The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

December 09, 2010 16:00 ET

The Forzani Group Ltd.: Strategic Initiatives Yield Record FGL Third Quarter Results

YTD Earnings Per Share Doubles

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - The Forzani Group Ltd. (TSX:FGL) ("FGL" or the "Company"), Canada's largest retailer of sporting goods, today reported fiscal 2011 results for the 13-week third quarter and 39-week period ended October 31, 2010.

"The continued execution of our strategic initiatives contributed significantly to our improved same-store sales, margin and operating costs in the third quarter of fiscal 2011," said Bob Sartor, FGL's Chief Executive Officer. "Our strong market presence and favourable weather in Eastern Canada also played a role in the gains."

"We accomplished these results despite lower year-over-year marketing spending in the quarter. This planned reduction resulted from the shift of spending to Q1 and Q2 in support of the Winter Olympics, FIFA World Cup, the re-branding efforts of our Atmosphere stores and the launch of the Livestrong footwear, apparel and accessories program. At the same time, we maintained disciplined expense control at the store level, which contributed to a 21% improvement in EBIT over the strong results achieved a year earlier."

"As we enter the all-important Christmas season, we believe there still seems to be some uncertainty around the economic recovery. However, our confidence is bolstered by the gains we have made so far, by our achievements against our strategic plan and by the promising start to our fourth fiscal quarter."



Financial Summary:

----------------------------------------------------------------------------
For the thirteen For the thirty-nine
weeks ended weeks ended
----------------------------------------------------------------------------
October 31, November 1, October 31, November 1,
2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue ($000s)
Retail 260,797 255,305 717,083 672,893
Wholesale 132,355 125,780 320,707 312,430
----------------------------------------------------
Total 393,152 381,085 1,037,790 985,323
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EBITA Margin(1) 8.9% 8.1% 5.8% 5.0%
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Net Earnings ($000s) 13,715 11,384 11,203 5,855
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Earnings Per Share $ 0.48 $ 0.37 $ 0.38 $ 0.19
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Same Store Sales (%)(1)
Corporate 3.4 1.3 6.6 0.3
Franchise -2.8 4.2 1.6 0.6
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Consolidated 1.2 2.3 4.8 0.4
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(1)Refer to "Non-GAAP Measures" below.


Progress Against Strategic Plan

As previously disclosed, FGL established a strategic plan designed to unify and simplify our business, expand our reach and improve productivity. FGL's progress during the third quarter against this strategic plan included, but was not limited to, the following:



-- Continuing to rebrand our former Coast Mountain Sports stores under the
Atmosphere banner, allowing us to gain economies of scale from having
one outdoor and lifestyle chain instead of two.
-- Adding three Nevada Bob's Golf concept shops to Sport Chek stores, which
extended the planned fiscal 2011 roll-out to 41 concept shops in Sport
Chek locations. There are now 73 concept shops.
-- Opening 8 Hockey Experts elite hockey concept shops in key Sport Chek
locations as a further test of the "shop within a shop" component of our
strategic plan. There are now 27 concept shops.
-- Continuing work on the next generation of the purchasing, allocation and
distribution information systems enhancement project.
-- During the quarter, FGL completed the first full year of its e-commerce
initiative, Sportchek.ca. Since the launch in October 2009, FGL has
extended its retail reach to customers outside its normal trading area
and provided support to the estimated 70% of Canadian consumers that
research their purchases online. The state of the art site now offers
more than 10,000 unique product styles and colours, up from
approximately 5,000 at launch. The site is supported by world class e-
commerce provider GSI Commerce Solutions Inc. In its first year of
operations, the site hosted nearly 10 million unique visitors.


Fiscal Third Quarter Financial Results:

Compared with its peer group of North American sporting goods retailers, FGL's same-store sales have been less volatile since the onset of the recession two years ago. FGL increased retail system same-store sales by 1.2% for the third quarter of fiscal 2011, on top of an increase of 2.3% in the third quarter of the prior year.

FGL's total revenue was up 3.2% from a year earlier, led by a 2.2% increase in retail sales from corporate stores. Augmenting the increase in the retail business, wholesale revenues rose 5.2% overall. This included a 29.0% increase in wholesale sales by our INA International division, partly due to the introduction of Diadora clothing and footwear to franchisees and improved hockey, snowboard equipment and footwear shipments to wholesale customers in Canada and the United States.

Retail system sales, which include sales from corporate and franchise stores, were $392.9 million, an increase of $1.8 million, or 0.5%, from the comparable 13-week sales of $391.1 million a year earlier.

