Onex Corporation
TSX : OCX

Onex Corporation

November 09, 2011 16:00 ET

Onex Reports Third-Quarter 2011 Results

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2011) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2011 and an update on matters following quarter-end.

Highlights


--  Onex and its affiliates completed in early October
    the $871 million investment in JELD-WEN, one of the world's largest
    residential door and window manufacturers, and acquired a 57% equity
    ownership stake in the company. 

--  ONCAP completed fundraising for ONCAP III with capital commitments of
    C$800 million, including third-party capital of C$520 million. 

--  Including realizations and distributions, the value of Onex' interest in
    Onex Partners' and ONCAP's private investments grew by 13% and 11%,
    respectively, in the first nine months of 2011. 

--  Onex' proprietary capital per share grew by 4% and 23% over the last
    nine and 12 months, respectively. 

--  At September 30, Onex' unrealized carried interest was $89 million based
    on the public companies held at market value and on the quarter-end fair
    values of the private companies in the Onex Partners Funds. 

--  For the ten months ending October 31, Onex had repurchased 2,752,408
    shares for approximately C$92 million in 2011. 

--  At October 31, Onex had no debt at the parent company and approximately
    $1.3 billion of cash and near-cash investments. 

Onex is an investor and asset manager generating value from (i) growth in the Company's $4.4 billion of proprietary capital; (ii) management fees based on the $7.8 billion of third-party capital committed to its Funds, and (iii) a carried interest based on the performance of those Funds.

Investing

"The last few months have been a turbulent period for both the equity and credit markets. Fortunately, we completed a number of transactions earlier this year when the markets were stronger, which resulted in Onex and our partners realizing approximately $3.3 billion," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "We now find ourselves in a desirable position with considerable cash to invest. While corporate mergers and acquisitions activity has been tepid and credit markets have softened, we remain committed to finding great businesses to own and build for our investors."

In early October, the Onex Partners III Group completed its investment in JELD-WEN and acquired a 57% ownership stake in the company. The total investment of $871 million includes $689 million from Onex Partners III and $182 million from Onex and certain other Limited Partners. Onex' total investment of $298 million consists of $124 million through Onex Partners III and $174 million as a co-investor in JELD-WEN. Onex intends to offer a portion of the co-investment to its third-party limited partners. The total investment in JELD-WEN consists of $700 million of convertible preferred stock and a $171 million convertible note. Last month, JELD-WEN redeemed $42 million of the convertible note and interest accrued to the redemption date, of which Onex' share was $14 million. With the completion of the JELD-WEN investment, Onex Partners III is approximately 40% invested.

In August, Philip Orsino, Onex' building products industrial partner, was appointed as JELD-WEN's President. Mr. Orsino was formerly the CEO of Masonite International until 2005 and has spent more than 25 years in the global door and window manufacturing business. Mr. Orsino is now responsible for JELD-WEN's day-to-day operations and is working with the management team to improve the company's overall operational and financial performance.

Although it is difficult to predict investment pace, Onex is well-positioned to respond to attractive investment opportunities. The Company continues to be in excellent financial condition, with approximately $1.3 billion in cash and near-cash investments at the end of October, no debt at the parent company and approximately $2.9 billion of uncalled committed capital for acquisitions through the Onex Partners and ONCAP Funds.

In addition to investing its capital, Onex uses its cash to repurchase shares under its Normal Course Issuer Bid when the shares are trading at prices which reflect a meaningful discount to Onex' view of value. Onex believes that this provides good value to its remaining shareholders. For the ten months ending October 31, Onex had repurchased 2,752,408 million shares for approximately C$92 million at an average price of C$33.40 per share.

Over 27 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 enhancing the productivity and profitability of its businesses. By transforming under-valued businesses into industry leaders, Onex has produced impressive returns over its history. As of September 30, 2011, Onex has generated a 27-year gross IRR of 29% and an average multiple of 3.3 times invested capital from realized, substantially realized and publicly traded investments in its private equity investing.

Onex continues to believe that its success is a result of the strong alignment of interests between Onex shareholders, our limited partners and the management team. At September 30, 2011, Onex' management team had approximately $1.3 billion invested in Onex shares and in its operating companies.

Asset Management

Onex earns recurring asset management fees and/or carried interest on $7.8 billion of third-party capital. The current annualized rate of total management fees received is approximately $100 million, which typically offsets Onex' operating costs.

At September 30, 2011, there was approximately $8 million of unrealized carried interest allocable to Onex based on the public companies held at market value in the Onex Partners Funds. In addition, Onex has the potential to earn a further $81 million of carried interest on its private businesses in the Onex Partners Funds based on the fair values determined at September 30. Ultimately, the carried interest received will be determined upon the final returns of each Fund. Year-to-date, Onex has received $65 million of carried interest as a result of realizations during the year.

In September, Onex announced the successful closing of ONCAP III, its third mid-market private equity fund, with capital commitments of C$800 million, prior to those of Onex and ONCAP management. Third-party capital commitments to the fund total C$520 million, representing an approximate 80% increase over the prior ONCAP fund, and include commitments from both long-standing partners and new investors. Onex continues to be ONCAP's largest investor.

