- Revenue increased 23% year over year to $424.6 million
- Earnings from continuing operations increased 33% to $53.3
million
- Positive free cash flow at $71.7 million, up $21.9 million
year over year
- EPS increased from $0.16 to $0.21 year over year
(NYSE: CGT)(TSX: CAE) - CAE today reported financial results for
the third quarter ended December 31, 2008. Net earnings were $53.3
million ($0.21 per share) this quarter, compared to $39.5 million
($0.16 per share) in the third quarter of last year. All financial
information is in Canadian dollars.
Summary of consolidated results
(amounts in millions, except
operating margins and per
share amounts) Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008
-------------------------------------------------------------------------
Revenue $ 424.6 406.7 392.1 366.6 344.8
Earnings before
interest and income
taxes (EBIT) $ 78.7 75.5 71.3 69.7 61.7
As a % of revenue % 18.5 18.6 18.2 19.0 17.9
Earnings from
continuing operations $ 53.3 48.9 47.0 47.0 40.1
Results from
discontinued
operations $ - (0.2) (0.9) (11.4) (0.6)
Net earnings $ 53.3 48.7 46.1 35.6 39.5
Diluted EPS from
continuing operations $ 0.21 0.19 0.18 0.18 0.16
Backlog $ 2,942.8 2,741.8 2,847.9 2,899.9 2,710.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated revenue this quarter was $424.6 million compared to
$344.8 million in the third quarter last year.
Third quarter consolidated earnings before interest and taxes(1)
(EBIT) were $78.7 million, or 18.5% of revenue compared to $61.7
million or 17.9% of revenue last year.
"Our performance in the third quarter and year to date reflects
the benefits of a diversified business," said Robert E. Brown,
CAE's President and Chief Executive Officer. "We have positioned
CAE well over the past few years, and this has enabled us to
strengthen the company in the face of several challenges. The year
ahead will be more difficult for civil aviation-especially in the
areas related to new aircraft deliveries. We will adapt as required
to confront the current economic environment and to ensure that we
profit from an eventual market recovery. Our outlook for CAE's role
in the defence markets continues to be positive. Overall, we
believe that our actions and our diversification will help us as we
go through the next period."
Business segment highlights
During the third quarter, Training and Services/Civil signed
agreements with an expected value of $138.5 million. New contracts
included a five-year deal with Home Depot for training on its
Dassault Falcon aircraft; a three-year deal with Elite Jets for
Gulfstream G450 and Hawker 850XP training in Dubai; and a long-term
alliance with Honeywell as their preferred provider of training
services. Also during the quarter, we began operations at our new
training facility in Bangalore, India.
In Simulation Products/Civil we won orders for 11 full-flight
simulators (FFSs) during the quarter, from customers including
American Airlines, Continental Airlines, Air New Zealand, Saudi
Arabian Airlines, Air China and the Hua Ou Aviation Training Centre
in Beijing. Year to date, we have announced 31 FFS sales. We
continue to expect 34 orders for the year.
We were awarded a number of new military contracts this quarter
totalling $183.7 million. In Simulation Products/Military, we won
contracts for an MH-60S tactical operational flight trainer for the
U.S. Navy; a visual upgrade for a German Army Eurocopter EC135
simulator; and an EC135 flight training device for the Polish Army.
As well, we received a contract option exercise related to the U.S.
Army Synthetic Environment Core (SE Core Program). In Training and
Services/Military, we signed contracts for C-130 simulator training
and maintenance services for the U.S. Air Force; Danish Merlin
pilot training at our training centre in the U.K; and simulator
maintenance and support services for the German Army and Air
Force.
Civil segments
Training & Services/Civil (TS/C)
Financial results
(amounts in millions,
except operating margins,
RSEU and FFSs deployed) Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008
--------------------------------------------------------------------------
Revenue $ 120.9 108.0 110.2 104.5 92.8
Segment operating
income $ 21.6 19.1 20.7 23.8 15.5
Operating margins % 17.9 17.7 18.8 22.8 16.7
Backlog $ 1,036.0 907.6 932.7 963.3 896.1
RSEU (2) 118 118 114 110 109
FFSs deployed 135 133 132 124 123
--------------------------------------------------------------------------
--------------------------------------------------------------------------
For the third quarter, revenue in the TS/C segment increased 30%
over last year because we integrated Sabena Flight Academy, which
we acquired in June 2008, and we added more RSEUs to our network.
