Transcontinental Inc.
TSX : TCL.A
TSX : TCL.B

Transcontinental Inc.

September 08, 2016 11:09 ET

Transcontinental Inc. Announces its Financial Results for the Third Quarter of Fiscal 2016

Highlights

- Revenues decreased 2.9%.

- Adjusted operating earnings before depreciation and amortization decreased 7.5%.

- Adjusted net earnings attributable to shareholders of the Corporation decreased 9.6%.

- Net earnings attributable to shareholders of the Corporation per share increased 7.3%.

- Maintained a solid financial position, with a net indebtedness ratio of 0.8x.

- Acquired Robbie Manufacturing, a flexible packaging supplier located in Lenexa, Kansas.

- Successfully started printing the Toronto Star in July.

MONTREAL, QUEBEC--(Marketwired - Sept. 8, 2016) - Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B) announces its results for the third quarter of Fiscal 2016, which ended July 31, 2016.

"The third quarter results are consistent with our expectations and reflect difficult market realities, but they demonstrate that the actions we have taken mitigated the impact on our profitability", said François Olivier, President and Chief Executive Officer of TC Transcontinental. "These actions will continue to be beneficial in the next quarter. In our printing division, we continued to optimize our platform and successfully started printing the Toronto Star, which will fully contribute starting next quarter. Our Media Sector continued to face declining advertising revenues, but the efficiency measures implemented over the last few months are bearing fruit. As for our packaging division, we are deploying resources to develop sales and we are seeing encouraging progress. Furthermore, the recent acquisition of Robbie Manufacturing allows us to expand our network of flexible packaging plants in North America."

"Finally, our excellent financial position and our significant cash flows will allow us to continue to invest prudently and to pursue our acquisitions in the packaging segment, our future growth area."

Financial Highlights

(in millions of dollars, except per share amounts) Q3-2016 Q3-2015 % YTD 2016 YTD 2015 %
Revenues 467.8 481.9 (2.9 ) 1,463.9 1,462.1 0.1
Adjusted operating earnings before depreciation and amortization(Adjusted EBITDA) 89.2 96.4 (7.5 ) 256.2 264.4 (3.1 )
Adjusted operating earnings (Adjusted EBIT) 62.7 71.6 (12.4 ) 176.0 188.9 (6.8 )
Adjusted net earnings attributable to shareholders of the Corporation 44.1 48.8 (9.6 ) 119.7 126.1 (5.1 )
Per share 0.57 0.62 (8.1 ) 1.54 1.61 (4.3 )
Net earnings attributable to shareholders of the Corporation 45.9 43.3 6.0 88.6 162.4 (45.4 )
Per share 0.59 0.55 7.3 1.14 2.08 (45.2 )
Please refer to the table "Reconciliation of Non-IFRS financial measures" in this press release.

2016 Third Quarter Results

Revenues for the third quarter of 2016 went from $481.9 million to $467.8 million, a decrease of 2.9%. The contribution from acquisitions, notably those of Ultra Flex Packaging and Robbie Manufacturing, as well as the appreciation of the U.S. dollar against the Canadian dollar were unable to offset the decrease in revenues from existing operations. In the printing division, the decline in advertising spending continued to impact several segments. With respect to flyer printing for Canadian retailers, the number of flyers and the number of pages remained stable. The decrease in revenues from existing operations was partially offset by the printing of the Toronto Star, which started in July 2016. In addition, the decline in the packaging division is mainly attributable to a reduction in demand from Transcontinental Capri's main customer and the loss of a customer as a result of its sale. In the Media Sector, the decline in advertising revenues continued to have an effect on local newspapers.

Adjusted operating earnings went from $71.6 million to $62.7 million in the third quarter of 2016, a decrease of 12.4%. The decline in adjusted operating earnings from existing operations is due to the decline in revenues mentioned above and the investments made to increase capacity and support the growth strategy of the packaging division. The decrease was partially offset by the contribution from acquisitions, the favourable exchange rate effect and the ongoing cost reduction initiatives in the printing division and the Media Sector.