Consolidated Third-Quarter Results

Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of our publicly traded and privately held operating companies and varying business cycles at its operating companies.

Effective January 1, 2011, Onex' financial statements are being prepared in accordance with International Financial Reporting Standards and are reported in U.S. dollars. Please see the Q3 Management's Discussion and Analysis and Notes to Unaudited Interim Consolidated Financial Statements for a review of the significant accounting policies under IFRS that impact Onex' financial statements.

On a consolidated basis for the third quarter, revenues increased 25% to $6.0 billion compared to the same period of the prior year. Onex reported consolidated net earnings of $184 million compared to $35 million in the third quarter of 2010.

On a consolidated basis for the nine months ended September 30, 2011, revenues increased 25% to $17.9 billion. Net earnings for the period were $1.7 billion compared to $201 million for the nine months ended September 30, 2010. Net earnings for the first nine months of 2011 included $1.7 billion from discontinued operations relating to the sales of Husky International and EMSC. In the nine months ended September 30, 2011, cash flow from operations was $481 million compared to $664 million for the same period last year.

The Company paid a third-quarter dividend of C$0.0275 per Subordinate Voting Share on October 31, 2011 to shareholders of record on October 7, 2011.

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the third quarter ended September 30, 2011 and 2010. 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" schedule, which details Onex' $4.4 billion of proprietary capital and provides private company performance information.

Webcast

Onex management will host a conference call to review the Company's third-quarter 2011 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 $13 billion, of which $9 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.

Onex' businesses have assets of $42 billion, generate annual revenues of $37 billion and employ approximately 230,000 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 September 30, 2011                                                    
                                                         Proprietary Capital
                                                              (US$ millions)
----------------------------------------------------------------------------
Private Equity                                                              
Onex Partners                                                               
    Private Companies                                            $  1,850(1)
    Public Companies                                                  175(2)
    Unrealized Carried Interest on Onex Partners                            
     Investments                                                       89(3)
ONCAP                                                                 294(4)
Direct Investments                                                          
    Private Companies                                                 202(5)
    Public Companies                                                  129(2)
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                                                                       2,739
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Alternative Assets                                                          
Onex Real Estate Partners                                             178(6)
Onex Credit Partners                                                   96(7)
----------------------------------------------------------------------------
                                                                         274
----------------------------------------------------------------------------
Other Investments                                                         88
Cash and Near-Cash                                                  1,301(8)
Onex Corporation Debt                                                      -
----------------------------------------------------------------------------
                                                                 $     4,402
----------------------------------------------------------------------------
(1) Based on the US$ fair value of the investments in Onex Partners'        
     financial statements. Includes approximately $298 million invested by  
     Onex to acquire JELD-WEN in early October 2011.                        
(2) Based on the September 30, 2011 market values.                          
(3) Represents Onex' share of the unrealized carried interest on public and 
     private companies in the Onex Partners Funds.                          
(4) Based on the C$ fair value of the investments in ONCAP's financial      
     statements and US$/C$ exchange rate of 1.0482.                         
(5) Based on value of last third-party investment.                          
(6) Based on carrying value of Onex Real Estate Partners' investments at    
     September 30, 2011.                                                    
(7) Based on the September 30, 2011 market values. Excludes approximately   
     $307 million investment in Onex Credit Partners' unleveraged senior    
     secured loan strategy fund, which is included with cash and near-cash  
     items.                                                                 
(8) Includes approximately $307 million invested in Onex Credit Partners'   
     unleveraged senior secured loan strategy fund and excludes             
     approximately $298 million invested by Onex to acquire JELD-WEN in     
     early October 2011, which is included with Private Companies.          


Significant Public Companies                                                

                      Shares/Units                                          
                        Subject to                              Market Value
                           Carried  Shares/Units       Closing            of
As at September 30,       Interest  Held by Onex     Price per         Onex'
 2011                   (millions)    (millions)      Share(1)    Investment
----------------------------------------------------------------------------
Onex Partners                                                               
    Skilled                                                                 
     Healthcare                                                             
     Group                    10.7           3.5 $        3.61 $       12(3)
    Spirit                                                                  
     AeroSystems              11.9        6.0(2) $       15.95         95(3)
    TMS                                                                    
     International            13.2           9.3 $        7.28         68(3)
----------------------------------------------------------------------------
                                                                         175
----------------------------------------------------------------------------
Direct Investments -                                                        
 Celestica                       -       17.8(2) $        7.25           129
----------------------------------------------------------------------------
                                                               $         304
----------------------------------------------------------------------------
(1) Closing price in whole dollars on September 30, 2011.                   
(2) Excludes shares held in connection with the Management Investment Plan. 
(3) Excludes Onex' potential participation in the carried interest.         


