IESI-BFC Ltd.
TSX : BIN
NYSE : BIN

IESI-BFC Ltd.

July 16, 2009 16:50 ET

IESI-BFC Ltd. Announces Date for Second Quarter 2009 Earnings Release; to Report in U.S. GAAP and U.S. Dollars

TORONTO, ONTARIO--(Marketwire - July 16, 2009) - IESI-BFC Ltd. (the "Company") (TSX:BIN)(NYSE:BIN) will report financial results for the three and six months ended June 30, 2009, on Wednesday, July 29, 2009 after the close of the stock markets. The Company will host a conference call on July 29, 2009 at 5:00 p.m. (ET).

Participants may listen to the call by dialing 416-644-3429 or 1-800-594-3790 at approximately 4:50 p.m. (ET). The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

For those unable to participate, a replay will be available after the call until Wednesday, August 12, 2009, at midnight. To access the replay, dial 416-640-1917 or 1-877-289-8525 and quote the reservation number 21310873#. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

The Company has elected to report its second quarter financial results in accordance with U.S. GAAP and in U.S. dollars. To facilitate this transition, this press release includes the Company's 2007 annual financial statements, 2008 interim financial statements, and first quarter 2009 financial statements presented in U.S. GAAP and in U.S. dollars. These financial statements are also available on the Company's website at www.iesi-bfc.com in the Investor Relations section under the heading Financial Reports and have been submitted for filing on EDGAR and SEDAR.

A presentation outlining the relevant differences between Canadian and U.S. GAAP affecting IESI-BFC Ltd. is now available on the Company's website at www.iesi-bfc.com. The presentation does not provide a comprehensive list of Canadian and U.S. GAAP differences, but describes those items with the most significant impact on the financial statements of IESI-BFC Ltd. A more detailed explanation of the differences is included in the supplemental note disclosure to the Company's consolidated financial statements for the years ended December 31, 2008 and 2007, and the period ended March 31, 2009, as filed on EDGAR and SEDAR on May 14, 2009. These consolidated financial statements are also available on the Company's website.



Foreign currency exchange rates

----------------------------------------------------------------------------
December 31, March 31, June 30, September 30, December 31, March 31,
2007 2008 2008 2008 2008 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Current
rate 1.0120 0.9729 0.9817 0.9435 0.8166 0.7935
----------------------------------------------------------------------------
Cumula-
tive
average
rate 0.9311 0.9959 0.9930 0.9817 0.9371 0.8030
----------------------------------------------------------------------------


Forward-looking statements

This news release contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. A number of factors could cause actual outcomes and results to differ materially from those estimated, forecast or projected. These factors include those set forth in the Company's Annual Information Form for the year ended December 31, 2008. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with these forward looking statements, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services for commercial, industrial, municipal and residential customers in five provinces and ten U.S. states. Its two brands, IESI and BFI Canada, are leaders in their respective markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. The Company's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com.



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Balance Sheets
For the periods then ended
(unaudited - stated in accordance with U.S. generally accepted accounting
principles ("GAAP") and thousands of U.S. dollars)
----------------------------------------------------------------------------
December 31, March 31, June 30,
2007 2008 2008
----------------------------------------------------------------------------

ASSETS

CURRENT
Cash and cash equivalents $ 11,901 $ 16,107 $ 13,155
Accounts receivable 117,246 110,103 125,953
Other receivables 463 450 292
Prepaid expenses 15,182 16,577 18,184
Income taxes recoverable - - 2,581
Restricted cash 1,619 1,005 827
----------------------------------------------------------------------------
146,411 144,242 160,992

OTHER RECEIVABLES 770 667 609
FUNDED LANDFILL POST-CLOSURE COSTS 6,048 5,987 6,628
INTANGIBLES 146,428 135,542 136,002
GOODWILL 623,959 620,071 631,832
LANDFILL DEVELOPMENT COSTS 7,394 7,630 8,148
DEFERRED FINANCING COSTS 10,501 9,514 9,418
CAPITAL ASSETS 409,849 408,698 423,811
LANDFILL ASSETS 662,901 649,716 647,538
OTHER ASSETS 1,690 - -
----------------------------------------------------------------------------
$ 2,015,951 $ 1,982,067 $ 2,024,978
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES

CURRENT
Accounts payable $ 67,620 $ 55,358 $ 57,731
Accrued charges 80,603 60,540 67,120
Dividends or distributions payable 10,534 10,126 10,219
Income taxes payable 2,545 3,111 888
Deferred revenues 12,163 12,637 12,490
Current portion of long-term debt - - 46,142
Landfill closure and post-closure
costs 2,935 2,656 2,287
----------------------------------------------------------------------------
176,400 144,428 196,877

LONG-TERM DEBT 811,631 838,924 840,015
LANDFILL CLOSURE AND POST-CLOSURE
COSTS 56,617 58,717 61,649
OTHER LIABILITIES 5,117 12,317 6,792
DEFERRED INCOME TAXES 66,059 57,975 61,241
----------------------------------------------------------------------------
1,115,824 1,112,361 1,166,574
----------------------------------------------------------------------------
MEZZANINE EQUITY 1,580,137 1,317,494 1,435,515
EQUITY

NON-CONTROLLING INTEREST - - -

SHARE OR UNITHOLDERS' EQUITY (680,010) (447,788) (577,111)
----------------------------------------------------------------------------
$ 2,015,951 $ 1,982,067 $ 2,024,978
----------------------------------------------------------------------------
----------------------------------------------------------------------------


----------------------------------------------------------------------------
September December March 31,
30, 2008 31, 2008 2009
----------------------------------------------------------------------------

ASSETS

CURRENT
Cash and cash equivalents $ 12,924 $ 11,938 $ 9,520
Accounts receivable 130,709 107,767 102,059
Other receivables 272 228 431
Prepaid expenses 17,924 19,597 17,404
Income taxes recoverable 1,608 - -
Restricted cash 92 82 -
----------------------------------------------------------------------------
163,529 139,612 129,414

OTHER RECEIVABLES 521 394 1,285
FUNDED LANDFILL POST-CLOSURE COSTS 6,913 6,115 6,071
INTANGIBLES 127,326 119,898 112,071
GOODWILL 630,714 617,832 616,644
LANDFILL DEVELOPMENT COSTS 11,399 8,589 8,644
DEFERRED FINANCING COSTS 10,705 9,936 9,451
CAPITAL ASSETS 424,757 408,681 393,478
LANDFILL ASSETS 643,434 621,862 619,247
OTHER ASSETS - - -
----------------------------------------------------------------------------
$ 2,019,298 $ 1,932,919 $ 1,896,305
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES

CURRENT
Accounts payable $ 66,265 $ 54,134 $ 45,872
Accrued charges 70,180 55,509 49,192
Dividends or distributions payable 9,821 2,337 15,569
Income taxes payable 1,263 1,387 3,646
Deferred revenues 12,375 10,800 10,830
Current portion of long-term debt 44,344 38,380 37,296
Landfill closure and post-closure
costs 8,757 7,210 9,014
----------------------------------------------------------------------------
213,005 169,757 171,419

LONG-TERM DEBT 847,102 835,210 728,944
LANDFILL CLOSURE AND POST-CLOSURE
COSTS 57,073 50,857 55,409
OTHER LIABILITIES 6,838 15,045 15,165
DEFERRED INCOME TAXES 62,307 64,348 65,850
----------------------------------------------------------------------------
1,186,325 1,135,217 1,036,787
----------------------------------------------------------------------------
MEZZANINE EQUITY 1,026,477
EQUITY

NON-CONTROLLING INTEREST - 199,342 195,510

SHARE OR UNITHOLDERS' EQUITY (193,474) 598,360 664,008
----------------------------------------------------------------------------
$ 2,019,328 $ 1,932,919 $ 1,896,305
----------------------------------------------------------------------------
----------------------------------------------------------------------------



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Statements of Operations and Comprehensive Income
For the three month periods ended
(unaudited - stated in accordance with U.S. GAAP and thousands of U.S.
dollars, except net income per share or trust unit amounts)

----------------------------------------------------------------------------
March 31, June 30, September December March 31,
2008 2008 30, 2008 31, 2008 2009
----------------------------------------------------------------------------

REVENUES $ 243,349 $ 277,613 $ 282,235 $ 243,606 $ 223,893
----------------------------------------------------------------------------

EXPENSES

OPERATING 146,547 168,745 169,209 145,247 131,177

SELLING,
GENERAL
AND
ADMINISTR-
ATION 28,527 31,881 32,301 30,717 30,077

AMORTIZATION 42,711 45,658 46,928 33,562 37,602
----------------------------------------------------------------------------

OPERATING
INCOME 25,564 31,329 33,797 34,080 25,037

INTEREST ON
LONG-TERM
DEBT 13,729 13,015 13,367 11,379 9,629

NET LOSS
(GAIN) ON
SALE OF
CAPITAL AND
LANDFILL
ASSETS 40 (126) (265) (511) (134)

NET LOSS
(GAIN) ON
FINANCIAL
INSTRUMENTS 9,010 (5,485) 98 6,367 530

NET FOREIGN
EXCHANGE
(GAIN) LOSS (621) 1 3 5 84

CONVERSION
COSTS - - 2,216 921 -

OTHER
EXPENSES 31 26 31 35 30
----------------------------------------------------------------------------
INCOME
BEFORE
INCOME
TAXES 3,375 23,898 18,347 15,884 14,898
----------------------------------------------------------------------------
INCOME TAX
EXPENSE
(RECOVERY)
Current 1,821 3,015 1,419 375 2,504

Deferred (9,768) 3,439 654 5,590 2,755
----------------------------------------------------------------------------
(7,947) 6,454 2,073 5,965 5,259
----------------------------------------------------------------------------

NET INCOME 11,322 17,444 16,274 9,919 9,639
----------------------------------------------------------------------------
OTHER
COMPREHENSIVE
INCOME
(LOSS)
Foreign
currency
translation
adjustment 26,325 (6,067) 25,186 94,271 20,062
Commodity
swaps
designated
as cash
flow hedges,
net of
tax - - - (1,260) (1,114)
----------------------------------------------------------------------------
COMPREHENSIVE
INCOME $ 37,647 $ 11,377 $ 41,460 $ 102,930 $ 28,587
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NET INCOME
CONTROLLING
INTEREST $ 9,487 $ 14,616 $ 13,636 $ 8,311 $ 8,271
NET INCOME -
NON-
CONTROLLING
INTEREST $ 1,835 $ 2,828 $ 2,638 $ 1,608 $ 1,368
COMPREHENSIVE
INCOME-
CONTROLLING
INTEREST $ 37,647 $ 11,377 $ 41,460 $ 102,930 $ 24,530
COMPREHENSIVE
INCOME-
NON-
CONTROLLING
INTEREST $ - $ - $ - $ - $ 4,057

Net income
per share
or trust
unit, basic $ 0.16 $ 0.25 $ 0.24 $ 0.14 $ 0.14
Net income
per share
or trust
unit,
diluted $ 0.16 $ 0.25 $ 0.24 $ 0.14 $ 0.14
Weighted
average
number of
shares or
trust units
outstanding
(thousands),
basic 57,568 57,568 57,504 57,706 59,516
Weighted
average
number of
shares or
trust units
outstanding
(thousands),
diluted 68,706 68,706 68,642 68,843 70,653



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Statements of Operations and Comprehensive (Loss) Income
For the year to date periods ended
(unaudited - stated in accordance with U.S. GAAP and thousands of U.S.
dollars, except net income per share or trust unit amounts)
----------------------------------------------------------------------------
December 31, March 31, June 30,
2007 2008 2008
----------------------------------------------------------------------------

REVENUES $ 854,110 $ 243,349 $ 520,962
----------------------------------------------------------------------------
EXPENSES

