Canada Bread Reports Results for the Fourth Quarter and Year End 2012

Canada Bread Reports Results for the Fourth Quarter and Year End 2012 
TORONTO, Feb. 26, 2013 /CNW/ - Canada Bread Company, Limited (TSX: CBY) today 
reported its financial results for the fourth quarter and year ended December 
31, 2012. Fourth quarter and full year highlights include: 


    --  Adjusted Operating Earnings((1)) for the fourth quarter
        increased 35.3% to $35.4 million compared to $26.2 million last
        year
    --  Adjusted Operating Earnings for the full year increased 5.5% to
        $115.9 million compared to $109.8 million last year
    --  Adjusted EPS((2)) for the fourth quarter increased to $1.00
        from $0.67 in 2011.  For the full year, Adjusted EPS decreased
        to $3.26 from $3.43.  Adjusted EPS in 2011 included a $0.49 tax
        adjustment related to a prior acquisition.

"We delivered solid earnings growth in the quarter, reflecting intense effort 
by our team and solid execution on a number of fronts, including cost 
reduction, innovation and campaigns to engage with consumers." said Richard 
Lan, President and CEO. "We continue to see significant potential to deliver 
incremental value. A number of initiatives are planned or underway to further 
drive profitability in 2013 and beyond."

(1): Adjusted Operating Earnings, a non-IFRS measure, is defined as
earnings from operations before restructuring and other related costs
and other income.


(2): Adjusted Earnings per Share ("Adjusted EPS"), a non-IFRS measure,
is defined as basic earnings per share adjusted for the impact of
restructuring and other related costs, net of tax. 
Please refer to the section entitled Reconciliation of Non-IFRS
Financial Measures in this news release. 
Financial Overview
Sales for the fourth quarter decreased 2.4% to $390.7 million compared to 
$400.3 million last year. After adjusting for the closure of a bakery in the 
U.K. and currency translation on sales in the U.S. and U.K., sales decreased 
0.4%. Higher prices and volumes in the North American and U.K. frozen bakery 
businesses were offset by lower volumes and unfavourable sales mix in the 
fresh pasta business. Volumes in the fresh bread business were consistent with 
last year. 
Sales for 2012 decreased 1.8% to $1,567.3 million compared to $1,595.5 million 
in 2011. After adjusting for the sale of the Company's fresh sandwich product 
line, the closure of a bakery in the U.K., and currency translation on sales 
in the U.S. and U.K., sales were consistent with last year. 
Adjusted Operating Earnings for the fourth quarter increased 35.3% to $35.4 
million compared to $26.2 million last year. Earnings growth in the fresh 
bread and North American frozen bakery businesses was partly offset by lower 
earnings in the fresh pasta business, while earnings in the U.K. bakery 
operations were consistent with last year. Margin expansion in the fresh bread 
business was primarily due to increased operating efficiencies, lower 
duplicative overhead costs associated with the new Hamilton bakery, and higher 
costs in 2011 related to the implementation of SAP in Western Canada that were 
not repeated. The Company also benefited from positive hedging activities that 
reduced raw material costs. 
Adjusted Operating Earnings increased 5.5% to $115.9 million in 2012, compared 
to $109.8 million last year. 
Adjusted EPS for the fourth quarter were $1.00 compared to $0.67 last year. 
For the full year, Adjusted EPS decreased to $3.26 compared to $3.43 last 
year. Adjusted EPS in 2011 included $0.49 per share related to a tax 
adjustment associated with a prior acquisition. 
Business Segment Review
The following table summarizes sales by business segment: 


                                                                      
                    Fourth Quarter                 Year-to-Date       
                       (Unaudited)                     (Audited)

($                   2012         2011           2012           2011  
thousands)

Fresh         $   254,809    $ 261,963    $              $ 1,087,335  
Bakery                                      1,059,865

Frozen            135,892      138,317        507,435        508,121  
Bakery

Sales         $   390,701    $ 400,280    $              $            
                                            1,567,300      1,595,456

The following table summarized Adjusted Operating Earnings by business segment:
                                                                      
                         Fourth Quarter             Year-to-Date      
                            (Unaudited)                 (Audited)

($ thousands)             2012        2011         2012         2011  

Fresh Bakery          $ 24,631    $ 19,463    $  91,171    $  99,857  

Frozen Bakery           10,813       6,738       24,697        9,934  

Adjusted Operating    $ 35,444    $ 26,201    $ 115,868    $ 109,791  
Earnings

Fresh Bakery
Includes fresh bakery products, including breads, rolls, bagels, sweet goods, 
and fresh pasta and sauces sold to retail, foodservice and convenience 
channels. It includes national brands such as Dempster's(®) and Olivieri(®) 
and many leading regional brands.

