Camco Inc.
TSX : COC

Camco Inc.

August 08, 2005 11:13 ET

Camco Announces Second Quarter Results

BURLINGTON, ONTARIO--(CCNMatthews - Aug. 8, 2005) - Camco (TSX:COC) announced net income of $3.7 million or $0.18 per share for the second quarter ending June 25, 2005. This compares to a net loss of $1.9 million or $0.10 per share for the same period last year, due to significant provisions for Hamilton plant closure costs. Total sales for the second quarter amounted to $170 million, up 2% from sales of $167 million for the second quarter of 2004.

Closure-related expenses of $0.2 million related to final dismantling associated with the Hamilton plant, were recorded in the second quarter of 2005 compared to closure costs of $6.5 million for the same period last year. Income from operations, before closure costs and write-downs, in the second quarter rose to $6.0 million, compared to $4.2 million in 2004.

For the first half of 2005, the Company recorded net income of $9.0 million on sales of $302 million compared to a net loss of $5.6 million on sales of $290 million in 2004. Income from operations, before closure costs and write-downs, were $3.9 million, compared to $4.8 million in 2004 as a result of recent increases in commodity prices, especially steel and plastic.

As announced on July 25, 2005, Controladora Mabe S.A. de C.V. ("Mabe") of Mexico and the Company have entered into a Support Agreement pursuant to which 6295053 Canada Inc, a wholly owned subsidiary of Mabe, will make an offer to purchase all of the common shares of the Company at a price of $3.52 per share for an aggregate value of approximately $70.4 million.

James Fleck, President and CEO commented: "The market for home appliances was quite robust during the first half of the year, and this was a major contributor to Camco's strong performance. Material cost inflation continued to be a critical issue for the Company, and as a result price increases were implemented in Canada and the US. Most significantly, Camco reached an agreement with GE that effectively increases dryer prices retroactively for the first half of 2005. In the event that the Mabe transaction does not close in the third quarter, the dryer supply agreement with GE will need to be renegotiated".

Camco is the largest Canadian manufacturer, marketer and service provider of home appliances. The Company's product line includes such popular names as GE, Profile, Monogram, Hotpoint, Moffat, and BeefEater. Camco manufactures clothes dryers and dishwashers at its Montreal Plant, and is the primary supplier of clothes dryers to GE in the US. For information regarding Camco's products and services, please visit the Company website at www.geappliances.ca.


Report to the Shareholders

For the Period Ended June 25, 2005

Interim Management Discussion and Analysis (MD&A)

INTRODUCTION

The following discussion and analysis should be read in conjunction with the Management Discussion and Analysis, the annual audited financial statements and notes contained in Camco's 2004 Annual Report, and the interim financial statements and notes contained in this report. The comments and analysis contained in this MD&A are as of August 5, 2005.

OVERALL PERFORMANCE

Results of Operations - Overview

Camco recorded net income of $3.7 million or $0.18 per share on sales of $170 million for the second quarter ended June 25, 2005. This compares with a net loss of $1.9 million or $0.10 per share on sales of $167 million for the same period last year. Minimal costs associated with the closure of the Hamilton plant of $0.2 million were recorded in the second quarter of 2005 compared to closure costs of $6.5 million recorded in the second quarter of 2004. Income from operations, before closure costs and write-downs, of $6.0 million was recorded in the second quarter of 2005 compared to income of $4.2 million for the same period in 2004. Stronger second quarter performance was driven by the $4.1 million pre-tax net impact of the agreement made between GE Consumer & Industrial (GECI) and Camco regarding the retroactive pricing of dryers sold to GECI for the first half of 2005, which was recorded in the second quarter.

Montreal Manufacturing

All dryers manufactured by Camco are produced at the Company's plant in Montreal. While continuing to advance significant quality, productivity and cost reduction programs, the Montreal facility completed a significant capacity expansion in 2004. This capacity expansion resulted in record export shipments in the second quarter (up 30% from 2004). As announced in May 2004, a further investment of $15.2 million was approved for a program focused on a new dryer platform. Production of the new Magellan dryer commenced the second quarter of 2005 and Camco has begun shipping to the US with a full product launch expected in the fall.

