Onex Corporation
TSX : OCX

Onex Corporation

November 12, 2008 16:00 ET

Onex Third Quarter Up in All Categories

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2008) - Onex Corporation ("Onex" or "the Company") (TSX:OCX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2008. All amounts are expressed in Canadian dollars unless otherwise stated.

Third-Quarter Highlights

(all year-over-year comparisons are to the third quarter of 2007)

- Revenues rose 17% to $7.1 billion

- Operating earnings were $501 million, up 18%

- Net earnings were $38 million compared to a net loss of $77 million

- Cash flow from operations was $507 million compared to $473 million

Nine-Month Highlights

(all year-over-year comparisons are to the nine months ended September 30, 2007)

- Revenues increased 15% to $20.1 billion from $17.4 billion

- Operating earnings increased to $1.4 billion, up 26% from $1.1 billion

- Net earnings were $65 million compared to $238 million (2008 results included earnings from discontinued operations of $9 million (2007 - $119 million) and no gains on sales of shares (2007 - net gains of $311 million))

- Cash flow from operations was $955 million, an increase from $587 million

- Assets totalled $28.2 billion at September 30, 2008, up from $26.2 billion at December 31, 2007

"While most of our businesses reported solid results in the third quarter, we are monitoring their performance carefully as we look forward to the balance of 2008 and 2009," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "Our businesses will not be immune to the effects of a serious economic downturn, so we and management are positioning them defensively by reducing costs where appropriate and carefully managing capital spending. That said, our businesses are, for the most part, conservatively capitalized, and therefore should be able to weather the difficult environment ahead. We have always been cautious in the use of financial leverage and that philosophy should serve us well in the coming quarters," said Mr. Schwartz.

"While challenging for our existing businesses, we expect that the next few years will yield compelling investment opportunities, particularly for value investors such as Onex," continued Mr. Schwartz. "Despite the very difficult financing markets, we were able to complete two attractive acquisitions in October. First, we acquired a 50% interest in RSI Home Products, a leading U.S. manufacturer of cabinetry for the residential marketplace. The combined investment by Onex and Onex Partners II was $338 million, of which $133 million was Onex' share. More recently, ONCAP, our mid-market private equity fund, completed the acquisition of Caliber Collision Centers, a leading provider of auto collision repair services with 66 collision centres in Texas and California."

Onex has been actively repurchasing its shares under its Normal Course Issuer Bid. During the third quarter and up to October 31, 2008, Onex repurchased 1,782,581 Subordinate Voting Shares at a total cost of $48 million ($26.73 per share).

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

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the three and nine months ended September 30, 2008 and 2007. The complete financial statements, including Onex' Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR at www.sedar.com.

Webcast

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

About Onex

Onex is one of North America's oldest and most successful private equity firms. Onex makes private equity investments through the Onex Partners and ONCAP families of Funds. Onex also manages alternative asset platforms focused on Real Estate and Credit Securities. In total Onex manages approximately $11 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately $7 billion of third party capital, and also invests approximately $4 billion of its own capital directly and as a substantial Limited Partner in its Funds.

Onex' businesses generate annual revenues of $36 billion, have assets of $42 billion and employ 244,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company's security filings can also be accessed at www.sedar.com.

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



Consolidated Balance Sheets

---------------------------------------------------------------------------
(Unaudited)
As at As at
September 30 December 31
(in millions of dollars) 2008 2007
---------------------------------------------------------------------------
Assets
Current assets
Cash and short-term investments $ 2,552 $ 2,462
Marketable securities 849 813
Accounts receivable 3,895 3,463
Inventories 3,135 2,539
Other current assets 1,824 1,461
---------------------------------------------------------------------------
12,255 10,738
Property, plant and equipment 3,635 3,489
Investments 3,397 3,203
Other long-term assets 2,639 2,634
Intangible assets 2,552 2,692
Goodwill 3,724 3,443
---------------------------------------------------------------------------
$ 28,202 $ 26,199
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 4,570 $ 4,033
Other current liabilities 1,083 864
Current portion of long-term debt and
capital leases, without recourse to Onex 333 321
Current portion of warranty reserves and
unearned premiums 1,573 1,544
---------------------------------------------------------------------------
7,559 6,762
Long-term debt and capital leases of
operating companies, without recourse
to Onex 6,414 6,185
Long-term portion of warranty reserves
and unearned premiums 2,347 2,364
Other long-term liabilities 1,834 1,663
Future income taxes 1,307 1,373
---------------------------------------------------------------------------
19,461 18,347
Non-controlling interests 7,020 6,149
Shareholders' equity 1,721 1,703
---------------------------------------------------------------------------
$ 28,202 $ 26,199
---------------------------------------------------------------------------
---------------------------------------------------------------------------



