Uni-Sélect Inc.
TSX : UNS

Uni-Sélect Inc.

November 10, 2010 11:47 ET

Uni-Select Inc.: Increase of 7% in Adjusted Earnings in the Third Quarter

BOUCHERVILLE, QUEBEC--(Marketwire - Nov. 10, 2010) - Uni-Select (TSX:UNS)

  3rd QUARTER YEAR-TO-DATE
(in millions of dollars, except for per share) 2010 2009 2010 2009
Sales 348.6 359.3 1,014.3 1,094.2
         
Adjusted EBITDA from continuing operations 26.3 28.8 67.7 81.3
EBITDA from continuing operations 24.1 27.2 63.1 79.6
         
Adjusted earnings from continuing operations 14.6 14.1 38.5 39.1
Earnings from continuing operations 13.2 13.0 35.5 38.0
Net earnings 13.2 7.9 35.5 31.3
         
Adjusted earnings per share from continuing operations 0.74 0.71 1.95 1.98
Earnings per share from continuing operations 0.67 0.66 1.80 1.93
Net earnings per share 0.67 0.40 1.80 1.59
Adjusted earnings per share from continuing operations excluding foreign exchange variations 0.76 0.71 2.08 1.98

Uni-Select Inc. reported sales of $349 million for the third quarter of 2010, compared to $359 million in 2009. Despite the decrease in total sales, the Company benefitted from organic growth of 1.7% in the quarter; the conversion of the results of US operations into Canadian dollars had, due to the appreciation of the Canadian dollar, the effect of reducing sales by $12.1 million, while the sale and closure of non-strategic corporate stores during the course of previous quarters decreased sales by $5 million.

Adjusted earnings from continuing operations reached $14.6 million in the third quarter of 2010 or $0.74 per share compared to $14.1 million or $0.71 per share last year. Notably, the effects of the fluctuation of the US dollar had an unfavourable impact of nearly $0.4 million or $0.02 per share on results for the quarter. Excluding this item, adjusted earnings from continuing operation for the quarter would have been $0.76 per share, 7% more than in 2009.

Year-to-date, sales totalled $1,014 million compared to $1,094 in 2009. Uni-Select sales recorded an organic growth of 1.5%. However, the conversion of the results in Canadian dollars reduced sales by $80 million for the period. Adjusted earnings from continuing operations totalled $38.5 million or $1.95 per share compared to $39.1 million or $1.98 per share recorded for the same period of 2009. Variation in the US dollar had a $2.6 million negative impact on results for the period or more than $0.13 per share. Excluding this item, adjusted earnings per share from continuing operations would have been $2.08 per share for the period, a 5.1% increase over the same period last year.

Results for the previous quarter include a non-recurring loss of $5.1 million for the disposal of the Heavy Duty Group. The loss was recorded under "Loss from discontinued operations" in the income statement.

Sales for the US operations reached $213 million in the third quarter compared to $220 million in the third quarter of 2009. Excluding the effects of foreign exchange variations, US operations benefitted from an increase in organic growth of 3.5% in the third quarter. Year-to-date, sales were $622 million compared to $695 million a year earlier. Excluding the effects of the foreign exchange, organic growth of 2.3% was registered.

The Canadian operations recorded a decrease in organic growth sof 1.2%. Sales totalled $136 million, a $3 million decrease compared to the corresponding period in 2009. Year-to-date, sales were $392 million compared to $400 million a year earlier. It is, however, notable that the decrease in Canada in 2010 is exclusively due to the closure of corporate stores during the preceding quarters. Canadian operations recorded a slight increase in organic growth for the period.

"Organic growth in sales is a reflection of the efforts made to improve customer loyalty, the contribution from national accounts and the increase in direct ship sales. We intend to pursue our development efforts which focus on the maximization of sales to independent jobbers and the improvement of operational efficiency for our corporate clientele" said Mr. Richard G. Roy, President and Chief Executive Officer of Uni-Select.

"Further, management is confident that, following the implementation of its growth strategies and cost and asset controls, the Company will continue to improve its profitability both in the short and long terms. We continue to be on the look out for opportunities which will allow us to grow in Canada as in the US. Lastly, as anticipated, during the quarter the Company proceeded with the conversion of its financial information system to the new enterprise resources planning software. In order to allow for testing on the operational interfaces, we will proceed with the gradual implementation of the operational modules in the beginning of 2011 and this conversion will continue, as foreseen, over the next two years", added Mr. Roy.

In closing, the Board of Directors of Uni-Select Inc. declared a quarterly dividend (eligible dividend) of $0.1165 per common share payable on January 21, 2011, to shareholders of record as at December 31, 2010.

Unless otherwise indicated, all amounts specified in this release are in Canadian dollars. EBITDA, as used by Uni-Select represents operating income before depreciation, amortization, interest, income taxes and non-controlling interest. Because EBITDA is not a measurement defined by Canadian GAAP, it may not be comparable to the EBITDA of other companies. In the Company's statement of earnings, EBITDA corresponds to "Earnings before the following items."

Uni-Select is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories. Uni-Select USA, Inc., a subsidiary of the Company provides services to customers in the United States where it is the 7th largest distributor. The Uni-Select Network™ includes over 2,500 independent jobbers and services 3,500 points of sale in North America. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TSX.

Certain statements made in this press release contain forward-looking statements which, by their very nature, include risks and uncertainties, such that actual results could differ from those indicated in those forward-looking statements. For additional information with respect to the risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.

                 
Uni-Select Inc.  
Consolidated Earnings  
Three-month and nine-month periods ended September 30, 2010 and 2009  
(In thousands of dollars, except earnings per share, unaudited)  
   
   
  3rd quarter   9 months    
  2010   2009   2010   2009  
  $   $   $   $  
Sales 348,605   359,236   1,014,319   1,094,241  
   
Earnings before the following items: 24,110   27,159   63,128   79,636  
   
Interest (Note 3) 2,355   1,929   5,519   6,372  
Amortization (Note 3) 3,223   3,590   9,840   10,711  
  5,578   5,519   15,359   17,083  
Earnings before income taxes and non-controlling interest 18,532   21,640   47,769   62,553  
   
Income taxes (Note 4)                
  Current 3,396   3,501   16,694   17,005  
  Future 1,960   4,015   (4,308 ) 4,200  
  5,356   7,516   12,386   21,205  
Earnings before non-controlling interest 13,176   14,124   35,383   41,348  
Non-controlling interest (28 ) 1,106   (159 ) 3,307  
Earnings from continuing operations 13,204   13,018   35,542   38,041  
Loss from discontinued operations (Note 8)   (5,117 )   (6,719 )
Net earnings 13,204   7,901   35,542   31,322  
   
Basic and diluted earnings per share (Note 5)                
  From continuing operations 0.67   0.66   1.80   1.93  
  From discontinued operations   (0.26 )   (0.34 )
  Net income 0.67   0.40   1.80   1.59  
   
Weighted average number of outstanding shares 19,720,159   19,714,128   19,719,632   19,707,862  
Number of issued and outstanding shares 19,709,237   19,714,128   19,709,237   19,714,128  
The accompanying notes are an integral part of the consolidated financial statements.
                 
                 
                 
Uni-Select Inc.  
Consolidated Comprehensive Income  
Consolidated Retained Earnings  
Three-month and nine-month periods ended September 30, 2010 and 2009  
(In thousands of dollars, except for per share amounts, unaudited)  
   
   
  3rd quarter    9 months   
  2010   2009   2010   2009  
  $   $   $   $  
CONSOLIDATED COMPREHENSIVE INCOME                
Net earnings 13,204   7,901   35,542   31,322  
   
Other comprehensive income                
  Unrealized losses on derivative financial instruments designated as cash flow hedges (net of income taxes of $250 and $932 respectively for the three-month and nine-month periods ($520 and $136 in 2009) (674 ) (1,003 ) (2,977 ) (288 )
   
  Reclassification of realized losses to net earnings on derivative financial instruments designated as cash flow hedges (net of income taxes of $269 and $808 respectively for the three-month and nine-month periods (($292) and ($804) in 2009) 728   641   2,260   1,754  
   
  Unrealized exchange gain on translation of long-term debt designated as a hedge of net investments in self-sustaining foreign subsidiairies 5,226   1,492   2,835   2,523  
   
