Cinram International Inc T.CRW.UN

4th QTR This should move sp up

[Kanuck]

Press release from CNW Group

Cinram Reports 2010 Fourth Quarter and Year to Date Results

Wednesday, March 02, 2011

Earnings from continuing operations

$7.4 million in Q4 2010 versus loss of $9.3 million in 2009

$18.4 million full year 2010 versus a loss of $6.0 million in 2009

(All figures in U.S. dollars unless otherwise indicated)

TORONTO, March 2 /CNW/ - Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW.UN) today reported its 2010 fourth quarter and year to date Consolidated financial results. The Fund reported revenue of $300.1 million in the 2010 fourth quarter compared to $504.9 million in the fourth quarter of 2009. Earnings from continuing operations for the 2010 fourth quarter increased to $7.4 million or
.14 per unit (basic) compared with a net loss from continuing operations of $9.3 million or
.17 per unit (basic) in 2009.  Gross profit in the 2010 fourth quarter was $65.0 million (21.6% of revenue) compared with $111.2 million (22.0% of revenue) in the comparable period in 2009. Earnings before interest, taxes and amortization (EBITA¹), excluding other charges was $46.2 million in the fourth quarter compared with $88.0 million in the fourth quarter of 2009. As a percent of revenue, EBITA excluding other charges was 15.4% in 2010 compared with 17.4% in 2009. As expected, the termination of the Warner Home Video (WHV) contract effective July 31, 2010 significantly impacted revenue and EBITA in the fourth quarter of 2010.

On a year to date basis, revenue was $1,108.8 million compared with $1,453.0 million in the prior year. Earnings from continuing operations improved to $18.4 million or
.34 per unit (basic) compared with a loss of $6.0 million or
.11 per unit (basic) in 2009. EBITA excluding other charges was $133.4 million in 2010 compared to $183.8 million in 2009. Despite a 24% drop in revenue, EBITA, as a percentage of revenue, decreased only slightly to 12.03% from 12.65% in 2009.