Cara Operations Limited (TSE:CAO; “Cara”), today announced record system sales, revenues, earnings and earnings per share (both before and after unusual items) for the fiscal year ended April 1, 2001.
“By any measure, fiscal 2001 was an outstanding year for our Company with new record highs being achieved on many of our key financial performance indicators. This excellent performance is attributable to the focused execution of our value-building strategies and our ability to capitalize on our competitive advantages. Our teammates and operating associates are to be commended for their dedication and commitment. I extend our sincere thanks to them. Fiscal 2001 represented the second consecutive year in which Cara achieved 20% year-over-year growth in operating earnings, and the record level of capital expended on our core business in Fiscal 2001 should position us well to continue to achieve sustained profitable growth into the future,” commented Gabe Tsampalieros, Cara’s President and Chief Executive Officer.
Go deeper with GlobalData
Financial highlights achieved in the year include:
- Record system sales of $1.6 billion.
- Record revenues of $1.13 billion.
- Record net earnings of $102.6 million or $1.11 per share.
- Record operating earnings before unusual items of $39.1 million or 42.2 cents per share.
- A $65.5 million after tax gain on sale of the institutional catering business of Beaver Foods.
- Return (inclusive of the gain) on shareholders equity of 35.7%.
- Market capital appreciation of $187 million, an increase of 52%.
- Total average return to shareholders of 56%.
Operating highlights for fiscal 2001 included:
- The successful completion and commissioning of a new 285,000 square foot flight kitchen in Toronto by the Airport Services Division at a cost of $55 million.
- The successful opening of 50 branded restaurants, including 12 Kelsey’s and 12 Montana’s.
- Same restaurant sales growth at Swiss Chalet and Harvey’s of 4.2% and 3.6% respectively.
- The successful completion and start up by Summit of its new 128,000 square foot distribution facility in Mississauga.
- The successful entry of the “Milestone’s” concept into the Ontario market by The Spectra Group.
“Reflecting back on the year, we are extremely proud of our Company’s achievements and the efforts and commitment of our teammates that made it possible. As we finished our fourth quarter and entered fiscal 2002, we have seen modestly lower economic growth. In addition, we, like the rest of the foodservice industry, experienced margin pressures due to higher energy and utility costs, as well as increases in some food items, in particular, beef, pork and poultry. To mitigate the impact of these cost increases, we have implemented procurement, menu realignment, pricing and other initiatives and strategies, targeted at delivering sustainable profitable growth while affording our guests the best food value proposition without compromising food quality and/or safety. As a result, we expect fiscal 2002 to be another year of successful profitable growth albeit at a lower rate than that achieved in each of the last two years and, in keeping with the growth expectations in the general economy, we expect that growth to be more heavily weighted in the second half of the year,” added Gabe Tsampalieros.
The 2001 fiscal year was comprised of 52 weeks including 16 weeks in the 4th Quarter whereas the 2000 fiscal year consisted of 53 weeks including 17 in the 4th Quarter. As noted above, comparable net earnings for the 52 week fiscal year ended April 1, 2001 were $39.1 million (42.2 cents per share), up from the previous year’s 53 week performance of 35.1 cents per share; a 20% improvement. These amounts exclude the unusual items relating to the $65.5 million after tax gain realized on the sale of the business conducted by Beaver Foods, Cara’s wholly-owned institutional caterer in Fiscal 2001 and Cara’s proportionate share of the write-downs taken by Second Cup, $2 million (2.1 cents per share) in fiscal 2001 and $6.4 million (6.8 cents per share) in fiscal 2000. After all unusual items, Cara’s net earnings for fiscal 2001 were $102.6 million ($1.11 per share) compared with $26.5 million (28.3 cents per share) reported a year ago.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe absence of Beaver’s revenue and earnings in the fourth quarter adversely affected EBITDA (earnings before interest, taxes, depreciation and amortization) and system sales. Notwithstanding the impact of Beaver, EBITDA was a record $115.8 million, 10% higher than a year ago and system sales grew by 5% to $1.61 billion, another record.
For the 16 weeks ended April 1, 2001, net earnings were $9.9 million (10.7 cents per share), a slight increase over $9.8 million (10.5 cents per share) reported in last year’s 17-week fourth quarter. As noted above, higher utility and food costs affected operating income in the quarter. However, the interest income earned on the net proceeds received from the Beaver sale, reduced overhead costs, and lower income taxes offset those negative factors.