Significant Private Companies   

                                                                     Cost of
              Onex and                                                 Onex'
                   its                                            Investment
As at          Limited                                      Onex'    (Net of
 September    Partners       LTM             Cumulative  Economic Returns of
 30, 2011    Ownership EBITDA(1) Net Debt Distributions Ownership   Capital)
----------------------------------------------------------------------------
Onex                                                                        
 Partners                                                                   
 Center for                                                                 
  Diagnostic                                                                
  Imaging          81%  $     38  $   109  $         67       19%  $       8
 The                                                                        
  Warranty                                                                  
  Group            92%    112(2)      n/a           161       29%        154
 Hawker                                                                     
  Beechcraft       49%       106    1,998          7(5)       19%     212(6)
 Carestream                                                                 
  Health           95%       385    1,698           434       37%         90
 Allison                                                                    
  Transmissi                                                                
  on               49%       692    3,099             -       15%        237
 RSI Home                                                                   
  Products         50%       n/a      n/a           n/a       20%         78
 Tropicana                                                                  
  Las Vegas        76%    n/a(3)       44             -       17%         60
 Tomkins           56%    763(4)    2,511             -       14%        315
 ResCare           98%       125      363             -       20%         41
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                                                                       1,195
----------------------------------------------------------------------------
Direct                                                                      
 Investments                                                                
 - Sitel                                                                    
 Worldwide         68%  $    129  $   659  $          -       68%        251
----------------------------------------------------------------------------
                                                                   $   1,446
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(1) 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.                                               
(2) Amount presented for The Warranty Group is adjusted net earnings
     rather than EBITDA and includes a one-time $6 million valuation
     allowance release in the first quarter of 2011. Net earnings on
     a GAAP basis, including the impacts of purchase accounting,    
     were $107 million and include a one-time $6 million valuation  
     allowance release in the first quarter of 2011.                
(3) A comprehensive redevelopment underway at Tropicana Las Vegas   
     caused a disruption to its operations, resulting in negative   
     LTM EBITDA that is not reflective of a fully operational hotel 
     and casino.                                                    
(4) LTM EBITDA excludes EBITDA from businesses divested as of the   
     end of the third quarter of 2011. Including EBITDA from these  
     divested businesses would result in LTM EBITDA of $811 million 
     as of September 30, 2011.                                      
(5) Represents interest received on the portion of Senior Notes held
     by Onex, Onex Partners II and Onex management.                 
(6) Onex' investment includes $31 million in face value of Senior   
     Notes.                                                         



                              Onex Corporation                              

                         CONSOLIDATED BALANCE SHEETS                        

(Unaudited)                          As at            As at            As at
(in millions of U.S.         September 30,     December 31,       January 1,
 dollars)                             2011             2010             2010
----------------------------------------------------------------------------
Assets                                                                      
Current assets                                                              
Cash and cash equivalents     $      2,179     $      2,532     $      3,018
Short-term investments                 736              715              605
Accounts receivable                  2,955            3,430            2,928
Inventories                          4,100            4,004            3,204
Other current assets                 1,954            1,495            1,101
----------------------------------------------------------------------------
                                    11,924           12,176           10,856
Property, plant and                                                         
 equipment                           3,823            4,056            3,366
Long-term investments                5,330            4,864            3,448
Other non-current assets             1,712            1,872            1,915
Intangible assets                    2,164            2,505            2,241
Goodwill                             2,179            2,634            2,198
----------------------------------------------------------------------------
                              $     27,132     $     28,107     $     24,024
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Equity                                                      
Current liabilities                                                         
Accounts payable and                                                        
 accrued liabilities          $      3,490     $      3,964     $      3,268
Current portion of                                                          
 provisions                            152              257              255
Other current liabilities              669            1,211              974
Current portion of long-                                                    
 term debt of operating                                                     
 companies, without                                                      404
 recourse to Onex                      136              243                 
Current portion of                                                          
 obligations under                                                          
 finance leases, without                                                    
 recourse to Onex                       18               14               20
Current portion of                                                          
 warranty reserves and                                                      
 unearned premiums                   1,350            1,314            1,342
----------------------------------------------------------------------------
                                     5,815            7,003            6,263
Non-current portion of                                                      
 provisions                            165              284              231
Long-term debt of                                                           
 operating companies,                                                       
 without recourse to Onex            6,280            6,346            5,284
Non-current portion of                                                      
 obligations under                                                          
 finance leases, without                                                  39
 recourse to Onex                       48               43                 
Non-current portion of                                                      
 warranty reserves and                                                      
 unearned premiums                   1,772            1,780            1,935
Other non-current                                                           
 liabilities                         1,851            1,921            1,670
Deferred income taxes                  879              938              810
Limited Partners'                                                           
 Interests                           4,730            5,650            3,708
----------------------------------------------------------------------------
                                    21,540           23,965           19,940
----------------------------------------------------------------------------
Equity                                                                      
Share capital                          365              373              381
Non-controlling interests            3,510            3,638            3,329
Retained earnings and                                                       
 accumulated other                                                          
 comprehensive earnings              1,717              131              374
----------------------------------------------------------------------------
                                     5,592            4,142            4,084
----------------------------------------------------------------------------
                              $     27,132     $     28,107     $     24,024
----------------------------------------------------------------------------
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                              Onex Corporation                              

