Onex Corporation
TSX : OCX

Onex Corporation

May 05, 2010 16:00 ET

Onex Reports First-Quarter 2010 Results

All amounts in Canadian dollars unless otherwise stated

TORONTO, ONTARIO--(Marketwire - May 5, 2010) - Onex Corporation (TSX:OCX) today announced its consolidated financial results for the first quarter ended March 31, 2010.

First-Quarter 2010 Highlights



- ONCAP II announced its pending acquisition of Sport Supply Group.

- Celestica redeemed all of its outstanding debt, resulting in annual
interest savings of US$14 million.

- Sitel Worldwide completed a US$300 million notes offering.

- Onex had approximately $1 billion of cash and near-cash investments and no
debt at the parent company.


Onex is an investor and asset manager generating value from (i) growth in the Company's $3.9 billion of proprietary capital; (ii) management fees based on the US$7.7 billion of third- party capital committed to its Funds, and (iii) a carried interest based on the performance of those Funds.

Investing

"There appear to be further signs of a nascent economic recovery in the U.S., including improving job market statistics and increasing consumer spending. As well, equity markets continue to rally and the credit markets are strengthening," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "All of these factors are positive for Onex, our operating companies and our growth prospects."

Since last summer, there has been considerable activity in the mid-market private equity space. With a very healthy portfolio of businesses in ONCAP II, Onex' mid-market team was afforded the opportunity to focus most of its energy on new investment opportunities. In March, ONCAP II agreed to acquire Sport Supply Group in a transaction valued at approximately US$200 million. Sport Supply Group is a public company traded on the NASDAQ and is a leading manufacturer and distributor of sporting goods and branded team uniforms to the institutional and team sports market in the United States. The transaction is subject to customary closing conditions, including approval by a majority of Sport Supply Group stockholders, and is expected to close in June or July.

More generally, Onex' operating companies have continued to take advantage of the strength in the credit markets, reducing debt levels and extending maturities. During the quarter, Celestica repurchased all of its outstanding 2013 senior subordinated notes totaling US$223 million and is now debt-free. The Notes were redeemed at a premium of approximately US$9 million and will provide annual interest savings of US$14 million.

Also during the quarter, Sitel Worldwide completed a US$300 million notes offering due 2018. The proceeds were used primarily to repay in part the company's senior credit facility. Sitel negotiated amendments to the facility in connection with the refinancing, providing the company with greater financial flexibility.

Just subsequent to the quarter, Emergency Medical Services Corporation refinanced its debt, extending the company's maturities and reducing its 2010 interest cost by approximately US$7 million. Similarly, Skilled Healthcare completed a refinancing, extending the maturity of its secured debt and providing greater opportunity for growth. The refinancing will increase the company's 2010 interest expense modestly by approximately US$5 million. In each instance, debt ratings were upgraded.

"We continue to believe that the current cycle will yield attractive acquisition opportunities for value investors like Onex. Our investment pipeline activity is starting to return to more normal levels, including proprietary opportunities generated by our team as well as more traditional bank-led sales processes. The meaningful rebound in the credit markets for large-cap acquisitions will certainly stimulate further activity," continued Mr. Schwartz. "There may also be opportunities for some of our businesses to pursue equity offerings if the markets remain receptive."

Onex continues to be in excellent financial condition, with approximately $1 billion in cash and near-cash items, no debt at the parent company and approximately US$3.9 billion of third-party uncalled capital for acquisitions through the Onex Partners and ONCAP Funds.

Over 26 years, Onex has established a strong culture that is based on long-held investing principles. The Company believes that long-term value is best created by focusing on enhancing the productivity and profitability of its businesses, and being careful to not burden them with excessive financial leverage. By transforming undervalued businesses into industry leaders, Onex has produced impressive returns over its 26-year history. As of March 31, 2010, Onex has generated a 26-year gross IRR of 29% and an average multiple of 3.4 times invested capital from its private equity investing.