Adjusted net earnings attributable to shareholders of the Corporation decreased 9.6%, from $48.8 million, or $0.62 per share, to $44.1 million, or $0.57 per share. This decrease is mainly due to lower adjusted operating earnings, partially offset by the reduction in adjusted income taxes and net financial expenses. Net earnings attributable to shareholders of the Corporation went from $43.3 million, or $0.55 per share, to $45.9 million, or $0.59 per share. This increase is mainly attributable to the favourable variation in restructuring and other costs (revenues), net of related taxes, and a reduction in income taxes, partially offset by lower adjusted operating earnings.

Other Highlights

  • On May 30, 2016, TC Transcontinental announced the divestiture of its assets in the province of Saskatchewan. The transaction included the sale of its 13 local newspapers and associated web properties, as well as some commercial printing equipment and related book of business.
  • On June 30, 2016, TC Transcontinental announced the acquisition of Robbie Manufacturing, a flexible packaging supplier located in Lenexa, Kansas. Robbie Manufacturing specializes in on-site packaging needs for grocery stores, shrink wrap packaging of multipack consumer goods, and packaging solutions for food processors. With more than 175 employees, it generated US$50 million in annual revenues in its most recent fiscal year.
  • On July 28, 2016, the Corporation announced that it sold most of its commercial printing line of business operated from its plant in Dartmouth, Nova Scotia.

Highlights of the First Nine Months

For the first nine months of 2016, TC Transcontinental's revenues went from $1,462.1 million to $1,463.9 million. The acquisitions of Ultra Flex Packaging and, to a lesser extent, Robbie Manufacturing as well as the appreciation of the U.S. dollar against the Canadian dollar more than offset the decrease in revenues from existing operations. In the printing division, the decline in advertising spending in several segments and the loss of a U.S. customer were partially offset by previously announced new contracts. With respect to flyer printing for Canadian retailers, the number of flyers and number of pages remained stable. In the packaging division, the decline is attributable to a reduction in demand from Transcontinental Capri's main customer and the loss of a customer as a result of its sale. In the Media Sector, the decline in advertising revenues continued to have an effect on local newspapers. In addition, distribution activities were impacted by the exit of a retailer from the Canadian market in 2015.

Adjusted operating earnings went from $188.9 million to $176.0 million, a decrease of 6.8%. The decline in adjusted operating earnings from existing operations is due to the decline in revenues mentioned above and the investments made to increase capacity and support the growth strategy of the packaging division. The decrease was partially offset by the contribution from acquisitions, the favourable exchange rate effect and ongoing cost reduction initiatives in the printing division and the Media Sector.

Adjusted net earnings attributable to shareholders of the Corporation decreased 5.1%, from $126.1 million, or $1.61 per share, to $119.7 million, or $1.54 per share. This decrease is mainly due to lower adjusted operating earnings, partially offset by the reduction in adjusted income taxes and net financial expenses. Net earnings attributable to shareholders of the Corporation went from $162.4 million, or $2.08 per share, to $88.6 million, or $1.14 per share. This decrease is attributable to several unusual items totalling close to $90 million in 2015 and 2016, namely a gain on the sale of the consumer magazine publishing activities, a reversal of the provision for multi-employer pension plans, a gain on the sale of a building and an asset impairment charge. To a lesser extent, lower adjusted operating earnings also contributed to the decrease.

For more detailed financial information, please see Management's Discussion and Analysis for the third quarter ended July 31st, 2016 as well as the financial statements in the "Investors" section of our website at www.tc.tc

Outlook for 2016

Flyer printing volume is expected to remain relatively stable during the fourth quarter of 2016. In addition, the net impact of new contracts, including the contract to print the Toronto Star, will be more significant in the fourth quarter. We will also continue to grow our in-store marketing product offering for retailers. However, these items should be more than offset by the impact of the decline in the advertising market on our traditional commercial, newspaper and magazine printing activities. With respect to adjusted operating earnings, our operational efficiency initiatives will also have a more significant contribution in the fourth quarter, which should improve the performance of this division.