OPERATING 494,962 146,547 315,292

SELLING, GENERAL AND ADMINISTRATION 103,325 28,527 60,408

AMORTIZATION 150,505 42,711 88,369
----------------------------------------------------------------------------

OPERATING INCOME 105,318 25,564 56,893

INTEREST ON LONG-TERM DEBT 38,632 13,729 26,744

NET (GAIN) LOSS ON SALE OF CAPITAL
AND LANDFILL ASSETS (1,335) 40 (86)

NET LOSS ON FINANCIAL INSTRUMENTS 8,737 9,010 3,525

NET FOREIGN EXCHANGE LOSS (GAIN) 12,728 (621) (620)

CONVERSION COSTS - - -

OTHER EXPENSES 45 31 57
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 46,511 3,375 27,273
----------------------------------------------------------------------------
INCOME TAX EXPENSE (RECOVERY)
Current 8,174 1,821 4,836

Future 1,352 (9,768) (6,329)
----------------------------------------------------------------------------

9,526 (7,947) (1,493)
----------------------------------------------------------------------------

NET INCOME 36,985 11,322 28,766
----------------------------------------------------------------------------

OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation
adjustment (91,006) 26,325 20,258
Commodity swaps designated as cash
flow hedges, net of tax - - -
----------------------------------------------------------------------------
COMPREHENSIVE (LOSS) INCOME $ (54,021) $ 37,647 $ 49,024
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET INCOME CONTROLLING INTEREST $ 30,989 $ 9,487 $ 24,103
NET INCOME - NON-CONTROLLING INTEREST $ 5,996 $ 1,835 $ 4,663
COMPREHENSIVE INCOME - CONTROLLING
INTEREST $ (54,021) $ 37,647 $ 49,024
COMPREHENSIVE INCOME - NON-CONTROLLING
INTEREST $ - $ - $ -

Net income per share or trust unit,
basic $ 0.55 $ 0.16 $ 0.42
Net income per share or trust unit,
diluted $ 0.55 $ 0.16 $ 0.42
Weighted average number of shares or
trust units outstanding (thousands),
basic 56,564 57,568 57,568
Weighted average number of shares or
trust units outstanding (thousands),
diluted 67,803 68,706 68,706



----------------------------------------------------------------------------
September December March 31,
30, 2008 31, 2008 2009
----------------------------------------------------------------------------

REVENUES $ 803,197 $ 1,046,803 $ 223,893
----------------------------------------------------------------------------
EXPENSES

OPERATING 484,501 629,748 131,177

SELLING, GENERAL AND ADMINISTRATION 92,709 123,426 30,077

AMORTIZATION 135,297 168,859 37,602
----------------------------------------------------------------------------

OPERATING INCOME 90,690 124,770 25,037

INTEREST ON LONG-TERM DEBT 40,111 51,490 9,629

NET (GAIN) LOSS ON SALE OF CAPITAL
AND LANDFILL ASSETS (351) (862) (134)

NET LOSS ON FINANCIAL INSTRUMENTS 3,623 9,990 530

NET FOREIGN EXCHANGE LOSS (GAIN) (617) (612) 84

CONVERSION COSTS 2,216 3,137 -

OTHER EXPENSES 88 123 30
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 45,620 61,504 14,898
----------------------------------------------------------------------------
INCOME TAX EXPENSE (RECOVERY)
Current 6,255 6,630 2,504

Future (5,675) (85) 2,755
----------------------------------------------------------------------------

580 6,545 5,259
----------------------------------------------------------------------------

NET INCOME 45,040 54,959 9,639
----------------------------------------------------------------------------

OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation
adjustment 45,444 139,715 20,062
Commodity swaps designated as cash
flow hedges, net of tax - (1,260) (1,114)
----------------------------------------------------------------------------
COMPREHENSIVE (LOSS) INCOME $ 90,484 $ 193,414 $ 28,587
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET INCOME CONTROLLING INTEREST $ 37,739 $ 46,050 $ 8,271
NET INCOME - NON-CONTROLLING INTEREST $ 7,301 $ 8,909 $ 1,368
COMPREHENSIVE INCOME - CONTROLLING
INTEREST $ 90,484 $ 193,414 $ 24,530
COMPREHENSIVE INCOME - NON-CONTROLLING
INTEREST $ - $ - $ 4,057