Onex continues to believe that its success in building companies and its record of capital preservation and superior returns are direct results of the strong alignment of interests between Onex shareholders, the limited partners and the management team. At March 31, 2010, Onex' management team had almost $1.3 billion invested in Onex shares and in its operating companies.

Asset Management

Onex' asset management business continues to add value through the predictable and growing management fees it earns on US$7.7 billion of third-party capital and the meaningful carried interest opportunity on that capital.

With the successful closing of the fundraising for Onex Partners III, in which the Company raised US$3.5 billion of third-party capital, Onex almost doubled its fee-earning assets under management. As a result, the current annualized rate of management fees is US$88 million for the Onex Partners and ONCAP funds, which offsets the Company's operating costs. In addition, Onex has an 8% carried interest opportunity on US$3.4 billion of invested capital and on US$3.7 billion of uncalled capital.

Onex will continue to evaluate opportunities to raise future funds for its platforms - private equity, credit investing and real estate. With ONCAP II's pending acquisition of Sport Supply Group, this Fund will be approximately 60% invested. Consequently, ONCAP may begin planning for ONCAP III either later this year or in early 2011.

Consolidated First-Quarter Results

Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, the impact of foreign currency translation and varying business cycles at its operating companies.

On a consolidated basis for the first quarter, revenues decreased 10% to $5.8 billion and operating earnings were down 13% to $457 million compared to the first quarter in 2009. Onex reported a net loss of $84 million compared to net earnings of $169 million in the first quarter of 2009.

Currency translation was the most significant factor impacting quarter-over-quarter revenues and operating earnings as most of Onex' businesses report in US dollars. The value of the US dollar declined 16% relative to the Canadian dollar in the twelve months ended March 31, 2010. The reduction in net earnings was also due to the mark to market of the liability for stock-based compensation with the increase in Onex' share price. As well, 2009 benefited significantly from the impact of a $100 million non-cash tax recovery.

The Company paid a first quarter dividend of $0.0275 per Subordinate Voting Share on April 30, 2010 to shareholders of record on April 9, 2010.

Operating earnings as referred to in this press release are a non-GAAP measure. See Management's Discussion and Analysis for the definition and reconciliation to the consolidated statements of earnings.

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the first quarter ended March 31, 2010 and 2009. The complete financial statements, including Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR at www.sedar.com. Also attached is the "How We Are Invested" page, which details Onex' $3.9 billion of proprietary capital and provides private company performance information.

Webcast

Onex management will host a conference call to review the Company's first-quarter 2010 results at 4:30 p.m. ET today. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.

About Onex

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the Company manages approximately US$12 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately US$7.7 billion of third-party capital and also invests its own capital directly and as a substantial limited partner in its Funds.

Onex' businesses generate annual revenues of $31 billion, have assets of $34 billion and employ over 210,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.



How We Are Invested
As at March 31, 2010
Proprietary Capital
(US$ millions) (CDN$ millions)
----------------------------------------------------------------------------
Private Equity
----------------------------------------------------------------------------
Onex Partners
Private Companies $1,394(1) $1,416(1)
Public Companies 519(2) 527(2)
Unrealized Carried Interest on Public
Companies 55 56
----------------------------------------------------------------------------
ONCAP 162(3) 164(3)
----------------------------------------------------------------------------
Direct Investments
Private Companies 251(4) 340(4)
Public Companies 194(2) 197(2)
----------------------------------------------------------------------------
2,575 2,700
----------------------------------------------------------------------------
Alternative Assets
Onex Real Estate Partners 83(5) 84(5)
Onex Credit Partners 93(2) 94(2)
----------------------------------------------------------------------------
176 178
----------------------------------------------------------------------------
Other Investments 65 66
Cash and Near-Cash 938(6) 953(6)
Onex Corporation Debt Nil Nil
----------------------------------------------------------------------------
$3,754 $3,897
----------------------------------------------------------------------------

