Onex Corporation
TSX : OCX

Onex Corporation

August 13, 2008 16:00 ET

Onex Reports Second Quarter 2008 Results

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2008) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX) today announced its consolidated financial results for the second quarter and six months ended June 30, 2008.

Second-Quarter Results Summary

- Revenues rose 16% to $6.8 billion

- Operating earnings were $512 million, up 57% from the second quarter last year

- A net loss was reported in the quarter of $18 million compared to a 2007 second-quarter net loss of $142 million prior to gains on sales of shares

- There were no sales of operating companies in 2008 to generate gains. The 2007 second-quarter net earnings were $166 million including net gains on sales of shares of Spirit AeroSystems and Skilled Healthcare

- Cash flow from operations was $307 million, up 61% from $191 million for the second quarter of 2007

Six-Months Results Summary

- Revenues grew 14% to $13.0 billion from $11.4 billion in the same period last year

- Operating earnings were up 30% to $873 million

- Net earnings were $27 million compared to a net loss of $141 million for the six months last year prior to gains on sales of shares

- There were no gains in the first six months of 2008. The six-month earnings for 2007 were $315 million, which included the gains on sales of shares of Spirit AeroSystems and Skilled Healthcare, as well as earnings of $120 million from discontinued operations

- Cash flow from operations was $448 million, a significant improvement from $114 million of cash from operations for the first six months of last year

- Assets totalled $27.0 billion at June 30, 2008, up from $26.2 billion at
December 31, 2007

Almost all of Onex' businesses reported growth in revenues and operating earnings in the second quarter over the same quarter last year. As well, growth in the second quarter and first six months of 2008 was driven by the acquisitions of Carestream Health, Tube City IMS and Husky, which were completed in 2007.

"We continued to build our alternative asset management business in the quarter with our fundraising efforts for Onex Partners III. Two closings of third-party capital for that Fund totalling over US$2.4 billion were successfully completed and we believe that we are on track to conclude that fundraising in early 2009," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. " While there were no Onex acquisitions in the second quarter, our focus on certain industries is beginning to surface attractive opportunities. The current credit environment is not detering us from actively seeking those unique opportunities to acquire great businesses."

Onex has been actively repurchasing its shares. From the beginning of the year up to July 31, 2008, Onex has repurchased 2,491,283 Subordinate Voting Shares at a total cost of $76 million ($30.44 per share).

Operating earnings as referred to in this press release are a non-GAAP measure. See Onex' Management's Discussion and Analysis for the definition and the 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 three and six months ended June 30, 2008 and 2007. The complete financial statements, including Onex' Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com and are also available on SEDAR.

Webcast

Onex management will host a conference call to review the Company's Second Quarter 2008 results at 4:30 p.m. today. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.

About Onex

Onex makes private equity investments through the Onex Partners and ONCAP families of funds. Onex also manages alternative asset platforms focused on Real Estate and Credit Securities. Through its Funds, Onex generates annual management fee income from third parties and is also entitled to a carried interest on $6.4 billion of that capital.

In addition, Onex invests its own approximately $4 billion of capital in both direct investments and as a Limited Partner in its Funds. Onex' businesses generate annual revenues of $35 billion, have assets of $39 billion and employ 235,000 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.




Consolidated Balance Sheets

----------------------------------------------------------------------------
(Unaudited)
As at June 30 As at December 31
(in millions of Canadian dollars) 2008 2007
----------------------------------------------------------------------------
Assets
Current assets
Cash and short-term investments $ 2,465 $ 2,462
Marketable securities 818 813
Accounts receivable 3,783 3,463
Inventories 2,908 2,539
Other current assets 1,455 1,461
----------------------------------------------------------------------------
11,429 10,738
Property, plant and equipment 3,590 3,489
Investments 3,326 3,203
Other long-term assets 2,533 2,634
Intangible assets 2,569 2,692
Goodwill 3,564 3,443
----------------------------------------------------------------------------
$ 27,011 $ 26,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 4,248 $ 4,033
Other current liabilities 1,018 864
Current portion of long-term debt and
capital leases, without recourse to Onex 203 321
Current portion of warranty reserves and
unearned premiums 1,565 1,544
----------------------------------------------------------------------------
7,034 6,762
Long-term debt and capital leases of
operating companies, without recourse
to Onex 6,339 6,185
Long-term portion of warranty reserves
and unearned premiums 2,349 2,364
Other long-term liabilities 1,772 1,663
Future income taxes 1,293 1,373
----------------------------------------------------------------------------
18,787 18,347
Non-controlling interests 6,545 6,149
Shareholders' equity 1,679 1,703
----------------------------------------------------------------------------
$ 27,011 $ 26,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Consolidated Statements of Earnings

----------------------------------------------------------------------------
(Unaudited) Three months Six months
(in millions of Canadian ended June 30 ended June 30
dollars, except per share -----------------------------------------
data) 2008 2007 2008 2007
----------------------------------------------------------------------------
Revenues $ 6,815 $ 5,870 $ 13,041 $ 11,401
Cost of sales (5,501) (4,832) (10,549) (9,454)
Selling, general and
administrative expenses (671) (612) (1,359) (1,087)
----------------------------------------------------------------------------
Earnings Before the
Undernoted Items 643 426 1,133 860
Amortization of property,
plant and equipment (151) (130) (300) (255)
Amortization of intangible
assets and deferred charges (86) (63) (186) (90)
Interest expense of
operating companies (122) (141) (253) (257)
Interest income 20 30 40 65
Earnings (loss) from
equity-accounted investments 17 (31) (11) (23)
Foreign exchange gains (loss) (13) (74) 33 (82)
Stock-based compensation
income (expense) (18) (84) 32 (140)
Other income 20 2 16 5
Gains on sales of operating
investments, net - 1,137 - 1,143
Acquisition, restructuring and
other expenses (65) (20) (113) (41)
Writedown of goodwill and
long-lived assets (3) (2) (3) (2)
----------------------------------------------------------------------------
Earnings before income taxes,
non-controlling interests
and discontinued operations 242 1,050 388 1,183
Provision for income taxes (98) (61) (147) (103)
Non-controlling interests (162) (827) (219) (885)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (18) 162 22 195
Earnings from
discontinued operations - 4 5 120
----------------------------------------------------------------------------
Net Earnings (Loss) for the
Period $ (18) $ 166 $ 27 $ 315
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per
Subordinate Voting Share
Basic and Diluted:
Continuing operations $ (0.14) $ 1.26 $ 0.18 $ 1.51
Discontinued operations $ - $ 0.03 $ 0.04 $ 0.93
Net earnings (loss) $ (0.14) $ 1.29 $ 0.22 $ 2.44
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Consolidated Statements of Cash Flows

----------------------------------------------------------------------------
Three months Six months
(Unaudited) ended June 30 ended June 30
(in millions of Canadian -----------------------------------------
dollars) 2008 2007 2008 2007
----------------------------------------------------------------------------
Operating Activities
Net earnings (loss) for the
period $ (18) $ 166 $ 27 $ 315
Earnings from discontinued
operations - (4) (5) (120)
Items not affecting cash:
Amortization of property,
plant and equipment 151 130 300 255
Amortization of intangible
assets and deferred charges 86 63 186 90
Amortization of deferred
warranty costs (7) (43) (22) (108)
Writedown of goodwill and
long-lived assets 3 2 3 2
Non-cash component of
restructuring 1 (5) 1 (5)
Non-controlling interests 162 827 219 885
Future income taxes 19 16 (22) 23
Stock-based compensation
expense (income) 18 84 (32) 140
Loss (earnings) from
equity-accounted investments (17) 31 11 23
Foreign exchange loss (gains) 7 66 (15) 77
Gains on sales of operating
investments, net - (1,137) - (1,143)
Other (10) 11 19 23
----------------------------------------------------------------------------
395 207 670 457
Changes in non-cash working
capital items:
Accounts receivable (158) (357) (233) (376)
Inventories (159) 143 (301) 250
Other current assets 37 54 52 181
Accounts payable, accrued
liabilities and other
current liabilities 189 409 204 (253)
----------------------------------------------------------------------------
Increase (decrease) in cash
due to changes in working
capital items (91) 249 (278) (198)
Increase (decrease) in
warranty reserves and
premiums and other liabilities 3 (265) 56 (145)
----------------------------------------------------------------------------
307 191 448 114
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 272 167 503 1,347
Repayment of long-term debt (447) (256) (597) (914)
Cash dividends paid (3) (3) (7) (7)
Repurchase of share capital - - (53) -
Issuance of share capital by
operating companies 35 515 83 1,036
Distributions by operating
companies (2) (869) (57) (883)
Increase (decrease) due to
other financing activities (3) 22 (1) 1
----------------------------------------------------------------------------
(148) (424) (129) 580
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating
investments, net of cash in
acquired companies of $2 (2007
- $150) (54) (587) (74) (1,223)
Purchase of property, plant
and equipment (168) (156) (314) (335)
Proceeds from sales of
operating investments - 1,309 - 1,309
Increase (decrease) due to
other investing activities 79 (21) 3 (704)
Cash from discontinued
operations -- 5 5 201
----------------------------------------------------------------------------
(143) 550 (380) (752)
----------------------------------------------------------------------------
Increase (Decrease) in Cash
for the Period 16 317 (61) (58)
Increase (decrease) in cash
due to changes in foreign
exchange rates (14) (173) 64 (191)
Cash, beginning of the period
- continuing operations 2,463 2,562 2,462 2,944
Cash, beginning of the period
- discontinued operations - - - 11
----------------------------------------------------------------------------
Cash, End of the Period 2,465 2,706 2,465 2,706
Short-term investments - - - -
----------------------------------------------------------------------------
Cash and Short-term
Investments Held by Continuing
Operations $ 2,465 $ 2,706 $ 2,465 $ 2,706
----------------------------------------------------------------------------
----------------------------------------------------------------------------