Gross profit was $132.3 million, up 4.4% from $126.7 million a year earlier, and gross margin was 33.6% of revenue compared with 33.2% of revenue a year earlier. Gross profit growth outpaced revenue due to improvements in margins in corporate retail as well as each of our wholesale businesses.

Store operating expenses rose $0.8 million or 1.1% for the fiscal 2011 third quarter from a year earlier reflecting increased accruals for year end performance-based compensation costs due to the sales growth achieved. As a percentage of retail revenues, store operating expenses fell to 28.1% from 28.4% in fiscal 2010. Same-store operating expenses were 24.1% of corporate store revenue compared to 25.8% in the prior year. Same-store expenses, in absolute dollars, decreased $1.9 million or 3.4%.

General and administrative expenses rose both on a run rate and absolute dollar expenditure basis compared with a year earlier. The absolute dollar increase of $0.9 million was primarily the result of $0.7 million increased information technology spending and accruals for performance-based compensation of $2.2 million in recognition of improved earnings year to date. These accruals more than offset the planned reduction in marketing spending in the quarter due to the planned shift of that spending to the 1st and 2nd quarters of the year in support of the Winter Olympics, FIFA World Cup, Atmosphere re-branding and Livestrong launch.

Earnings before interest, taxes and amortization, ("EBITA") was $34.9 million, up 12.6% from $31.0 million in the third quarter of last year.

Earnings before income taxes were $19.9 million, compared with pre-tax earnings of $16.5 million a year earlier. Cash flow from operations increased to $25.7 million, or $0.89 per share, from $24.5 million, or $0.80 per share, in the prior year.

Fiscal First Three Quarters Financial Results

The main drivers affecting financial results for the first three quarters, including the execution of our strategic initiatives, our strong market share, favourable weather and disciplined expense controls at the store level, were similar to those described above for the third quarter.

Certain key financial metrics for the fiscal year to date are provided in the financial summary table. Following are additional important metrics compared with a year earlier:



-- Retail system sales-$1.103 billion, up 4.2% from $1.058 billion;
-- Gross profit-$682.1 million, up 3.4% from $659.9 million;
-- Gross margin-34.3% of revenue, compared with 33.0% of revenue;
-- Store operating expenses-30.2% of corporate revenue compared with 31.0%
of corporate revenue. On an absolute dollar basis, store operating
expenses were up $8.0 million from the prior year;
-- General and administrative expenses-7.7% of total revenue, up from 6.9%.
Overall, an absolute dollar increase in general and administrative
expenses of $12.0 million. This increase reflects one-time costs
associated with the Atmosphere re-branding initiative, increased stock
and performance based compensation costs due to the Company's improved
profitability, increased information technology spending in support of
the strategic initiatives, and a strategic shift in advertising
expenditures into the first half of the year to support key marketing
initiatives in support of execution of the Company's strategic plan;
-- EBITA-$59.7 million, up 20.9% from $49.4 million;
-- Earnings before income taxes-$16.2 million compared with $8.5 million;
and
-- Cash flow from operations-$47.2 million or $1.59 per share, compared
with $37.5 million or $1.23 per share.


Third Quarter Store Activity

At the end of the third quarter, the Company had 543 stores, 25 less than a year earlier. Due to FGL's strategy of increasing average store size, despite the reduced store count, the Company had only 0.4% less retail selling space (26,208 fewer square feet) compared with a year earlier. Corporate stores totalled 330 at the end of the third quarter, down 20 from a year earlier, while franchise stores totalled 213, down 5 from a year earlier.

During the quarter, the Company decreased the number of corporate stores by four, closing four Nevada Bob's Golf stores, one Fitness Source store, and one Sport Mart store while opening one Sport Chek and acquiring one Nevada Bob's Golf store from a franchisee.

The franchise division store count remained at 213 with five new store openings (one Intersport, two Atmosphere, one Hockey Experts and one S3 store) offsetting four closures (two Nevada Bob's Golf and two Pegasus stores) and the aforementioned sale of one franchised Nevada Bob's Golf store to the Corporate division.

Balance Sheet

The Company's working capital was $69.3 million, down 2.0% from the prior year.

Dividends

On December 9, 2010, the Company declared a dividend of $0.075 per Class "A" share, payable on January 31, 2011 to shareholders of record on January 17, 2011. All dividends paid by the Company are, pursuant to subsection 89 (14) of the Income Tax Act, designated as eligible dividends. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit.