Net income per share or trust unit,
basic $ 0.66 $ 0.80 $ 0.14
Net income per share or trust unit,
diluted $ 0.66 $ 0.80 $ 0.14
Weighted average number of shares or
trust units outstanding (thousands),
basic 57,546 57,706 59,516
Weighted average number of shares or
trust units outstanding (thousands),
diluted 68,684 68,843 70,653



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Statements of Cash Flows
For the three month periods ended
(unaudited - stated in accordance with U.S. GAAP and thousands of U.S.
dollars)
----------------------------------------------------------------------------
March 31, June 30, September December March 31,
2008 2008 30, 2008 31, 2008 2009
----------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net income $ 11,322 $ 17,444 $ 16,274 $ 9,919 $ 9,639
Items not
affecting
cash
Share or
trust unit
based
compensation - - 954 (321) 332
Write-off
of landfill
development
costs 725 188 22 233 -
Accretion
of landfill
closure and
post-closure
costs 778 777 771 684 742
Amortization
of
intangibles 8,002 8,111 8,123 7,276 7,234
Amortization
of capital
assets 19,218 19,079 19,805 18,752 18,311
Amortization
of landfill
assets 15,491 18,468 19,001 7,533 12,057
Interest on
long-term
debt 943 1,030 846 721 750
Net loss
(gain) on
sale of
capital and
landfill
assets 40 (126) (265) (511) (134)
Net loss
(gain) on
financial
instruments 9,010 (5,485) 98 6,367 530
Deferred
income
taxes (9,768) 3,439 654 5,590 2,755
Landfill
closure and
post-closure
expenditures (244) (379) (485) (914) (1,226)
Changes in
non-cash
working
capital
items (12,226) (6,543) 4,079 (3,342) (1,394)
----------------------------------------------------------------------------
Cash
generated
from
operating
activities 43,291 56,003 69,877 51,987 49,596
----------------------------------------------------------------------------
INVESTING
Acquisitions (18,975) (35,513) (2,023) 7 (234)
Restricted
cash
proceeds 614 176 742 (59) 82
Investment
in other
receivables - - - - (1,237)
Proceeds
from other
receivables 69 230 72 57 112
Funded
landfill
post-closure
costs (388) (198) (551) (413) (79)
Purchase of
capital
assets (13,482) (23,846) (24,070) (20,673) (12,659)
Purchase of
landfill
assets (8,373) (13,801) (18,507) (18,343) (7,838)
Proceeds
from the
sale of
capital and
landfill
assets 83 458 807 653 3,415
Investment
in landfill
development
costs (1,054) (678) (3,470) 1,576 (247)
----------------------------------------------------------------------------
Cash
utilized in
investing
activities (41,506) (73,172) (47,000) (37,195) (18,685)
----------------------------------------------------------------------------
FINANCING
Payment of
deferred
financing
costs - (924) (2,210) (149) (308)
Proceeds
from
long-term
debt 64,951 79,240 55,511 75,725 26,409
Repayment
of long-term
debt (30,492) (33,432) (41,766) (63,361) (127,961)
Common
shares or
trust units
issued, net
of issue
costs - (3) - - 70,958
Purchase of
restricted
trust units - - (3,912) 178 -
Dividends
and
distributions
paid to
share or
unitholders
and
dividends
paid to
participating
preferred
shareholders (31,099) (30,921) (29,947) (25,088) (1,926)
----------------------------------------------------------------------------
Cash
generated
from
(utilized in)
financing
activities 3,360 13,960 (22,324) (12,695) (32,828)
----------------------------------------------------------------------------
Effect of
foreign
exchange
changes on
foreign
cash and
cash
equivalents (939) 257 (784) (3,083) (501)
----------------------------------------------------------------------------
NET CASH
INFLOW
(OUTFLOW) 4,206 (2,952) (231) (986) (2,418)
----------------------------------------------------------------------------
CASH AND
CASH
EQUIVALENTS,
BEGINNING
OF PERIOD 11,901 16,107 13,155 12,924 11,938
----------------------------------------------------------------------------
CASH AND
CASH
EQUIVALENTS,
END OF
PERIOD $ 16,107 $ 13,155 $ 12,924 $ 11,938 $ 9,520
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SUPPLEMENTAL
CASH FLOW
INFORMATION:
Cash and
cash
equivalents
are
comprised
of:
Cash $ 13,629 $ 13,138 $ 12,920 $ 11,558 $ 9,519
Cash
equivalents 2,478 17 4 380 1
----------------------------------------------------------------------------
$ 16,107 $ 13,155 $ 12,924 $ 11,938 $ 9,520
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash paid
(received)
during the
period for:
Income
taxes $ 1,359 $ 8,065 $ 264 $ (402) $ (365)
Interest $ 11,186 $ 11,308 $ 9,189 $ 15,827 $ 9,511