  Unrealized exchange losses on translating financial statements of self-sustaining foreign subsdiaries (10,836 ) (17,629 ) (5,480 ) (29,790 )
Other comprehensive income (5,556 ) (16,499 ) (3,362 ) (25,801 )
Comprehensive income 7,648   (8,598 ) 32,180   5,521  
   
CONSOLIDATED RETAINED EARNINGS                
Balance, beginning of year         353,625   324,241  
Net earnings         35,542   31,322  
          389,167   355,563  
Share redemption premium (a)         305    
Dividends         6,892   6,889  
Balance, end of year         381,970   348,674  
(a) The Company redeemed 13,100 common shares for a cash consideration of $338 for which $93 is still payable. A premium on redemption of $305 is presented in reduction of the retained earnings.
The accompanying notes are an integral part of the consolidated financial statements.
                 
Uni-Select Inc.  
Consolidated Cash Flows  
Three-month and nine-month periods ended September 30, 2010 and 2009  
(In thousands of dollars, except dividends paid per share, unaudited)  
   
   
  3rd quarter   9 months  
  2010   2009   2010   2009  
  $   $   $   $  
OPERATING ACTIVITIES                
Net earnings 13,204   13,018   35,542   38,041  
Non-cash items                
  Amortization 3,223   3,590   9,840   10,711  
  Amortization of deferred gain on a sale-leaseback arrangement (51 ) (47 ) (163 ) (169 )
  Future income taxes 1,960   4,015   (4,308 ) 4,200  
  Compensation cost relating to stock option plans 20   32   59   96  
  Pension expense in excess of contributions (190 ) 196   546   590  
  Non-controlling interest (28 ) 1,106   (159 ) 3,307  
  18,138   21,910   41,357   56,776  
Changes in working capital items 12,380   18,787   (13,289 ) (7,500 )
Cash flows from continuing operating activities 30,518   40,697   28,068   49,276  
Cash flows from discontinued operating activities 13   (6,597 ) (1,093 ) (9,471 )
Cash flows from operating activities 30,531   34,100   26,975   39,805  
INVESTING ACTIVITIES                
Business acquisitions (Note 6)     (1,074 ) (668 )
Disposal of assets (Note 7) 16   212   2,258   1,061  
Balance of selling price 60     1,214    
Buy-back of non-controlling interest       (196 )
Investments and advances to merchant members (815 ) (569 ) (1,876 ) (7,098 )
Receipts on advances to merchant members 1,084   1,156   2,856   3,430  
Fixed assets (584 ) (101 ) (6,449 ) (6,152 )
Disposal of fixed assets 358   190   1,125   621  
Intangible assets (13,434 ) (3,519 ) (28,915 ) (7,578 )
Cash flows from continuing investing activities (13,315 ) (2,631 ) (30,861 ) (16,580 )
Cash flows from discontinued investing activities   13,921     13,871  
Cash flows from investing activities (13,315 ) 11,290   (30,861 ) (2,709 )
FINANCING ACTIVITIES                
Bank indebtedness (8,776 ) (4,956 ) 600   (398 )
Long-term debt 25   1,101   25   1,101  
Balance of purchase price   (6 )   (691 )
Repayment of long-term debt (26 ) (79 ) (75 ) (1,578 )
Merchant members' deposits in guarantee fund 146   (728 ) 391   (546 )
Issuance of shares     90   202  
Share redemption (245 )   (245 )    
Dividends paid (2,297 ) (2,297 ) (6,893 ) (6,710 )
Cash flows from continuing financing activities (11,173 ) (6,965 ) (6,107 ) (8,620 )
Cash flows from discontinued financing activities   2,617     4,243  
Cash flows from financing activities (11,173 ) (4,348 ) (6,107 ) (4,377 )
Effect of exchange rate changes on cash (324 ) (3,068 ) 72   (4,301 )
Increase (decrease) in cash 5,719   37,974   (9,921 ) 28,418  
Cash, beginning of period 210   126   15,850   9,682  
Cash, end of period 5,929   38,100   5,929   38,100  
   
Dividends paid per share 0.117   0.117   0.350   0.342  
The accompanying notes are an integral part of the consolidated financial statements.
             
