CML HealthCare Inc. (the "Company" or "CML") (TSX:CLC) today reported results
for the three and six month periods ended June 30, 2013. All financial results
reflect the reclassification of CML's British Columbia and Ontario imaging
operations, with the exception of two Ontario MRI/CT locations, as discontinued
operations. The Company announced its intention to divest its imaging operation
in January 2013. To date, the Company has entered into sales agreements for 45
of its 80 available imaging locations and 32 inactive Ontario imaging licenses
for total gross proceeds of $65.3 million. The sales process is expected to be
completed by the end of 2013.
Highlights - For the three month period ended June 30:
-- Revenue of $63.1 million compares to $62.7 million in 2012
-- EBITDA of $17.5 million compares to $24.6 million in 2012
-- Net earnings of $3.5 million, which includes pre-tax restructuring and
other charges of $7.2 million, compares to $14.5 million in 2012
-- Normalized AFFO(2) totaled $14.0 million and dividends declared were
$11.9 million, resulting in a payout ratio of 85.2%
-- CML to host investor call today, August 9, 2013 at 10:00 am (ET). Call-
in number: 416-644-3417 or 877-974-0446
"Our second quarter revenue reflects contributions from previously announced new
private pay businesses (including the acquisition of Hemostasis Reference
Laboratory ("HRL") - specialized in coagulation testing, and Rocky Mountain
Analytical ("RMA") - focused in naturopathic holistic testing, and strong uptake
of the new COLOGIC - a simple blood test for colon cancer screening), which was
partially offset by a reduction in Performance-Based and Program funding for
laboratory services since the criteria for these two programs are still being
negotiated with the Ontario Ministry of Health and Long Term Care (MOH). The
negotiations are proceeding well, and we anticipate a final agreement in the
coming months," said Thomas Wellner, President and CEO of CML.
"On June 25, 2013, we announced that the Company had entered into an Arrangement
Agreement with LifeLabs Medical Laboratory Services to acquire all issued and
outstanding shares of CML. This transaction has the full support of both
management and the board of directors of CML, and I encourage all eligible
shareholders to vote by phone, fax, or on-line before August 30, 2013, or in
person at the Special Meeting of Shareholders to be held on September 3, 2013 at
333 Bay Street, Suite 3400 at 2:00 p.m. (Toronto time). The Notice of Meeting
and Management Information Circular have been mailed to shareholders of record
on the record date, July 26, 2013 and are also available on-line at
www.SEDAR.com, as well as on CML's website at www.cmlhealthcare.com. Filings and
discussions have occurred with key regulatory authorities, and we will announce
decisions when available," continued Mr. Wellner. "While this transaction is a
transformational event for CML, we continue to focus on running the business and
implementing our strategy focused on quality and service delivery to clients and
referring physicians who depend on us daily for essential medical diagnostic
services."
"During the second quarter, preparation work started for the new Kiestra
microbiology platform installation and we are on target to go-live by the end of
September 2013. We are also continuing with our LEAN operational improvements
and will be implementing several initiatives at Client Services to improve
efficiency in our interaction with clients. As well, we on-boarded two new
hospital partners and established CML HealthCare Bioanalytics ("CML
Bioanalytics") for clinical trial testing. The first clinical trial began in
July 2013 with two more scheduled in August 2013, and a further two in September
2013," said Mr. Wellner.
"With respect to the Company's diagnostic imaging divestiture, we have entered
into several sales agreements for 45 of our 80 imaging locations, and for 32
inactive Ontario imaging licenses for total gross proceeds of $65.3 million. The
sales process is expected to be completed by the end of 2013 with gross proceeds
in the $80 to $100 million range."
Q2 2013 consolidated revenue from continuing operations was $63.1 million
compared to $62.7 million for the same period in 2012. The increase reflects
$1.5 million in new revenue from the acquisitions of RMA (acquired in May 2013)
and HRL (acquired in October 2012), as well as $0.2 million from COLOGIC
(launched in October 2012). The revenue increase was partially offset by a $0.9
million decrease in revenue from Performance Based Funding and a $0.2 million
decrease in Program funding for laboratory services since the criteria for
eligibility for both funding programs for 2013 have not yet been agreed to with
the MOH.
