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Transat A.T. Inc. - 2002 First Quarter Results - The Decline in Volume Between November and January Corresponds to Corporate Forecasts
07:01 EST Wednesday, March 27, 2002
- First quarter revenues reached $442.2 million, down 13.2% from the
first quarter of 2001.
- The decrease is mainly attributable to a 27% drop in volume primarily
due to the events of September 11.
- Transat recorded a net loss of $17.5 million for the quarter, or $0.54
per share.
- Cash and cash equivalents were $185.3 million at the end of the
quarter.
- Transat strengthened its balance sheet through the issuance of
debentures.
MONTREAL, March 27 /CNW/ - Transat A.T. Inc., one of the 10 leading tour operators in the world and the leader in the vacation travel industry in Canada, recorded revenues of $442.2 million for the first quarter ended January 31, 2002, a decrease of 13.2 % when compared with $509.6 million posted for the first quarter of 2001. "As expected, the market has contracted after the events of September 11, resulting in a 27% drop in volume in the Canadian activities during the quarter," stated Jean-Marc Eustache, President and Chief Executive Officer of Transat A.T. Inc. at the Annual Meeting of Shareholders held in Montreal. "Despite a significant reduction in the product offering, the Corporation also had to reduce its sales prices, which had a negative impact on margins during the quarter. The relative strength of the U.S. dollar and the increase in costs also had an unfavourable impact on our performance, resulting in a net loss of $17.5 million ($0.54 per share), compared with a net loss of $0.6 million ($0.02 per share), for the corresponding quarter last year," he continued.
"These results are disappointing, but they were anticipated. As it is, they demonstrate the wisdom of the measures we announced and implemented in Canada last fall-measures aimed at adjusting our offerings to the prevailing market conditions by reducing our capacity by 25%. Booking volumes are gradually increasing. As we have said before, the decrease in total volume for the whole winter season is expected to be between 20% and 25% compared to last year for our Canadian activities. The decrease will be decidedly less pronounced in Europe, the source of one third of our revenues on an annual basis," he added.
On January 10, 2002, the Corporation and its subsidiary Air Transat issued non-convertible debentures for total proceeds in the amount of $21.9 million. These debentures are due January 2009. The debentures are redeemable starting in 2005 subject to the fulfillment of certain conditions. As part of this financing, the Corporation also issued 1,421,225 warrants enabling the purchase of Transat's shares at a price of $6.75, maturing in January 2007.
Finally, as at January 31, 2002, Transat had cash totalling $185.3 million (including cash held in trust). In addition, at the beginning of the second quarter, Transat issued $51.1 million principal amount of 9% unsecured subordinated convertible debentures due March 2007.
"Although we have had a difficult quarter and while significant challenges continue to arise, management is very proud of the performance of the whole organization, which continues to deliver a quality product," concluded Mr. Eustache.
Transat A.T. Inc., with its head office in Montreal, is an integrated company specializing in the organization, marketing, and distribution of holiday travel. The core of its business consists of tour operators in Canada and France. Transat is also involved in air transportation, hotel management, and value-added services offered at travel destinations as well as in distribution through both travel agency networks and e-commerce initiatives. Transat A.T. Inc. is a public corporation listed on the Toronto Stock Exchange (TSE : TRZ). In 2001, Transat recorded revenues of more than $2 billion.
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TRANSAT A.T. INC.