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Statements of Cash Flows
For the year to date periods ended
(unaudited - stated in accordance with U.S. GAAP and thousands of U.S.
dollars)
----------------------------------------------------------------------------
December 31, March 31, June 30,
2007 2008 2008
----------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net income $ 36,985 $ 11,322 $ 28,766
Items not affecting cash
Share or trust unit based
compensation - - -
Write-off of landfill development
costs 120 725 913
Accretion of landfill closure and
post closure costs 2,873 778 1,555
Amortization of intangibles 23,689 8,002 16,113
Amortization of capital assets 61,724 19,218 38,297
Amortization of landfill assets 65,092 15,491 33,959
Interest on long-term debt 2,413 943 1,973
Net (gain) loss on sale of capital
and landfill assets (1,335) 40 (86)
Net loss on financial instruments 8,737 9,010 3,525
Net unrealized foreign exchange
loss 9,015 - -
Deferred income taxes 1,352 (9,768) (6,329)
Landfill closure and post-closure
expenditure (4,228) (244) (623)
Changes in non-cash working capital
items 6,466 (12,226) (18,769)
----------------------------------------------------------------------------
Cash generated from operating
activities 212,903 43,291 99,294
----------------------------------------------------------------------------
INVESTING
Acquisitions (340,993) (18,975) (54,488)
Restricted cash proceeds 5,104 614 790
Restricted cash investment (6,038) - -
Investment in other receivables (568) - -
Proceeds from other receivables 2,417 69 299
Funded landfill post-closure costs (1,371) (388) (586)
Purchase of capital assets (89,607) (13,482) (37,328)
Purchase of landfill assets (59,298) (8,373) (22,174)
Proceeds from the sale of capital
and landfill assets 1,858 83 541
Investment in landfill development
costs (3,152) (1,054) (1,732)
----------------------------------------------------------------------------
Cash utilized in investing
activities (491,648) (41,506) (114,678)
----------------------------------------------------------------------------



----------------------------------------------------------------------------
September December March 31,
30, 2008 31, 2008 2009
----------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTVITIES
OPERATING
Net income $ 45,040 $ 54,959 $ 9,639
Items not affecting cash
Share or trust unit based
compensation 954 633 332
Write-off of landfill development
costs 935 1,168 -
Accretion of landfill closure and
post closure costs 2,326 3,010 742
Amortization of intangibles 24,236 31,512 7,234
Amortization of capital assets 58,102 76,854 18,311
Amortization of landfill assets 52,960 60,493 12,057
Interest on long-term debt 2,819 3,540 750
Net (gain) loss on sale of capital
and landfill assets (351) (862) (134)
Net loss on financial instruments 3,623 9,990 530
Net unrealized foreign exchange
loss - - -
Deferred income taxes (5,675) (85) 2,755
Landfill closure and post-closure
expenditure (1,108) (2,022) (1,226)
Changes in non-cash working capital
items (14,690) (18,032) (1,394)
----------------------------------------------------------------------------
Cash generated from operating
activities 169,171 221,158 49,596
----------------------------------------------------------------------------
INVESTING
Acquisitions (56,511) (56,504) (234)
Restricted cash proceeds 1,532 1,473 82
Restricted cash investment - - -
Investment in other receivables - - (1,237)
Proceeds from other receivables 371 428 112
Funded landfill post-closure costs (1,137) (1,550) (79)
Purchase of capital assets (61,398) (82,071) (12,659)
Purchase of landfill assets (40,681) (59,024) (7,838)
Proceeds from the sale of capital
and landfill assets 1,348 2,001 3,415
Investment in landfill development
costs (5,202) (3,626) (247)
----------------------------------------------------------------------------
Cash utilized in investing
activities (161,678) (198,873) (18,685)
----------------------------------------------------------------------------