                    CONSOLIDATED STATEMENTS OF EARNINGS                     

                               Three months ended         Nine months ended 
(Unaudited)                          September 30              September 30 
(in millions of U.S.                                                        
 dollars except per                                                         
 share data)                    2011         2010         2011         2010 
----------------------------------------------------------------------------
Revenues                 $     6,008  $     4,788  $    17,884  $    14,332 
Cost of sales (excluding                                                    
 amortization of                                                            
 property, plant and                                                        
 equipment, intangible                                                      
 assets and deferred                                                        
 charges)                     (4,766)      (3,730)     (14,348)     (11,224)
Operating expenses              (710)        (572)      (2,080)      (1,688)
Interest income                    1           12           18           20 
Amortization of                                                             
 property, plant and                                                        
 equipment                      (108)        (100)        (320)        (299)
----------------------------------------------------------------------------
Earnings Before the                                                         
 Undernoted Items                425          398        1,154        1,141 
Amortization of                                                             
 intangible assets and                                                      
 deferred charges                (77)         (65)        (222)        (208)
Interest expense of                                                         
 operating companies            (112)         (80)        (351)        (251)
Unrealized increase                                                         
 (decrease) in value of                                                     
 investments in                                                             
 associates at fair                                                         
 value, net                      (26)          13          374          252 
Foreign exchange gains                                                      
 (loss)                          (18)          11           (9)         (10)
Stock-based compensation                                                    
 recovery (expense)               66          (57)         (90)        (128)
Other items                      (42)         (92)        (116)        (110)
Impairment of goodwill,                                                     
 intangible assets and                                                      
 long-lived assets, net         (126)           -         (126)           - 
Limited Partners'                                                           
 Interests recovery                                                         
 (charge)                        184         (114)        (431)        (421)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings before income                                                      
 taxes and discontinued                                                     
 operations                      274           14          183          265 
Provision for income                                                        
 taxes                           (84)         (35)        (157)        (178)
----------------------------------------------------------------------------
Earnings (loss) from                                                        
 continuing operations           190          (21)          26           87 
Earnings (loss) from                                                        
 discontinued operations          (6)          56        1,715          114 
----------------------------------------------------------------------------
Net Earnings for the                                                        
 Period                  $       184  $        35  $     1,741  $       201 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings (Loss) from                                                        
 Continuing Operations                                                      
 attributable to:                                                           
Equity holders of Onex                                                      
 Corporation             $       152  $       (71) $      (169) $       (97)
Non-controlling                                                             
 Interests                        38           50          195          184 
----------------------------------------------------------------------------
Earnings (Loss) from                                                        
 Continuing Operations                                                      
 for the Period          $       190  $       (21) $        26  $        87 
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Net Earnings (Loss)                                                         
 attributable to:                                                           
Equity holders of Onex                                                      
 Corporation             $       146  $       (40) $     1,513  $       (47)
Non-controlling                                                             
 Interests                        38           75          228          248 
----------------------------------------------------------------------------
Net Earnings for the                                                        
 Period                  $       184  $        35  $     1,741  $       201 
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Net Earnings (Loss) per                                                     
 Subordinate Voting                                                         
 Share of Onex                                                              
 Corporation                                                                
Basic and Diluted:                                                          
 Continuing operations   $      1.29  $     (0.60) $     (1.43) $     (0.81)
 Discontinued operations       (0.04)        0.26        14.25         0.42 
----------------------------------------------------------------------------
Net Earnings (Loss) for                                                     
 the Period              $      1.25  $     (0.34) $     12.82  $     (0.39)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                              Onex Corporation                              