Normal Course Issuer Bid

The Company renewed its Normal Course Issuer Bid ("NCIB") with the Toronto Stock Exchange ("TSX") on April 14, 2010. The renewed NCIB, allows the Company to repurchase up to 2,451,105 Class "A" shares (or approximately 10% of its public float) between April 16, 2010 and the expiry of the NCIB on April 15, 2011. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 10,967 Common Shares, being approximately 25% of the average daily trading volume of the Class "A" shares on the TSX for the previous six calendar months of 43,871 Class "A" shares per day.

As at December 9, the Company had repurchased 2,114,707 Class "A" shares at a total cost of $35.4 million or $16.72 per share. All shares purchased pursuant to the NCIB are returned to treasury for cancellation.

Preliminary Q4 Results

Results in the first five weeks of the fiscal 2011 fourth quarter continued to show improvement over the prior year, as winter weather in Western Canada spurred sales of seasonally weather sensitive goods. On a same-store category basis, the increase was led by outerwear, winter clothing and footwear as well as targeted hard good categories of cycling, golf, fitness equipment and hockey.

Overall retail system same-store sales increased by 15.9% for the first five weeks (against the prior year's decrease of 10.7%). Of the total gain, same-store sales increased by 16.9% for corporate locations (against the prior year's decrease of 8.6%), and increased by 13.9% for franchise stores, (against the prior year's decrease of 14.2%). Gross margin performance as a percentage of sales was up 21 basis points over the prior year.

In terms of the remainder of the fourth quarter, the momentum of the first five weeks is expected to be tempered in December and January as sales will be up against strong sales results in the prior year.

Additional Quarterly Disclosure

In conjunction with this release, the Company invites you to listen to its teleconference call on Thursday December 9th, 2010 at 4:30 p.m. Eastern Standard Time. The conference call will also be available simultaneously and in its entirety, including presentation materials, to all interested investors and the news media through a web cast which can be accessed on the Company's website at www.forzanigroup.com. Please visit the website at least 15 minutes prior to the indicated start time to download and install any necessary software. The presentation materials are also currently available on our website at www.forzanigroup.com.

Teleconference Call: To listen to the conference call, please dial one of the following numbers approximately five minutes prior to commencement:

Within Toronto: 416- 644-3414

Outside Toronto: 800-814-4859

Replay: Should you be unable to join the conference call, an audio recording of the call will be available approximately three hours after the call until December 16th, 2010.

Replay Number: 1-416-640-1917 or 1-877-289-8525 (passcode 4385055#)

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by the Company and cannot be recorded or rebroadcast without the Company's express written consent.
FGL invites investors to read it's more detailed disclosure contained in the fiscal 2010 Annual Report, Financial Statements and Management's Discussion and Analysis. These documents are available on the FGL website and SEDAR.

Non-GAAP Measures

The use of the term "Retail System Sales" (retail sales from corporate and franchise stores) is not recognized under Canadian generally accepted accounting principles ("GAAP"). Management believes that this measure is useful supplemental information which provides the reader with an indication of the Company's total retail sales, but may not be comparable to measures used by other companies.

Same-store sales include sales from all of the Company's franchise and corporate stores that had been open for the comparable period in the prior year. This metric is commonly used throughout the retail industry, and by management as an appropriate comparison to other stores open during the period and to results in the prior period.

The use of the term "EBITA" (earnings before interest, taxes and amortization) is not recognized under Canadian GAAP. Management believes that in addition to net earnings, EBITA is a useful measure that provides an indication of the results generated by the Company's business activities prior to consideration of how activities were financed and how the results are taxed. Investors should be cautioned, however, that EBITA should not be construed as an alternative to net earnings, cash flows from operating activities or other measures of financial performance, determined in accordance with GAAP, as an indicator of the Company's performance. Furthermore, this measure does not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other companies.

Cash flow from operations corresponds to "Cash provided by (used in) operating activities" before non-cash changes in working capital in our consolidated interim and annual statements of cash flows and is defined as net earnings for the period, adjusted for specific items not involving cash but excluding non-cash changes in elements of working capital. This metric is used by management to assess the quality of the Company's earnings.

Forward-Looking Information

This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information relates to, among other things: (i) management's expectations regarding an economic recovery; and (ii) the Company's intentions in respect to the further implementation of its strategic plan including, without limitation: (a) the success of the information system enhancement project in purchasing, allocation and distribution departments; (b) the anticipated success in re-branding Coast Mountain Sports as Atmosphere including economies of scale realized in respect thereof; and (c) the Company's plans to increase its average store size.

Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.