Increased Steel and Commodity Costs

Recent increases in commodity prices, especially steel and plastic have had an adverse impact on manufacturing costs in Montreal. In response, the Company implemented price increases to the domestic market that took effect in January 2005. Although the Company has pre-determined price arrangements with its main steel supplier for 2005, cost uncertainties still exist with smaller third party parts processors, suppliers of plastic components and freight costs. Under the Company's dryer supply agreement with GECI, the prices were to be pre-determined through to December 31, 2006 without adjustment for material cost inflation. However, given the unprecedented material cost inflation, the Company successfully reached a favourable pricing agreement for the first half of 2005 on dryers sold to GECI pursuant to the Company's dryer supply agreement. Due to the fact that the agreement is an annual contract, Camco recorded a proportionate percentage of the expected volume rebate representing approximately $1.9 million in the first half of 2005 based on the estimated total year volume rebate to be earned in the second half of 2005. In the event that Mabe acquires control of the Company and takes it private, this amount will be reversed. However if Mabe's offer is not accepted by a sufficient number of shareholders, Camco will need to renegotiate the terms of the dryer agreement for the second half of the year.

Exposure to Exchange Rate Fluctuations

Stronger Canadian dollar exchange rates cause US dollar sales to result in lower Canadian dollar reported revenue. Historically, the Company has experienced little net currency exposure due to sales billed in US dollars approximately equalling purchases of imported products denominated in US dollars. In 2005, however, due to the replacement of manufactured product in Hamilton with sourced products from the US, the Company's US dollar purchases will exceed sales to the US. The Company is utilizing hedging instruments in 2005 to minimize currency exposure.

Results of Operations - Statement of Income

Sales

Primarily as a result of higher domestic and export sales, revenues for the second quarter of 2005 of $169.7 million were up 1.7% from $166.9 in 2004. Total domestic and export sales for the first half of 2005 were $185 million and $117 million, respectively compared to $181 million (domestic) and $109 million (export) in 2004.

In the second quarter, the Canadian core appliance industry grew by 4.4% bringing total industry growth for the year to 4.3%. For the first six months of 2005, total industry retail sales were up 5.4%, however total sales in the builder segment were down 1.6%. This information is from the preliminary results provided by the Canadian Appliance Manufacturer's Association and is measured in units sold.

Net Income

The Company recorded net income in the second quarter of $3.7 million or $0.18 per share compared to a net loss of $1.9 million or $0.10 per share for the same period last year. Closure costs of $0.2 million were recorded in the second quarter of 2005 compared to closure costs of $6.5 million for the same period last year.

Excluding closure costs and write-downs, higher income from operations of $6.0 million for the second quarter of 2005 compared to net income from operations of $4.2 million for the same period in 2004 is attributable to the adjustment made in the second quarter as a result of the pricing agreement reached with GECI for the first half of the year.

Total operating costs of $163.7 million in the second quarter of 2005 were up $1.0 million from $162.7 in 2004. The increase in operating costs is attributable to higher variable costs as a result of higher volume as well as increased material costs.

Combined with the net income of $5.3 million reported in the first quarter, the net income for the first half of 2005 totalled $9.0 million versus a net loss of $5.6 million reported for the first half of 2004.

Interest and Other Expenses

Although second quarter interest and other expenses of $0.3 million equalled that of 2004, the increase in bank charges was offset by the income generated from the redemption of preferred shares of Comerco Services Inc., Camco's joint venture service warranty business.

Results of Operations - Cash Flows

Cash from Operations: During the quarter, cash generated from operations amounted to $0.8 million versus $6.6 million cash generated for the same period last year. For the first half of 2005, cash used from operations equalled $15.2 million versus cash generated of $15.6 million in 2004. The variance from 2004 is due to the Company having lower liabilities balances, driven by the $20.0 million payment of severance to Hamilton employees.

Investing Activities: The Company's investing activities used $1.6 million cash in the second quarter of 2005, compared to a usage of $0.2 million expended in the second quarter of 2004. The investing activities are primarily related to the increase in long-term investments held in trust at Comerco Service Inc., in respect of service warranty obligations.

Financing Activities: Principally to finance working capital needs, bank borrowings increased by $7.4 million in the second quarter of 2005 to $39.0 million versus an decrease of $10.7 million to $27.0 million for the same period last year. The Company did not declare a dividend in the second quarter of 2005.