The weaker Canadian dollar relative to the U.S. dollar and the euro
also had a positive impact on our results.
Segment operating income increased 39% to reach $21.6 million
(17.9% of revenue) this quarter because of higher revenue; a change
in our revenue mix; progress we made ramping-up of our recently
deployed training assets; and favourable foreign currency
exchange.
The expected value of new agreements totalled $138.5 million,
and segment backlog reached $1,036.0 million. The segment
book-to-sales ratio was 1.15x for the quarter and 0.95x for the
last 12 months.
Simulation Products/Civil (SP/C)
Financial results
(amounts in millions,
except operating
margins) Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008
--------------------------------------------------------------------------
Revenue $ 119.3 114.3 136.6 106.5 103.5
Segment operating income $ 22.8 23.4 27.4 23.8 25.2
Operating margins % 19.1 20.5 20.1 22.3 24.3
Backlog $ 359.5 343.4 373.2 381.8 388.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Revenue in the SP/C segment was $119.3 million, up 15% over last
year. The increase was mainly the result of having received
comparably more orders since the beginning of fiscal year 2009.
Segment operating income was $22.8 million (19.1% of revenue) in
the third quarter, down by 10% from last year mainly because of
differences in program mix and the impact of less beneficial
currency hedges. Most of our revenue hedged earlier in the year
does not yet benefit from current favourable exchange rates. These
impacts were somewhat offset by the receipt from a customer of $1.7
million that had been deemed uncollectible and written-off several
years prior.
During the quarter, we received orders for 11 civil FFSs. Orders
totalled $133.2 million, and segment backlog was $359.5 million.
The book-to-sales ratio was 1.12x for the quarter and 0.94x for the
last 12 months.
Military segments
Combined revenue in the third quarter for the Military business
as a whole was $184.4 million and combined operating income was
$34.3 million, resulting in an operating margin of 18.6%.
Combined new orders totalled $183.7 million and the combined
book-to-sales ratio was 1.00x for the quarter and 1.15x for the
last 12 months.
Simulation Products/Military (SP/M)
Financial results
(amounts in millions,
except operating margins)
Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008
--------------------------------------------------------------------------
Revenue $ 125.5 126.0 88.4 101.5 89.6
Segment operating income $ 25.7 21.6 13.6 14.5 11.5
Operating margins % 20.5 17.1 15.4 14.3 12.8
Backlog $ 714.0 705.6 752.6 765.1 704.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Revenue in the SP/M segment was $125.5 million in the third
quarter, up 40% over last year because of higher activity on a
number of simulator contracts awarded during the last year that
involve helicopters (NH90, Super Puma) and transport aircraft
(C-130, KDC-10). As well, we benefited from a lower Canadian
dollar.
Segment operating income this quarter was $25.7 million (20.5%
of revenue), up 123% year over year. The increase stems from a
combination of higher volume, a lower Canadian dollar, and higher
utilization of funds from Project Phoenix R&D cost sharing
program.
New orders for the quarter totalled $92.2 million and segment
backlog was $714.0 million.
Training & Services/Military (TS/M)
Financial results
(amounts in millions,
except operating margins)
Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008
--------------------------------------------------------------------------
Revenue $ 58.9 58.4 56.9 54.1 58.9
Segment operating income $ 8.6 11.4 9.6 7.6 9.5
Operating margins % 14.6 19.5 16.9 14.0 16.1
Backlog $ 833.3 785.2 789.4 789.7 721.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Revenue in the TS/M segment was $58.9 million in the third
quarter, equalling revenue last year when we benefited from a
revenue recovery related to our annual labour rate review with the
Canadian government. This year, we had a mix of revenue increases
and decreases in training and maintenance services and we benefited
from the weaker Canadian dollar.
Segment operating income was $8.6 million this quarter, down 9%
from last year for the same reasons as above.
