Onex Corporation
TSX : OCX

Onex Corporation

August 09, 2007 16:00 ET

Onex Reports Strong Second Quarter

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2007) -

All amounts in Canadian dollars unless otherwise stated

There were a number of significant achievements made by Onex (TSX:OCX) during the second quarter of 2007. Deployment of capital in the acquisition of attractive businesses has been excellent. There were also meaningful realizations through the sales of shares in certain of our businesses.

- Onex added industry leading global businesses with the $2.6 billion purchase of the healthcare division of Kodak, now named Carestream Health and the recently completed $5.9 billion purchase of Allison Transmission.

- Onex' mid-cap Fund, ONCAP, added two businesses deploying $103 million in capital.

- There were sales of shares for a portion of our interest in Spirit AeroSystems and Skilled Healthcare that totalled $1.5 billion in size.

- Onex' consolidated financial results for the quarter ended June 30, 2007 were strong indicating the growth Onex has achieved.

Gerald W. Schwartz, President and Chief Executive Officer of Onex Corporation said, "We have completed another two significant acquisitions with the April purchase of Carestream Health and most recently Allison Transmission. Each of these businesses is a leader in its industry, has a great management team and we are delighted to be partnering with them to further build these businesses. We have deployed close to $1.2 billion of capital in these transactions through Onex Partners II and that Fund is now nearly 60% invested."

"Our long track record of success as a private equity investor has enabled Onex to attract $5 billion of third-party capital to invest along with Onex. We believe that Onex can continue to generate strong value growth in its private equity activities and, combined with the benefits from the third-party capital, build significant value for our shareholders," said Mr. Schwartz.

During the second quarter, Onex completed two sales of shares that demonstrated the value growth in our businesses and the benefit from the third-party capital.

Spirit AeroSystems (NYSE:SPR) completed a $1.2 billion secondary offering of shares in May 2007 in which Onex Partners and Onex sold a portion of their shares. Onex realized $361 million of proceeds from the sale, including $42 million for Onex' share of the profits on the third-party capital. This brings the total value Onex has received to date on Spirit AeroSystems as well as the value of our continuing ownership in the business to over $1 billion, 8 times our investment.

Skilled Healthcare (NYSE:SKH) completed an initial public offering in May for gross proceeds of approximately $325 million. Onex Partners and Onex sold a portion of their shares in the offering. Onex received $43 million of proceeds on the sale of its shares, including $4 million as its portion of the profits on the third-party capital. The amount received to date, plus the value of Onex' continuing ownership in Skilled Healthcare is $100 million compared with Onex' investment of $57 million.

Mr. Schwartz added, "Despite recent challenges in the credit markets, we are very optimistic about our continuing ability to find, acquire, finance and build good businesses for the benefit of our shareholders and our partners. We are also confident that Onex will continue to record gains from the carried interest on third-party capital."

Onex Corporation's consolidated financial results for the second quarter and six months ended June 30, 2007 were as follows:

Second-quarter results:

- Revenues were up 27%, or $1.3 billion, to $5.9 billion from $4.6 billion in the second quarter of 2006.

- Net earnings were $166 million ($1.29 per share) compared to net earnings of
$48 million ($0.36 per share) in the second quarter of 2006.

First half results:

- Revenues grew 29% to $11.4 billion from $8.8 billion for the first six months of last year.

- Net earnings were $315 million ($2.44 per share) compared to $727 million ($5.36 per share) for the first six months of 2006.

- As at June 30, 2007, assets totalled $25.4 billion, up 12% from $22.6 billion at December 31, 2006. Shareholders' equity was $2.1 billion at June 30, 2007.

The growth in revenues was driven by the acquisitions completed since June of 2006. These include The Warranty Group, Tube City IMS and Carestream Health. The investment in Hawker Beechcraft made in March 2007, which is on an equity accounting basis, added to the growth in assets.

Attached are the Consolidated Balance Sheets, Statements of Earnings and Comprehensive Earnings, Statements of Cash Flows and information by industry segment for the three and six months ended June 30, 2007 and 2006. The complete financial statements, including Onex' Management's Discussion and Analysis of the results are posted on Onex' website, www.onex.com under the Investor Information section and are also available on SEDAR.