Cost of Services for Q2 2013 increased $2.0 million to $32.2 million compared to
the same period in 2012. The majority of this increase was attributable to the
costs associated with the newly acquired RMA and HRL, and the startup of CML
Bioanalytics.
General and Administrative ("G&A") expenses totaled $16.2 million compared to
$10.0 million in the same period in 2012. $3.5 million of the increase reflects
increased stock based compensation for executives and members of the board of
directors, as a result of stock price appreciation and accelerated vesting,
resulting from the Arrangement with LifeLabs. A further $1.4 million increase
reflects costs associated with acquisition of RMA and HRL, and the startup of
CML Bioanalytics. The balance of the increase in G&A expenses was associated
with higher staffing costs, repair and maintenance costs, and depreciation and
amortization.
Net earnings from continuing operations were $2.9 million (or $0.03 per share)
compared to $13.4 (or $0.15 per share) in the prior year. The decrease primarily
reflects the above noted increase in G&A expenses and Cost of Services, as well
as a $7.2 million charge for restructuring and other expenses in Q2 2013 not
applicable in the same period in 2012, related to the divestiture of diagnostic
imaging assets, restructuring of laboratory operations, and costs incurred
related to the Arrangement Agreement with LifeLabs.
Normalized Adjusted Funds From Operations(2) ("AFFO(2)") and dividends declared
were $14.0 million and $11.9 million respectively in Q2 2013, resulting in a
payout ratio of 85.2%.
Highlights - For the six month (H1) period ended June 30:
Revenue for H1 2013 totaled $125.3 million compared to $127.6 million for the
same period in 2012. The decrease was primarily due to the net effect of $0.7
million in OHIP reimbursement rate cuts effective April 1, 2012; $2.5 million in
reduction in Performance-Based and Program funding from the MOH due to the
ongoing negotiations; and $1.2 million decrease in other non-cap revenues. The
aforementioned was partially offset by new revenue totaling $2.1 million from
the acquisition of HRL and RMA, and contribution from COLOGIC.
H1 2013 Cost of Services of $60.6 million were 6.7% higher than the prior year
of $60.3 million, reflecting $2.8 million of additional costs associated with
the acquired businesses, HRL and RMA, the startup of CML Bioanalytics, as well
as new growth initiatives. This was partially offset by a $2.5 million decrease
in supplies, medical professional fees, and other variable costs, in line with
decreased billings.
G&A expenses for H1 2013 totaled $27.8 million compared to $19.3 million. The
increase was due primarily to $3.6 million increase in executive and board of
directors' stock based compensation due to the stock price appreciation and
accelerated vesting resulting from the Arrangement Agreement with LifeLabs; $1.7
million increase in staffing costs; $1.8 million in costs associated with the
acquisition of RMA, HRL and CML Bioanalytics; $0.5 million increase in repair
and maintenance costs; and an increase in depreciation and amortization due to
the purchase of additional property and equipment and intangible assets.
Net earnings from continuing operations of $15.0 million were lower than $30.4
million in 2012, reflecting primarily a $10.3 million of restructuring and other
expenses related to the sale of the Company's diagnostic imaging operations, the
restructuring of the laboratory operations, as well as costs incurred related to
the Arrangement Agreement with LifeLabs. These additional costs were partially
offset by a $6.5 million decline in income taxes in 2013 compared to 2012,
reflecting lower earnings before income taxes.