                    CONSOLIDATED STATEMENTS OF CASH FLOWS                   

(Unaudited)                                  Nine months ended September 30 
(in millions of U.S. dollars)                   2011                   2010 
----------------------------------------------------------------------------
Operating Activities                                                        
Earnings for the period from                                                
 continuing operations               $            26        $            87 
Adjustments to earnings from                                                
 continuing operations:                                                     
 Provision for income taxes                      157                    178 
 Interest income                                 (18)                   (20)
 Interest expense of operating                                              
  companies                                      351                    251 
----------------------------------------------------------------------------
Net earnings before interest                                                
 and provision for income                                                   
 taxes                                           516                    496 
Cash taxes paid                                 (116)                  (139)
Items not affecting cash and                                                
 cash equivalents:                                                          
 Amortization of property,                                                  
  plant and equipment                            320                    299 
 Amortization of intangible                                                 
  assets and deferred charges                    222                    208 
 Amortization of deferred                                                   
  warranty costs                                  39                     57 
 Unrealized increase in value                                               
  of investments in associates                                              
  at fair value, net                            (374)                  (252)
 Stock-based compensation                                                   
  expense                                         22                    123 
 Impairment of goodwill,                                                    
  intangible assets and long-                                               
  lived assets, net                              126                      - 
 Limited Partners' Interests                     431                    421 
 Change in provisions                             67                     81 
 Other                                           (14)                   (11)
----------------------------------------------------------------------------
                                               1,239                  1,283 
Changes in non-cash working                                                 
 capital items:                                                             
 Accounts receivable                            (129)                  (149)
 Inventories                                    (243)                  (480)
 Other current assets                              7                    (45)
 Accounts payable, accrued                                                  
  liabilities and other                                                     
  current liabilities                           (501)                  (252)
----------------------------------------------------------------------------
Decrease in cash and cash                                                   
 equivalents due to changes in                                              
 working capital items                          (866)                  (926)
Increase (decrease) in other                                                
 operating activities                            (14)                    34 
Increase (decrease) in                                                      
 warranty reserves and                                                      
 premiums                                         22                    (71)
Cash flows from operating                                                   
 activities of discontinued                                                 
 operations                                      100                    344 
----------------------------------------------------------------------------
                                                 481                    664 
----------------------------------------------------------------------------
Financing Activities                                                        
Issuance of long-term debt                       471                  1,171 
Repayment of long-term debt                     (242)                (1,254)
Cash interest paid                              (295)                  (220)
Cash dividends paid                              (10)                    (9)
Repurchase of share capital of                                              
 Onex Corporation                                (57)                   (50)
Repurchase of share capital of                                              
 operating companies                             (52)                   (64)
Financing provided by Limited                                               
 Partners                                        788                    849 
Issuance of share capital by                                                
 operating companies                             148                     12 
Proceeds from sales of                                                      
 operating companies under                                                  
 continuing control                              268                      - 
Distributions paid to non-                                                  
 controlling interests and                                                  
 Limited Partners                             (2,155)                  (127)
Change in restricted cash for                                               
 distribution to Limited                                                    
 Partners                                        272                      - 
Decrease due to other                                                       
 financing activities                            (51)                   (13)
Cash flows used for investing                                               
 activities of discontinued                                                 
 operations                                      (42)                  (117)
----------------------------------------------------------------------------
                                                (957)                   178 
----------------------------------------------------------------------------
Investing Activities                                                        
Acquisition of operating                                                    
 companies, net of cash and                                                 
 cash equivalents in acquired                                               
 companies of $44 (2010 - $37)                  (298)                  (203)
Purchase of property, plant                                                 
 and equipment                                  (439)                  (460)
Investment in Tomkins Limited                      -                 (1,062)
Change in restricted cash for                                               
 acquisition of an operating                                                
 companies                                      (860)                     - 
Cash interest and dividends                                                 
 received                                         11                      7 
Decrease due to other                                                       
 investing activities                           (316)                   (38)
Cash flows from (used for)                                                  
 investing activities of                                                    
 discontinued operations                       2,030                   (114)
----------------------------------------------------------------------------
                                                 128                 (1,870)
----------------------------------------------------------------------------
Decrease in Cash and Cash                                                   
 Equivalents for the Period                     (348)                (1,028)
Increase (decrease) in cash                                                 
 and cash equivalents due to                                                
 changes in foreign exchange                                                
 rates                                            (5)                     6 
Cash and cash equivalents,                                                  
 beginning of the period -                                                  
 continuing operations                         2,053                  2,582 
Cash and cash equivalents,                                                  
 beginning of the period -                                                  
 discontinued operations                         479                    436 
----------------------------------------------------------------------------
Cash and Cash Equivalents                      2,179                  1,996 
Cash and cash equivalents held                                              
 by discontinued operations                        -                    450 
----------------------------------------------------------------------------
Cash and Cash Equivalents Held                                              
 by Continuing Operations            $         2,179        $         1,546 
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                              Onex Corporation                              

                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011               

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Three months                                                                
 ended             Electronics                                              
 September 30,   Manufacturing                                    Financial 
 2011                 Services    Aerostructures    Healthcare     Services 
----------------------------------------------------------------------------
Revenues       $         1,830  $          1,130  $      1,242  $       303 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)               (1,684)             (920)         (857)        (152)
Operating                                                                   
 expenses                  (61)              (42)         (221)        (107)
Interest                                                                    
 income                      -                 -             1            - 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (16)              (26)          (29)          (1)
----------------------------------------------------------------------------
Earnings                                                                    
 (Loss) Before                                                              
 the                                                                        
 Undernoted                                                                 
 Items                      69               142           136           43 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                    (4)               (9)          (42)          (5)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                  (2)              (19)          (50)          (1)
Unrealized                                                                  
 decrease in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                  -                 -             -            - 
Foreign                                                                     
 exchange                                                                   
 gains (loss)                1                (1)           (6)           - 
Stock-based                                                                 
 compensation                                                               
 recovery                                                                   
 (expense)                  (8)               (4)            -            - 
Other items                  1                (1)          (18)           2 
Impairment of                                                               
 goodwill,                                                                  
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets, net                 2                 -          (120)           - 
Limited                                                                     
 Partners'                                                                  
 Interests                   -                 -             -            - 
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations                 59               108          (100)          39 
Provision for                                                               
 income taxes               (8)              (32)          (19)         (15)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations                 51                76          (119)          24 
Loss from                                                                   
 discontinued                                                               
 operations(b)               -                 -             -            - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            51  $             76  $       (119) $        24 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation   $             5  $             12  $        (52) $        22 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests     $            46  $             64  $        (67) $         2 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            51  $             76  $       (119) $        24 
----------------------------------------------------------------------------