Onex makes private equity investments through the Onex Partners and ONCAP family of funds. Through these funds, which have third-party capital as well as Onex' capital, Onex generates annual management fee income from third-party capital and is currently entitled to a carried interest on $4.7 billion of that capital. Onex also has a real estate fund and a public market fund.

Onex' operating companies generate annual revenues of $33 billion, have assets of $37 billion and employ 227,000 people worldwide. These companies are in a variety of industries, including electronics manufacturing services, aerostructures manufacturing, healthcare, financial services, aircraft & aftermarket, automotive, metal services, customer support services, theatre exhibition and personal care products.

Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.

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.

At 4:30 p.m. today, Onex will webcast a live conference call to review the Company's Second Quarter 2007 Results in listen-only mode on its website, www.onex.com.

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.



Consolidated Balance Sheets


---------------------------------------------------------------------------
(Unaudited) As at
As at June 30 December 31
(in millions of dollars) 2007 2006
---------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,706 $ 2,944
Marketable securities 936 1,129
Accounts receivable 3,572 2,586
Inventories 2,319 2,345
Other current assets 1,559 1,694
Current assets held by discontinued
operations - 139
---------------------------------------------------------------------------
11,092 10,837
Property, plant and equipment 3,004 2,899
Investments 2,486 1,822
Other long-term assets 2,808 2,894
Intangible assets 2,257 1,036
Goodwill 3,729 2,696
Long-lived assets held by discontinued
operations - 394
---------------------------------------------------------------------------
$ 25,376 $ 22,578
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 4,301 $ 4,066
Current portion of long-term debt, without
recourse to Onex 164 43
Current portion of obligations under
capital leases, without recourse to Onex 36 35
Current portion of warranty reserves and
unearned premiums 1,813 2,246
Current liabilities held by discontinued
operations - 96
---------------------------------------------------------------------------
6,314 6,486
Long-term debt of operating companies,
without recourse to Onex 6,236 3,798
Obligations under capital leases of
operating companies, without recourse
to Onex 36 70
Long-term portion of warranty reserves and
unearned premiums 2,555 2,623
Other liabilities 1,625 1,818
Future income taxes 1,056 1,050
Long-term liabilities held by discontinued
operations - 324
---------------------------------------------------------------------------
17,822 16,169
Non-controlling interests 5,503 4,594
Shareholders' equity 2,051 1,815
---------------------------------------------------------------------------
$ 25,376 $ 22,578
---------------------------------------------------------------------------
---------------------------------------------------------------------------



Consolidated Statements of Earnings
and Comprehensive Earnings


---------------------------------------------------------------------------
Three months ended Six months ended
(Unaudited) -------------------------------------------
(in millions of dollars, except June 30 June 30
per share data) 2007 2006 2007 2006
---------------------------------------------------------------------------
Revenues $ 5,873 $ 4,624 $ 11,404 $ 8,818
Cost of sales (4,856) (4,063) (9,483) (7,673)
Selling, general and
administrative expenses (553) (242) (982) (502)
---------------------------------------------------------------------------
Earnings Before the Undernoted
Items $ 464 $ 319 $ 939 $ 643
Amortization of property, plant
and equipment (130) (83) (255) (171)
Amortization of intangible
assets and deferred charges (101) (16) (169) (35)
Interest expense of operating
companies (141) (82) (257) (161)
Interest income 30 28 65 55
Equity-accounted investments (8) 3 (2) 6
Foreign exchange loss (74) (35) (82) (31)
Stock-based compensation (84) (15) (140) (56)
Other income 2 5 5 12
Gains on sales of operating
investments, net 1,137 48 1,143 49
Acquisition, restructuring and
other expenses (20) (69) (41) (104)
Writedown of goodwill and
intangible assets (2) - (2) (5)
---------------------------------------------------------------------------
Earnings before income taxes,
non-controlling interests and
discontinued operations 1,073 103 1,204 202
Provision for income taxes (61) (17) (103) (48)
Non-controlling interests (850) (39) (906) (74)
---------------------------------------------------------------------------
Earnings from continuing
operations 162 47 195 80
Earnings from discontinued
operations 4 1 120 647
---------------------------------------------------------------------------
Net Earnings for the Period $ 166 $ 48 $ 315 $ 727
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Other comprehensive earnings
(loss), net of taxes
Currency translation adjustments (83) (27) (86) (155)
Change in fair value of
derivatives designated as hedges 15 - 15 -
Other (2) - (2) -
---------------------------------------------------------------------------
Comprehensive Earnings $ 96 $ 21 $ 242 $ 572
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net Earnings per Subordinate
Voting Share
Basic and Diluted
Continuing operations $ 1.26 $ 0.35 $ 1.51 $ 0.59
Discontinued operations $ 0.03 $ 0.01 $ 0.93 $ 4.77
Net earnings $ 1.29 $ 0.36 $ 2.44 $ 5.36
---------------------------------------------------------------------------
---------------------------------------------------------------------------