Consolidated Statements of Earnings

----------------------------------------------------------------------------
Three months Nine months
ended September 30 ended September 30
-------------------------------------------
(Unaudited)
(in millions of dollars, except
per share data) 2008 2007 2008 2007
----------------------------------------------------------------------------
Revenues $ 7,066 $ 6,038 $ 20,107 $ 17,439
Cost of sales (5,735) (4,872) (16,284) (14,326)
Selling, general and
administrative expenses (684) (631) (2,043) (1,718)
----------------------------------------------------------------------------
Earnings Before the Undernoted
Items 647 535 1,780 1,395
Amortization of property, plant
and equipment (147) (141) (447) (396)
Amortization of intangible assets
and deferred charges (84) (73) (270) (163)
Interest expense of operating
companies (126) (143) (379) (400)
Interest income 1 30 41 95
Earnings (loss) from
equity-accounted investments (45) 5 (56) (18)
Foreign exchange gains (loss) (8) (39) 25 (121)
Stock-based compensation recovery
(expense) 21 (13) 53 (153)
Other income (expense) (6) (8) 10 (3)
Gains on sales of operating
investments, net - 1 - 1,144
Acquisition, restructuring and
other expenses (33) (23) (146) (64)
Writedown of goodwill and
long-lived assets (10) - (13) (2)
----------------------------------------------------------------------------
Earnings before income taxes,
non-controlling
interests and discontinued
operations 210 131 598 1,314
Provision for income taxes (80) (93) (227) (196)
Non-controlling interests (96) (114) (315) (999)
----------------------------------------------------------------------------
Earnings (loss) from continuing
operations 34 (76) 56 119
Earnings (loss) from discontinued
operations 4 (1) 9 119
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ 38 $ (77) $ 65 $ 238
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per
Subordinate Voting Share
Basic and Diluted:
Continuing operations $ 0.26 $ (0.59) $ 0.44 $ 0.93
Discontinued operations $ 0.04 $ (0.01) $ 0.08 $ 0.93
Net earnings (loss) $ 0.30 $ (0.60) $ 0.52 $ 1.86
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Consolidated Statements of Cash Flows

----------------------------------------------------------------------------
Three months Nine months
ended September 30 ended September 30
--------------------------------------
(Unaudited)
(in millions of dollars) 2008 2007 2008 2007
----------------------------------------------------------------------------
Operating Activities
Net earnings (loss) for the period $ 38 $ (77) $ 65 $ 238
Loss (earnings)from discontinued
operations (4) 1 (9) (119)
Items not affecting cash:
Amortization of property, plant and
equipment 147 141 447 396
Amortization of intangible assets and
deferred charges 84 73 270 163
Amortization of deferred warranty
costs 26 (9) 4 (117)
Writedown of goodwill and long-lived
assets 10 - 13 2
Non-cash component of restructuring 1 4 2 (1)
Non-controlling interests 96 114 315 999
Future income taxes 1 49 (21) 72
Stock-based compensation expense
(recovery) (21) 13 (53) 153
Loss (earnings) from equity-accounted
investments 45 (5) 56 18
Foreign exchange loss (gains) (25) 56 (40) 133
Gains on sales of operating
investments, net - (1) - (1,144)
Other 17 (1) 36 22
----------------------------------------------------------------------------
415 358 1,085 815
Changes in non-cash working capital
items:
Accounts receivable 52 (14) (181) (390)
Inventories (96) (88) (397) 162
Other current assets 25 37 77 218
Accounts payable, accrued liabilities
and other current liabilities 103 257 307 4
----------------------------------------------------------------------------
Increase (decrease) in cash due to
changes in working
capital items 84 192 (194) (6)
Increase (decrease) in warranty
reserves and
premiums and other liabilities 8 (77) 64 (222)
----------------------------------------------------------------------------
507 473 955 587
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 272 403 775 1,750
Repayment of long-term debt (282) (402) (879) (1,316)
Cash dividends paid (3) (4) (10) (11)
Repurchase of share capital (44) (78) (97) (78)
Issuance of share capital provided by
L.P. investors and by operating
companies 226 655 309 1,691
Distributions by operating companies (47) - (104) (883)
Decrease due to other financing
activities (4) (18) (5) (17)
----------------------------------------------------------------------------
118 556 (11) 1,136
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating investments,
net of cash in acquired companies
of $2 (2007 - $151) (30) (144) (104) (1,367)
Purchase of property, plant and
equipment (210) (147) (524) (482)
Net purchase of short-term
investments (34) (231) (34) (231)
Proceeds from sales of operating
investments - 1 - 1,310
Decrease due to other investing
activities (404) (883) (401) (1,587)
Cash from discontinued operations 6 15 11 216
----------------------------------------------------------------------------
(672) (1,389) (1,052) (2,141)
----------------------------------------------------------------------------
Decrease in Cash for the Period (47) (360) (108) (418)
Increase (decrease) in cash due to
changes in foreign exchange rates 100 (138) 164 (329)
Cash, beginning of the period -
continuing operations 2,465 2,706 2,462 2,944
Cash, beginning of the period -
discontinued operations - - - 11
----------------------------------------------------------------------------
Cash, End of the Period 2,518 2,208 2,518 2,208
Short-term investments 34 231 34 231
----------------------------------------------------------------------------
Cash and Short-term Investments Held
by Continuing Operations $ 2,552 $ 2,439 $ 2,552 $ 2,439
----------------------------------------------------------------------------
----------------------------------------------------------------------------