(1) Based on the US$ fair value of the investments in Onex Partners'
financial statements and US$/CDN$ exchange rate of 1.0158.
(2) Based on the March 31, 2010 market values and US$/CDN$ exchange rate of
1.0158. Excludes Onex' CDN$153 million investment in Onex Credit
Partners' unleveraged senior secured loan strategy fund, which is
included with cash and near-cash items.
(3) Based on the CDN$ fair value of the investments in ONCAP's financial
statements and US$/CDN$ exchange rate of 1.0158.
(4) Historical US$ and historical CDN$ cost amounts.
(5) Based on carrying value of Onex Real Estate Partners' investments at
March 31, 2010.
(6) Includes approximately CDN$153 million invested in Onex Credit Partners'
unleveraged senior secured loan strategy fund.


Significant Public Companies

Shares/Units
Subject to
Carried Shares/Units Closing
Interest Held by Priceper Market Value of
(millions) Onex(millions) Share(1) Onex' Investment(2)

(US$ (CDN$
millions) millions)
----------------------------------------------------------------------------
Onex Partners
Emergency
Medical
Services 7.0 4.8 US$ 56.55 272(3) 276(3)
ResCare(4) 6.2 2.0 US$ 11.99 24(3) 24(3)
Skilled
Healthcare 10.7 3.5 US$ 6.17 21(3) 22(3)
Spirit
AeroSystems 17.2 8.6 US$ 23.38 202(3) 205(3)
----------------------------------------------------------------------------
519 527
----------------------------------------------------------------------------
Direct
Investments
Celestica - 17.7 US$ 10.93 194 197
----------------------------------------------------------------------------
713 724
----------------------------------------------------------------------------

(1) Closing price on March 31, 2010.
(2) Based on closing price on March 31, 2010 and US$/CDN$ exchange rate of
1.0158.
(3) Excludes Onex' potential participation in the carried interest.
(4) Shares are on an as-if-converted basis.


Significant Private Companies




LTM Cumulative Cost of Onex'
Onex EBITDA(2) Net Debt Dividends Onex Investment
Owner- (US$ (US$ (US$ Economic (US$ (CDN$
ship(1) millions) millions) millions) Ownership millions) millions)
----------------------------------------------------------------------------

Onex
Part-
ners
Center
for
Diag-
nostic
Imaging 81% $39 $56 $- 19% $17 $21
The
War-
ranty
Group 94% 108(3) n/a 119 29% 154 175
Tube
City
IMS 91% 91 400 - 36% 93 109
Hawker
Beech-
craft 49% 127(4) 1,828 - 19% 212 244
Care-
stream
Health 97% 493 1,521 144 38% 186 206
Allison
Trans-
mission 49% 541 3,598 - 15% 237 250
Husky
Injec-
tion
Molding
Systems 98% 157 247 - 36% 225 226
RSI Home
Prod-
ucts 50% n/a n/a - 20% 126 133
Tropi-
caca
Las
Vegas 71% n/a n/a - 15% 45 49
----------------------------------------------------------------------------
1,295 1,413
----------------------------------------------------------------------------
Direct
Invest-
ments
Sitel
World-
wide - $132 $599 $- 66% 251 340
----------------------------------------------------------------------------
$1,546 $1,753
----------------------------------------------------------------------------

(1) Includes the interest of Onex Partners' third-party limited partners and
Onex management's interest via Onex Partners.
(2) Includes adjustments that are consistent with private equity industry
practice. These adjustments may include non-cash costs of stock-based
compensation and retention plans, transition and restructuring
expenses including severance payments, the impact of derivative
instruments that no longer qualify for hedge accounting, the impacts of
purchase accounting, and other similar amounts.
(3) Amount presented for The Warranty Group is adjusted net earnings rather
than EBITDA. Net earnings on GAAP basis, including the impacts of
purchase accounting, were $105.
(4) EBITDA excludes gains on debt repurchases, loss recognized on derivative
instruments no longer expected to be effective hedges, severance costs,
non-cash stock-based compensation and retention expense, non-cash asset
impairment charges, and consulting services and internal costs related
to cost reduction initiatives.