The June 30, 2006 unaudited interim consolidated statement of earnings has
been restated for discontinued operations.



Consolidated Statements of Cash Flows

--------------------------------------------------------------------------
Three months ended Six months ended
--------------------------------------------------------------------------
(Unaudited) June 30 June 30
(in millions of dollars) 2007 2006 2007 2006
--------------------------------------------------------------------------
Operating Activities
Net earnings for the period $ 166 $ 48 $ 315 $ 727
Earnings from discontinued
operations (4) (1) (120) (647)
Items not affecting cash:
Amortization of property, plant
and equipment 130 83 255 171
Amortization of intangible
assets and deferred charges 101 16 169 35
Writedown of goodwill and
intangible assets 2 - 2 5
Non-cash component of
restructuring (5) 37 (5) 37
Non-controlling interests 850 39 906 74
Future income taxes 16 30 23 27
Stock-based compensation 84 15 140 56
Foreign exchange loss 63 29 69 24
Gains on sales of operating
investments, net (1,137) (48) (1,143) (49)
Other 22 (23) 33 14
--------------------------------------------------------------------------
288 225 644 474

Changes in non-cash working
capital items:
Accounts receivable (357) (150) (376) (223)
Inventories 143 (95) 250 (227)
Other current assets 15 11 91 2
Accounts payable and accrued
liabilities 409 250 (253) 200
--------------------------------------------------------------------------
Increase (decrease) in cash due
to changes in working capital
items 210 16 (288) (248)
Increase (decrease) in warranty
reserves and unearned premiums
and other liabilities (265) 135 (145) 215
Cash from (used in) discontinued
operations - (1) - 3
--------------------------------------------------------------------------
233 375 211 444
--------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 167 95 1,347 207
Repayment of long-term debt (256) (119) (914) (216)
Cash dividends paid (3) (4) (7) (8)
Repurchase of share capital - (97) - (139)
Issuance of share capital by
operating companies 515 46 1,036 66
Distributions by operating
companies (869) (20) (883) (24)
Increase due to other financing
activities 22 13 1 8
Cash used in discontinued
operations - (12) - (2)
--------------------------------------------------------------------------
(424) (98) 580 (108)
--------------------------------------------------------------------------
Investing Activities
Acquisition of operating
investments, net of cash in
acquired companies of $150 (2006
- $10) (587) (173) (1,223) (248)
Purchase of property, plant and
equipment (156) (228) (335) (446)
Proceeds from sales of operating
investments 1,309 38 1,309 39
Decrease due to other investing
activities (63) (144) (801) (275)
Cash from (used in) discontinued
operations 5 6 201 (71)
--------------------------------------------------------------------------
508 (501) (849) (1,001)
--------------------------------------------------------------------------
Increase (Decrease) in Cash for
the Period 317 (224) (58) (665)
Decrease in cash due to changes
in foreign exchange rates (173) (87) (191) (77)
Cash, beginning of the period -
continuing operations 2,562 2,673 2,944 3,089
Cash, beginning of the period -
discontinued operations - 11 11 26
--------------------------------------------------------------------------
Cash, End of the Period 2,706 2,373 2,706 2,373
Cash held by discontinued
operations - (12) - (12)
--------------------------------------------------------------------------
Cash and Cash Equivalents Held by
Continuing
Operations $ 2,706 $ 2,361 $ 2,706 $ 2,361
--------------------------------------------------------------------------
--------------------------------------------------------------------------

The June 30, 2006 unaudited interim consolidated statement of cash flows
has been restated for discontinued operations.