LIQUIDITY AND CAPITAL RESOURCES

The Company's securitization facility under which it sells up to $60.0 million eligible trade receivables on a revolving basis was last renewed on May 30, 2003 and currently expires on September 27, 2005. The Company's $40.0 million line of credit facility last renewed on July 10, 2004 was to expire on July 9, 2005. The Company's lender has agreed to extend the credit facility until September 30, 2005.

In the second quarter, the Company met all of its covenants for banking and cash. To assist with closure related expenses, the Company also has an additional credit facility of $20.0 million with its lenders, available between January 1, 2005 and September 30, 2005 to meet liquidity requirements. Management believes there are sufficient existing capital resources to meet its needs.

NEW ACCOUNTING PRONOUNCEMENTS

In June 2003, the Canadian Institute of Chartered Accountants (the "CICA") issued Accounting Guideline 15, "Consolidation of Variable Interest Entities" ("AcG-15"), requiring the consolidation of variable interest entities ("VIEs") by a primary beneficiary. In September 2003, the Accounting Standards Board of the CICA delayed the effective date of the implementation of AcG-15 until annual and interim periods beginning on or after November 1, 2004. The standard is to be implemented on a retroactive basis, with or without restatement. A VIE is any type of legal structure in which control is determined through contractual or other financial arrangements, as opposed to traditional voting rights, if certain conditions exist. A primary beneficiary is an entity that will absorb a majority of a VIE's expected losses, receive a majority of the expected returns, or both, and is therefore required to consolidate the VIE. The Company has determined that the adoption of the guideline has no impact on the Company's interim Consolidated Financial Statements.

OTHER

Proposed Take-over Bid by Mabe

On July 25, 2005, Controladora Mabe S.A. de C.V. ("Mabe") of Mexico and the Company announced that they had entered into a Support Agreement pursuant to which 6295053 Canada Inc, a wholly owned subsidiary of Mabe, will make an offer to purchase all of the common shares of the Company at a price of $3.52 (Cdn.) per share for an aggregate value of approximately $70.4 million (Cdn.). The offer is expected to be mailed to the Company's shareholders in August. The offer will be subject to conditions customary in transactions of this nature, including at least a minimum of 75.5% of the outstanding shares of Camco being tendered (which is the minimum number of shares that must be tendered to the offer in order for Mabe to be able to effect a subsequent going private transaction under the Canada Business Corporations Act and Rule 61-501 of the Ontario Securities Commission).

Additional Information

Additional information about Camco, including Camco's Annual Information Form, is available on SEDAR at www.sedar.com.

Outstanding Share Data

As at the date of this report, Camco had 20,000,000 common shares outstanding.

Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the corporation's future plans, objectives or goals, including words to the effect that the corporation or management expects a stated condition to exist or occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ from those currently anticipated in such statements by reason of factors such as, but not limited to, changes in general economic and market conditions. Camco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



CONSOLIDATED BALANCE SHEET
Unaudited (In thousands of dollars)

June 25, December 31,
2005 2004
-----------------------
Assets
Current Assets
Cash and cash equivalents $ 31,886 $ 17,200
Accounts receivable - trade 35,746 7,231
Accounts receivable - other 4,011 5,005
Inventories 44,700 52,901
Future income taxes 19,164 19,164
Prepaid expenses and other assets 11,094 8,889
-----------------------
146,601 110,390

Long-term investments 10,621 7,915
Future income taxes 26,725 26,730
Property, plant and equipment 27,793 33,258
Other assets 12,792 12,578
Accrued benefit asset 40,601 37,535
-----------------------
$ 265,133 $ 228,406
-----------------------
-----------------------

Liabilities and Shareholders' Deficiency
Current Liabilities
Operating line of credit $ 30,000 $ 10,000
Current portion of long-term debt 3,003 3,010
Accounts payable and accrued liabilities 111,822 123,224
Due to affiliates, net 44,693 26,671
Income taxes payable 2,975 1,776
-----------------------
192,493 164,681

Accrued benefit liability 1,945 3,493
Long-term debt 6,000 6,750
Other liabilities 21,479 19,973
Post retirement benefits 57,127 56,388
-----------------------
279,044 251,285