                              Onex Corporation                              

                      INFORMATION BY INDUSTRY SEGMENT                       
               FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Three months                                                                
 ended               Customer                                               
 September 30,           Care         Metal                    Consolidated 
 2011                Services      Services      Other(a)             Total 
----------------------------------------------------------------------------
Revenues         $        359  $        707  $        437  $          6,008 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)                (231)         (658)         (264)           (4,766)
Operating                                                                   
 expenses                 (97)          (16)         (166)             (710)
Interest                                                                    
 income                     -             -             -                 1 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (8)          (12)          (16)             (108)
----------------------------------------------------------------------------
Earnings                                                                    
 (Loss) Before                                                              
 the                                                                        
 Undernoted                                                                 
 Items                     23            21            (9)              425 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                   (8)           (3)           (6)              (77)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                (20)           (8)          (12)             (112)
Unrealized                                                                  
 decrease in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                 -             -           (26)              (26)
Foreign                                                                     
 exchange                                                                   
 gains (loss)              (3)            1           (10)              (18)
Stock-based                                                                 
 compensation                                                               
 recovery                                                                   
 (expense)                  -             -            78                66 
Other items                (3)            -           (23)              (42)
Impairment of                                                               
 goodwill,                                                                  
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets, net                -             -            (8)             (126)
Limited                                                                     
 Partners'                                                                  
 Interests                  -             -           184               184 
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations               (11)           11           168               274 
Provision for                                                               
 income taxes              (9)           (1)            -               (84)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations               (20)           10           168               190 
Loss from                                                                   
 discontinued                                                               
 operations(b)              -             -            (6)               (6)
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (20) $         10  $        162  $            184 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation     $        (13) $          6  $        166  $            146 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests       $         (7) $          4  $         (4) $             38 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (20) $         10  $        162  $            184 
----------------------------------------------------------------------------
(a) Includes Allison Transmission, Hawker Beechcraft, RSI, Tropicana Las    
    Vegas, Tomkins, ONCAP II, ONCAP III, Onex Real Estate, Flushing Town    
    Center and the parent company.                                          
(b) Discontinued operations includes Husky in the Other segment (sold in    
    June 2011).                                                             


                              Onex Corporation                              

                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010               

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Three months                                                                
 ended             Electronics                                              
 September 30,   Manufacturing                                    Financial 
 2010                 Services    Aerostructures    Healthcare     Services 
----------------------------------------------------------------------------
Revenues       $         1,546  $          1,014  $        827  $       295 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)               (1,418)             (843)         (530)        (147)
Operating                                                                   
 expenses                  (56)              (46)         (152)        (104)
Interest                                                                    
 income                      -                 -             1            - 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (17)              (26)          (28)          (2)
----------------------------------------------------------------------------
Earnings                                                                    
 Before the                                                                 
 Undernoted                                                                 
 Items                      55                99           118           42 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                    (3)               (2)          (40)          (6)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                  (1)              (13)          (30)          (1)
Unrealized                                                                  
 increase                                                                   
 (decrease) in                                                              
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                  -                 -            24            - 
Foreign                                                                     
 exchange                                                                   
 gains (loss)               (5)                1             4            1 
Stock-based                                                                 
 compensation                                                               
 expense                    (8)               (3)           (1)           - 
Other items                (15)                1           (59)           2 
Limited                                                                     
 Partners'                                                                  
 Interests                   -                 -             -            - 
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations                 23                83            16           38 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                      (2)              (30)            8          (13)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations                 21                53            24           25 
Earnings from                                                               
 discontinued                                                               
 operations(b)               -                 -            36            - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            21  $             53  $         60  $        25 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation   $             1  $             12  $         49  $        23 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests     $            20  $             41  $         11  $         2 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            21  $             53  $         60  $        25 
----------------------------------------------------------------------------

                              Onex Corporation                              

                      INFORMATION BY INDUSTRY SEGMENT                       
               FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Three months                                                                
 ended               Customer                                               
 September 30,           Care         Metal                    Consolidated 
 2010                Services      Services      Other(a)             Total 
----------------------------------------------------------------------------
Revenues         $        320  $        478  $        308  $          4,788 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)                (198)         (435)         (159)           (3,730)
Operating                                                                   
 expenses                 (86)          (13)         (115)             (572)
Interest                                                                    
 income                     1             -            10                12 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (7)          (12)           (8)             (100)
----------------------------------------------------------------------------
Earnings                                                                    
 Before the                                                                 
 Undernoted                                                                 
 Items                     30            18            36               398 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                   (5)           (3)           (6)              (65)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                (21)          (10)           (4)              (80)
Unrealized                                                                  
 increase                                                                   
 (decrease) in                                                              
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                 -             -           (11)               13 
Foreign                                                                     
 exchange                                                                   
 gains (loss)               3             -             7                11 
Stock-based                                                                 
 compensation                                                               
 expense                    -             -           (45)              (57)
Other items               (10)            -           (11)              (92)
Limited                                                                     
 Partners'                                                                  
 Interests                  -             -          (114)             (114)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations                (3)            5          (148)               14 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                     12            (7)           (3)              (35)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations                 9            (2)         (151)              (21)
Earnings from                                                               
 discontinued                                                               
 operations(b)              -             -            20                56 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $          9  $         (2) $       (131) $             35 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation     $          6  $         (2) $       (129) $            (40)
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests       $          3  $          -  $         (2) $             75 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $          9  $         (2) $       (131) $             35 
----------------------------------------------------------------------------
(a) Includes Allison Transmission, Hawker Beechcraft, RSI, Tropicana Las    
    Vegas, ONCAP II, Onex Real Estate, Flushing Town Center and the parent  
    company.                                                                
(b) Discontinued operations includes EMSC in the Healthcare segment (sold in
    May 2011) and Husky in the Other segment (sold in June 2011).           