INFORMATION BY INDUSTRY SEGMENT


(Unaudited)
(in millions of
dollars) Electronics
Three months ended Manufacturing Financial
June 30, 2007 Services Aerostructures Healthcare Services
---------------------------------------------------------------------------
Revenues $ 2,116 $ 1,055 $ 1,215 $ 367
Cost of sales (1,995) (847) (982) (193)
Selling, general and
administrative
expenses (65) (47) (144) (72)
---------------------------------------------------------------------------
Earnings (loss)
before the undernoted
items 56 161 89 102
Amortization of
property, plant and
equipment (27) (22) (42) (3)
Amortization of
intangible assets and
deferred charges (6) (1) (43) (43)
Interest expense of
operating companies (19) (11) (72) (3)
Interest income 2 8 1 -
Equity-accounted
investments - - 1 -
Foreign exchange loss (1) - (3) -
Stock-based
compensation (3) (16) - (2)
Other income (loss) - 2 (1) -
Gains on sales of
operating
investments, net - - - -
Acquisition,
restructuring and
other expenses (3) (4) (4) -
Writedown of goodwill - - (2) -
---------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling
interests, and
discontinued operations $ (1) $ 117 $ (76) $ 51
---------------------------------------------------------------------------
Provision for income
taxes
Non-controlling
interests
Earnings from
continuing operations
Earnings from
discontinued
operations
Net earnings
---------------------------------------------------------------------------
---------------------------------------------------------------------------



(Unaudited)
(in millions of
dollars) Customer
Three months ended Support Metal Consolidated
June 30, 2007 Services Services Other(a) Total
-------------------------------------------------------------------------
Revenues $ 497 $ 462 $ 161 $ 5,873
Cost of sales (324) (422) (93) (4,856)
Selling, general and
administrative expenses (141) (15) (69) (553)
-------------------------------------------------------------------------
Earnings (loss) before
the undernoted items 32 25 (1) 464
Amortization of
property, plant and
equipment (17) (14) (5) (130)
Amortization of
intangible assets and
deferred charges (2) (3) (3) (101)
Interest expense of
operating companies (17) (11) (8) (141)
Interest income 1 - 18 30
Equity-accounted
investments - - (9) (8)
Foreign exchange loss (1) - (69) (74)
Stock-based compensation - - (63) (84)
Other income (loss) 1 - - 2
Gains on sales of
operating investments,
net - - 1,137 1,137
Acquisition,
restructuring and
other expenses (2) - (7) (20)
Writedown of goodwill - - - (2)
-------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling interests,
and discontinued
operations $ (5) $ (3) $ 990 1,073
-------------------------------------------------------------------------
Provision for income
taxes (61)
Non-controlling
interests (850)
------------
Earnings from
continuing operations 162
Earnings from
discontinued
operations 4
------------
Net earnings $ 166
-------------------------------------------------------------------------
-------------------------------------------------------------------------

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



INFORMATION BY INDUSTRY SEGMENT


(Unaudited) Electronics
(in millions of dollars) Manufacturing
Three months ended June 30, Services Aerostructures Healthcare
2006
---------------------------------------------------------------------------
Revenues $ 2,489 $ 965 $ 716
Cost of sales (2,327) (804) (595)
Selling, general and
administrative expenses (80) (32) (36)
---------------------------------------------------------------------------
Earnings before the undernoted
items 82 129 85
Amortization of property, plant
and equipment (28) (4) (23)
Amortization of intangible
assets
and deferred charges (8) 1 (6)
Interest expense of operating
companies (19) (14) (29)
Interest income 2 7 2
Equity-accounted investments - - -
Foreign exchange gains (loss) 5 - -
Stock-based compensation (6) (2) -
Other income - 3 1
Gains on sales of operating
investments, net - - -
Acquisition, restructuring and
other expenses (60) (8) (1)
---------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests,
and discontinued operations $ (32) $ 112 $ 29
---------------------------------------------------------------------------
Provision for income taxes
Non-controlling interests
Earnings from continuing
operations
Earnings from discontinued
operations
Net earnings
---------------------------------------------------------------------------