Onex Corporation
CONSOLIDATED BALANCE SHEETS


----------------------------------------------------------------------------
(Unaudited)
As at
As at March December
31 31
(in millions of dollars) 2010 2009
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,662 $ 3,206
Marketable securities 713 636
Accounts receivable 3,023 3,062
Inventories 3,212 3,085
Other current assets 1,279 1,384
----------------------------------------------------------------------------
10,889 11,373
Property, plant and equipment 4,107 3,759
Investments 3,124 3,255
Other long-term assets 2,548 2,696
Intangible assets 2,015 2,086
Goodwill 2,185 2,312
----------------------------------------------------------------------------
$ 24,868 $ 25,481
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,674 $ 3,832
Other current liabilities 1,010 992
Current portion of long-term debt, without recourse to
Onex 202 425
Current portion of obligations under capital leases,
without recourse to Onex 21 21
Current portion of warranty reserves and unearned
premiums 1,327 1,410
----------------------------------------------------------------------------
6,234 6,680
Long-term debt of operating companies, without
recourse to Onex 5,774 5,505
Long-term portion of obligations under capital leases
of operating companies, without recourse to Onex
40 41
Long-term portion of warranty reserves and unearned
premiums 1,898 2,034
Other liabilities 1,935 1,955
Future income taxes 1,178 1,237
----------------------------------------------------------------------------
17,059 17,452
Non-controlling interests 6,283 6,370
Shareholders' equity 1,526 1,659
----------------------------------------------------------------------------
$ 24,868 $ 25,481
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS


----------------------------------------------------------------------------
(Unaudited) Three months ended March 31
(in millions of dollars, except per share data) 2010 2009
----------------------------------------------------------------------------
Revenues $ 5,800 $ 6,469
Cost of sales (4,569) (5,021)
Selling, general and administrative expenses (650) (770)
----------------------------------------------------------------------------
Earnings Before the Undernoted Items 581 678
Amortization of property, plant and equipment (131) (170)
Amortization of intangible assets and deferred
charges (84) (102)
Interest expense of operating companies (104) (153)
Interest income 7 15
Earnings (loss) from equity-accounted investments (23) 10
Foreign exchange gains (loss) (39) 5
Stock-based compensation recovery (expense) (82) 6
Other income (expense) 2 (17)
Acquisition, restructuring and other expenses (31) (44)
----------------------------------------------------------------------------
Earnings before income taxes and non-controlling
interests 96 228
Recovery of (provision for) income taxes (82) 41
Non-controlling interests (98) (100)
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ (84) $ 169
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate Voting Share
Basic and Diluted:
Net earnings (loss) $ (0.70) $ 1.38
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS


----------------------------------------------------------------------------

(Unaudited) Three months ended March 31
(in millions of dollars) 2010 2009
----------------------------------------------------------------------------
Operating Activities
Net earnings (loss) for the period $ (84) $ 169
Items not affecting cash:
Amortization of property, plant and equipment 131 170
Amortization of intangible assets and deferred
charges 84 102
Amortization of deferred warranty costs 27 19
Loss (earnings) from equity-accounted investments 23 (10)
Foreign exchange loss (gains) 29 (18)
Stock-based compensation expense (recovery) 82 (6)
Non-controlling interests 98 100
Future income taxes 9 (105)
Other (5) 12
----------------------------------------------------------------------------
394 433
Changes in non-cash working capital items:
Accounts receivable (63) 286
Inventories (245) (108)
Other current assets 18 78
Accounts payable, accrued liabilities and other
current liabilities (7) (558)
----------------------------------------------------------------------------
Decrease in cash due to changes in working capital
items (297) (302)
Decrease in warranty reserves and unearned premiums
and other liabilities (88) (134)
----------------------------------------------------------------------------
9 (3)
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 552 309
Repayment of long-term debt (760) (440)
Cash dividends paid (3) (3)
Repurchase of share capital (2) -
Issuance of share capital provided by L.P. investors
and operating companies 67 36
Distributions by operating companies and to L.P.
investors (26) (2)
Increase (decrease) due to other financing
activities (10) 3
----------------------------------------------------------------------------
(182) (97)
----------------------------------------------------------------------------
Investing Activities
Acquisitions, net of cash in acquired companies of
$24 (2009 - nil) 3 -
Purchase of property, plant and equipment (186) (198)
Decrease due to other investing activities (102) (19)
----------------------------------------------------------------------------
(285) (217)
----------------------------------------------------------------------------
Decrease in Cash for the Period (458) (317)
Increase (decrease) in cash due to changes in
foreign exchange rates (86) 95
Cash and cash equivalents, beginning of the period 3,206 2,921
----------------------------------------------------------------------------
Cash and Cash Equivalents, End of the Period $ 2,662 $ 2,699
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2010

(Unaudited)
(in millions of
dollars) Electronics
Three months ended Manufacturing Aero- Financial
March 31,2010 Services structures Healthcare Services
----------------------------------------------------------------------------
Revenues $1,580 $1,086 $1,490 $324
Cost of sales (1,448) (909) (1,104) (148)
Selling, general and
administrative
expenses (53) (42) (174) (127)
----------------------------------------------------------------------------
Earnings before the
undernoted items 79 135 212 49
Amortization of
property, plant and
equipment (19) (27) (41) (3)
Amortization of
intangible assets
and deferred
charges (4) (1) (54) (4)
Interest expense of
operating companies (13) (15) (36) (1)
Interest income - - 1 -
Loss from equity-
accounted
investments - - (1) -
Foreign exchange
gain (loss) (2) (7) (3) -
Stock-based
compensation
expense (9) (3) (2) -
Other income
(expense) - 1 - 3
Acquisition,
restructuring and
other expenses (8) - (8) -
----------------------------------------------------------------------------
Earnings (loss)
before income taxes
and non-controlling
interests 24 83 68 44
Recovery of
(provision for)
income taxes 3 (22) (26) (17)
Non-controlling
interests (25) (57) (38) (19)
----------------------------------------------------------------------------
Net earnings (loss) $2 $4 $4 $8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $2,938 $4,633 $5,389 $5,015
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $- $873 $2,678 $195
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2010

(Unaudited)
(in millions of
dollars) Customer
Three months ended Support Metal Consolidated
March 31,2010 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $373 $490 $457 $5,800
Cost of sales (239) (451) (270) (4,569)
Selling, general and
administrative
expenses (102) (12) (140) (650)
----------------------------------------------------------------------------
Earnings before the
undernoted items 32 27 47 581
Amortization of
property, plant and
equipment (10) (14) (17) (131)
Amortization of
intangible assets
and deferred
charges (5) (3) (13) (84)
Interest expense of
operating companies (18) (12) (9) (104)
Interest income - - 6 7
Loss from equity-
accounted
investments - - (22) (23)
Foreign exchange
gain (loss) 2 - (29) (39)
Stock-based
compensation
expense - - (68) (82)
Other income
(expense) (3) - 1 2
Acquisition,
restructuring and
other expenses (6) - (9) (31)
----------------------------------------------------------------------------
Earnings (loss)
before income taxes
and non-controlling
interests (8) (2) (113) 96
Recovery of
(provision for)
income taxes (3) (1) (16) (82)
Non-controlling
interests - 2 39 (98)
----------------------------------------------------------------------------
Net earnings (loss) $(11 ) $(1) $(90) $(84)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $727 $933 $5,233 $24,868
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $669 $405 $1,156 $5,976
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(a) Includes Allison Transmission, Hawker Beechcraft, Husky, RSI, ONCAP II,
Onex Real Estate, Tropicana Las Vegas and the parent company.
(b) Long-term debt includes current portion, excludes capital leases and is
net of deferred charges.


Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2009

Electronics
Manufacturing Financial
(Unaudited) Services Aerostructures Healthcare Services

(in millions of
dollars)
Three months
ended March
31,2009
----------------------------------------------------------------------------
Revenues $ 1,830 $ 1,105 $ 1,667 $ 365
Cost of sales (1,665) (886) (1,221) (179)
Selling, general
and
administrative
expenses (75) (60) (201) (141)
----------------------------------------------------------------------------
Earnings before
the undernoted
items 90 159 245 45
Amortization of
property, plant
and equipment (24) (32) (54) (3)
Amortization of
intangible
assets and
deferred
charges (7) (1) (64) (6)
Interest expense
of operating
companies (21) (11) (67) (1)
Interest income - 3 2 -
Earnings from
equity-
accounted
investments - - 5 -
Foreign exchange
gains (loss) (3) 1 (8) -
Stock-based
compensation
recovery
(expense) (8) (4) (2) -
Other income
(expense) - 1 (15) (1)
Acquisition,
restructuring
and other
expenses (8) - (14) -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and non-
controlling
interests 19 116 28 34
Recovery of
(provision for)
income taxes 5 (40) (12) (13)
Non-controlling
interests (21) (71) (18) (15)
----------------------------------------------------------------------------
Net earnings
(loss) $ 3 $ 5 $ (2) $ 6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets at
December 31,
2009 $ 3,265 $ 4,821 $ 5,616 $ 5,206
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt
at December 31,
2009(b) $ 234 $ 902 $ 2,792 $ 203
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2009

Customer
Support Consolidated
(Unaudited) Services Metal Services Other(a) Total

(in millions of
dollars)
Three months
ended March
31,2009
----------------------------------------------------------------------------
Revenues $ 495 $ 383 $ 624 $ 6,469
Cost of sales (315) (346) (409) (5,021)
Selling, general
and
administrative
expenses (134) (15) (144) (770)
----------------------------------------------------------------------------
Earnings before
the undernoted
items 46 22 71 678
Amortization of
property, plant
and equipment (16) (18) (23) (170)
Amortization of
intangible
assets and
deferred
charges (6) (4) (14) (102)
Interest expense
of operating
companies (23) (13) (17) (153)
Interest income 1 - 9 15
Earnings from
equity-
accounted
investments - - 5 10
Foreign exchange
gains (loss) (1) 1 15 5
Stock-based
compensation
recovery
(expense) - - 20 6
Other income
(expense) (1) - (1) (17)
Acquisition,
restructuring
and other
expenses (2) - (20) (44)
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and non-
controlling
interests (2) (12) 45 228
Recovery of
(provision for)
income taxes (4) 3 102 41
Non-controlling
interests - 6 19 (100)
----------------------------------------------------------------------------
Net earnings
(loss) $ (6) $ (3) $ 166 $ 169
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets at
December 31,
2009 $ 745 $ 891 $ 4,937 $ 25,481
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt
at December 31,
2009(b) $ 660 $ 401 $ 738 $ 5,930
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(a) Includes Allison Transmission, CEI, Cineplex Entertainment, Hawker
Beechcraft, Husky, RSI, ONCAP II, Onex Real Estate and the parent company.
(b) Long-term debt includes current portion, excludes capital leases and is
net of deferred charges.


Contact Information

  • Onex Corporation
    Donald Lewtas
    Chief Financial Officer
    416.362.7711
    or
    Onex Corporation
    Emma Thompson
    Vice President, Investor Relations
    416.362.7711
    www.onex.com