New orders this quarter totalled $91.5 million and segment
backlog was $833.3 million.
Cash flow and financial position
Free cash flow(3) was $71.7 million for the third quarter, up
$21.9 million year over year. The increase was mainly due to a
$52.7 million lower investment in non-cash working capital, offset
by a decrease of $20.1 million in cash provided by continuing
operations, an increase in maintenance capital expenditures of $5.7
million and an increase in cash dividends of $4.9 million.
Net debt(4) was $265.9 million at December 31, 2008, up $9.4
million from the preceding quarter because of the depreciation of
the Canadian dollar against our foreign denominated debt, which was
partially offset by an increase in cash before proceeds and
repayment of long-term debt.
CAE will pay a dividend of $0.03 per share on March 31, 2009 to
shareholders of record at the close of business on March 16,
2009.
Additional consolidated financial results
Orders and backlog
Our book-to-sales ratio for the quarter was 1.07x and it was
1.03x for the last 12 months. Total order intake this quarter was
$455.4 million, compared to $389.8 million last quarter and $566.6
million in the third quarter of last year. Our consolidated backlog
was $2.943 billion at the end of this quarter. New orders of $455.4
million were added to backlog, offset by $424.6 million in revenue
generated. Foreign exchange movements increased the value of the
backlog by $170.2 million.
Capital expenditures
Capital expenditures totalled $51.9 million this quarter,
arising from $38.4 million in growth capital expenditures(5) in
support of our prior investment commitments. We are continuing to
expand selectively our training network to address additional
market share and to respond to training demands in new markets. The
balance is attributed to maintenance capital expenditures(6) that
were $13.5 million.
Income taxes
Income taxes this quarter were $19.8 million, representing an
effective tax rate of 27%, which is lower than usual because of a
settlement of tax audits and changes in the mix of income from
various jurisdictions for tax purposes. We still expect the
effective income tax rate for fiscal 2009 to be approximately
30%.
You will find a more detailed discussion of our results by
segment in the Management's Discussion and Analysis (MD&A) as
well as in our consolidated financial statements, which are posted
on our website at www.cae.com/Q3FY09.
Conference call Q3 FY2009
CAE will host a conference call focusing on fiscal year 2009
third quarter financial results today at 12:00 p.m. ET. The call is
intended for analysts, institutional investors and the media. North
American participants can listen to the conference by dialling
+1-866-540-8136 or +1-514-868-1042. Overseas participants can dial
+800-6578-9868 or +1-514-868-1042. The conference call will also be
audio webcast live for the public at www.cae.com.
CAE is a world leader in providing simulation and modelling
technologies and integrated training solutions for the civil
aviation industry and defence forces around the globe. With annual
revenues exceeding C$1.4 billion, CAE employs approximately 7,000
people at more than 75 sites and training locations in 20
countries. We have the largest installed base of civil and military
full-flight simulators and training devices. More than 75,000
crewmembers train yearly in our global network of 27 civil aviation
and military training centres. We also offer modelling and
simulation software to various market segments and through CAE's
professional services division, we assist customers with a wide
range of simulation-based needs.
Certain statements made in this news release, including, but not
limited to, statements that are not historical facts, are
forward-looking and are subject to important risks, uncertainties
and assumptions. The results or events predicted in these
forward-looking statements may differ materially from actual
results or events. These statements do not reflect the potential
impact of any non-recurring or other special items or events that
are announced or completed after the date of this news release,
including mergers, acquisitions, or other business combinations and
divestitures.
You will find more information about the risks and uncertainties
associated with our business in the MD&A section of our annual
report and annual information form for the year ended March 31,
2008. These documents have been filed with the Canadian securities
commissions and are available on our website (www.cae.com), on
SEDAR (www.sedar.com) and a free copy is available upon request to
CAE. They have also been filed with the U.S. Securities and
Exchange Commission under Form 40-F and are available on EDGAR
(www.sec.gov). You will also find on our website the English
MD&A for the fiscal third quarter 2009. The forward-looking
statements contained in this news release represent our
expectations as of February 11, 2009 and, accordingly, are subject
to change after this date.