(Unaudited) Customer
(in millions of dollars) Support Consolidated
Three months ended June 30, Services Other(a) Total
2006
-------------------------------------------------------------------------
Revenues $ 173 $ 281 $ 4,624
Cost of sales (108) (229) (4,063)
Selling, general and
administrative
expenses (50) (44) (242)
-------------------------------------------------------------------------
Earnings before the undernoted
items 15 8 319
Amortization of property, plant
and equipment (8) (20) (83)
Amortization of intangible
assets and deferred charges - (3) (16)
Interest expense of operating
companies (7) (13) (82)
Interest income 1 16 28
Equity-accounted investments - 3 3
Foreign exchange gains (loss) - (40) (35)
Stock-based compensation - (7) (15)
Other income 1 - 5
Gains on sales of operating
investments, net - 48 48
Acquisition, restructuring and
other expenses - - (69)
-------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and discontinued
operations $ 2 $ (8) 103
----------------------------------------------------------
Provision for income taxes (17)
Non-controlling interests (39)
---------------
Earnings from continuing
operations 47
Earnings from discontinued
operations 1
---------------
Net earnings $ 48
-------------------------------------------------------------------------
-------------------------------------------------------------------------

(a) Includes Cineplex Entertainment, Cosmetic Essence, Radian, Onex Real
Estate, ONCAP and parent company.



INFORMATION BY INDUSTRY SEGMENT


(Unaudited)
(in millions of
dollars) Electronics
Six months ended Manufacturing Financial
June 30, 2007 Services Aerostructures Healthcare Services
---------------------------------------------------------------------------
Revenues $ 4,274 $ 2,173 $ 2,029 $ 723
Cost of sales (4,036) (1,757) (1,652) (371)
Selling, general and
administrative
expenses (146) (94) (185) (145)
---------------------------------------------------------------------------
Earnings before the
undernoted items 92 322 192 207
Amortization of
property, plant
and equipment (56) (42) (67) (5)
Amortization of
intangible assets
and deferred charges (13) (3) (49) (88)
Interest expense of
operating companies (41) (21) (101) (7)
Interest income 4 17 3 -
Equity-accounted
investments - - 2 -
Foreign exchange
gain (loss) 1 - (3) -
Stock-based
compensation (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
intangibles - - (2) -
---------------------------------------------------------------------------
Earnings (loss)
before income
taxes,
non-controlling
interests,
and discontinued
operations $ (32) $ 244 $ (34) $ 105
---------------------------------------------------------------------------
Provision for income
taxes
Non-controlling
interests
Earnings from
continuing operations
Earnings from
discontinued
operations
Net earnings
--------------------------------------------------------------------------
Total assets $ 4,559 $ 3,289 $ 5,949 $ 5,917
--------------------------------------------------------------------------
Long-term debt(b) $ 787 $ 612 $ 3,107 $ 210
--------------------------------------------------------------------------



(Unaudited)
(in millions of
dollars) Customer
Six months ended Support Metal Consolidated
June 30, 2007 Services Services Other(a) Total
---------------------------------------------------------------------
Revenues $ 938 $ 783 $ 484 $ 11,404
Cost of sales (608) (714) (345) (9,483)
Selling, general and
administrative
expenses (258) (24) (130) (982)
---------------------------------------------------------------------
Earnings before the
undernoted items 72 45 9 939
Amortization of
property, plant and
equipment (31) (26) (28) (255)
Amortization of
intangible assets
and deferred charges (3) (5) (8) (169)
Interest expense of
operating companies (35) (21) (31) (257)
Interest income 1 - 40 65
Equity-accounted
investments - - (4) (2)
Foreign exchange
gain (loss) (1) - (79) (82)
Stock-based
compensation (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
intangibles - - - (2)
---------------------------------------------------------------------
Earnings (loss)
before income taxes,
non-controlling
interests, and
discontinued
operations $ - $ (7) $ 928 1,204
---------------------------------------------------------------------
Provision for income
taxes (103)
Non-controlling
interests (906)
-------------
Earnings from
continuing
operations 195
Earnings from
discontinued
operations 120
-------------
Net earnings $ 315
---------------------------------------------------------------------
Total assets $ 1,015 $ 924 $ 3,723 $ 25,376
---------------------------------------------------------------------
Long-term debt(b) $ 718 $ 398 $ 568 $ 6,400
---------------------------------------------------------------------