SHARE BUY BACK
In fiscal 2001, pursuant to Normal Course Issuer Bids, Cara repurchased 124,800 of its outstanding Class A non-voting shares, at prices ranging from $3.68 to $5.24 at an aggregate cost of $637,350 and an average cost of $5.14 per share. Subsequent to the year-end, the Corporation repurchased an additional 375,700 of its outstanding Class A non-voting shares at prices ranging from 5.70 to 6.00 at an aggregate cost of approximately $2.2 million and an average cost of $5.85 per share. On May 23, 2001, the Corporation approved for filing with the Toronto Stock Exchange a renewal Notice of Intention to make a Normal Course Issuer Bid permitting the Corporation to purchase through the facilities of the Exchange, up to a total of 2,149,225 Common shares and 2,474,221 Class A non-voting shares. This represents approximately 5% of the outstanding Common shares and Class A non-voting shares.
DIVIDEND
Cara also announced today that the Board of Directors has approved a semi-annual dividend of 8 cents per share payable on June 8, 2001 to Common and Class A shareholders of record on June 18, 2001. This represents the fourth increase in the semi-annual dividend in the last 51/2 years, which has seen the dividend increase by 100% from 40 to the newly declared 80 per share.
ANNUAL SHAREHOLDERS’ MEETING
The Shareholders’ Annual General Meeting will be held on Thursday, July 26, 2001 at 11:00 a.m. at The Metro Toronto Convention Centre, John W. H. Bassett Theatre, North Tower, 255 Front Street West, Toronto, Ontario.
With annualized system sales of in excess of $1.6 billion, Cara Operations Limited is one of Canada’s leading foodservice companies, providing employment for more than 28,000 Canadians in its owned and franchised operations. Cara’s core businesses include Harvey’s, Swiss Chalet, Cara Air Terminal Restaurants, Cara Airport Services, Cara Health Services, and Summit Food Service Distributors. Cara has a 61% ownership of Kelsey’s International Inc. Kelsey’s operates 132 restaurants including Kelsey’s Neighbourhood Bar & Grill, Montana’s Cookhouse Saloons and [as a franchisee] Outback Steakhouses. Cara is also the largest shareholder (39%) of The Second Cup Ltd., Canada’s leader in the specialty coffee retail market and the largest shareholder (38%) of The Spectra Group of Great Restaurants, a western-Canadian-based multi-concept restaurant operator, whose popular owned brands include the upscale casual chain of Milestones restaurants and the Bread Garden bakery/café concept. The shares o f Cara, Second Cup and Spectra are listed on The Toronto Stock Exchange under the symbols, CAO – CAO.A, SKL and SPA – SPA.A respectively.
-0-
CONSOLIDATED INFORMATION[In thousands of 16 weeks 17 weeks
dollars except for ended ended %
share data] April 1/01 April 2/00 Variance
System Sales [Note 1] $433,021 $508,484 -14.8
Gross Revenue $290,341 $363,544 -20.1
EBITDA [Note 2] $27,353 $35,292 -22.5
EBIT [Note 3] $16,935 $21,084 -19.7
Earnings before Unusual
Items [Note 4] $9,902 $9,822 0.8
Gain on sale of business
[Note 5] – –
Net Earnings $ 9,949 $9,822 1.3
EPS before Unusual items
[in cents] 10.7 10.5 1.2
EPS [in cents] 10.7 10.5 1.6
[In thousands of 52 weeks 53 weeksdollars except for ended ended %
share data] April 1/01 April 2/00 Variance
System Sales [Note 1] $1,609,021 $1,526,220 5.4
Gross Revenue $1,127,460 $1,088,813 3.5
EBITDA [Note 2] $115,844 $105,229 10.1
EBIT [Note 3] $75,253 $66,355 13.4
Earnings before Unusual
Items [Note 4] $39,139 $32,858 19.1
Gain on sale of business
[Note 5] $65,505 –
Net Earnings $102,678 $26,471 287.9
EPS before Unusual items
[in cents] 42.2 35.1 20.1
EPS [in cents] 110.6 28.3 290.9
Note 1: System sales include sales by Cara’s franchisees and
franchise operators but exclude intercompany sales and sales
to Cara’s franchise operators by Summit.
Note 2: EBITDA is earnings before interest, taxes, depreciation
and amortization.