We do not update or revise forward-looking information even if
new information becomes available unless legislation requires us to
do so. You should not place undue reliance on forward-looking
statements.
Notes
(1) Earnings before interest and taxes (EBIT) is a non-GAAP
measure that shows us how we have performed before the effects of
certain financing decisions and tax structures. We track EBIT
because we believe it makes it easier to compare our performance
with previous periods, and with companies and industries that do
not have the same capital structure or tax laws.
(2) Revenue Simulator Equivalent Unit (RSEU) is a financial
measure we use to show the total average number of FFSs available
to generate revenue during the period. For example, in the case of
a 50/50 flight training joint venture, we will report only 50% of
the FFSs deployed under this joint venture as an RSEU. If a FFS is
being powered down and relocated, it will not be included as an
RSEU until the FFS is re-installed and available to generate
revenue.
(3) Free cash flow is a non-GAAP measure that tells us how much
cash we have available to build the business, repay debt and meet
ongoing financial obligations. We use it as an indicator of our
financial strength and liquidity. We calculate it by taking the net
cash generated by our continuing operating activities, subtracting
maintenance capital expenditures, other assets and dividends paid.
Dividends are deducted in the calculation of free cash flow because
we consider them an obligation, like interest on debt, which means
that amount is not available for other uses.
(4) Net debt is a non-GAAP measure we use to monitor how much
debt we have after taking into account liquid assets such as cash
and cash equivalents. We use it as an indicator of our overall
financial position, and calculate it by taking our total long-term
debt (debt that matures in more than one year), including the
current portion, and subtracting cash and cash equivalents.
(5) Growth capital expenditure is a non-GAAP measure we use to
calculate the investment needed to increase the current level of
economic activity.
(6) Maintenance capital expenditure is a non-GAAP measure we use
to calculate the capital investment needed to sustain a current
level of economic activity.
Consolidated Balance Sheets
(Unaudited)
(amounts in millions As at December 31 As at March 31
of Canadian dollars) 2008 2008
-------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $197.8 $255.7
Accounts receivable 331.0 255.0
Inventories 354.0 229.9
Prepaid expenses 26.1 32.7
Income taxes recoverable 33.8 39.0
Future income taxes 7.9 14.1
-------------------------------------------------------------------------
$950.6 $826.4
Property, plant and equipment, net 1,250.7 1,046.8
Future income taxes 82.6 64.3
Intangible assets 76.9 62.0
Goodwill 154.2 115.5
Other assets 144.6 138.2
-------------------------------------------------------------------------
$2,659.6 $2,253.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities $564.3 $482.7
Deposits on contracts 228.6 209.3
Current portion of long-term debt 114.4 27.3
Future income taxes 14.2 16.8
-------------------------------------------------------------------------
$921.5 $736.1
Long-term debt 349.3 352.5
Deferred gains and other long-term liabilities 183.9 184.9
Future income taxes 55.5 31.2
-------------------------------------------------------------------------
$1,510.2 $1,304.7
-------------------------------------------------------------------------
Shareholders' equity
Capital stock $428.8 $418.9
Contributed surplus 9.8 8.3
Retained earnings 769.7 644.5
Accumulated other comprehensive loss (58.9) (123.2)
-------------------------------------------------------------------------
$1,149.4 $948.5
-------------------------------------------------------------------------
$2,659.6 $2,253.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Earnings
(Unaudited)
(amounts in millions of Three months ended Nine months ended
Canadian dollars, except December 31 December 31
per share amounts) 2008 2007 2008 2007
-------------------------------------------------------------------------
Revenue $424.6 $344.8 $1,223.4 $1,057.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings before
interest and income
taxes $78.7 $61.7 $225.5 $181.8
Interest expense, net 5.6 4.8 15.1 12.8
-------------------------------------------------------------------------