In our flexible packaging division, the contribution from the acquisitions of Robbie Manufacturing and Ultra Flex Packaging will continue to have a positive impact during the fourth quarter. In addition, we will continue developing new business opportunities and qualifying our products with customers to drive growth in this division. We expect that several of these opportunities will materialize starting in 2017. However, the reduced demand from Transcontinental Capri's main customer and the impact of the loss of a customer as a result of its sale will continue to create an organic decline within this business unit during the fourth quarter. Furthermore, our recent investments made to increase our capacity and support our development strategy will also have an unfavourable impact on adjusted operating earnings in the fourth quarter.

Within the Media Sector, the impact of the transformation of the advertising market should continue to affect our newspaper publishing activities. However, cost reductions initiatives should enable us to reduce the impact of the advertising market on our adjusted operating earnings during the last quarter of 2016.

Lastly, we expect to continue generating significant cash flows during the next quarters, and our excellent financial position should permit us to continue our transformation in the flexible packaging industry. We will maintain our disciplined acquisition approach in this promising market in order to invest in quality assets that meet our strategic criteria.

Reconciliation of Non-IFRS Financial Measures

Financial information has been prepared in conformity with IFRS. However, certain measures used in this press release do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many readers analyze our results based on certain non-IFRS financial measures because such measures are normalized for evaluating the Corporation's operating performance. Management uses such non-IFRS financial information to evaluate the performance of its operations and managers. These measures should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS.

The following table reconciles IFRS financial measures to non-IFRS financial measures.

Three months ended July 31 Nine months ended July 31
(in millions of dollars, except per share amounts) 2016 2015 2016 2015
Net earnings attributable to shareholders of the Corporation $ 45.9 $ 43.3 $ 88.6 $ 162.4
Non-controlling interests - 0.1 - (0.3 )
Net earnings from discontinued operations - (0.7 ) - (29.2 )
Income taxes 15.3 17.0 31.3 49.8
Share of net earnings in interests in joint ventures, net of related taxes (0.1 ) (0.1 ) (0.4 ) (0.3 )
Net financial expenses 2.5 3.6 12.0 13.8
Impairment of assets 0.1 0.2 30.4 1.6
Restructuring and other costs (revenues) (1.0 ) 8.2 14.1 (8.9 )
Adjusted operating earnings $ 62.7 $ 71.6 $ 176.0 $ 188.9
Depreciation and amortization 26.5 24.8 80.2 75.5
Adjusted operating earnings before depreciation and amortization $ 89.2 $ 96.4 $ 256.2 $ 264.4
Net earnings attributable to shareholders of the Corporation $ 45.9 $ 43.3 $ 88.6 $ 162.4
Net earnings from discontinued operations - (0.7 ) - (29.2 )
Impairment of assets (after tax) 0.5 0.2 22.4 1.2
Restructuring and other costs (revenues), net of related taxes (2.3 ) 6.0 8.7 (8.3 )
Adjusted net earnings attributable to shareholders of the Corporation $ 44.1 $ 48.8 $ 119.7 $ 126.1
Weighted average number of shares outstanding 77.5 78.1 77.7 78.1
Adjusted net earnings attributable to shareholders of the Corporation pershare $ 0.57 $ 0.62 $ 1.54 $ 1.61
As at As at
July 31, October
2016 31, 2015
Long-term debt $ 347.8 $ 347.7
Current portion of long-term debt 0.2 36.4
Cash (35.0 ) (38.6 )
Net indebtedness $ 313.0 $ 345.5
Adjusted operating earnings before depreciation and amortization (last 12 months) $ 370.5 $ 378.7
Net indebtedness ratio 0.8 x 0.9 x

Dividend

The Corporation's Board of Directors declared a quarterly dividend of $0.185 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on October 20, 2016 to shareholders of record at the close of business on October 3, 2016.

Conference Call

Upon releasing its third quarter 2016 results, the Corporation will hold a conference call for the financial community today at 4:15 p.m. The dial-in numbers are 1 647 788-4922 or 1 877 223-4471. Media may hear the call in listen-in only mode or tune in to the simultaneous audio broadcast on the Corporation's website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Communications of TC Transcontinental, at 514-954-3581.