             
             
Uni-Select Inc.            
Consolidated Balance Sheets            
September 30, 2010 and 2009            
(In thousands of dollars, unaudited)            
  September 30   September 30   December 31  
  2010   2009   2009  
  $   $   $  
          (audited )
ASSETS            
Current assets            
  Cash 5,929   38,100   15,850  
  Accounts receivable 169,371   175,428   150,440  
  Income taxes receivable     3,859  
  Inventory (Note 9) 402,927   407,388   402,550  
  Prepaid expenses 7,507   5,385   6,914  
  Future income taxes 10,603   8,796   10,065  
  Assets from discontinued operations (Note 8) 2,714   20,015   3,777  
  599,051   655,112   593,455  
Investments and advances to merchant members 16,194   15,835   16,831  
Fixed assets 37,122   38,426   39,660  
Financing costs 484   518   555  
Intangible assets 52,714   23,262   27,836  
Goodwill 92,868   93,617   93,961  
Future income taxes 2,953   3,826   3,359  
  801,386   830,596   775,657  
   
LIABILITIES            
Current liabilities            
  Bank indebtedness 520     44  
  Accounts payable 187,973   185,237   181,773  
  Income taxes payable 2,385   1,505    
  Dividends payable 2,297   2,297   2,298  
  Instalments on long-term debt and on merchant members' deposits in guarantee fund 316   128   402  
  Future income taxes 7,101   7,957   11,192  
  Liabilities from discontinued operations (Note 8) 231   12,401   2,384  
  200,823   209,525   198,093  
Deferred gain on a sale-leaseback arrangement 1,841   2,142   2,036  
Long-term debt 176,269   183,549   178,866  
Merchant members' deposits in guarantee fund 7,739   7,328   7,288  
Derivative financial instruments 6,023   6,487   5,182  
Future income taxes 7,638   6,110   7,821  
Non-controlling interest 3,038   43,824   3,453  
  403,371   458,965   402,739  
SHAREHOLDERS' EQUITY            
Capital stock 50,208   50,040   50,152  
Contributed surplus 413   323   355  
Retained earnings 381,970   348,674   353,625  
Accumulated other comprehensive income (Note 10) (34,576 ) (27,406 ) (31,214 )
  398,015   371,631   372,918  
  801,386   830,596   775,657  
The accompanying notes are an integral part of the consolidated financial statements.
 
 
 
Uni-Select Inc.
Notes to Consolidated Financial Statements
September 30, 2010 and 2009
(In thousands of dollars, except for per share amounts, unaudited)

1 - BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles for interim financial statements and do not include all disclosures required for complete financial statements. They are also consistent with the accounting policies outlined in the audited financial statements of the Company for the year ended December 31, 2009. The interim financial statements and related notes should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2009. When necessary, the financial statements include amounts based on informed estimates and the best judgment of management. The operating results for the interim periods reported are not necessarily indicative of results to be expected for the year.

These interim financial statements follow the same accounting policies as 2009. Certain comparative figures have been reclassified to conform with the presentation adopted in 2010. The Company now discloses one operating segment being the automotive parts distribution.

2 - FUTURE ACCOUNTING CHANGES

Business combinations

In January 2009, the CICA issued Section 1582, Business Combinations, which supersedes the like-named Section 1581. This Section applies prospectively to business combinations for which the date of acquisition is in fiscal years beginning on or after January 1, 2011. The Section establishes standards for the recognition of a business combination. The Company will analyze the effects of the adoption of this Section together with the analysis of the International Financial Reporting Standards.

Consolidated financial statements

In January 2009, the CICA issued Section 1601, Consolidated Financial Statements, which supersedes the like-named Section 1600. This Section applies to interim and annual financial statements for fiscal years beginning on or after January 1, 2011. The Section establishes standards for the preparation of consolidated financial statements. The Company will analyze the effects of the adoption of this Section together with the analysis of the International Financial Reporting Standards.

Non-controlling interests

In January 2009, the CICA issued Section 1602, Non-controlling Interests, which supersedes Section 1600, Consolidated financial statements. This Section applies to interim and annual financial statements for fiscal years beginning on or after January 1, 2011. The Section establishes standards for the accounting of non-controlling interests in a subsidiary in the consolidated financial statements subsequent to a business combination. The Company will analyze the effects of the adoption of this Section together with the analysis of the International Financial Reporting Standards.