INFORMATION BY INDUSTRY SEGMENT FOR THREE MONTHS ENDED JUNE 30, 2008

(Unaudited)
(in millions of
Canadian dollars) Electronics
Three months ended Manufacturing Financial
June 30, 2008 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 1,897 $ 1,073 $ 1,458 $ 334
Cost of sales (1,748) (858) (1,073) (158)
Selling, general and
administrative expenses (66) (44) (172) (118)
----------------------------------------------------------------------------
Earnings before the
undernoted items 83 171 213 58
Amortization of property,
plant and equipment (23) (26) (48) (3)
Amortization of
intangible assets
and deferred charges (4) (2) (55) (4)
Interest expense of
operating companies (12) (10) (57) (2)
Interest income 2 5 3 -
Earnings from equity-
accounted investments - - 4 -
Foreign exchange
gains (loss) 2 (1) (6) -
Stock-based
compensation expense (8) (4) (1) -
Other income (expense) - 1 - (1)
Acquisition, restructuring
and other expenses (4) - (23) (2)
Writedown of goodwill and
long-lived assets - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling
interests and
discontinued operations 36 134 30 46
Recovery of (provision for)
income taxes 4 (47) (32) (14)
Non-controlling interests (35) (82) (4) (22)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 5 5 (6) 10
Earnings from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ 5 $ 5 $ (6) $ 10
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of
Canadian dollars) Customer
Three months Support Metal Consolidated
ended June 30, 2008 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 451 $ 1,015 $ 587 $ 6,815
Cost of sales (294) (965) (405) (5,501)
Selling, general and
administrative expenses (124) (16) (131) (671)
----------------------------------------------------------------------------
Earnings before the
undernoted items 33 34 51 643
Amortization of property,
plant and equipment (14) (16) (21) (151)
Amortization of
intangible assets
and deferred charges (5) (3) (13) (86)
Interest expense of
operating companies (16) (10) (15) (122)
Interest income - - 10 20
Earnings from equity-
accounted investments - - 13 17
Foreign exchange
gains (loss) (1) - (7) (13)
Stock-based
compensation expense - - (5) (18)
Other income (expense) 1 - 19 20
Acquisition, restructuring
and other expenses (29) - (7) (65)
Writedown of goodwill and
long-lived assets (3) - - (3)
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling
interests and
discontinued operations (34) 5 25 242
Recovery of (provision for)
income taxes (5) (2) (2) (98)
Non-controlling interests - (2) (17) (162)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (39) 1 6 (18)
Earnings from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ (39) $ 1 $ 6 $ (18)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(a) Includes Cineplex Entertainment, CEI, Hawker Beechcraft, Allison
Transmission, Husky, Radian, ONCAP, Onex Real Estate, Onex Credit
Partners and the parent company.



INFORMATION BY INDUSTRY SEGMENT FOR THE THREE MONTHS ENDED JUNE 30, 2007

(Unaudited)
(in millions of
Canadian dollars) Electronics
Three months ended Manufacturing Financial
June 30, 2007 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 2,116 $ 1,055 $ 1,215 $ 364
Cost of sales (1,995) (847) (982) (169)
Selling, general and
administrative expenses (65) (47) (144) (131)
----------------------------------------------------------------------------
Earnings (loss) before
the undernoted items 56 161 89 64
Amortization of property,
plant and equipment (27) (22) (42) (3)
Amortization of intangible
assets and deferred charges (6) (1) (43) (5)
Interest expense of
operating companies (19) (11) (72) (3)
Interest income 2 8 1 -
Earnings (loss) from
equity-accounted investments - - 3 -
Foreign exchange loss (1) - (3) -
Stock-based
compensation expense (3) (16) - (2)
Other income (expense) - 2 (1) -
Gains on sales of
operating investments, net - - - -
Acquisition, restructuring
and other expenses (3) (4) (4) -
Writedown of goodwill and
long-lived assets - - (2) -
Earnings (loss) before income
taxes, non-controlling
interests, and
discontinued operations (1) 117 (74) 51
Recovery of (provision for)
income taxes 26 (39) 25 (18)
Non-controlling interests (22) (70) 14 (23)
Earnings (loss) from
continuing operations 3 8 (35) 10
Earnings from
discontinued operations - - - -
Net earnings (loss) $ 3 $ 8 $ (35) $ 10