                              Onex Corporation                              

                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Nine months                                                                 
 ended             Electronics                                              
 September 30,   Manufacturing                                    Financial 
 2011                 Services    Aerostructures    Healthcare     Services 
----------------------------------------------------------------------------
Revenues       $         5,460  $          3,645  $      3,696  $       900 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)               (5,033)           (3,110)       (2,553)        (438)
Operating                                                                   
 expenses                 (179)             (127)         (683)        (327)
Interest                                                                    
 income                      -                 1             3            - 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (47)              (79)          (92)          (3)
----------------------------------------------------------------------------
Earnings                                                                    
 (Loss) Before                                                              
 the                                                                        
 Undernoted                                                                 
 Items                     201               330           371          132 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                   (11)              (24)         (127)         (14)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                  (5)              (62)         (171)          (3)
Unrealized                                                                  
 increase in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                  -                 -             -            - 
Foreign                                                                     
 exchange                                                                   
 gains (loss)                -                (2)           (4)           - 
Stock-based                                                                 
 compensation                                                               
 expense                   (35)              (10)           (3)           - 
Other items                 (7)                1           (29)           7 
Impairment of                                                               
 goodwill,                                                                  
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets, net                 2                 -          (120)           - 
Limited                                                                     
 Partners'                                                                  
 Interests                   -                 -             -            - 
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations                145               233           (83)         122 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                     (19)              (68)          (45)         (42)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations                126               165          (128)          80 
Earnings from                                                               
 discontinued                                                               
 operations(b)               -                 -           606            - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $           126  $            165  $        478  $        80 
----------------------------------------------------------------------------
Total assets   $         2,915  $          4,914  $      4,175  $     4,927 
----------------------------------------------------------------------------
Long-term                                                                   
 debt(c)       $            -   $          1,160  $      2,664  $       203 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation   $            11  $             26  $        500  $        73 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests     $           115  $            139  $        (22) $         7 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $           126  $            165  $        478  $        80 
----------------------------------------------------------------------------

                              Onex Corporation                              

                      INFORMATION BY INDUSTRY SEGMENT                       
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Nine months                                                                 
 ended               Customer                                               
 September 30,           Care         Metal                    Consolidated 
 2011                Services      Services      Other(a)             Total 
----------------------------------------------------------------------------
Revenues         $      1,052  $      2,042  $      1,089  $         17,884 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)                (684)       (1,894)         (636)          (14,348)
Operating                                                                   
 expenses                (280)          (45)         (439)           (2,080)
Interest                                                                    
 income                     -             -            14                18 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                (23)          (36)          (40)             (320)
----------------------------------------------------------------------------
Earnings                                                                    
 (Loss) Before                                                              
 the                                                                        
 Undernoted                                                                 
 Items                     65            67           (12)            1,154 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                  (20)           (9)          (17)             (222)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                (60)          (25)          (25)             (351)
Unrealized                                                                  
 increase in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                 -             -           374               374 
Foreign                                                                     
 exchange                                                                   
 gains (loss)               -             1            (4)               (9)
Stock-based                                                                 
 compensation                                                               
 expense                    -            (2)          (40)              (90)
Other items               (13)            -           (75)             (116)
Impairment of                                                               
 goodwill,                                                                  
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets, net                -             -            (8)             (126)
Limited                                                                     
 Partners'                                                                  
 Interests                  -             -          (431)             (431)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations               (28)           32          (238)              183 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                     (9)          (11)           37              (157)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations               (37)           21          (201)               26 
Earnings from                                                               
 discontinued                                                               
 operations(b)              -             -         1,109             1,715 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (37) $         21  $        908  $          1,741 
----------------------------------------------------------------------------
Total assets     $        652  $      1,056  $      8,493  $         27,132 
----------------------------------------------------------------------------
Long-term                                                                   
 debt(c)         $        631  $        379  $      1,379  $          6,416 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation     $        (25) $         15  $        913  $          1,513 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests       $        (12) $          6  $         (5) $            228 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (37) $         21  $        908  $          1,741 
----------------------------------------------------------------------------
(a) Includes Allison Transmission, Hawker Beechcraft, RSI, Tropicana Las    
    Vegas, Tomkins, ONCAP II, ONCAP III, Onex Real Estate, Flushing Town    
    Center and the parent company.                                          
(b) Discontinued operations includes EMSC in the Healthcare segment (sold in
    May 2011) and Husky in the Other segment (sold in June 2011).           
(c) Long-term debt includes current portion, excludes finance leases and is 
    net of deferred charges.                                                