Note 3: EBIT is earnings before interest, provision for taxes and
after-tax equity income.
Note 4: Earnings before unusual items exclude the gain on sale of
Beaver Foods and Cara’s share of The Second Cup’s investment
write-downs. Prior year’s earnings before unusual items
exclude Cara’s share in Second Cup’s non-cash $16.2 million
after tax loss relating to its strategic divestment (U.S.
operations).
Note 5: The gain on sale of Beaver Foods of $65.5 million is net
of applicable income taxes.
OPERATING HIGHLIGHTS
Swiss Chalet
In the Fourth Quarter, after adjusting for the extra week in fiscal 2000, Swiss Chalet system sales grew by approximately 1.3% to $113 million. Growth in same restaurant sales remained positive increasing by 1.2%, the sixth consecutive fiscal quarter in which Swiss Chalet has achieved year-over-year growth in same restaurant sales. This growth is attributable to a combination of increased traffic flow and average guest spend. During the quarter, Swiss Chalet felt the impact of higher utility and food costs. In response, effective April 2nd, Swiss Chalet introduced new menu offerings and pricing. On a 52-week basis, sales for the fiscal year grew in excess of 5.5% to $377.2 million, and same restaurant sales increased 4.2% for the year. As part of Swiss Chalet’s on-going re-imaging initiative, four restaurants were closed and four new ones opened. At year-end, there are 179 Swiss Chalet restaurants operating in Canada and in the states of New York and Florida.
Harvey’s
After adjusting for the extra week in fiscal 2000, system sales in the Fourth Quarter increased over 2% to $78.4 million. Same restaurant sales increased by 1.8%. Harvey’s has now achieved year-over-year growth in same restaurant sales in each of the last six fiscal quarters. On a 52-week basis, system sales increased by approximately 3.4% with same restaurant sales up 3.6% for the year. This growth is attributable to various initiatives, which include new product offerings such as the launch of Harvey’s new “Crispy Fries”, increased training and speed of service enhancements as well as continuing with its restaurant rejuvenation program. During the quarter, three restaurants were opened while eight restaurants were closed bringing the total number of Harvey’s restaurants in operation at the end of the fiscal year to 368 versus 366 at this time last year.
Kelsey’s
System sales in the Fourth Quarter grew by 15.7% to $85.5 million and for the year increased 57%. The growth was primarily driven by the sales generated by the 24 new restaurants (net 21) opened during the year. In the Quarter, six Montana’s and five Kelsey’s restaurants were opened bringing the total number of operating restaurants within the Kelsey’s group to 132 as at year-end. Same restaurant sales were slightly positive for the quarter but marginally negative for the year as a whole. As with our other restaurant concepts, Kelsey’s has responded to the higher utility and food costs with new menu pricing and innovations. The full impact of these adjustments will not be felt until the second quarter of the current fiscal year. The strong growth of the Kelsey’s restaurant group within the Cara family continues to enhance Cara’s positioning as the leader in full-service, casual/family dining in Canada.
Air Terminal Restaurants
Sales in the Fourth Quarter continued to grow faster than passenger traffic growth, increasing by 9.8% to $22.9 million. For the fiscal year, system sales grew approximately 14% and same store sales increased 8.5%. Passenger traffic grew at approximately 2.5%. While weakening economic conditions may restrict travel budgets, the increase of low cost carrier capacity in Canada may have an overall positive impact on passenger activity in the up-coming year. In fiscal 2001, Air Terminal Restaurants concluded a period of rapid expansion and redevelopment. In the new fiscal year, the strict focus is on operating excellence combined with pursuing high yield passenger growth from low cost carriers that provide limited foodservice in-flight.
Airport Services
Sales growth continued, despite a softening economy and lower demand being experienced by our customers. The growth was driven primarily by new business being added. Airline catering sales increased by 3.2% to $69.2 million over the same quarter last fiscal year. Year-to-date, sales grew by 7.2% to $235.3 million. In March, the division successfully completed the construction and commissioning of the new 285,000 sq. ft. flight kitchen at the Pearson International Airport, Mississauga. Although catering from the new flight kitchen began without any significant impact on the service to our customers, start-up costs are expected to be incurred during the first six months of operation.