(Unaudited) Customer
(in millions of Canadian dollars) Support Metal Consolidated
Three months ended June 30, 2007 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 497 $ 462 $ 161 $ 5,870
Cost of sales (324) (422) (93) (4,832)
Selling, general and
administrative expenses (141) (15) (69) (612)
----------------------------------------------------------------------------
Earnings (loss) before
the undernoted items 32 25 (1) 426
Amortization of property,
plant and equipment (17) (14) (5) (130)
Amortization of intangible
assets and deferred charges (2) (3) (3) (63)
Interest expense of
operating companies (17) (11) (8) (141)
Interest income 1 - 18 30
Earnings (loss) from
equity-accounted investments - - (34) (31)
Foreign exchange loss (1) - (69) (74)
Stock-based
compensation expense - - (63) (84)
Other income (expense) 1 - - 2
Gains on sales of
operating investments, net - - 1,137 1,137
Acquisition, restructuring
and other expenses (2) - (7) (20)
Writedown of goodwill and
long-lived assets - - - (2)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and
discontinued operations (5) (3) 965 1,050
Recovery of (provision for)
income taxes (4) 1 (52) (61)
Non-controlling interests (1) 1 (726) (827)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (10) (1) 187 162
Earnings from
discontinued operations - - 4 4
----------------------------------------------------------------------------
Net earnings (loss) $ (10) $ (1) $ 191 $ 166
----------------------------------------------------------------------------

(a) Includes Cineplex Entertainment, CEI, Hawker Beechcraft, Radian, ONCAP,
Onex Real Estate, and parent company.



INFORMATION BY INDUSTRY SEGMENT FOR THE SIX MONTHS ENDED JUNE 30, 2008

(Unaudited)
(in millions of
Canadian dollars) Electronics
Six months ended Manufacturing Financial
June 30, 2007 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 3,740 $ 2,114 $ 2,811 $ 664
Cost of sales (3,455) (1,694) (2,075) (316)
Selling, general and
administrative expenses (132) (88) (357) (239)
----------------------------------------------------------------------------
Earnings before the
undernoted items 153 332 379 109
Amortization of property,
plant and equipment (45) (51) (94) (6)
Amortization of intangible
assets and deferred charges (8) (3) (109) (9)
Interest expense of
operating companies (28) (19) (115) (5)
Interest income 9 11 4 -
Earnings (loss) from
equity-accounted
investments - - 8 -
Foreign exchange
gains (loss) 8 (1) 8 -
Stock-based compensation
income (expense) (13) (8) (2) -
Other income (expense) - 2 - (2)
Acquisition, restructuring
and other expenses (7) - (53) (4)
Writedown of goodwill
and long-lived assets - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling interests
and discontinued operations $ 69 $ 263 $ 26 $ 83
Recovery of (provision for)
income taxes 1 (92) (48) (27)
Non-controlling interests (61) (160) 3 (39)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 9 11 (19) 17
Earnings from
discontinued operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ 9 $ 11 $ (19) $ 17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $ 4,582 $ 3,769 $ 5,807 $ 5,615
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $ 774 $ 586 $ 2,868 $ 199
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of
Canadian dollars) Customer
Six months ended Support Metal Consolidated
June 30, 2008 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 929 $ 1,629 $ 1,154 $ 13,041
Cost of sales (606) (1,538) (865) (10,549)
Selling, general and
administrative expenses (260) (29) (254) (1,359)
----------------------------------------------------------------------------
Earnings before the
undernoted items 63 62 35 1,133
Amortization of property,
plant and equipment (27) (31) (46) (300)
Amortization of intangible
assets and deferred charges (9) (6) (42) (186)
Interest expense of
operating companies (30) (20) (36) (253)
Interest income 1 - 15 40
Earnings (loss) from equity-
accounted investments - - (19) (11)
Foreign exchange gains (loss) 4 - 14 33
Stock-based compensation income
(expense) - - 55 32
Other income (expense) 1 - 15 16
Acquisition, restructuring and
other expenses (34) - (15) (113)
Writedown of goodwill and
long-lived assets (3) - - (3)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling interests
and discontinued operations $ (34) $ 5 $ (24) 388
Recovery of (provision for)
income taxes (10) (2) 31 (147)
Non-controlling interests (1) (2) 41 (219)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (45) 1 48 22
Earnings from
discontinued operations - - 5 5
----------------------------------------------------------------------------
Net earnings (loss) $ (45) $ 1 $ 53 $ 27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $ 966 $ 1,161 $ 5,111 $ 27,011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $ 680 $ 386 $ 997 $ 6,490
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(a) Includes Cineplex Entertainment, CEI, Hawker Beechcraft, Allison
Transmission, Husky, Radian, ONCAP, Onex Real Estate, Onex Credit
Partners and the parent company.
(b) Long-term debt includes current portion, excludes capital leases
and is net of capitalized charges.