Financial Summary:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in C$ millions
except percent and For three month For six month
per share amounts) period ended period ended
--------------------------------------------------------
30-Jun 30-Jun % 30-Jun 30-Jun %
-13 -12 Change -13 -12 Change
--------------------------------------------------------
Revenue 63.1 62.7 0.7% 125.3 127.6 (1.8%)
Cost of services 32.2 30.2 6.7% 60.6 60.3 0.6%
General and
administrative 16.2 10.0 60.8% 27.8 19.3 44.1%
Add back:
Depreciation and
amortization 2.7 2.2 27.2% 5.1 4.2 21.8%
----------------------------------------------------------------------------
EBITDA(1) 17.5 24.6 (28.9%) 42.0 52.2 (19.5%)
EBITDA(1)Margin (%) 27.7% 39.2% na 33.5% 40.9% na
Depreciation and
amortization 2.7 2.2 27.2% 5.1 4.2 21.8%
Restructuring and
other expenses 7.2 - na 10.3 - na
Interest expense 2.7 2.5 10.9% 5.2 5.2 na
Interest and other
income - (0.4) na - (0.5) na
Provision for income
taxes 2.0 7.0 71.9% 6.5 13.0 (50.1%)
----------------------------------------------------------------------------
Net earnings for the
period from
continuing
operations 2.9 13.4 (78.4%) 15.0 30.4 (50.7%)
Earnings from
discontinued
operations, net of
tax 0.7 1.2 (41.7%) 0.7 2.2 (70.2%)
----------------------------------------------------------------------------
Net earnings for the
period 3.5 14.5 (75.9%) 15.6 32.6 (52.0%)
Basic and diluted
earnings per share
- continuing
operations 0.03 0.15 (80.0%) 0.17 0.34 (52.0%)
Basic and diluted
earnings per share-
discontinued
operations 0.01 0.01 na 0.01 0.02 (50.0%)
Basic and diluted
earnings - per
share 0.04 0.16 (75.0%) 0.17 0.36 (52.8%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Normalized Adjusted Funds From Operations(2)(AFFO(2)):
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in C$ millions
except percent For three month For six month
amounts) period ended period ended
--------------------------------------------------------
30-Jun- 30-Jun- 30-Jun- 30-Jun-
13 12 % Change 13 12 % Change
--------------------------------------------------------
Cash provided by
operating
activities of
continuing
operations 11.5 20.7 (44.3%) 13.8 20.2 (31.7%)
Adjust for net
change in working
capital (2.2) (4.5) (52.5%) 11.2 0.2 na
Adjust for timing of
tax payments 2.6 - na 5.2 15.8 (67.2%)
Restructuring and
other expenses 3.9 - na 3.9 - na
Average spending to
maintain property
and equipment (1.9) (0.9) 106.4% (3.8) (1.8) 106.4%
----------------------------------------------------------------------------
Normalized AFFO(2) 14.0 15.3 (8.4%) 30.4 34.3 (11.6%)
----------------------------------------------------------------------------
Dividends declared 11.9 17.0 (29.8%) 23.8 33.9 (29.8%)
Payout Ratio 85.2% 111.1% na 78.4% 98.7% na
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance Sheet
As at June 30, 2013, the Company had a cash balance of $1.3 million compared to
$3.0 million as at December 31, 2012. Long-term debt including the current
portion totaled $271.5 million at the end of Q1 2013 compared to $250.2 million
at December 31, 2012. The increase in debt reflects the Company's investment in
growth strategies, including the acquisition of RMA and the establishment of CML
Bioanalytics. For the period ended June 30, 2013, the Company had approximately
$130 million available under its revolving credit facility and a Debt/EBITDA
ratio of 2.8 times. This compares to approximately $150 million available in its
revolver, and Debt/EBITDA ratio of 2.4 times as at December 31, 2012. Common
shares issued and outstanding totaled 89,842,397 as at June 30, 2013 and
December 31, 2012.
Notice of Conference Call
Thomas Wellner, President and CEO of CML will be hosting a conference call on
Friday, August 9, 2013 at 10:00 am (EST) to discuss the Company's 2013 second
quarter financial results. Investors and analysts are invited to join the call
by dialing 416-644-3417 or 877-974-0446. Please dial in 15 minutes prior to the
call to secure a line. You will be put on hold until the conference call begins.
A live audio webcast of the conference call will be available through
www.cmlhealthcare.com. Please connect at least 15 minutes prior to the
conference call to allow adequate time for any software download that may be
needed to hear the webcast. An archived replay of the webcast will be available
for 90 days.
A taped replay of the conference call will also be available until Friday,
August 16, 2013 by calling 416-640-1917 or 877-289-8525, reference number
4630488#.
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is a leading Canadian
community-based, medical diagnostic services provider. In addition to its
network of 114 Client C.A.R.E. Centres in Ontario and 82 imaging centres in
Ontario and British Columbia, CML operates three subsidiaries: 1) Hemostasis
Reference Laboratory, focused on specialized coagulation testing and equipment
calibration for international customers; 2) CML Bioanalytics, a specialty
laboratory providing customized clinical trial testing for the biotechnology and
pharmaceutics industries; and 3) Rocky Mountain Analytics, providing specialized
testing for naturopaths and physicians practicing integrated medicine in Canada.
CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and
has approximately 89.8 million common shares outstanding. For more information,
please visit www.cmlhealthcare.com or follow CML on Twitter @cmlhealthcare.
(1) The Company defines EBITDA as earnings from continuing operations before
interest, taxes, depreciation, amortization, impairment of non-financial
assets and restructuring and other expense. EBITDA margins are
calculated by dividing EBITDA by revenue. EBITDA is not a recognized
measure under IFRS. Management believes that, in addition to net
earnings, EBITDA is a useful supplemental measure, as it provides
investors with an indication of the Company's performance. EBITDA is
used by the Company to analyze performance and compare profitability
between periods. Investors should be cautioned, however, that EBITDA
should not be construed as an alternative to net earnings determined in
accordance with IFRS. The Company's method of calculating EBITDA may
differ from other companies and, accordingly, EBITDA may not be
comparable to measures used by other companies.
(2) NormalizedAdjusted funds from continuing operations ("AFFO") and Payout
Ratio are not a recognized measures under IFRS. AFFO is defined as cash
flows from operating activities of continuing operations adjusted for
the net change in non-cash working capital items, restructuring and
other expenses, income tax payments, and the average capital spending
required to maintain property and equipment. Payout Ratio is defined as
the dividends declared divided by Normalized AFFO. The Company uses this
as a measure of financial performance, as an indicator of its cash flow
strength, its ability to meet future operational and capital expenditure
requirements and ability to pay dividends on the Company's common
shares.Investors should be cautioned, however that Normalized AFFO and
Payout Ratio should not be construed as an alternative to cash provided
by operating activities of continuing operations determined in
accordance with IFRS. The Company's method of calculating Normalized
AFFO and Payout Ratio may differ from other companies and accordingly,
Normalized AFFO and Payout Ratio may not be comparable to measures used
by other Companies.
Caution concerning forward-looking statements
This document includes forward-looking statements within the meaning of certain
securities laws, including the "safe harbour" provisions of the Securities Act
(Ontario) and other provincial securities law in Canada. These forward-looking
statements include, among others, statements with respect to our objectives,
goals and strategies to achieve those objectives and goals, as well as
statements with respect to our beliefs, plans, objectives, expectations,
anticipations, estimates and intentions. The words "may", "will", "could",
"should", "would", "outlook", "believe", "plan", "anticipate", "estimate",
"expect", "intend", "forecast", "objective" and "continue" (or the negative
thereof), and words and expressions of similar import, are intended to identify
forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, which give rise to the possibility
that predictions, forecasts, projections and other forward-looking statements
will not be achieved. Certain material factors or assumptions are applied in
making forward-looking statements and actual results may differ materially from
those expressed or implied in such statements. We caution readers not to place
undue reliance on these statements, as a number of important factors, many of
which are beyond our control, could cause our actual results to differ
materially from the beliefs, plans, objectives, expectations, anticipations,
estimates and intentions expressed in such forward-looking statements. These
factors include, but are not limited to: dependence on government-based revenues
in Canada; general economic conditions; pending and proposed legislative or
regulatory developments in Canada including the impact of changes in laws,
regulations and the enforcement thereof; reliance on funding models in Canada;
operational and infrastructure risks including possible equipment failure and
performance of information technology systems; intensifying competition
resulting from established competitors and new entrants in the businesses in
which we operate; disposal of our diagnostic imaging business under acceptable
terms and conditions to our Company; our ability to complete strategic
acquisitions and to integrate our acquisitions successfully; insurance coverage
of sufficient scope to satisfy any liability claims; fluctuations in total
patient referrals; technological change and obsolescence; loss of services of
key senior management personnel; privacy laws; ability to pay dividends in the
future; structural subordination of common shares; leverage and restrictive
covenants; fluctuations in cash timing and amount of capital expenditures;
tax-related risks; unpredictability and volatility of the price of common
shares; dilution; and future sales of common shares. In addition to the above
factors, the Company has entered into an Arrangements Agreement dated as of June
24, 2013 with LifeLabs Medical Laboratory Services providing for the purchase of
all of the outstanding common shares of the Company by LifeLabs. Completion of
the sale is subject to a number of conditions precedent more fully described
under Risks and Uncertainties in this MD&A and in an Information Circular mailed
to shareholders on August 6, 2013 and available on SEDAR.