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

(Unaudited)
(in millions of dollars) Electronics
Three months ended Manufacturing Aero- Financial
September 30, 2008 Services structures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 2,124 $ 1,067 $ 1,593 $ 338
Cost of sales (1,944) (869) (1,167) (159)
Selling, general and
administrative expenses (72) (47) (183) (120)
----------------------------------------------------------------------------
Earnings before the
undernoted items 108 151 243 59
Amortization of property,
plant and equipment (24) (31) (43) (3)
Amortization of intangible
assets and deferred
charges (4) (1) (57) (4)
Interest expense of
operating companies (15) (11) (61) (2)
Interest income (expense) 5 4 2 -
Earnings (loss) from
equity-accounted
investments - - 1 -
Foreign exchange gains
(loss) (12) (1) (12) -
Stock-based compensation
recovery (expense) (4) (4) (1) (1)
Other income (expense) - 1 1 (10)
Acquisition, restructuring
and other expenses (17) - (8) (2)
Writedown of goodwill and
long-lived assets - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling interests
and discontinued operations 37 108 65 37
Recovery of (provision for)
income taxes (2) (35) (24) (16)
Non-controlling interests (30) (68) (32) (15)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 5 5 9 6
Earnings from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ 5 $ 5 $ 9 $ 6
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of dollars) Customer
Three months ended Support Metal Consolidated
September 30, 2008 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 444 $ 1,008 $ 492 $ 7,066
Cost of sales (285) (959) (352) (5,735)
Selling, general and
administrative expenses (125) (14) (123) (684)
----------------------------------------------------------------------------
Earnings before the undernoted
items 34 35 17 647
Amortization of property, plant
and equipment (14) (16) (16) (147)
Amortization of intangible assets
and deferred charges (4) (3) (11) (84)
Interest expense of operating
companies (15) (10) (12) (126)
Interest income (expense) - - (10) 1
Earnings (loss) from equity-
accounted investments - - (46) (45)
Foreign exchange gains (loss) (5) - 22 (8)
Stock-based compensation
recovery (expense) - - 31 21
Other income (expense) (1) - 3 (6)
Acquisition, restructuring and
other expenses 3 - (9) (33)
Writedown of goodwill and
long-lived assets - (1) (9) (10)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling interests
and discontinued operations (2) 5 (40) 210
Recovery of (provision for)
income taxes (4) (4) 5 (80)
Non-controlling interests - (1) 50 (96)
----------------------------------------------------------------------------
Earnings (loss) from continuing
operations (6) - 15 34
Earnings from discontinued
operations - - 4 4
----------------------------------------------------------------------------
Net earnings (loss) $ (6) $ - $ 19 $ 38
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(a) Includes Allison Transmission, Cineplex Entertainment, CEI, Hawker
Beechcraft, Husky, Radian, ONCAP, Onex Real Estate, Onex Credit
Partners and the parent company.