Profile

Canada's largest printer with operations in print, flexible packaging, publishing and digital media, TC Transcontinental's mission is to create products and services that allow businesses to attract, reach and retain their target customers.

Respect, teamwork, performance and innovation are strong values held by the Corporation and its employees. The Corporation's commitment to its stakeholders is to pursue its business and philanthropic activities in a responsible manner.

Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B), known as TC Transcontinental, has close to 8,000 employees in Canada and the United States, and revenues of C$2.0 billion in 2015.

Forward-looking Statements

Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward- looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to, the economic situation in the world and particularly in Canada and the United States, structural changes in the industries in which the Corporation operates, the exchange rate, availability of capital, energy costs, competition, the Corporation's capacity to engage in strategic transactions and integrate acquisitions into its activities, the regulatory environment, the safety of its packaging products used in the food industry, innovation of its offering and concentration of its sales in certain segments. The main risks, uncertainties and factors that could influence actual results are described in Management's Discussion and Analysis (MD&A) for the fiscal year ended on October 31st, 2015, in the latest Annual Information Form and have been updated in the MD&A for the third quarter ended July 31st, 2016.

Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of nonrecurring or other unusual items, nor of divestitures, business combinations, mergers or acquisitions which may be announced after the date of September 8, 2016.

The forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation.

The forward-looking statements in this release are based on current expectations and information available as at September 8, 2016. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities.