IESI-BFC Ltd. (formerly BFI CANADA LTD.)
Consolidated Statements of Cash Flows (continued)
For the year to date periods ended
(unaudited - stated in accordance with U.S. GAAP and thousands of U.S.
dollars)
----------------------------------------------------------------------------
December 31, March 31, June 30,
2007 2008 2008
----------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
FINANCING
Payment of deferred financing
costs (6,696) - (924)
Proceeds from long-term debt 523,639 64,951 144,191
Repayment of long-term debt (203,570) (30,492) (63,924)
Common shares or trust units
issued, net of issue costs 81,525 - (3)
Purchase of restricted shares or
trust units - - -
Dividends and distributions paid
to share or unitholders' and
dividends paid to participating
preferred shareholders (114,356) (31,099) (62,020)
----------------------------------------------------------------------------
Cash generated from (utilized in)
financing activities 280,542 3,360 17,320
----------------------------------------------------------------------------
Effect of foreign exchange changes on
foreign cash and cash equivalents 2,830 (939) (682)
----------------------------------------------------------------------------
NET CASH INFLOW (OUTFLOW) 4,627 4,206 1,254
----------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 7,274 11,901 11,901
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CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 11,901 $ 16,107 $ 13,155
----------------------------------------------------------------------------
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SUPPLEMENTAL CASH FLOW
INFORMATION:
Cash and cash equivalents are
comprised of:
Cash $ 11,145 $ 13,629 $ 13,138
Cash equivalents 756 2,478 17
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$ 11,901 $ 16,107 $ 13,155
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----------------------------------------------------------------------------
Cash paid (received) during the
period for:
Income taxes $ 5,782 $ 1,359 $ 9,424
Interest $ 41,949 $ 11,186 $ 22,494



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September December March 31,
30, 2008 31, 2008 2009
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NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
FINANCING
Payment of deferred financing costs (3,134) (3,283) (308)
Proceeds from long-term debt 199,702 275,427 26,409
Repayment of long-term debt (105,690) (169,051) (127,961)
Common shares or trust units issued,
net of issue costs (3) (3) 70,958
Purchase of restricted shares or
trust units (3,912) (3,734) -
Dividends and distributions paid to
share or unitholders' and dividends
paid to participating preferred
shareholders (91,967) (117,055) (1,926)
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Cash generated from (utilized in)
financing activities (5,004) (17,699) (32,828)
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Effect of foreign exchange changes on
foreign and cash equivalents (1,466) (4,549) (501)
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NET CASH INFLOW (OUTFLOW) 1,023 37 (2,418)
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CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 11,901 11,901 11,938
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 12,924 $ 11,938 $ 9,520
----------------------------------------------------------------------------
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SUPPLEMENTAL CASH FLOW INFORMATION:
Cash and cash equivalents are
comprised of:
Cash $ 12,920 $ 11,558 $ 9,519
Cash equivalents 4 380 1
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$ 12,924 $ 11,938 $ 9,520
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash paid (received) during the
period for:
Income taxes $ 9,688 $ 9,286 $ (365)
Interest $ 31,683 $ 47,510 $ 9,511


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