Shareholders' Deficiency
Common shares
Authorized - unlimited
Issued and outstanding - 20 million shares 37,442 37,442
Deficit (51,353) (60,321)
-----------------------
(13,911) (22,879)
-----------------------
$ 265,133 $ 228,406
-----------------------
-----------------------


CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited (In thousands of dollars)

Six months Three months
ended ended
---------------------- ---------------------
June 25, June 19, June 25, June 19,
2005 2004 2005 2004
---------- ----------- ----------- ---------
Net sales
of products and
services $ 302,000 $ 289,891 $ 169,706 $ 166,904
---------- ----------- ----------- ---------
Operating costs
Employee compensation,
including benefits 60,530 74,040 32,081 40,918
Material, supplies,
services, and other
costs 237,570 211,046 131,634 121,777
---------- ----------- ----------- ---------
298,100 285,086 163,715 162,695
---------- ----------- ----------- ---------

Income
from operations
before restructuring
costs, closure
costs and write
down costs 3,900 4,805 5,991 4,209
Hamilton
Plant closure
costs (income) (7,605) 12,384 217 6,475
Write down of investments (30) 421 (30) 421
---------- ----------- ----------- ---------
Income (loss)
from operations 11,535 (8,000) 5,804 (2,687)
Interest and other
expenses (689) (576) (300) (260)
---------- ----------- ----------- ---------
Income before income taxes 10,846 (8,576) 5,504 (2,947)

Income taxes (1,878) 2,944 (1,840) 1,001
---------- ----------- ----------- ---------
Net Income/(loss) $ 8,968 $ (5,632) $ 3,664 $ (1,946)
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------

Earnings per share, basic
and diluted $ 0.45 $ (0.28) $ 0.18 $ (0.10)
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------



CONSOLIDATED STATEMENTS OF RETAINED EARNINGS/(Deficit)
Unaudited (In thousands of dollars)

Period Ended
-------------------------------------
June 25, 2005 June 19, 2004
----------------- ------------------
Deficit, beginning of period $ (60,321) $ (49,578)

Net income (loss) 8,968 (5,632)
----------------- ------------------
Deficit, end of period $ (51,353) $ (55,210)
----------------- ------------------
----------------- ------------------


CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited (In thousands of dollars)

Six months Three months
ended ended
---------------------- ---------------------
June 25, June 19, June 25, June 19,
2005 2004 2005 2004
---------- ----------- ----------- ---------

Cash flows from
Operating Activities
Net income (loss) $ 8,968 $ (5,632) $ 3,664 $ (1,946)
Add (deduct) items not
affecting cash
Depreciation and
amortization 2,062 2,988 624 1,576
Post employment
benefits expense 6,435 9,791 3,438 5,176
Taxes 5 16 - 15
Gain on disposal of
land and capital assets (9,918) - - -
Net increase/(decrease)
in working capital
(Note 2) (14,032) 24,882 (605) 8,008
Post employment
benefits funding (10,310) (10,422) (5,928) (6,303)
Other non-current
operating activities 1,291 (5,976) (354) 109
Write down of retail
advances 327 - 4 -
---------- ----------- ----------- ---------
(15,172) 15,647 843 6,635
---------- ----------- ----------- ---------

Capital Investing
Activities
Long term investments (2,706) - (1,642) -
Property, plant &
equipment additions (1,537) (2,109) (783) (245)
Proceeds on disposal of
capital assets 14,858 - 869 -
---------- ----------- ----------- ---------
10,615 (2,109) (1,556) (245)
---------- ----------- ----------- ---------

Financing Activities

Increase/(decrease) in
short term borrowings 19,993 4,998 8,110 (10,753)
Decrease in long term
borrowings (750) (755) (750) -
---------- ----------- ----------- ---------
19,243 4,243 7,360 (10,753)
---------- ----------- ----------- ---------

Increase in cash and
cash equivalents 14,686 17,781 6,647 (4,363)
Cash and cash
equivalents, beginning
of period 17,200 9,301 25,239 31,445
---------- ----------- ----------- ---------
Cash and cash
equivalents, end of
period $ 31,886 $ 27,082 $ 31,886 $ 27,082
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------

Cash and cash
equivalents is
represented by:
Cash $ 10,192 $ 12,105 $ 10,192 $ 12,105
Short-term investments,
at cost which
approximates market:
Commercial Paper 21,694 14,977 21,694 14,977
---------- ----------- ----------- ---------
$ 31,886 $ 27,082 $ 31,886 $ 27,082
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------