CONSOLIDATED STATEMENTS OF EARNINGS
Unaudited
Three months ended Nine months ended
July 31 July 31
(in millions of Canadian dollars, except per share data) 2016 2015 2016 2015
Revenues $ 467.8 $ 481.9 $ 1,463.9 $ 1,462.1
Operating expenses 378.6 385.5 1,207.7 1,197.7
Restructuring and other costs (revenues) (1.0 ) 8.2 14.1 (8.9 )
Impairment of assets 0.1 0.2 30.4 1.6
Operating earnings before depreciation and amortization 90.1 88.0 211.7 271.7
Depreciation and amortization 26.5 24.8 80.2 75.5
Operating earnings 63.6 63.2 131.5 196.2
Net financial expenses 2.5 3.6 12.0 13.8
Earnings before share of net earnings in interests in joint ventures and income taxes 61.1 59.6 119.5 182.4
Share of net earnings in interests in joint ventures, net of related taxes 0.1 0.1 0.4 0.3
Income taxes 15.3 17.0 31.3 49.8
Net earnings from continuing operations 45.9 42.7 88.6 132.9
Net earnings from discontinued operations - 0.7 - 29.2
Net earnings 45.9 43.4 88.6 162.1
Non-controlling interests - 0.1 - (0.3 )
Net earnings attributable to shareholders of the Corporation $ 45.9 $ 43.3 $ 88.6 $ 162.4
Net earnings per share - basic
Continuing operations $ 0.59 $ 0.55 $ 1.14 $ 1.70
Discontinued operations - - - 0.38
$ 0.59 $ 0.55 $ 1.14 $ 2.08
Net earnings per share - diluted
Continuing operations $ 0.59 $ 0.55 $ 1.14 $ 1.70
Discontinued operations - - - 0.37
$ 0.59 $ 0.55 $ 1.14 $ 2.07
Weighted average number of shares outstanding - basic (in millions) 77.5 78.1 77.7 78.1
Weighted average number of shares - diluted (in millions) 77.8 78.3 78.0 78.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
Three months ended Nine months ended
July 31 July 31
(in millions of Canadian dollars) 2016 2015 2016 2015
Net earnings $ 45.9 $ 43.4 $ 88.6 $ 162.1
Other comprehensive income (loss)
Items that will be reclassified to net earnings
Net change related to cash flow hedges
Net change in the fair value of derivatives designated as cash flow hedges (3.1 ) (6.9 ) 3.2 (9.6 )
Reclassification of the net change in the fair value of derivatives designated as cash flow hedges in prior periods, recognized in net earnings during the period (0.4 ) (0.3 ) 5.7 1.2
Related income taxes (0.9 ) (1.8 ) 2.4 (2.1 )
(2.6 ) (5.4 ) 6.5 (6.3 )
Cumulative translation differences
Net unrealized exchange gains on the translation of the financial statements of foreign operations 16.9 12.9 1.7 23.5
Net change in the fair value of derivatives designated as hedges of net investments in foreign operations (1.2 ) - 1.8 -
Related income taxes (0.4 ) - 0.4 -
16.1 12.9 3.1 23.5
Items that will not be reclassified to net earnings
Changes in actuarial gains and losses in respect of defined benefit plans
Actuarial gains (losses) in respect of defined benefit plans 2.9 3.8 (20.4 ) 4.4
Related income taxes 0.8 1.0 (5.4 ) 1.2
2.1 2.8 (15.0 ) 3.2
Other comprehensive income (loss) (1) 15.6 10.3 (5.4 ) 20.4
Comprehensive income $ 61.5 $ 53.7 $ 83.2 $ 182.5
Attributable to:
Shareholders of the Corporation $ 61.5 $ 53.6 $ 83.2 $ 182.8
Non-controlling interests - 0.1 - (0.3 )
$ 61.5 $ 53.7 $ 83.2 $ 182.5
(1) Other comprehensive income (loss) is attributable to continuing operations.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited
(in millions of Canadian dollars)
Attributable to shareholders of the Corporation
Accumulated
other Non-
Share Contributed Retained comprehensive controlling
capital surplus earnings income Total interests Total equity
Balance as at October 31, 2015 $ 368.2 $ 3.2 $ 625.5 $ 19.4 $ 1,016.3 $ - $ 1,016.3
Net earnings - - 88.6 - 88.6 - 88.6
Other comprehensive loss - - - (5.4 ) (5.4 ) - (5.4 )
Shareholders' contributions and distributions to shareholders
Share redemptions (4.8 ) - (10.5 ) - (15.3 ) - (15.3 )
Exercise of stock options 0.5 (0.1 ) - - 0.4 - 0.4
Dividends - - (41.9 ) - (41.9 ) - (41.9 )
Balance as at July 31, 2016 $ 363.9 $ 3.1 $ 661.7 $ 14.0 $ 1,042.7 $ - $ 1,042.7
Balance as at October 31, 2014 $ 366.0 $ 3.4 $ 415.6 $ 7.1 $ 792.1 $ 1.0 $ 793.1
Net earnings - - 162.4 - 162.4 (0.3 ) 162.1
Other comprehensive income - - - 20.4 20.4 - 20.4
Shareholders' contributions and distributions to shareholders
Share redemptions (0.3 ) - (0.4 ) - (0.7 ) - (0.7 )
