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Cossette Communication Group - 2006 First Quarter Results - Gross income increases 13.5%9 March 2006
r> MONTREAL, Feb. 2 - Cossette Communication Group Inc. recorded gross income of $53.1 million for the first quarter of fiscal 2006, ended December 31, 2005, up 13.5% from $46.8 million for the corresponding quarter of the previous fiscal year. Net earnings amounted to $2.8 million ($0.16 per share), compared with $3.0 million ($0.17 per share) for the first quarter of 2005.
"Organic growth is back in positive territory and our focus is on business development and profitability in all the markets we serve," declared Claude Lessard, Chairman of the Board and Chief Executive Officer.
For the quarter, earnings from operations were $4.9 million, compared with $4.8 million in 2005. Cash flows from operating activities before changes in non-cash working capital items reached $5.3 million, compared with $4.3 million in 2005.
Management's Discussion and Analysis, containing a full analysis of financial results, is available on SEDAR (http://www.sedar.com).
Cossette Communication Group Inc. offers a full range of leading-edge communication services to clients of all sizes, including some of the most prestigious brands in the world. A customer-driven organization built around highly specialized business units, Cossette also offers Convergent Communications(TM), a unique working method that brings added value to the client by integrating various services offered by the Group, including advertising, media planning and buying, sales promotion, database and direct marketing, customer relationship management, interactive solutions, public relations and alliance marketing, brand management and graphic design, strategic planning, ethnic marketing, urban marketing, sports marketing, branded content and product placement, business-to-business communications (B2B practices) and research services. Cossette has approximately 1,450 employees and offices in Quebec City, Montreal, Toronto, Vancouver, Halifax, Ottawa, New York, Boston, Irvine, Los Angeles, London and Shanghai.
Cautionary note and forward-looking statements - This press release is not an offer of securities for sale. It may contain forward-looking statements concerning the Company's business, operations and strategies, including forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 in the United States. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties and the Company's actual results may differ materially from those expressed or implied in such statements, due to a variety of factors including downturns in general economic conditions and resulting changes in client business and marketing strategies, consolidation and globalisation of client brand strategies, the highly competitive nature of the communications industry, the greater resources available to much larger global agencies, low entry barriers for new competitors, dependence upon a limited number of clients contributing a significant percentage of income, inability to acquire new clients or new assignments from existing clients due to client policies prohibiting performance of similar services for competing products or companies, our ability to successfully integrate our acquired and to-be-acquired businesses and the retention of key management, creative and technical personnel. Reference should be made to the annual Management's Discussion and Analysis for an in-depth description of major risk factors.
Financial analysts and media are invited to participate in a conference call with management today February 2, 2006, at 3:00 p.m. Please dial (514) 868-1042 or 1-866-898-9626. A replay will be available at (514) 861-2272 or 1-800-408-3053, passcode 3174581 (pound sign) until February 24.
Appendix: Selected Financial Information
Cossette Communication Group Inc.
Selected Financial Information
(in thousands of Canadian dollars, except for amounts per share)
Results for the 3-month period ended December 31 (unaudited)
2005 2004
Gross income 53,117 46,811
Operating expenses 48,169 41,990
Earnings from operations 4,948 4,821
Earnings before income taxes 4,992 4,950
Earnings after income taxes 3,227 3,034
Non-controlling interest (438) (65)
Net earnings 2,789 2,969
Cash flows from operations
(before changes in non-cash working
capital items) 5,302 4,279
Net earnings per share
Basic 0.16 0.17
Diluted 0.16 0.17
Weighted average number of shares
outstanding ('000)
Basic 17,615 17,750
Diluted 17,616 17,851
Balance sheet
As at Dec 31, As at Sept. 30,
2005 2005
(unaudited) (audited)
Cash and cash equivalents 315 15,902
Current assets 166,968 152,003
Intangible assets and deferred charges 5,901 5,706
Goodwill 57,792 53,525
Total assets 245,322 226,924
Current portion of long-term debt 587 621
Balances of purchase price of
subsidiaries (current portion) 8,930 5,716
Long-term debt 610 733
Balances of purchase price of subsidiaries 200 200
Shareholders' equity 120,947 119,264
Source: prnewswire
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