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



INFORMATION BY INDUSTRY SEGMENT


(Unaudited) Electronics
(in millions of dollars) Manufacturing
Six months ended June 30, 2006 Services Aerostructures Healthcare
---------------------------------------------------------------------------
Revenues $ 4,722 $ 1,740 $ 1,431
Cost of sales (4,415) (1,407) (1,193)
Selling, general and
administrative expenses (153) (82) (75)
---------------------------------------------------------------------------
Earnings before the undernoted
items 154 251 163
Amortization of property, plant
and equipment (56) (16) (46)
Amortization of intangible
assets and deferred charges (16) - (12)
Interest expense of operating
companies (37) (26) (57)
Interest income 4 15 3
Equity-accounted investments - - 1
Foreign exchange gains (loss) 5 - -
Stock-based compensation (16) (4) (1)
Other income - 5 1
Gains on sales of operating
investments, net - - -
Acquisition, restructuring and
other expenses (80) (15) (1)
Writedown of goodwill and
intangible assets - - -
---------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and discontinued
operations $ (42) $ 210 $ 51
---------------------------------------------------------------------------
Provision for income taxes
Non-controlling interests
Earnings from continuing
operations
Earnings from discontinued
operations
Net earnings
---------------------------------------------------------------------------
Total assets at December 31,
2006(b) $ 5,449 $ 3,212 $ 2,887
---------------------------------------------------------------------------
Long-term debt at December 31,
2006(c) $ 874 $ 687 $ 1,177
---------------------------------------------------------------------------
---------------------------------------------------------------------------



(Unaudited) Customer
(in millions of dollars) Support Consolidated
Six months ended June 30, 2006 Services Other(a) Total
--------------------------------------------------------------------------
Revenues $ 359 $ 566 $ 8,818
Cost of sales (220) (438) (7,673)
Selling, general and
administrative
expenses (102) (90) (502)
--------------------------------------------------------------------------
Earnings before the undernoted
items 37 38 643
Amortization of property, plant
and equipment (16) (37) (171)
Amortization of intangible
assets and deferred charges - (7) (35)
Interest expense of operating
companies (14) (27) (161)
Interest income 1 32 55
Equity-accounted investments - 5 6
Foreign exchange gains (loss) - (36) (31)
Stock-based compensation 1 (36) (56)
Other income 1 5 12
Gains on sales of operating
investments, net - 49 49
Acquisition, restructuring and
other expenses (4) (4) (104)
Writedown of goodwill and
intangible assets - (5) (5)
--------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and discontinued
operations $ 6 $ (23) 202
-----------------------------------------------------------
Provision for income taxes (48)
Non-controlling interests (74)
---------------
Earnings from continuing
operations 80
Earnings from discontinued
operations 647
---------------
Net earnings $ 727
--------------------------------------------------------------------------
Total assets at December 31,
2006(b) $ 256 $ 10,774 $ 22,578
--------------------------------------------------------------------------
Long-term debt at December 31,
2006(c) $ 196 $ 907 $ 3,841
--------------------------------------------------------------------------
--------------------------------------------------------------------------

(a) Includes Cineplex Entertainment, Cosmetic Essence, Radian, Onex Real
Estate, ONCAP and parent company. Other also includes the assets
($6,615) and long-term debt ($233) of The Warranty Group.
(b) Customer Support Services and Other include discontinued operations.
(c) Long-term debt includes current portion and excludes capital leases.

Contact Information

  • Onex Corporation
    Ewout R. Heersink or Donald W. Lewtas
    (416) 362-7711
    Website: www.onex.com