INFORMATION BY INDUSTRY SEGMENT FOR THE SIX MONTHS ENDED JUNE 30, 2007

(Unaudited)
(in millions of
Canadian dollars) Electronics
Six months ended Manufacturing Financial
June 30, 2007 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 4,274 $ 2,173 $ 2,029 $ 720
Cost of sales (4,036) (1,757) (1,652) (342)
Selling, general and
administrative expenses (146) (94) (185) (250)
----------------------------------------------------------------------------
Earnings before the
undernoted items 92 322 192 128
Amortization of property,
plant and equipment (56) (42) (67) (5)
Amortization of intangible
assets and deferred charges (13) (3) (49) (9)
Interest expense of operating
companies (41) (21) (101) (7)
Interest income 4 17 3 -
Earnings (loss) from
equity-accounted investments - - 6 -
Foreign exchange gains (loss) 1 - (3) -
Stock-based
compensation expense (7) (23) (1) (2)
Other income (loss) - 4 (1) -
Gains on sales of operating
investments, net - - - -
Acquisition, restructuring
and other expenses (12) (10) (7) -
Writedown of goodwill
and long-lived assets - - (2) -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes, non-controlling
interests, and discontinued
operations (32) 244 (30) 105
Recovery of (provision for)
income taxes 16 (81) 9 (37)
Non-controlling interests 13 (144) (6) (47)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (3) 19 (27) 21
Earnings from
discontinued operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ (3) $ 19 $ (27) $ 21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets at
December 31, 2007 $ 4,419 $ 3,272 $ 5,745 $ 5,536
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt at
December 31, 2007(b) $ 752 $ 567 $ 2,835 $ 194
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of
Canadian dollars) Customer
Six months ended Support Metal Consolidated
June 30, 2007 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 938 $ 783 $ 484 $ 11,401
Cost of sales (608) (714) (345) (9,454)
Selling, general and
administrative expenses (258) (24) (130) (1,087)
----------------------------------------------------------------------------
Earnings before the
undernoted items 72 45 9 860
Amortization of property,
plant and equipment (31) (26) (28) (255)
Amortization of intangible
assets and deferred charges (3) (5) (8) (90)
Interest expense of
operating companies (35) (21) (31) (257)
Interest income 1 - 40 65
Earnings (loss) from equity-
accounted investments - - (29) (23)
Foreign exchange gains (loss) (1) - (79) (82)
Stock-based
compensation expense (2) - (105) (140)
Other income (loss) 2 - - 5
Gains on sales of operating
investments, net - - 1,143 1,143
Acquisition, restructuring
and other expenses (3) - (9) (41)
Writedown of goodwill and
long-lived assets - - - (2)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and
discontinued operations - (7) 903 1,183
Recovery of (provision for)
income taxes (10) 2 (2) (103)
Non-controlling interests (3) 3 (701) (885)
----------------------------------------------------------------------------
Earnings (loss) from continuing
operations (13) (2) 200 195
Earnings from discontinued
operations - - 120 120
----------------------------------------------------------------------------
Net earnings (loss) $ (13) $ (2) $ 320 $ 315
----------------------------------------------------------------------------
Total assets at December 31, 2007 $ 1,039 $ 881 $ 5,307 $ 26,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt at
December 31, 2007(b) $ 688 $ 380 $ 960 $ 6,376
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(a) Includes Cineplex Entertainment, CEI, Hawker Beechcraft, Radian, ONCAP,
Onex Real Estate, and parent company.
(b) Long-term debt includes current portion, excludes capital leases and
is net of capitalized charges.




Contact Information

  • Onex Corporation
    Donald W. Lewtas
    (416) 362-7711