The forward-looking information in this press release is included solely for the purpose of assisting the Company's shareholders in understanding the Company's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that the Company's anticipated results will not be achieved. Although the Company believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the following:



-- our ability to execute upon the initiatives that support our strategic
objectives;
-- the willingness of customers to shop at our stores;
-- the emergence of new competitors in the market;
-- changes in economic conditions and/or weather patterns;
-- our ability to attract and retain key personnel; and
-- those risks and uncertainties described in the Company's Annual
Information Form filed with the securities regulatory authorities in
Canada under the Company's profile at www.sedar.com.


When relying on the forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors, although we strongly caution that the foregoing list of factors is not exhaustive and other factors could adversely affect our performance. Investors and other readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While the Company may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Atmosphere, Tech Shop, Nevada Bob's Golf, Hockey Experts, S3 and The Fitness Source. The Company also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com.



The Forzani Group Ltd.

Consolidated Balance Sheets
(in thousands)
(unaudited)

October 31, January 31, November 1,
As at 2010 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

ASSETS
Current
Cash $ 948 $ 962 $ 2,817
Accounts receivable 157,232 71,544 163,270
Inventory 428,779 316,319 394,462
Prepaid expenses 7,303 5,092 5,305
----------------------------------------------------------------------------
594,262 393,917 565,854
Capital assets 193,485 199,589 205,634
Goodwill and other
intangibles 95,929 95,990 96,003
Other assets 13,036 5,914 6,943
Future income tax asset 6,551 6,519 9,107
----------------------------------------------------------------------------
$ 903,263 $ 701,929 $ 883,541
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES
Current
Indebtedness under
revolving credit facility $ 97,361 $ 27,932 $ 90,125
Accounts payable and
accrued liabilities 426,860 265,007 405,029
Other liabilities 734 - -
----------------------------------------------------------------------------
524,955 292,939 495,154
Other liabilities 6,891 6,177 5,945
Deferred lease inducements 41,103 44,062 44,682
Deferred rent liability 5,204 5,525 5,716
----------------------------------------------------------------------------
578,153 348,703 551,497
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SHAREHOLDERS' EQUITY
Share capital 141,336 150,359 149,258
Contributed surplus 5,924 5,770 5,988
Accumulated other
comprehensive earnings
(loss) (88) 34 103
Retained earnings 177,938 197,063 176,695
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325,110 353,226 332,044
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$ 903,263 $ 701,929 $ 883,541
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The Forzani Group Ltd.

Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

For the 13 weeks ended For the 39 weeks ended
October 31, November 1, October 31, November 1,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revenue
Retail $ 260,797 $ 255,305 $ 717,083 $ 672,893
Wholesale 132,355 125,780 320,707 312,430
----------------------------------------------------------------------------
393,152 381,085 1,037,790 985,323
Cost of sales 260,888 254,410 682,091 659,891
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Gross margin 132,264 126,675 355,699 325,432
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Operating and
administrative
expenses
Store operating 73,232 72,431 216,403 208,430
General and
administrative 24,151 23,235 79,567 67,605
----------------------------------------------------------------------------
97,383 95,666 295,970 276,035
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Operating
earnings before
undernoted items 34,881 31,009 59,729 49,397
----------------------------------------------------------------------------

Amortization of
capital assets 14,087 13,846 41,255 38,910
Interest 911 664 2,249 2,001
----------------------------------------------------------------------------
14,998 14,510 43,504 40,911
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Earnings before
income taxes 19,883 16,499 16,225 8,486
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Income tax
expense
(recovery)
Current 6,148 3,456 5,054 1,778
Future 20 1,659 (32) 853
----------------------------------------------------------------------------
6,168 5,115 5,022 2,631
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Net earnings for
the period $ 13,715 $ 11,384 $ 11,203 $ 5,855
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Basic earnings
per share $ 0.48 $ 0.37 $ 0.38 $ 0.19
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings
per share $ 0.47 $ 0.37 $ 0.38 $ 0.19
----------------------------------------------------------------------------
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The Forzani Group Ltd.