INFORMATION BY INDUSTRY SEGMENT FOR THREE MONTHS ENDED SEPTEMBER 30, 2007

(Unaudited)
(in millions of dollars) Electronics
Three months ended Manufacturing Aero- Financial
September 30, 2007 Services structures Healthcare Services
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues $ 2,168 $ 1,011 $ 1,377 $ 358
Cost of sales (2,020) (822) (986) (172)
Selling, general and
administrative expenses (64) (45) (191) (120)
----------------------------------------------------------------------------
Earnings (loss) before the
undernoted items 84 144 200 66
Amortization of property,
plant and equipment (30) (21) (49) (2)
Amortization of intangible
assets and deferred
charges (5) (1) (52) (4)
Interest expense of
operating companies (15) (10) (74) (4)
Interest income 5 8 2 -
Earnings from equity-
accounted investments - - 4 -
Foreign exchange gains
(loss) (2) - 19 -
Stock-based compensation
expense (3) (7) (1) (1)
Other income (expense) - 2 - -
Gains on sales of
operating investments,
net - - - -
Acquisition, restructuring
and other expenses (3) (1) (14) -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling interests,
and discontinued operations 31 114 35 55
Recovery of (provision for)
income taxes (24) (26) (11) (21)
Non-controlling interests (6) (82) (20) (24)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 1 6 4 10
Loss from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ 1 $ 6 $ 4 $ 10
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of dollars) Customer
Three months ended Support Metal Consolidated
September 30, 2007 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 466 $ 458 $ 200 $ 6,038
Cost of sales (294) (419) (159) (4,872)
Selling, general and
administrative expenses (132) (13) (66) (631)
----------------------------------------------------------------------------
Earnings (loss) before the
undernoted items 40 26 (25) 535
Amortization of property, plant
and equipment (15) (15) (9) (141)
Amortization of intangible
assets and deferred charges (6) (2) (3) (73)
Interest expense of operating
companies (15) (10) (15) (143)
Interest income - - 15 30
Earnings from equity-accounted
investments - - 1 5
Foreign exchange gains (loss) - - (56) (39)
Stock-based compensation expense - - (1) (13)
Other income (expense) - - (10) (8)
Gains on sales of operating
investments, net - - 1 1
Acquisition, restructuring and
other expenses (1) - (4) (23)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and discontinued
operations 3 (1) (106) 131
Recovery of (provision for)
income taxes (7) 1 (5) (93)
Non-controlling interests (1) - 19 (114)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (5) - (92) (76)
Loss from discontinued operations - - (1) (1)
----------------------------------------------------------------------------
Net earnings (loss) $ (5) $ - $ (93) $ (77)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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




INFORMATION BY INDUSTRY SEGMENT FOR NINE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited)
(in millions of dollars) Electronics
Nine months ended Manufacturing Aero- Financial
September 30, 2008 Services structures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 5,864 $ 3,181 $ 4,404 $ 1,002
Cost of sales (5,399) (2,563) (3,242) (475)
Selling, general and
administrative expenses (204) (135) (540) (359)
----------------------------------------------------------------------------
Earnings before the
undernoted items 261 483 622 168
Amortization of property,
plant and equipment (69) (82) (137) (9)
Amortization of intangible
assets and deferred
charges (12) (4) (166) (13)
Interest expense of
operating companies (43) (30) (176) (7)
Interest income 14 15 6 -
Earnings (loss) from equity-
accounted investments - - 9 -
Foreign exchange gains (loss) (4) (2) (4) -
Stock-based compensation
recovery (expense) (17) (12) (3) (1)
Other income (expense) - 3 1 (12)
Acquisition, restructuring
and other expenses (24) - (61) (6)
Writedown of goodwill and
long-lived assets - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling
interests and
discontinued operations $ 106 $ 371 $ 91 $ 120
Recovery of (provision for)
income taxes (1) (127) (72) (43)
Non-controlling interests (91) (228) (29) (54)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 14 16 (10) 23
Earnings from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ 14 $ 16 $ (10) $ 23
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $ 5,005 $ 4,057 $ 5,997 $ 5,699
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $ 809 $ 611 $ 2,999 $ 207
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of dollars) Customer
Nine months ended Support Metal Consolidated
September 30, 2008 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 1,373 $ 2,637 $ 1,646 $ 20,107
Cost of sales (891) (2,497) (1,217) (16,284)
Selling, general and
administrative expenses (385) (43) (377) (2,043)
----------------------------------------------------------------------------
Earnings before the undernoted
items 97 97 52 1,780
Amortization of property, plant
and equipment (41) (47) (62) (447)
Amortization of intangible
assets and deferred charges (13) (9) (53) (270)
Interest expense of operating
companies (45) (30) (48) (379)
Interest income 1 - 5 41
Earnings (loss) from equity-
accounted investments - - (65) (56)
Foreign exchange gains (loss) (1) - 36 25
Stock-based compensation
recovery (expense) - - 86 53
Other income (expense) - - 18 10
Acquisition, restructuring and
other expenses (31) - (24) (146)
Writedown of goodwill and
long-lived assets (3) (1) (9) (13)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests and
discontinued operations $ (36) $ 10 $ (64) 598
Recovery of (provision for)
income taxes (14) (6) 36 (227)
Non-controlling interests (1) (3) 91 (315)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (51) 1 63 56
Earnings from discontinued
operations - - 9 9
----------------------------------------------------------------------------
Net earnings (loss) $ (51) $ 1 $ 72 $ 65
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $ 943 $ 1,229 $ 5,272 $ 28,202
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt(b) $ 669 $ 463 $ 932 $ 6,690
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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