Fresh Bakery sales for the fourth quarter declined 2.7% to $254.8 million from 
$262.0 million last year due to lower volumes in the fresh pasta business. 
Volumes in the fresh bread business were consistent with the prior year. For 
the full year, sales declined 2.5% to $1,059.9 million from $1,087.3 million 
last year. After adjusting for the sale of the Company's fresh sandwich 
product line, sales decreased 2.1% as volumes were lower in both the fresh 
bread and fresh pasta businesses. This was partly offset by the full year 
impact of price increases implemented during 2011 in the fresh bread business.

Adjusted Operating Earnings were $24.6 million compared to $19.5 million last 
year. The increase was driven by efficiency gains in the fresh bread business 
resulting from the closure of the Delta, B.C. plant in late 2011 and the 
related transfer of production to more efficient bakeries. Earnings also 
benefited from positive hedging activities that reduced input costs, and from 
higher costs in 2011 related to the implementation of SAP in Western Canada 
that were not repeated in 2012. In addition, duplicative overhead costs were 
incurred last year as the Company continued to operate three bakeries while 
transferring production to the new, more efficient bakery in Hamilton, 
Ontario. During 2012, two of these facilities were closed, with associated 
reduction in costs. Closure of the third Ontario bakery is planned for the 
second quarter of 2013. Partly offsetting these benefits were lower earnings 
in the fresh pasta business as supply chain issues resulted in lower volumes 
and an unfavourable sales mix.

For the full year, Adjusted Operating Earnings decreased 8.7% to $91.2 million 
compared to $99.9 million last year, as lower earnings in the fresh pasta 
business were partly offset by earnings improvements in the fresh bread 
business.

Frozen Bakery
Includes frozen bakery products, including frozen par-baked bakery products, 
specialty and artisan breads, and bagels sold to retail, foodservice and 
convenience channels in North America and the U.K. It includes national brands 
such as Tenderflake(®) and New York Bakery Co(TM).

Frozen Bakery sales for the fourth quarter decreased 1.8% to $135.9 million 
from $138.3 million in 2011. After adjusting for the closure of a bakery in 
the U.K. and currency translation on sales in the U.S. and U.K., sales 
increased 4.1%, primarily due to stronger volumes in the North American and 
U.K. bakery businesses, as well as higher pricing in the North American 
business.

Adjusted Operating Earnings for the fourth quarter increased 60.5% to $10.8 
million compared to $6.7 million last year. The increase was mainly due to 
improved performance in the North American operations, which benefited from 
higher pricing and volumes, as well as positive hedging activities that 
reduced raw material costs, partially offset by higher administrative expenses.

The U.K. bakery benefited from the closure of the Walsall facility earlier in 
the year and a new croissant business that began in the fourth quarter. 
However, these benefits were offset by higher trade spending related to the 
New York Bakery bagel brand, and increased manufacturing costs at the 
Maidstone facility.

Adjusted Operating Earnings increased to $24.7 million in 2012 compared to 
$9.9 million last year, mainly due to improved performance at the North 
American bakery business.

Subsequent Events
On January 30, 2013, the Company announced plans to close a bakery in Grand 
Falls, New Brunswick and a bakery in Edmonton, Alberta in the first half of 
2013. The Company will incur approximately $6.3 million before taxes in 
restructuring costs, of which approximately $4.2 million are cash costs.

Other Matters
On February 25, 2013, Canada Bread declared a dividend of $0.50 per share 
payable on April 1, 2013 to shareholders of record at the close of business on 
March 8, 2013. Unless indicated otherwise by the Company in writing on or 
before the time the dividend is paid, this dividend will be considered an 
Eligible Dividend for the purposes of the "Enhanced Dividend Tax Credit 
System".

Reconciliation of Non-IFRS Financial Measures
The Company uses the following non-IFRS measures: Adjusted Operating Earnings 
and Adjusted EPS. Management believes that these non-IFRS measures provide 
useful information to both Management and investors in measuring the financial 
performance of the Company for the reasons outlined below. These measures do 
not have a standardized meaning prescribed by IFRS and therefore they may not 
be comparable to similarly titled measures presented by other publicly traded 
companies and should not be construed as an alternative to other financial 
measures determined in accordance with IFRS.