Summit Foods
In the Fourth Quarter, sales (including inter-company) increased by 12.8% to $94.8 million due primarily to the addition of a new 128,000 sq. ft. warehouse in Mississauga, Ontario. Sales for the fiscal year grew by 9.3% to $295.8 million. In March 2001, Summit has commenced food distribution service to the Kelsey’s Group of restaurants and to additional Swiss Chalet and Harvey’s restaurants in the Greater Toronto Area. Also, in addition to continuing to serve the Beaver accounts sold to Compass Group Canada (1999) Ltd., as part of the sale agreements, Summit will also serve, where practicable, the rest of Compass’s foodservice distribution needs.
Health Services
For the Fourth Quarter, the division experienced a 15% growth in sales. On a year-to-date basis, sales grew by 5% to $23.4 million compared with last fiscal year. Over the year, the division has secured major projects with Edmonton’s Capital Health Authority, Oshawa’s Lakeridge Health Corporation, and Hamilton’s St. Joseph’s Hospital. These projects utilize the division’s Self-Directed Solutions services that enable the hospital to use their own resources to implement Cara’s technology and cost saving measures with the support and expertise of Cara’s teammates. For example, utilizing this approach in Oshawa, the division is assisting in the construction of the first phase of an integrated retail operation in the hospital’s new main lobby that will combine foodservice with pharmacy, convenience, gift, and craft store sales for the first time in Canada. Another example is in Hamilton, where Cara is piloting a new menu system that could be adopted by all Hamilton area hospitals.
CARA OPERATIONS LIMITED
Consolidated Statements of Earnings
Unaudited
(In thousands of dollars, except for share data
16 WEEKS 17 WEEKS 52 WEEKS 53 WEEKS
ENDED ENDED ENDED ENDED
April 1 April 2 % April 1 April 2 %
2001 2000 Change 2001 2000 Change
System Sales $ 433,021 $ 508,484 -14.8 $1,609,021 $ 1,526,220 5.4
Gross Revenue $ 290,341 $ 363,544 -20.1 $1,127,460 $ 1,088,813 3.5
Earnings
before: $ 27,353 $ 35,292 -22.5 $ 115,844 105,229 10.1
Amortization of
property, plant
and equipment 9,344 12,925 -27.7 36,008 34,286 5.0
Amortization of
goodwill and
other assets 1,074 1,283 -16.3 4,583 4,588 -0.1
Interest expense
on consolidated
operations
(Note 1) (1,140) 3,325 134.3 5,015 8,795 -43.0
Earnings
before: 18,075 17,759 1.8 70,238 57,560 22.0
Interest expense
on equity
investments 883 622 42.0 2,158 2,294 -5.9
Amortization of
goodwill relating
to equity
investments 218 218 0.0 706 706 0.0
Equity (earnings)
loss – Second Cup
& Spectra
(Note 2) (144) (644) -77.6 221 3,901 -94.3
Earnings
before: 17,118 17,563 -2.5 67,153 50,659 32.6
Income taxes 6,235 7,477 -16.6 28,114 23,561 19.3
Non-controlling
shareholders’
interest 934 264 253.8 1,866 627 197.6
Earnings before: 9,949 9,822 1.3 37,173 26,471 40.4
Gain on sale of
business, net of
tax (Note 3) – – – 65,505 – –
Net earnings for
the period $ 9,949 $ 9,822 1.3 $ 102,678 $ 26,471 287.9
Shares
Outstanding (000’s)
Common 42,985 42,985 0.0 42,985 42,985 0.0
Class A,
non-voting 49,851 49,879 -0.1 49,851 49,879 -0.1
Total 92,836 92,864 0.0 92,836 92,864 0.0
Earnings Per
Share before
unusual items
(cents) – Note 4
Basic 10.7 10.5 1.2 42.2 35.1 20.1
Diluted 10.6 10.5 1.0 42.0 35.1 19.7
Earnings Per Share
(cents)
Basic 10.7 10.5 1.6 110.6 28.3 290.9
Diluted 10.6 10.5 1.0 110.3 28.3 289.8
Note 1: Includes interest incurred on all investments except the
investments in The Second Cup Ltd. and The Spectra Group
of Great Restaurants, Inc.
Note 2: During fiscal 2001, Second Cup wrote down their investment
in Diedrich Coffee, Inc. by $5.0 million. Cara’s proportionate
share of that loss reduced net earnings in the year by $2
million (2.1 cents per share). In fiscal 2000, Second Cup
incurred a non-cash $16.2 million after tax loss relating to
that company’s planned divestments comprising primarily its
operations in the United States. Cara’s proportionate share of
that loss reduced net earnings in the year by $6.4 million
(6.8 cents per share).