Supplemental Cash Flow
Information:
Income and capital
taxes paid $ 100 $ 237 $ 40 $ 170
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------
Interest paid $ 938 $ 623 $ 556 $ 344
---------- ----------- ----------- ---------
---------- ----------- ----------- ---------


NOTES TO INTERIM FINANCIAL STATEMENTS

For the six months ended June 25, 2005 and June 19, 2004

Unaudited (In thousands of dollars)

1. As a result of the Hamilton Plant Closure Costs recorded in 2003 and 2004 (see note 6), the Company has a Shareholders' Deficit as at June 25, 2005. The Company expects significant long-term cost savings as a result of the closure of the Hamilton plant. In addition, the Company reached an agreement with GE Consumer & Industrial (GECI), a division of GE, to extend the dryer supply agreement for the Montreal plant through December 31, 2006 and has also entered into outsourcing arrangements with third parties to supply refrigerators and ranges to the Canadian market. From a financing perspective, the Company has an agreement with its lender whereby an additional $20,000 operating facility is available from January 1, 2005 - September 30, 2005. Although the Company did not have the need to draw upon these funds during the first quarter of 2005, a portion of the facility was utilized in the second quarter of 2005.

2. Changes in working capital includes changes in the following accounts:



Six months Three months
ended ended
---------------------- ---------------------
June 25, June 19, June 25, June 19,
2005 2004 2005 2004
---------- ----------- ----------- ---------
Accounts receivable -
Trade $ (28,842) $ (24,066) $ (31,311) $ (8,948)
Accounts receivable -
Other (excluding
writedown of retail
advances) 994 (4,130) 2,493 (3,978)
Inventories 8,202 (11,012) 7,074 (5,583)
Prepaid and other
assets (2,205) 1,088 (3,149) (226)
Income taxes
payable/recoverable 1,199 (3,119) 1,680 (1,010)
Accounts payable and
accrued liabilities (11,402) 54,602 8,931 29,261
Due to affiliates, net 18,022 11,519 13,677 (1,508)
---------------------- ---------------------
Net change in working
capital $ (14,032) $ 24,882 $ (605) $ 8,008


3. In the second quarter of 2005, the Company retroactively adopted the new CICA Accounting Guideline 15 (AcG-15), "Consolidation of Variable Interest Entities." AcG-15 requires that an enterprise holding other than a voting interest in a variable interest entity ("VIE") could, subject to certain conditions, be required to consolidate the VIE if it is considered its primary beneficiary whereby it would absorb the majority of the VIE's expected losses and/or receive the majority of its expected residual returns. The adoption of the guideline had no impact on the Company's interim Consolidated Financial Statements.

4. The Company has a dryer supply agreement with GECI. Under the agreement, Camco will export to GECI certain models of dryers through to December 31, 2006. Camco currently has an agreement with GECI as part of its existing dryer supply contract, which stipulates that Camco will provide a rebate to GECI on all dryer sales to them in 2005 provided that GECI purchases a minimum quantity. Camco recorded a rebate accrual of $1,763 in the first quarter of 2005 based on first quarter dryer sales, however this amount was subsequently reduced in the second quarter as one component of the pricing agreement that was reached in the second quarter with GECI removed this requirement for the first six months of 2005.

The Company was required to record a rebate accrual of $1,860 in June to reflect the anticipated annual rebate owed to GECI based on dryer sales to be made in the second half of 2005 due to the fact that the dryer contract is an annual agreement (effectively spreading the rebate to be earned in the second half over the entire year). The total pre-tax net impact of the agreement reached with GECI in the first half of 2005 was approximately $4.1 million.

5. Concurrent with the extension in 2003 of the dryer supply contract with GECI, the Company announced two new investment programs in the Montreal facility. Under the first program, announced April 15, 2003, the Company invested $13,900 over a period of 18 months during 2003 and 2004 to expand plant capacity. The Company financed the plant expansion through a $10,000 equipment operating lease with GE Canada.