INFORMATION BY INDUSTRY SEGMENT FOR NINE MONTHS ENDED SEPTEMBER 30, 2007

(Unaudited)
(in millions of dollars) Electronics
Nine months ended Manufacturing Aero- Financial
September 30, 2007 Services structures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 6,442 $ 3,184 $ 3,406 $ 1,078
Cost of sales (6,056) (2,579) (2,638) (514)
Selling, general and
administrative expenses (210) (139) (376) (370)
----------------------------------------------------------------------------
Earnings (loss) before the
undernoted items 176 466 392 194
Amortization of property,
plant and equipment (86) (63) (116) (7)
Amortization of intangible
assets and deferred
charges (18) (4) (101) (13)
Interest expense of
operating companies (56) (31) (175) (11)
Interest income 9 25 5 -
Earnings (loss) from
equity-accounted
investments - - 10 -
Foreign exchange gains (loss) (1) - 16 -
Stock-based compensation
expense (10) (30) (2) (3)
Other income (expense) - 6 (1) -
Gains on sales of operating
investments, net - - - -
Acquisition, restructuring
and other expenses (15) (11) (21) -
Writedown of goodwill and
long-lived assets - - (2) -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes,
non-controlling interests,
and discontinued operations (1) 358 5 160
Recovery of (provision for)
income taxes (8) (107) (2) (58)
Non-controlling interests 7 (226) (26) (71)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (2) 25 (23) 31
Earnings from discontinued
operations - - - -
----------------------------------------------------------------------------
Net earnings (loss) $ (2) $ 25 $ (23) $ 31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets at December
31, 2007 $ 4,419 $ 3,272 $ 5,745 $ 5,536
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt at
December 31, 2007(b) $ 752 $ 567 $ 2,835 $ 194
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(Unaudited)
(in millions of dollars) Customer
Nine months ended Support Metal Consolidated
September 30, 2007 Services Services Other(a) Total
----------------------------------------------------------------------------
Revenues $ 1,404 $ 1,241 $ 684 $ 17,439
Cost of sales (902) (1,133) (504) (14,326)
Selling, general and
administrative expenses (390) (37) (196) (1,718)
----------------------------------------------------------------------------
Earnings (loss) before the
undernoted items 112 71 (16) 1,395
Amortization of property,
plant and equipment (46) (41) (37) (396)
Amortization of intangible
assets and deferred charges (9) (7) (11) (163)
Interest expense of operating
companies (50) (31) (46) (400)
Interest income 1 - 55 95
Earnings (loss) from equity-
accounted investments - - (28) (18)
Foreign exchange gains (loss) (1) - (135) (121)
Stock-based compensation expense (2) - (106) (153)
Other income (expense) 2 - (10) (3)
Gains on sales of operating
investments, net - - 1,144 1,144
Acquisition, restructuring and
other expenses (4) - (13) (64)
Writedown of goodwill and
long-lived assets - - - (2)
----------------------------------------------------------------------------
Earnings (loss) before income
taxes, non-controlling
interests, and discontinued
operations 3 (8) 797 1,314
Recovery of (provision for)
income taxes (17) 3 (7) (196)
Non-controlling interests (4) 3 (682) (999)
----------------------------------------------------------------------------
Earnings (loss) from continuing
operations (18) (2) 108 119
Earnings from discontinued
operations - - 119 119
----------------------------------------------------------------------------
Net earnings (loss) $ (18) $ (2) $ 227 $ 238
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets at December 31,
2007 $ 1,039 $ 881 $ 5,307 $ 26,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt at
December 31, 2007(b) $ 688 $ 380 $ 960 $ 6,376
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

Contact Information

  • Onex Corporation
    Donald W. Lewtas
    Chief Financial Officer
    (416) 362-7711
    Website: www.onex.com