Note 3: On December 2, 2000, Cara completed the sale of
substantially all of the contract food catering business of
Beaver Foods Limited, a wholly-owned subsidiary, for net
proceeds of approximately $150 million. The gain on sale was
$65.5 million, net of applicable income taxes.
Note 4: Earnings before unusual items excludes the gain on sale of
Beaver Foods [Note 3] and Cara’s share of The Second Cup’s
investment write down [Note 2].
CARA OPERATIONS LIMITED
Consolidated Balance Sheets
Unaudited
2001 2000
(In thousands of dollars) April 1 April 2
ASSETS
Current
Cash $ 106,429 $ 3,217
Accounts receivable 64,138 78,909
Inventories 28,768 25,665
Prepaid expenses and other assets 5,866 4,170
Future income taxes 6,414 9,680
Current portion of long-term receivables 2,548 4,121
214,163 125,762
Long-Term Receivables 15,149 14,924
Property, Plant and Equipment 363,716 323,127
Goodwill and Other Assets 57,715 93,388
Equity Investments 37,984 46,136
$ 688,727 603,337
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $ 117,553 $ 123,698
Income taxes payable 25,253 7,551
Current portion of long-term debt 7,556 5,796
150,362 137,045
Long-Term Debt 160,136 182,739
Other Long-Term Liabilities (Note 1) 18,875 9,591
Future Income Taxes (Note 1) 15,052 15,247
344,425 344,622
Non-controlling shareholders’ interest 5,800 3,934
SHAREHOLDERS’ EQUITY
Capital Stock 30,438 30,073
Retained Earnings (Note 1) 308,064 224,708
338,502 254,781
$ 688,727 $ 603,337
Note 1: Effective April 3, 2000, Cara adopted section 3461 of the
Canadian Institute of Chartered Accountants handbook, entitled
“Employee Future Benefits”. Cara has implemented section 3461
on a retroactive basis but without restatement of comparative
amounts. Using prescribed changes to pension accounting,
estimated assumptions and current market-related discount
rates, which are lower than those previously used by the
Company the following balance sheet accounts were affected.
The Company’s pension obligation increased by $8.9 million,
opening retained earnings decreased by $5.6 million and future
income taxes payable decreased $3.3 million.
CARA OPERATIONS LIMITED
Consolidated Statements of Cash Flows
Unaudited
16 WEEKS 17 WEEKS 52 WEEKS 53 WEEKS
ENDED ENDED ENDED ENDED
April 1 April 2 April 1 April 2
(In thousands of dollars) 2001 2000 2001 2000
Cash Flows Provided by
(Used in)
Operating Activities
Earnings from operations $ 9,949 $ 9,822 $ 102,678 $ 26,471
Adjustments for:
Amortization of property,
plant and equipment 9,344 12,925 36,008 34,286
Amortization of goodwill
and other assets 1,074 1,283 4,583 4,588
Gain on sale of business
(Note 1) – – (89,548) –
Equity loss (earnings) 74 (426) 927 4,607
Non-controlling shareholders’
interest 934 264 1,866 627
Loss (gain) on disposal of
property, plant and
equipment 3,233 (490) 3,219 216
Other non-cash items 308 1,697 430 1,572
Cash flow before change
in working capital 24,916 25,075 60,163 72,367
Change in non-cash
operating working
capital (11,360) 9,238 21,182 (3,333)
13,556 34,313 81,345 69,034
Investing Activities
Purchase of property,
plant and equipment $ (36,148) $ (35,864) $ (114,789) $ (74,916)
Purchase of goodwill
and other assets 5 (1,367) (763) (2,271)
Change in mortgages and
notes 4,907 (2,427) (2,518) (2,632)
Repayment of employee
share purchase loans 2,041 – 3,426 579
Business acquisitions – – – (38,339)
Proceeds on sale of
business (Note 1 ) (2,235) – 149,058 –
Proceeds on disposal of
property, plant and
equipment 8,877 10,648 13,570 12,304
Cash distributions from
equity investment – (114) 7,326 31,359
$ (22,553) (29,124) $ 55,310 $ (73,916)
Financing Activities
Share repurchase $ (742) $ (1,289) $ (783) $ (6,825)
Issuance of capital stock 425 – 425 –
Repayment of long-term
debt (18,741) 2,944 (20,086) (14,834)
Dividends paid (6,500) (6,527) (12,999) (13,144)
$ (25,558) (4,872) $ (33,443) $ (34,803)
Net change in cash (34,555) 317 103,212 (39,685)
Cash – Beginning of
Period 140,984 2,900 3,217 42,902
Cash – End of Period $ 106,429 $ 3,217 $ 106,429 $ 3,217
Note 1: On December 2, 2000, Cara completed the sale of
substantially all of the contract food catering business of
Beaver Foods Limited, a wholly-owned subsidiary, for net
proceeds of approximately $150 million. The gain on sale was
$65.5 million, net of applicable income taxes.
CARA OPERATIONS LIMITED
Systems Sales & Gross Revenue Information
Unaudited
52 Weeks Ended
April 1, 2001
Quarter Year-to-Date
System Gross System Gross
Divisions Sales Revenue Sales Revenue
Harvey’s $ 78,418 11,760 271,129 $ 45,804
Swiss Chalet 113,565 33,118 379,566 112,660
Kelsey’s 88,963 63,219 271,000 191,356
Air Terminal Restaurants 22,929 21,820 69,983 66,475
Airport Services 71,355 71,355 246,038 246,038
Beaver Foods – – 206,506 206,506
Health Services 8,267 8,267 23,399 23,399
Summit Foods 94,808 94,808 295,816 295,816
Other (45,284) (14,006) (154,416) (60,594)
$ 433,021 $ 290,341 $ 1,609,021 $1,127,460
53 Weeks Ended
April 2, 2000
Quarter Year-to-Date
System Gross System Gross
Divisions Sales Revenue Sales Revenue
Harvey’s $ 81,068 $ 15,323 $ 267,336 $ 51,170
Swiss Chalet 119,569 35,259 367,827 112,320
Kelsey’s 76,026 55,773 170,073 124,543
Air Terminal Restaurants 20,884 19,786 61,419 57,276
Airport Services 69,047 69,047 229,515 229,515
Beaver Foods 98,797 98,797 287,082 287,082
Health Services 7,198 7,198 22,309 22,309
Summit Foods 84,038 84,038 270,666 270,666
Other (48,143) (21,677) (150,007) (66,068)
$ 508,484 $ 363,544 $ 1,526,220 $1,088,813
CARA OPERATIONS LIMITED – LOCATION STATISTICS
52 Weeks 36 Weeks 24 Weeks 12 Weeks 53 Weeks
Ended Ended Ended Ended Ended
April 1, Dec.10, Sep. 17, June 25, April 2,
2001 2000 2000 2000 2000
Swiss Chalet 179 178 178 180 181
Harvey’s 368 373 370 371 366
Kelsey’s 88 86 86 81 79
Montana’s 36 30 29 27 24
Outback 12 12 11 10 10
Airport Services
Division
Flight Kitchens 12 12 12 12 12
Air Terminal Restaurants 90 90 88 88 85
Beaver Foods Institutional
Catering
High schools 482 442 445
Universities/colleges 210 246 245
Business and industry 292 316 300
Resource camps (remote catering) 66 63 62
Total Note 1 1,050 1,067 1,052
Note 1: On December 2, 2000, Cara completed the sale of
substantially all of the contract food catering business of
Beaver Foods Limited,a wholly-owned subsidiary, for net
proceeds of approximately $150 million.
Health Services Division 55 54 52 51 50
Summit Food Service
Distribution Centers 4 3 3 3 3
For additional shareholder information please contact:
Michael Forsayeth Stock Exchange Listing
Senior V.P. & Chief Financial Toronto
Officer
Tel: 905-405-6905
Fax: 905-405-6777 Transfer Agent and Registrar
E-Mail: mforsayeth@cara.com Computershare Investor
Website: cara.com Services Inc. c/o Montreal
Trust Company
6303 Airport Road
Mississauga, Ontario Market Share Prices
Canada L4V 1R8 April 1, 2001
Common Shares, CAO
On pourra se procurer le (2000 $4.60) $5.75
texte francais de Class A Subordinated
ce rapport en Voting Shares, CAO.A
communiquant avec le (2000 $3.24) $5.90
Responsable des relations
avec les investissuers