CONSOLIDATED BALANCE SHEETS
(in thousands of dollars)
As at January 31 As at October 31
2002 2001
(Unaudited) (Audited)
$ $
-------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 185,274 84,619
Accounts receivable 79,021 85,529
Income taxes recoverable 4,730 35,375
Future income tax assets 15,817 8,283
Inventories 9,185 11,348
Deposits with suppliers 36,143 38,299
Prepaid expenses 62,162 29,077
-------------------------------------------------------------------------
Total current assets 392,332 292,530
Deposits and other expenses 25,917 19,731
Future income tax assets 15,794 17,891
Investments 5,851 8,389
Capital assets 180,800 185,403
Goodwill 68,569 68,617
Other assets 21,364 21,810
-------------------------------------------------------------------------
710,627 614,371
-------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank loans 16,569 8,843
Accounts payable and accrued
liabilities 231,793 232,378
Customer deposits and deferred income 182,254 66,960
Current portion of long-term debt,
obligations under capital leases
and debentures 24,047 21,965
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Total current liabilities 454,663 330,146
Long-term debt 44,716 73,036
Obligations under capital leases 47,611 52,495
Debentures 28,645 10,894
Minority interest and other liabilities 11,988 11,933
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587,623 478,504
-------------------------------------------------------------------------
Shareholders' equity
Share capital (note 3) 109,476 109,402
Warrants 4,122 -
Retained earnings 8,318 25,879
Deferred translation adjustments
and equity component of
a debenture 1,088 586
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123,004 135,867
-------------------------------------------------------------------------
710,627 614,371
-------------------------------------------------------------------------
TRANSAT A.T. INC.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
(in thousands of dollars, except per share amounts)
Three (3) months ended
January 31
2002 2001
$ $
-------------------------------------------------------------------------
Revenues 442,208 509,643
Operating expenses 452,145 494,548
-------------------------------------------------------------------------
(9,937) 15,095
-------------------------------------------------------------------------
Amortization 9,518 10,333
Interest on debentures, long-term debt and
obligations under capital leases 3,223 3,169
Other interest and financial expenses 706 400
Interest income (1,033) (2,484)
Share of net loss of companies subject
to significant influence 2,175 1,244
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14,589 12,662
-------------------------------------------------------------------------
Income (loss) before the
following items (24,526) 2,433
-------------------------------------------------------------------------
Income taxes (6,782) 2,245
-------------------------------------------------------------------------
Income (loss) before goodwill charges
and minority interest in
subsidiaries' results (17,744) 188
Goodwill charges (note 2) - (837)
Minority interest in
subsidiaries' results 209 -
-------------------------------------------------------------------------
Net loss for the period (17,535) (649)
Retained earnings, beginning of period 25,879 124,952
Change in accounting policies - (97)
Premium paid on redemption of
common shares - (12)
Interest on a debenture -
equity component (26) -
-------------------------------------------------------------------------
Retained earnings, end of period 8,318 124,194
-------------------------------------------------------------------------
Net earnings (net loss) per share
before goodwill charges
Earnings (loss) per share (0.54) 0.01
Diluted earnings (loss) per share (0.54) 0.01
-------------------------------------------------------------------------
Net loss per share
Loss per share (0.54) (0.02)
Diluted loss per share (0.54) (0.02)
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TRANSAT A.T. INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands of dollars)
Three (3) months ended
January 31
2002 2001
$ $
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Operating activities
Net loss for the period (17,535) (649)
Items not involving an outlay
(receipt) of cash
Amortization and goodwill charges 9,518 11,170
Share of net loss of companies
subject to significant influence 2,175 1,244
Future income taxes (5,968) (2,190)
Minority interest in
subsidiaries' results (209) -
-------------------------------------------------------------------------
Operating cash flow (12,019) 9,575
Net change in non-cash
working capital balances
related to operations 124,239 70,801
Deposits for engine and airframe
overhaul expenses (3,563) (7,966)
-------------------------------------------------------------------------
Cash flows from operating activities 108,657 72,410
-------------------------------------------------------------------------
Investing activities
Additions to capital assets (4,019) (8,790)
Other assets (1,628) (2,074)
Deposits (1,767) (1,402)
Acquisitions of investments - (9,721)
-------------------------------------------------------------------------
Cash flows from investing activities (7,414) (21,987)
-------------------------------------------------------------------------
Financing activities
Bank loans 7,951 2,175
Long-term debt - revolving term loan (23,441) 6,712
Increase in other long-term debt - 5,674
Repayment of other long-term debt and
obligations under capital leases (7,302) (6,102)
Issue of debentures 21,865 -
Issue of common shares 75 85
Repurchase of common shares - (21)
Other liabilities 264 -
-------------------------------------------------------------------------
Cash flows from financing activities (588) 8,523
-------------------------------------------------------------------------
Net change in cash and cash
equivalents for the period 100,655 58,946
Cash and cash equivalents,
beginning of period 84,619 147,401
-------------------------------------------------------------------------
Cash and cash equivalents,
end of period 185,274 206,347
-------------------------------------------------------------------------
For further information: Lorraine Maheu, Vice-President, Finance and Administration and Chief Financial Officer, Transat A.T. Inc., (514) 987-1660
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