Earnings before income
taxes $73.1 $56.9 $210.4 $169.0
Income tax expense 19.8 16.8 61.2 51.2
-------------------------------------------------------------------------
Earnings from
continuing operations $53.3 $40.1 $149.2 $117.8
Results of discontinued
operations - (0.6) (1.1) (0.7)
-------------------------------------------------------------------------
Net earnings $53.3 $39.5 $148.1 $117.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic earnings per
share from continuing
operations $0.21 $0.16 $0.59 $0.47
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Diluted earnings per
share from continuing
operations $0.21 $0.16 $0.58 $0.46
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic and diluted
earnings per share $0.21 $0.16 $0.58 $0.46
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average
number of shares
outstanding (basic) 254.9 253.8 254.7 253.2
-------------------------------------------------------------------------
Weighted average
number of shares
outstanding
(diluted) (1) 254.9 254.8 255.1 254.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) For the three months ended December 31, 2008, the effect of stock
options potentially exercisable was anti-dilutive; therefore, the basic
and diluted weighted average number of shares outstanding are the same.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
nine months ended December 31, 2008
(amounts in millions of Canadian dollars, except number of shares)
--------------------------------------------------------------------------
Accumulated
Common Other Total
Number Shares Contri- Comprehen- Share-
of Stated buted Retained sive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Balances,
beginning of
period 253,969,836 $418.9 $8.3 $644.5 $(123.2) $948.5
Stock options
exercised 857,675 8.4 - - - 8.4
Transfer upon
exercise of
stock options - 0.6 (0.6) - - -
Stock
dividends 86,484 0.9 - (0.9) - -
Stock-based
compensation - - 2.1 - - 2.1
Net earnings - - - 148.1 - 148.1
Dividends - - - (22.0) - (22.0)
Other
comprehensive
income - - - - 64.3 64.3
--------------------------------------------------------------------------
Balances,
end of
period 254,913,995 $428.8 $9.8 $769.7 $(58.9) $1,149.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(Unaudited)
nine months ended December 31, 2007
(amounts in millions of Canadian dollars, except number of shares)
--------------------------------------------------------------------------
Accumulated
Common Other Total
Number Shares Contri- Comprehen- Share-
of Stated buted Retained sive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Value
Balances,
beginning
of period 251,960,449 $401.7 $5.7 $510.2 $(87.7) $829.9
Shares issued 169,851 0.8 - - - 0.8
Stock options
exercised 1,764,995 13.7 - - - 13.7
Transfer upon
exercise of
stock options - 2.1 (2.1) - - -
Stock
dividends 18,305 0.2 - (0.2) - -
Stock-based
compensation - - 2.7 - - 2.7
Cumulative
effect of
implementing
accounting
standards - - - (8.3) (3.5) (11.8)
Net earnings - - - 117.1 - 117.1
Dividends - - - (7.4) - (7.4)
Other
comprehensive
loss - - - - (79.4) (79.4)
--------------------------------------------------------------------------
Balances,
end of
period 253,913,600 $418.5 $6.3 $611.4 $(170.6) $865.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
(Unaudited) Three months ended Nine months ended
(amounts in millions December 31 December 31
of Canadian dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
Net earnings $53.3 $39.5 $148.1 $117.1
-------------------------------------------------------------------------
Other comprehensive
income (loss), net
of income taxes:
Foreign currency
translation adjustment
Net foreign exchange
gains (losses) on
translation of
financial statements
of self-sustaining
foreign operations $122.4 $(3.3) $95.3 $(113.9)
Net change in (losses)
gains on certain
long-term debt
denominated in
foreign currency and
designated as
hedges on net
investments of
self-sustaining
foreign operations (5.4) 2.4 (6.5) 17.0
Reclassification
to income (1.9) - (1.9) -
Income tax adjustment (0.2) (0.3) (0.3) 0.6
-------------------------------------------------------------------------
$114.9 $(1.2) $86.6 $(96.3)
-------------------------------------------------------------------------
Net changes in cash
flow hedge
Net change in (losses)
gains on derivative
items designated as
hedges of cash flows $(49.1) $4.5 $(37.3) $43.8
Reclassifications to
income or to the