We caution that the foregoing list of important factors that may affect future
results is not exhaustive. When reviewing our forward-looking statements,
investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. Additional information about factors that
may cause actual results to differ materially from expectations, and about
material factors or assumptions applied in making forward-looking statements,
may be found in the "Risk Factors" section of our Annual Information Form, under
"Business Risks" and elsewhere in our Management's Discussion and Analysis of
Operating Results and Financial Position ("MD&A") for the year ended December
31, 2012 and elsewhere in our filings with Canadian securities regulators.
Except as required by Canadian securities law, we do not undertake to update any
forward-looking statements, whether written or oral, that may be made from time
to time by us or on our behalf. Such statements speak only as of the date made.
CML HealthCare Inc.
Unaudited Interim Consolidated Balance Sheets
----------------------------------------------------------------------------
(in thousands of Canadian dollars)
June 30, December 31,
2013 2012
$ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
Cash 1,289 3,039
Trade and other receivables 45,192 39,601
Income taxes recoverable 1,522 -
Other current assets 4,370 3,630
Loan receivable 1,795 -
Current assets of discontinued operations 81,810 -
------------------------------
135,978 46,270
------------------------------
Property and equipment 32,637 49,233
Intangible assets 12,729 12,712
Licences 176,013 223,468
Goodwill 16,147 16,900
Investment and other assets 336 362
------------------------------
Total Assets 373,840 348,945
------------------------------
------------------------------
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 33,513 35,729
Dividends payable 11,904 5,651
Other current liabilities 4,716 1,030
Income taxes payable - 3,641
Current portion of long-term debt 1,218 922
Provisions 7,086 4,267
------------------------------
58,437 51,240
------------------------------
Long-term debt 270,294 249,279
Provisions and other long-term liabilities 2,169 2,433
Derivative and other liabilities 6,743 6,258
Deferred tax liabilities 26,100 24,333
------------------------------
Total Liabilities 363,743 333,543
------------------------------
SHAREHOLDERS' EQUITY
Common shares 55,210 55,210
Contributed surplus 420 218
Deficit (43,881) (35,711)
Accumulated other comprehensive loss (1,652) (4,315)
------------------------------
10,097 15,402
------------------------------
Total Liabilities and Shareholders' Equity 373,840 348,945
------------------------------
------------------------------
CML HealthCare Inc.
Unaudited Interim Consolidated Statements of Earnings and Comprehensive
Income
----------------------------------------------------------------------------
(in thousands of Canadian
dollars, except share and
per share amounts)
Six month period ended Three month period ended
--------------------------------------------------
30-Jun 30-Jun 30-Jun 30-Jun
2013 2012 2013 2012
$ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue 125,311 127,561 63,113 62,655
Cost of services 60,634 60,272 32,233 30,200
--------------------------------------------------
Gross margin 64,677 67,289 30,880 32,455
--------------------------------------------------
Expenses
General and administrative 27,822 19,310 16,159 10,048
Restructuring and other
expenses 10,288 - 7,189 -
--------------------------------------------------
38,110 19,310 23,348 10,048
--------------------------------------------------
Earnings from continuing
operations before
interest and income taxes 26,567 47,979 7,532 22,407
Interest expense 5,187 5,200 2,718 2,450
Interest and other income (56) (536) (31) (389)
--------------------------------------------------
Earnings from continuing
operations before income
taxes 21,436 43,315 4,845 20,346
--------------------------------------------------
Provision for income taxes
Current taxes 6,579 10,547 2,576 4,651
Deferred taxes (114) 2,404 (616) 2,313
--------------------------------------------------
6,465 12,951 1,960 6,964
--------------------------------------------------
----------------------------------------------------------------------------
Net earnings for the
period from continuing
operations 14,971 30,364 2,885 13,382
Earnings from discontinued
operations, net of tax 667 2,241 655 1,167
----------------------------------------------------------------------------
Net earnings for the
period 15,638 32,605 3,540 14,549
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other comprehensive income
(loss), net of income
taxes
Items that may be
subsequently reclassified
to net earnings
Gain (loss) on interest
rate swap 3,610 (394) 5,191 (2,492)
(Recovery of) provision
for income taxes (947) 164 (1,375) 721
--------------------------------------------------
Net 2,663 (230) 3,816 (1,771)
----------------------------------------------------------------------------
Comprehensive income for
the period 18,301 32,375 7,356 12,778
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Continuing operations -
basic and diluted
earnings per share 0.17 0.34 0.03 0.15
Discontinued operations -
basic and diluted
earnings per share 0.01 0.02 0.01 0.01
Net earnings - basic and
diluted earnings per
share 0.17 0.36 0.04 0.16
Weighted average number of
common shares outstanding
- basic 89,842,397 89,842,397 89,842,397 89,842,397
Weighted average number of
common shares outstanding
- diluted 89,845,099 89,854,901 89,845,583 89,851,165
CML HealthCare Inc.