                 
Uni-Select Inc.  
Notes to Consolidated Financial Statements  
September 30, 2010 and 2009  
(In thousands of dollars, except for per share amounts, unaudited)  
   
   
   
3 - INFORMATION INCLUDED IN CONSOLIDATED EARNINGS  
   
  3rd quarter   9 months  
  2010   2009   2010   2009  
  $   $   $   $  
Interest from                
Other financial liabilities                
  Interest on bank indebtedness 228   183   483   655  
  Interest on long-term debt 2,150   1,783   5,208   5,889  
  Interest on merchant members' deposits in guarantee fund 29   27   86   137  
  2,407   1,993   5,777   6,681  
Held-for-trading financial assets                
  Interest income on cash -   (1 ) (94 ) (6 )
Loans and receivables                
  Interest income from merchant members (52 ) (63 ) (164 ) (303 )
  (52 ) (64 ) (258 ) (309 )
  2,355   1,929   5,519   6,372  
Amortization                
  Amortization of fixed assets 2,049   2,409   7,247   9,095  
  Amortization of intangible assets and other assets 1,174   1,181   2,593   1,616  
  3,223   3,590   9,840   10,711  

4 - INCOME TAXES                                        

The Company's effective income tax rate differs from the combined statutory rate in Canada. This difference arises from the following items:

  3rd quarter   9 months  
  2010   2009   2010   2009  
  %   %   %   %  
Federal statutory rate 18.00   19.00   18.00   19.00  
Provinces' statutory tax rates 11.25   11.86   11.25   11.86  
Various tax rates applied in tax jurisdictions of foreign operations 6.64   4.49   7.57   4.17  
Combined statutory rate of the Company 35.89   35.35   36.82   35.03  
Tax benefit from a financing structure (6.46 ) (1.57 ) (9.70 ) (1.42 )
Non-deductible tax expenses 0.35   0.35   0.35   0.35  
Earnings taxable at lower rates in future years (0.64 ) (0.26 ) (0.51 ) (0.25 )
Losses at higher tax rates (0.82 )   (0.90 )  
Other 0.58   0.86   (0.13 ) 0.19  
  28.90   34.73   25.93   33.90  

5 - EARNINGS PER SHARE

Weighted average number of shares for the calculation of basic earnings per share is 19,720,159 for the three-month period ended September 30, 2010 (19,714,128 in 2009) and 19,719,632 for the nine-month period ended September 30, 2010 (19,707,862 in 2009). Impact of stock options exercised is 7,817 shares for the three-month period ended September 30, 2010 (10,881 in 2009) and 8,993 for the nine-month period ended September 30, 2010 (13,699 in 2009) which total a weighted average number of shares of 19,727,976 for the three-month period ended September 30, 2010 (19,725,009 in 2009) and 19,728,625 for the nine-month period ended September 30, 2010 (19,721,561 in 2009) for calculation of diluted earnings per share.

6 - BUSINESS ACQUISITIONS

During the first quarter, the Company acquired the shares of a company for a cash consideration of $1,074 and a contingent consideration payable to the sellers based on the achievement of specific performance objectives. Purchase price allocation will be reviewed to consider the contingent consideration when it can be determined by the Company that the objectives will be achieved.

7 - DISPOSAL OF ASSETS

During the second quarter, the Company sold some of the assets and liabilities of two stores for a cash consideration of $2,692 of which $434 is receivable.

8 - DISCONTINUED OPERATIONS

In 2009, the Company has proceeded to the disposal of certain assets and liabilities of its Palmar Inc. subsidiary.

Pursuant to Section 3475 of CICA Handbook, titled "Disposal of Long-Lived Assets and Discontinued Operations", the group's operating results and loss from discontinued operations have been reclassified and presented in the consolidated statement of earnings under "Loss from discontinued operations" for the periods ending September 30, 2010 and 2009 while the assets and liabilities of Palmar Inc. as of September 30, 2010 and December 31, 2009 have been reclassified and presented in the consolidated balance sheet under "Assets or liabilities from discontinued operations".