Under the second program, announced May 17, 2004, the Company is investing $15,200 in the design and production of a new, leading edge dryer platform. The Company is financing this program through a second $10,000 equipment operating lease with GE Canada. The remainder of the financing for both of these projects ($9,100) is being funded through internal sources and with Investissement Quebec (up to $5,000).

6. As a result of the closure of the Hamilton manufacturing and distribution facility, the Company recorded a recovery of costs of $7,605 primarily from the sale of the Hamilton facility. The components of the recorded Hamilton plant closure as at June 25, 2005, December 31, 2004 and December 31, 2003 are as follows:



2005 2004 2003
-------------------------------------
Land sale $ (10,529) $ - $ -
Write down of plant & Equipment 635 - 34,969
Pension plan curtailment expense - 2,933 33,080
Employee severance - 18,692 9,051
Other 2,289 2,442 527
---------------------------------------------------------------------
Total $ (7,605) $ 24,067 $ 77,627
---------------------------------------------------------------------
---------------------------------------------------------------------


Camco concluded the sale to McMaster University of its 36.7 acres of land on Longwood Road South in Hamilton for a cash price of $13,000. The ownership of the property passed in its current condition to McMaster University on January 21, 2005. The related gain on the sale of $10,500 was recorded in the first quarter of 2005. Proceeds from the sale were used to help fund the closure costs of the facility.

The Company reduced the carrying value of the Hamilton plant and equipment to its estimated fair value (net of disposal costs) of $4,124 as at October 2003, resulting in an impairment charge of $34,969 in 2003. This reduced carrying value was depreciated through December 2004 to its estimated fair value (net of disposal costs) as at the closure date. The Company conducted an orderly liquidation and auction of the equipment. The loss on the sale of assets recorded in the first quarter of 2005 was $635.

The Company is in the process of winding up the pension plan for the hourly Hamilton workforce. In 2004, an additional charge of $2,933 was recorded to the pension expense as a result of the improvements in pension and benefits in the closure contract agreement dated January 14, 2004. An actuarially determined pension plan curtailment provision of $33,080 had been recorded as at December 31, 2003. A pension settlement cost will be funded over the next four years and will be recorded upon final settlement of the plan obligations. As at December 31, 2004 this settlement cost was actuarially estimated to be $19,800 (2003 - $11,506). The actual amount of the settlement and the future funding requirements will be dependent upon future interest rates and plan asset returns.

The Company incurred severance costs of $27,743 in 2003 and 2004 to be paid to the Hamilton plant employees as a result of the closure. The majority of the severance payments were made in the first quarter of 2005.

7. Employee Future Benefits: the net benefit expense included in the results for the 12 and 24 week periods ended June 25, 2005 for benefits provided under pension plans was $2,166 and $3,990 (2004 - $4,038 and $7,603), respectively, and for benefits provided under other benefit plans was $1,271 and $2,444 (2004 - $1,138 and $2,188), respectively.

8. Subsequent Event - On July 25, 2005, Controladora Mabe S.A. de C.V. ("Mabe") of Mexico and the Company announced that they had entered into a Support Agreement pursuant to which 6295053 Canada Inc, a wholly owned subsidiary of Mabe, will make an offer to purchase all of the common shares of the Company at a price of $3.52 (Cdn.) per share for an aggregate value of approximately $70.4 million (Cdn.). The offer is expected to be mailed to the Company's shareholders in August. The offer will be subject to conditions customary in transactions of this nature, including at least a minimum of 75.5% of the outstanding shares of Camco being tendered (which is the minimum number of shares that must be tendered to the offer in order for Mabe to be able to effect a subsequent going private transaction under the Canada Business Corporations Act and Rule 61-501 of the Ontario Securities Commission).

9. The interim consolidated financial statements should be read in conjunction with the most recent annual consolidated financial statements. The Company's accounting policies and methods of application are consistent with the annual financial statements ended December 31, 2004.



CORPORATE INFORMATION

Camco Inc.
5420 North Service Rd
Suite 300/P.O. Box 5345
Burlington, Ontario
L7R 5B6

Website: http://www.geappliances.ca

Share Transfer Agent: CIBC Mellon Trust Company

Auditors: Deloitte and Touche LLP

Major Facility Locations: Burlington, Montreal, and Moncton



Contact Information

  • Camco Inc.
    Neil Gartshore
    Vice President - Finance and Chief Financial Officer
    (905) 315-2389