Unaudited Interim Consolidated Statements of Cash Flows
----------------------------------------------------------------------------
(in thousands of Canadian
dollars)
Six month period ended Three month period ended
--------------------------------------------------
30-Jun 30-Jun 30-Jun 30-Jun
2013 2012 2013 2012
$ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net earnings for the
period from continuing
operations 14,971 30,364 2,885 13,382
Items not affecting cash
Depreciation of
property and
equipment 3,269 3,021 1,717 1,554
Amortization of
intangible assets 1,862 1,191 1,031 607
Unrealized foreign
exchange gain - 7 - (153)
Interest expense 5,187 5,200 2,718 2,450
Other non-cash items (377) (313) (135) (278)
Share based
compensation expenses 4,103 (409) 3,878 194
Gain on sale of
property and
equipment and
licences - (155) - (155)
Restructuring expenses 6,375 - 3,276 -
Current taxes 6,579 10,547 2,576 4,651
Deferred taxes (114) 2,404 (616) 2,313
Net change in non-cash
working capital items (11,185) (151) 2,158 4,540
Interest paid (5,088) (5,719) (2,826) (3,052)
Income taxes paid (11,755) (25,751) (5,128) (5,344)
--------------------------------------------------
Cash provided by operating
activities of continuing
operations 13,827 20,236 11,534 20,709
Cash provided by operating
activities of
discontinued operations 2,894 6,608 1,938 3,077
--------------------------------------------------
Cash provided by operating
activities 16,721 26,844 13,472 23,786
--------------------------------------------------
Investing activities
Purchase of property and
equipment (5,719) (2,599) (3,099) (1,338)
Proceeds from sale of
property and equipment - 162 - 162
Receipts from notes
receivable - 1,039 - 519
Other investing
activities (1,745) - (1,577) (151)
Business acquisitions (9,022) - (9,022) -
Acquisition of
intangible assets (1,896) (879) (1,157) (240)
--------------------------------------------------
Cash used in investing
activities of continuing
operations (18,382) (2,277) (14,855) (1,048)
Transaction costs paid - (1,248) - (825)
Cash used in investing
activities of
discontinued operations (1,430) (1,726) (700) (132)
--------------------------------------------------
Cash used in investing
activities (19,812) (5,251) (15,555) (2,005)
--------------------------------------------------
Financing activities
Principal repayment of
long-term debt and
obligations under
finance leases (1,104) (23,431) (788) (222)
Proceeds from long-term
debt 20,000 - 15,000 -
Dividends paid (17,555) (33,902) (11,904) (16,951)
Transaction costs
incurred on debt
refinancing - (1,503) - -
--------------------------------------------------
Cash Provided by (used in)
financing activities of
continuing operations 1,341 (58,836) 2,308 (17,173)
--------------------------------------------------
(Decrease) increase in
cash (1,750) (37,243) 225 4,608
Cash, beginning of period 3,039 50,640 1,064 8,789
--------------------------------------------------
Cash, end of period 1,289 13,397 1,289 13,397
--------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
CML HealthCare Inc.
Alice Dunning, MBA, CFA
Director, Corporate Communications
(905) 565-0043 ext.3472
(905) 565-2844 (FAX)
DunningA@cml.ca
www.cmlhealthcare.com
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