Exercise of stock options 0.8 (0.1 ) - - 0.7 - 0.7
Dividends - - (39.0 ) - (39.0 ) - (39.0 )
Stock-option based compensation - 0.1 - - 0.1 - 0.1
Business disposal - - - - - (0.7 ) (0.7 )
Balance as at July 31, 2015 $ 366.5 $ 3.4 $ 538.6 $ 27.5 $ 936.0 $ - $ 936.0
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
(in millions of Canadian dollars) As at As at
July 31, October 31,
2016 2015 (1)
Current assets
Cash $ 35.0 $ 38.6
Accounts receivable 308.1 393.0
Income taxes receivable 7.8 15.2
Inventories 109.6 116.3
Prepaid expenses and other current assets 20.8 16.2
481.3 579.3
Property, plant and equipment 560.6 567.5
Intangible assets 222.4 257.5
Goodwill 491.8 459.5
Investments in joint ventures 2.7 2.5
Deferred taxes 170.3 181.6
Other assets 44.3 50.1
$ 1,973.4 $ 2,098.0
Current liabilities
Accounts payable and accrued liabilities $ 267.0 $ 339.7
Provisions 10.9 10.2
Income taxes payable 0.8 20.7
Deferred revenues and deposits 55.1 51.4
Current portion of long-term debt 0.2 36.4
334.0 458.4
Long-term debt 347.8 347.7
Deferred taxes 44.8 64.4
Provisions 3.5 5.7
Other liabilities 200.6 205.5
930.7 1,081.7
Equity
Share capital 363.9 368.2
Contributed surplus 3.1 3.2
Retained earnings 661.7 625.5
Accumulated other comprehensive income 14.0 19.4
1,042.7 1,016.3
$ 1,973.4 $ 2,098.0
(1) Certain comparative figures have been reclassified to conform to the presentation adopted in the current period.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
Three months ended Nine months ended
July 31 July 31
(in millions of Canadian dollars) 2016 2015(2) 2016 2015(2)
Operating activities
Net earnings $ 45.9 $ 43.4 $ 88.6 $ 162.1
Less: Net earnings from discontinued operations - 0.7 - 29.2
Net earnings from continuing operations 45.9 42.7 88.6 132.9
Adjustments to reconcile net earnings from continuing operations and cash flows from operating activities:
Reversal of the provision for multi-employer pension plans - - - (22.6 )
Impairment of assets 0.1 0.2 30.4 1.6
Depreciation and amortization 32.9 31.1 100.7 94.9
Financial expenses on long-term debt 4.4 4.1 13.4 14.6
Net losses (gains) on disposal of assets 0.3 (0.4 ) 1.0 (7.1 )
Income taxes 15.3 17.0 31.3 49.8
Net foreign exchange differences and other (6.5 ) (1.2 ) (4.6 ) (2.2 )
Cash flows generated by operating activities before changes in non-cash operating items and income taxes paid 92.4 93.5 260.8 261.9
Changes in non-cash operating items (1) 7.9 13.2 10.7 (29.5 )
Income taxes paid (14.4 ) (5.3 ) (59.0 ) (52.3 )
Cash flows from continuing operating activities 85.9 101.4 212.5 180.1
Investing activities
Business combinations (36.4 ) (1.0 ) (46.3 ) (1.0 )
Business disposals 2.1 - 2.6 1.2
Acquisitions of property, plant and equipment (19.1 ) (14.2 ) (46.9 ) (43.8 )
Disposals of property, plant and equipment 6.6 16.9 6.8 21.4
Increase in intangible assets (4.9 ) (6.6 ) (15.8 ) (18.0 )
Cash flows from investments in continuing operations (51.7 ) (4.9 ) (99.6 ) (40.2 )
Financing activities
Reimbursement of long-term debt (16.2 ) (7.0 ) (29.8 ) (72.1 )
Net decrease in credit facility (2.0 ) (54.1 ) (24.0 ) (54.4 )
Financial expenses on long-term debt (5.2 ) (5.4 ) (13.4 ) (16.4 )
Interest received related to previous tax reassessments - - 7.9 -
Exercise of stock options - - 0.4 0.7
Dividends (14.3 ) (13.2 ) (41.9 ) (39.0 )
Share redemptions (5.9 ) (0.7 ) (15.3 ) (0.7 )
Cash flows from the financing of continuing operations (43.6 ) (80.4 ) (116.1 ) (181.9 )
Effect of exchange rate changes on cash denominated in foreign currencies 1.5 2.2 (0.4 ) 4.3
Net change in cash from continuing operations (7.9 ) 18.3 (3.6 ) (37.7 )
Net change in cash from discontinued operations - 0.6 - 56.8
Cash at beginning of period 42.9 35.4 38.6 35.2
Cash at end of period $ 35.0 $ 54.3 $ 35.0 $ 54.3
Non-cash investing activities
Net change in capital asset acquisitions financed by accounts payable $ (1.4 ) $ (0.6 ) $ 1.8 $ 0.1
(1) Includes an amount of $31.0 million that was received and recognized as deferred revenues during the three-month period ended January 31, 2016.
(2) Certain comparative figures have been reclassified to conform to the presentation adopted in the current period.

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