                              Onex Corporation                              

                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Nine months                                                                 
 ended             Electronics                                              
 September 30,   Manufacturing                                    Financial 
 2010                 Services    Aerostructures    Healthcare     Services 
----------------------------------------------------------------------------
Revenues       $         4,650  $          3,103  $      2,397  $       893 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)               (4,265)           (2,559)       (1,523)        (432)
Operating                                                                   
 expenses                 (161)             (133)         (447)        (325)
Interest                                                                    
 income                      -                 -             2            - 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                 (54)              (70)          (86)          (4)
----------------------------------------------------------------------------
Earnings                                                                    
 Before the                                                                 
 Undernoted                                                                 
 Items                     170               341           343          132 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                   (11)              (16)         (124)         (18)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                 (15)              (41)          (91)          (3)
Unrealized                                                                  
 increase in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                  -                 -            17            - 
Foreign                                                                     
 exchange                                                                   
 gains (loss)               (3)               (4)           (4)           - 
Stock-based                                                                 
 compensation                                                               
 expense                   (27)              (25)           (2)           - 
Other items                (29)                1           (69)          17 
Limited                                                                     
 Partners'                                                                  
 Interests                   -                 -             -            - 
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations                 85               256            70          128 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                     (22)              (76)          (17)         (48)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations                 63               180            53           80 
Earnings from                                                               
 discontinued                                                               
 operations(b)               -                 -            92            - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            63  $            180  $        145  $        80 
----------------------------------------------------------------------------
Total assets                                                                
 at December                                                                
 31,                                                                        
 2010(c)(d)    $         3,014  $          4,975  $      6,162  $     4,918 
----------------------------------------------------------------------------
Long-term debt                                                              
 at December                                                                
 31,                                                                        
 2010(d)(e)    $             -  $          1,145  $      2,996  $       205 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation   $             5  $             41  $         85  $        74 
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests     $            58  $            139  $         60  $         6 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)        $            63  $            180  $        145  $        80 
----------------------------------------------------------------------------

                              Onex Corporation                              

                      INFORMATION BY INDUSTRY SEGMENT                       
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010                

----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions                                                                
 of U.S.                                                                    
 dollars)                                                                   
Nine months                                                                 
 ended               Customer                                               
 September 30,           Care         Metal                    Consolidated 
 2010                Services      Services      Other(a)             Total 
----------------------------------------------------------------------------
Revenues         $        996  $      1,577  $        716  $         14,332 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)                (631)       (1,446)         (368)          (11,224)
Operating                                                                   
 expenses                (274)          (41)         (307)           (1,688)
Interest                                                                    
 income                     1             -            17                20 
Amortization                                                                
 of property,                                                               
 plant and                                                                  
 equipment                (26)          (37)          (22)             (299)
----------------------------------------------------------------------------
Earnings                                                                    
 Before the                                                                 
 Undernoted                                                                 
 Items                     66            53            36             1,141 
Amortization                                                                
 of intangible                                                              
 assets and                                                                 
 deferred                                                                   
 charges                  (19)           (9)          (11)             (208)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                (60)          (32)           (9)             (251)
Unrealized                                                                  
 increase in                                                                
 value of                                                                   
 investments                                                                
 in associates                                                              
 at fair                                                                    
 value, net                 -             -           235               252 
Foreign                                                                     
 exchange                                                                   
 gains (loss)              (3)            -             4               (10)
Stock-based                                                                 
 compensation                                                               
 expense                    -             -           (74)             (128)
Other items               (21)            -            (9)             (110)
Limited                                                                     
 Partners'                                                                  
 Interests                  -             -          (421)             (421)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) before                                                              
 income taxes                                                               
 and                                                                        
 discontinued                                                               
 operations               (37)           12          (249)              265 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                      4           (10)           (9)             (178)
----------------------------------------------------------------------------
Earnings                                                                    
 (loss) from                                                                
 continuing                                                                 
 operations               (33)            2          (258)               87 
Earnings from                                                               
 discontinued                                                               
 operations(b)              -             -            22               114 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (33) $          2  $       (236) $            201 
----------------------------------------------------------------------------
Total assets                                                                
 at December                                                                
 31,                                                                        
 2010(c)(d)      $        675  $        862  $      7,501  $         28,107 
----------------------------------------------------------------------------
Long-term debt                                                              
 at December                                                                
 31,                                                                        
 2010(d)(e)      $        624  $        404  $      1,215  $          6,589 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
----------------------------------------------------------------------------
Equity holders                                                              
 of Onex                                                                    
 Corporation     $        (22) $          3  $       (233) $            (47)
----------------------------------------------------------------------------
Non-                                                                        
 controlling                                                                
 interests       $        (11) $         (1) $         (3) $            248 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)          $        (33) $          2  $       (236) $            201 
----------------------------------------------------------------------------
(a) Includes Allison Transmission, Hawker Beechcraft, RSI, Tropicana Las    
    Vegas, ONCAP II, Onex Real Estate, Flushing Town Center and the parent  
    company.                                                                
(b) Discontinued operations includes EMSC in the Healthcare segment (sold in
    May 2011) and Husky in the Other segment (sold in June 2011).           
(c) Total assets for the other segment at December 31, 2010 includes the    
    assets of Tomkins, acquired in September 2010.                          
(d) Total assets and long-term debt include EMSC and Husky, which were sold 
    in the second quarter of 2011.                                          
(e) Long-term debt includes current portion, excludes finance leases and is 
    net of deferred charges.                                                

Contact Information

  • Onex Corporation
    Emma Thompson
    Vice President, Investor Relations
    416.362.7711
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