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Press Release: Indigo Reports Fiscal 2021 Third -2-

· 02/04/2021 17:01
Copyright CNW Group 2021Accumulated other comprehensive income (loss) (3,109) (799) 2,998 Total equity 60,750 251,172 84,005 Total liabilities and equity 956,616 1,166,029 882,970 Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss) (Unaudited) 13-week 13-week 39-week 39-week period ended period ended period ended period ended December 26, December 28, December 26, December 28, (thousands of 2020 2019 2020 2019 Canadian dollars, except per share data) Revenue 365,426 383,737 705,786 779,657 Cost of sales (217,940) (216,872) (440,773) (444,119) Gross profit 147,486 166,865 265,013 335,538 Operating, selling, and other expenses (110,843) (124,641) (264,948) (334,233) Operating profit 36,643 42,224 65 1,305 Net interest expense (5,921) (5,964) (18,466) (17,234) Share of loss from equity investments - - - (1,588) Earnings (loss) before income taxes 30,722 36,260 (18,401) (17,517) Income tax recovery (expense) - (10,411) - 3,842 Net earnings (loss) 30,722 25,849 (18,401) (13,675) Other comprehensive loss Items that are or may be reclassified subsequently to net earnings (loss): Net change in fair value of cash flow hedges [net of taxes of 0 and 0; 2019 - 190 and 283] (3,151) (520) (4,654) (771) Reclassification of net realized (gain) loss [net of taxes of 0 and 0; 2019 - 0 and 215] (861) 2 (856) (586) Foreign currency translation adjustment [net of taxes of 0 and 0; 2019 - 0 and 0] (597) - (597) - Other comprehensive loss (4,609) (518) (6,107) (1,357) Total comprehensive earnings (loss) 26,113 25,331 (24,508) (15,032) Net earnings (loss) per common share Basic $ 1.11 $ 0.94 $ (0.67) $ (0.50) Diluted $ 1.09 $ 0.94 $ (0.67) $ (0.50) Consolidated Statements of Cash Flows (Unaudited) 13-week 13-week 39-week 39-week period ended period ended period ended period ended December 26, December 28, December 26, December 28, (thousands of 2,020 2019 2020 2019 Canadian dollars) OPERATING ACTIVITIES Net earnings (loss) 30,722 25,849 (18,401) (13,675) Adjustments to reconcile net earnings (loss) to cash flows from operating activities Depreciation of property, plant, and equipment 4,129 5,651 13,020 17,475 Depreciation of right-of-use assets 10,183 9,980 31,728 30,002 Amortization of intangible assets 3,187 3,393 9,718 9,971 Gain on disposal of equity investment - (1,484) - (1,484) Loss on disposal of capital assets - 70 247 1,021 Share-based compensation 425 359 1,031 980 Directors' compensation 74 65 222 222 Deferred income tax expense (recovery) - 10,411 - (3,842) Rent concessions (462) - (4,141) - Other (787) 278 (899) 634 Net change in non-cash working capital balances related to operations 54,853 113,337 111,540 93,806 Interest expense 6,154 6,466 19,107 18,867 Interest income (233) (460) (641) (1,633) Share of loss from equity investments - - - 1,588 Cash flows from operating activities 108,245 173,915 162,531 153,932 INVESTING ACTIVITIES Net purchases of property, plant, and equipment (1,543) 1,098 (3,528) (3,134) Addition of intangible assets (2,385) (1,879) (6,635) (6,804) Change in short-term investments - 12,750 - 79,400 Interest received 233 587 641 1,413 Cash flows from (used for) investing activities (3,695) 12,556 (9,522) 70,875 FINANCING ACTIVITIES Repayment of principal on lease liabilities (7,052) (10,137) (25,890) (30,752) Interest paid (6,154) (6,465) (19,107) (18,867) Cash flows used for financing activities (13,206) (16,602) (44,997) (49,619) Effect of foreign currency exchange rate changes on cash and cash equivalents 559 (286) 939 (280) Net increase in cash and cash equivalents during the period 91,903 169,583 108,951 174,908 Cash and cash equivalents, beginning of period 137,521 46,615 120,473 41,290 Cash and cash equivalents, end of period 229,424 216,198 229,424 216,198 Non-IFRS Financial Measures The following table reconciles adjusted EBITDA to net earnings (loss) before income taxes, the most comparable IFRS measure: 13-week 13-week 39-week 39-week period period period period ended ended ended ended December December December December 26, 28, 26, 28, (millions of Canadian 2020 2019 2020 2019 dollars) Revenue 365.4 383.7 705.8 779.7 Cost of sales (217.9) (216.9) (440.8) (444.1) Cost of operations (69.4) (77.8) (154.2) (197.4) Selling, general and administrative expenses (23.9) (29.2) (57.2) (79.8) Depreciation of right-of-use assets (10.2) (10.0) (31.7) (30.0) Finance charges related to leases (6.2) (6.5) (19.1) (18.9) Adjusted EBITDA(1) 37.8 43.3 2.8 9.5 Depreciation of property, plant and equipment (4.1) (5.7) (13.0) (17.5) Amortization of intangible assets (3.2) (3.4) (9.7) (10.0) Gain on disposal of capital assets - 1.4 0.9 0.5 Net interest income 0.2 0.5 0.6 1.6 Share of loss from equity investments - - - (1.6) Earnings (loss) before income taxes 30.7 36.3 (18.4) (17.5) (1) Earnings before interest, taxes, depreciation, amortization, impairment, asset disposals, and share of loss from equity investments, and includes IFRS 16 right-of-use asset depreciation and associated finance charges.

SOURCE Indigo Books & Music Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2021/04/c1103.html

/CONTACT:

Kate Gregory, Director, Marketing and Communications, kgregory@indigo.ca

/Web site: http://www.indigo.ca

(END) Dow Jones Newswires

February 04, 2021 17:01 ET (22:01 GMT)