Consolidated Statements of Retained Earnings, Comprehensive Earnings (loss)
and Accumulated Other Comprehensive Earnings (loss)
(in thousands)
(unaudited)

Consolidated
Statements of For the 13 weeks ended For the 39 weeks ended
Retained October 31, November 1, October 31, November 1,
Earnings 2010 2009 2010 2009
----------------------------------------------------------------------------

Retained
earnings,
beginning of
period $ 169,291 168,145 $ 197,063 $ 178,251
Net earnings 13,715 11,384 11,203 5,855
Dividends paid (2,156) (2,299) (6,631) (6,876)
Adjustment
arising from
shares purchased
under a normal
course issuer
bid (2,912) (535) (23,697) (535)
----------------------------------------------------------------------------
Retained
earnings, end of
period $ 177,938 176,695 $ 177,938 $ 176,695
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated
Statements of
Comprehensive
Earnings (loss)
----------------------------------------------------------------------------
For the 13 weeks ended For the 39 weeks ended
October 31, November 1, October 31, November 1,
2010 2009 2010 2009
----------------------------------------------------------------------------

Net earnings $ 13,715 $ 11,384 $ 11,203 $ 5,855
----------------------------------------------------------------------------
Other
comprehensive
earnings (loss):
Unrealized
foreign currency
gains (loss) on
cash flow hedges (173) 371 (179) (1,101)
Tax impact 56 (115) 57 341
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Other
comprehensive
earnings (loss) (117) 256 (122) (760)
----------------------------------------------------------------------------
Comprehensive
earnings $ 13,598 $ 11,640 $ 11,081 $ 5,095
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated
Statements of
Accumulated
Other
Comprehensive
Earnings
("AOCE")
----------------------------------------------------------------------------
For the 13 weeks ended For the 39 weeks ended
October 31, November 1, October 31, November 1,
2010 2009 2010 2009
----------------------------------------------------------------------------

Accumulated
other
comprehensive
earnings (loss),
beginning of
period $ 29 $ (153) $ 34 $ 863
Other
comprehensive
earnings (loss) (117) 256 (122) (760)
----------------------------------------------------------------------------
Accumulated
other
comprehensive
earnings (loss),
end of period
----------------------------------------------------------------------------
$ (88) $ 103 $ (88) $ 103
----------------------------------------------------------------------------


The Forzani Group Ltd.

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
For the 13 weeks ended For the 39 weeks ended
October 31, November 1, October 31, November 1,
2010 2009 2010 2009
----------------------------------------------------------------------------

Cash provided by
(used in)
operating
activities
Net earnings for
the period $ 13,715 $ 11,384 $ 11,203 $ 5,855
Items not
involving cash:
Amortization of
capital assets 14,087 13,846 41,255 38,910
Amortization of
deferred finance
charges 38 41 114 121
Amortization of
deferred lease
inducements (2,681) (2,666) (7,937) (8,524)
Rent expense 269 33 422 92
Stock-based
compensation 292 24 2,213 55
Future income tax
recovery 20 1,659 (32) 853
Unrealized gain
on ineffective
hedges - 149 - 104
----------------------------------------------------------------------------
25,740 24,470 47,238 37,466
Changes in
non-cash elements
of working capital
related to
operating
activities 29,982 22,158 (40,990) (58,254)
----------------------------------------------------------------------------
55,722 46,628 6,248 (20,788)
----------------------------------------------------------------------------
Cash provided by
(used in)
financing
activities
Proceeds from
issuance of share
capital 142 389 606 1,970
Share repurchase
via normal course
issuer bid (4,205) (876) (33,463) (876)
Other liabilities 77 (6,248) 1,448 (5,376)
Revolving credit
facility (36,804) (24,386) 69,429 72,995
Dividends paid (2,156) (2,299) (6,631) (6,876)
Lease inducements
received 525 1,442 4,978 5,395
----------------------------------------------------------------------------
(42,421) (31,978) 36,367 67,232
Changes in
non-cash elements
of financing
activities - (1,225) (616) 3,079
----------------------------------------------------------------------------
(42,421) (33,203) 35,751 70,311
----------------------------------------------------------------------------
Cash provided by
(used in)
investing
activities
Capital assets (12,194) (15,200) (34,517) (47,260)
Other assets (153) (366) (4,611) (551)
Acquisition of
assets - - - (945)
----------------------------------------------------------------------------
(12,347) (15,566) (39,128) (48,756)
Changes in
non-cash elements
of investing
activities (929) 2,053 (2,885) (1,424)
----------------------------------------------------------------------------
(13,276) (13,513) (42,013) (50,180)
----------------------------------------------------------------------------
Increase
(decrease) in cash 25 (88) (14) (657)
Net cash position,
opening 923 2,905 962 3,474
----------------------------------------------------------------------------
Net cash position,
closing $ 948 $ 2,817 $ 948 $ 2,817
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Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, CA
    Chief Executive Officer
    (403) 717-1342
    or
    The Forzani Group Ltd.
    Michael Lambert, CA
    Chief Financial Officer
    (403) 717-1666
    or
    The Forzani Group Ltd.
    Richard Burnet, CA
    Senior Vice President, Finance and Administration
    (403) 717-1442
    www.forzanigroup.com