CIBC Income Trust Conference Presentation. September 9, 2004 Toronto. Forward-looking Statement Disclaimer.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
September 9, 2004
Statements made during this conference which are not historical facts – including any statements about the Company\'s targets, beliefs, plans, or expectations – are forward-looking statements and are based on Management’s current plans, estimates, and projections. The Company does not undertake to update any of these statements in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties, and investors should not place undue reliance on them. There are a number of important factors that could cause actual results to differ materially from those contained in such statements. These factors are described in more detail in the Company’s news releases and in filings with Canadian securities regulatory authorities, including the Company’s latest annual report.
References in this presentation to ‘‘EBITDA’’ are to earnings before interest, income taxes, depreciation and amortization, after giving effect to foreign currency gains or losses and net earnings from discontinued operations. The Fund and Management of its operating subsidiaries believe that, in addition to net earnings, EBITDA is a useful complementary measure of cash available for distribution prior to debt service, capital expenditures and income taxes. However, EBITDA is not a recognized measure under Canadian GAAP or U.S. GAAP and does not have a standardized meaning prescribed by Canadian GAAP or U.S. GAAP. Investors are cautioned that EBITDA should not be construed as an alternative to net earnings determined in accordance with Canadian GAAP or U.S. GAAP, as an indicator of performance of the Bumble Bee or Clover Leaf businesses or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The Fund’s method of calculating EBITDA may differ from the methods used by other entities and, accordingly, its EBITDA may not be comparable to similarly titled measures used by other entities.
Distributable cash is not a recognized measure under Canadian GAAP or U.S. GAAP, and the Fund’s method of calculation may differ from methods used by other entities. Accordingly, distributable cash as presented may not be comparable to similar measures presented by other entities. The Fund and management of its operating subsidiaries believe that the method of determining distributable cash is comparable to cash flow from operating activities before changes in non-cash working capital, future income taxes and one-time gains/losses. In addition, the Fund’s method of determining distributable cash is derived directly from net earnings, which is a measure under Canadian GAAP and U.S. GAAP and is a measure of operating performance understood by unitholders. The Fund’s method of determining distributable cash is also consistent with the Fund’s historical operations as publicly disclosed to unitholders. Management believes that consistent disclosure enhances the comparability with prior periods and this method presents cash that will be distributable to unitholders based on the results of the relevant period, after adjusting for non-cash depreciation, the direct payment of interest and taxes and after adjusting for maintenance capital expenditures.
Source: AC Nielsen
1 Includes oysters, clams, sardines, herring, crab and other specialty
Owned/Leased Plants – Tuna, Sardines, Shrimp
Three key adjustments are recommended to supplement evaluation of the Company’s operating results: