|
|
Net income
|
$ 53.3
|
$ 36.1
|
$ 36.3
|
$ 22.4
|
|
1
Predecessor represents the recreational products business of
Bombardier Inc.
|
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