related non-financial
assets or liabilities 12.2 (8.2) 4.6 (18.9)
Income tax adjustment 11.7 1.3 10.4 (8.0)
-------------------------------------------------------------------------
$(25.2) $(2.4) $(22.3) $16.9
-------------------------------------------------------------------------
Total other
Comprehensive
income (loss) $89.7 $(3.6) $64.3 $(79.4)
-------------------------------------------------------------------------
Comprehensive income $143.0 $35.9 $212.4 $37.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statement of Accumulated Other Comprehensive Loss
(Unaudited) Foreign Accumulated
as at December 31, 2008 Currency Other
(amounts in millions of Translation Cash Flow Comprehensive
Canadian dollars) Adjustment Hedge Loss
--------------------------------------------------------------------------
Balance in accumulated other
comprehensive loss at
beginning of the period $(122.8) $(0.4) $(123.2)
Details of other comprehensive
income:
Net change in gains (losses) 88.8 (37.3) 51.5
Reclassification to income or
to the related non-financial
assets or liabilities (1.9) 4.6 2.7
Income tax adjustment (0.3) 10.4 10.1
--------------------------------------------------------------------------
Total other comprehensive income $86.6 $(22.3) $64.3
--------------------------------------------------------------------------
Balance in accumulated other
comprehensive loss at end of
period $(36.2) $(22.7) $(58.9)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(Unaudited) Three months ended Nine months ended
(amounts in millions December 31 December 31
of Canadian dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
Operating activities
Net earnings $53.3 $39.5 $148.1 $117.1
Results of
discontinued operations - 0.6 1.1 0.7
-------------------------------------------------------------------------
Earnings from continuing
operations 53.3 40.1 149.2 117.8
Adjustments to
reconcile earnings
to cash flows from
operating activities:
Depreciation 20.0 15.3 53.0 45.5
Financing cost
amortization 0.2 0.1 0.6 0.6
Amortization and
write down of
intangible and
other assets 4.6 4.2 13.0 12.7
Future income taxes 2.4 20.0 15.6 30.1
Investment tax
credits 1.3 2.3 10.6 9.8
Stock-based
compensation plans (8.9) 1.4 (15.5) 0.3
Employee future
benefit - net (0.2) (0.1) 0.2 (0.3)
Other (8.1) 1.4 (12.4) 2.4
Changes in non-cash
working capital 29.0 (23.7) (90.0) (88.9)
-------------------------------------------------------------------------
Net cash provided by
operating activities 93.6 61.0 124.3 130.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Investing activities
Business acquisitions
(net of cash and cash
equivalents acquired) (0.4) - (39.1) (40.7)
Capital expenditures (51.9) (21.1) (140.9) (141.2)
Deferred development
costs (3.3) (4.2) (7.4) (13.9)
Deferred pre-operating
costs (1.4) (0.5) (2.3) (0.9)
Other (1.0) (0.9) (3.0) (4.3)
-------------------------------------------------------------------------
Net cash used in
investing activities (58.0) (26.7) (192.7) (201.0)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Financing activities
Net borrowing under
revolving unsecured
credit facilities - 15.0 - 30.0
Proceeds from long-term
debt, net of
transaction costs
and debt basis
adjustment 16.6 15.7 39.1 125.1
Reimbursement of
long-term debt (8.6) (4.5) (22.7) (20.9)
Dividends paid (7.4) (2.5) (22.0) (7.4)
Common stock issuance - 0.2 8.4 13.7
Other (7.8) (1.3) (9.1) (5.8)
-------------------------------------------------------------------------
Net cash (used in)
provided by financing
activities (7.2) 22.6 (6.3) 134.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Effect of foreign
exchange rate changes
on cash and cash
equivalents 19.6 (0.2) 16.8 (12.9)
-------------------------------------------------------------------------
Net increase (decrease)
in cash and cash
equivalents 48.0 56.7 (57.9) 50.8
Cash and cash
equivalents at
beginning of period 149.8 144.3 255.7 150.2
-------------------------------------------------------------------------
Cash and cash
equivalents at end
of period $197.8 $201.0 $197.8 $201.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Contacts: Media contact: Nathalie Bourque, Vice President,
Public Affairs and Global Communications 514-734-5788
nathalie.bourque@cae.com Investor relations: Andrew Arnovitz, Vice
President, Investor Relations and Strategy 514-734-5760
andrew.arnovitz@cae.com
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