Established 1882

MRRM Inc.

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To our shareholders:

Consolidated net earnings for this period were $2,224,000 ($8.77 per share) and $985,000 ($3.88) for the comparative period.

Revenue for this period amounted to $32,283,000 compared to $31,842,000 and dividends were $7.50 which included a Special dividend of $6.00 per share. The regular quarterly dividends for the year-to-date amount to $1.50 ($1.50) per share.

The year-to-date earnings per share of $8.77 ($3.88) resulted from Operations of $2.65 ($3.16) and Corporate investments of $6.12 ($0.72). The third quarter earnings per share amounted to $1.00 ($1.52) and resulted from Operations of $0.74 ($1.31) and Corporate investments of $0.26 ($0.21).

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Included in Gain on marketable securities of $1,927,000 is $921,500 from the second quarter. This gain resulted from a re-alignment of the asset mix of the portfolio.

The Board of Directors has declared a quarterly dividend of $0.50 per share payable February 28, 2001 (record date February 9, 2001).

The Board of Directors has also declared an extra dividend of $1.50 per share payable February 28, 2001 (record date February 9, 2001).

On behalf of the Board

Claude Moisan

Chairman.


	    January 9, 2001.

	                                  MRRM Inc.

Consolidated results for the nine months ended November 30, 2000.

OPERATIONS (Unaudited) 2000 1999
————————————————————————-
,000 ,000
REVENUE
Sales 29,754 31,293
Other income 2,529 549
——— ———-
$ 32,283 $ 31,842
——— ———-
EARNINGS before income taxes 3,277 1,469
Provision for income taxes 1,053 485
——— ———-
NET EARNINGS for the period $ 2,224 $ 985
——— ———-
EARNINGS PER COMMON SHARE $ 8.77 $ 3.88
——— ———-

CASH FLOWS (Unaudited) 2000 1999
————————————————————————-
,000 ,000
OPERATIONS
Net earnings 2,224 985
Amortization 438 372
(Gain) Loss on disposal of marketable
securities (1,927) (39)
Change in receivables (2,526) (1,483)
Change in inventories 1,022 2,215
Change in prepaids (33) (15)
Change in payables 1,619 1,535
Change in taxes payable 141 (136)
——— ———-
Source (use) of cash 958 3,434
——— ———-
INVESTMENT
Net Transfer of funds from (to) marketable
securities 1,700 0
Marketable securities – Short term cash &
equivalents, bonds (3,009) 517
– Equity shares
purchased (1,730) (1,239)
– Equity shares sold 4,378 373
Capital assets purchased (1,129) (591)
——— ———-
Source (use) of cash 210 (940)
——— ———-
DIVIDENDS and use of cash (1,901) (380)
——— ———-
Decrease (increase) in cash (733) 2,114
CASH, beginning of period 2,455 1,094
——— ———-
CASH, end of period $1,722 $3,208
——— ———-

For further information

D. M. Wayland, Secretary-Treasurer, (514) 683-5583

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