The following table provides the discontinued operations results for the periods ended September 30, 2010 and 2009:

   3rd quarter     9 months  
             
  2010 2009   2010 2009  
  $ $   $ $  
Sales 5,444   31,013  
Loss before the following items: (632 ) (2,831 )
Interests 46   128  
Amortization 37   171  
  83   299  
Loss before income taxes (715 ) (3,130 )
Income taxes 120   933  
Loss before non-recurring items (595 ) (2,197 )
Non-recurring items (4,522 )   (4,522 )
Loss from discontinued operations (5,117 ) (6,719 )

The following table provides the assets and liabilities from discontinued operations as of September 30, 2010 and December 31, 2009:

  September 30 December 31
  2010 2009
Assets $ $
  Cash 203 671
  Accounts receivable 54 646
  Income taxes receivable 65 68
  Future income taxes 2,392 2,392
Assets from discontinued operations 2,714 3,777
 
Liabilities    
  Accounts payable 231 2,384
Liabilities from discontinued operations 231 2,384

9 - STOCK

The cost of inventory recognized as an expense is $247,316 for the three-month period ended September 30, 2010 ($255,246 in 2009) and $725,082 for the nine-month period ended September 30, 2010 ($773,619 In 2009).

10 - ACCUMULATED OTHER COMPREHENSIVE INCOME            

         
  September 30   December 31  
  2010   2009  
  $   $  
   
Balance, beginning of year (31,214 ) (1,605 )
Other comprehensive income for the years 3,362   (29,609 )
Balance, end of year (34,576 ) (31,214 )

The components of other accumulated comprehensive income as at September 30, 2010 and December 31 2009, are as follows:

  Accumulated currency translation adjustments (30,179 ) (27,535 )
  Cumulative changes in fair value of derivatives used as a hedge (net of future income taxes of $1,626 ($1,503 in 2009)) (4,397 ) (3,679 )
  (34,576 ) (31,214 )

11 - EMPLOYEE FUTURE BENEFITS

As at September 30, 2010, the Company's pension plans are defined benefit and contribution plans.

For the three-month period ended September 30, 2010, the total expense for the defined contribution pension plans was $358 ($215 in 2009) and $661 ($618 in 2009) for the defined benefit pension plans.

For the nine-month period ended September 30, 2010, the total expense for the defined contribution pension plans was $921 ($949 in 2009) and $1,985 ($1,920 in 2009) for the defined benefit pension plans.

12 - GUARANTEES

Under inventory repurchase agreements, the Company has made a commitment to financial institutions to repurchase inventories from some of its customers at a rate of 60% to 75% of the cost of the inventories for a maximum amount of $65,176 ($64,269 in 2009). In the event of legal proceedings, the inventories would be liquidated in the normal course of the Company's operations. These agreements are for an undetermined period of time. In management's opinion, the likelihood of major payments being made and losses being absorbed is low, since the value of the assets held in guarantee is significantly greater than the Company's commitments.

 
Uni-Select Inc.
Notes to Consolidated Financial Statements
September 30, 2010 and 2009
(In thousands of dollars, except for per share amounts, unaudited)
 
 
13 - GEOGRAPHICAL INFORMATION        
 
  3rd quarter 9 months
  2010 2009 2010 2009
  $ $ $ $
Sales in Canada 135,705 139,105 392,093 399,633
Sales in the United States 212,900 220,131 622,226 694,608
  348,605 359,236 1,014,319 1,094,241
 
      September 30, 2010
    Canada United States Total
    $ $ $
Fixed assets   17,374 19,748 37,122
Intangible assets   23,334 29,380 52,714
Goodwill   40,584 52,284 92,868
 
      December 31, 2009
    Canada United States Total
    $ $ $
Fixed assets   15,399 24,261 39,660
Intangible assets   15,056 12,780 27,836
Goodwill   40,835 53,126 93,961

14 - RELATED PARTY TRANSACTIONS                

During the period, the Company incurred rental expenses of $878 for the three-month period ended September 30, 2010 ($872 in 2009) and $2,548 for the nine-month period ended September 30, 2010 ($2,840 in 2009) from Clarit Realty Ltd, a company controlled by a member of the Board of Directors. These agreements are concluded in the normal course of business of the Company, are negotiated at fair market value, and consist of 3 to 5-year term periods.

Contact Information

  • Mr. Richard G. Roy
    President and Chief Executive Officer
    450-641-2440
    450-449-4908 (FAX)
    www.uniselect.com
    or
    Mr. Denis Mathieu
    Vice President and Chief Financial Officer
    450-641-2440
    450-449-4908 (FAX)
    www.uniselect.com