Adjusted Operating Earnings

The following tables reconcile earnings from operations before restructuring 
and other related costs and other income (expense) to net earnings as reported 
under IFRS in the unaudited earnings for the three month and twelve month 
periods ended as indicated below. Management believes that this is the most 
appropriate basis on which to evaluate operating results, as restructuring and 
other related costs and other income (expense) are not representative of 
operational results during the period.
    (Unaudited)                     Three months ended December 31, 2012


                                Fresh    Frozen
($ thousands)                      Bakery     Bakery    Consolidated 
Net earnings                                          $       22,371 
Income taxes                                                   9,182 
Earnings from operations before                       $       31,553
income taxes 
Interest expense                                                 354 
Earnings from operations before                                     
interest  
and income taxes               $ 23,477  $   8,430  $       31,907 
Other (income) expense              (109)      (168)           (277) 
Restructuring and other related     1,263      2,551           3,814
costs 
Adjusted Operating Earnings      $ 24,631  $  10,813  $       35,444 
(Unaudited)                     Three months ended December 31, 2011 
                                Fresh     Frozen
($ thousands)                      Bakery     Bakery    Consolidated 
Net earnings                                          $        7,757 
Income taxes                                                   6,152 
Earnings from operations before                       $       13,909
income taxes 
Interest expense                                                 180 
Earnings from operations before                                     
interest  
and  income taxes              $ 17,160  $ (3,071)  $       14,089 
Other (income) expense               (57)          7            (50) 
Restructuring and other related     2,360      9,802          12,162
costs 
Adjusted Operating Earnings      $ 19,463  $   6,738  $       26,201 
 
                                                                    
                           Twelve months ended December 31, 2012 
(Audited)                   Fresh      Frozen  Unallocated 
                        Bakery      Bakery       costs
($ thousands)                                              Consolidated 


                                                                       

Net earnings                                                $    74,200

Income taxes                                                     30,683

Earnings from operations                                    $   104,883
before income taxes

Interest expense                                                  1,547

Earnings from operations                                               
before interest 

  and income taxes        $ 88,116  $   18,314  $       -   $   106,430

Other (income) expense     (1,676)          41           -      (1,635)

Restructuring and other      4,731       6,342           -       11,073
related costs

Adjusted Operating        $ 91,171  $   24,697  $        -  $   115,868
Earnings
                                                                       
                                                                       
                               Twelve months ended December 31, 2011

(Audited)                   Fresh      Frozen  Unallocated


                        Bakery      Bakery       costs
($ thousands)                                              Consolidated 


                                                                       

Net earnings                                                $    51,951

Income taxes                                                     10,845

Earnings from operations                                    $    62,796
before income taxes

Interest expense                                                  1,052

Earnings from operations                                               
before interest 

  and income taxes        $ 85,046  $ (21,198)  $        -  $    63,848

Other (income) expense        (49)       (365)           -        (414)

Restructuring and other     14,860      31,497           -       46,357
related costs

Adjusted Operating        $ 99,857  $    9,934  $        -  $   109,791
Earnings

Adjusted Earnings per Share

The following table reconciles Adjusted EPS to basic earnings per share as 
reported under IFRS as indicated below. Management believes this is the most 
appropriate basis on which to evaluate financial results as restructuring and 
other related costs are not representative of operational results.
                              Three months ended   Twelve months ended
                                 December 31,         December 31,
                                 (Unaudited)            (Audited)

($ per share)                    2012       2011      2012        2011
                                                                      

Basic earnings per share       $ 0.88  $    0.31    $ 2.92  $     2.04

Restructuring and other                           
related costs((i))               0.12       0.37      0.34        1.39

Adjusted Earnings per Share (          $            $ 3.26  $     3.43
(ii))                          $ 1.00       0.67  

(i) Includes per share impact of restructuring and other related costs,
net of tax.

(ii) May not add due to rounding.

Forward-Looking Statements
This document contains, and the Company's oral and written public 
communications often contain, "forward-looking information" within the meaning 
of applicable securities laws. These statements are based on current 
expectations, estimates, forecasts and projections about the industries in 
which the Company operates and beliefs and assumptions made management. Such 
statements include, but are not limited to, statements with respect to 
objectives and goals, as well as statements with respect to beliefs, plans, 
objectives, expectations, anticipations, estimates and intentions. Specific 
forward-looking information in this document includes, but is not limited to, 
statements concerning expectations regarding the use of derivatives, futures 
and options, expectations regarding the timing and amount of capital 
investments, expectations regarding the timing and cost of old facility 
closures and new facility openings, the expected use of cash balances, source 
of funds for ongoing business requirements including renewal of existing 
securitization facilities, capital investments and debt repayment, 
expectations regarding LEED® certification, expectations regarding the impact 
of new accounting standards, expectations regarding sufficiency of the 
allowance for uncollectible accounts and expectations regarding pension plan 
performance and future pension liabilities and contributions. Words such as 
"expect", "anticipate", "intend", "attempt", "may", "will", "plan", "believe", 
"seek", "estimate", and variations of such words and similar expressions are 
intended to identify such forward-looking information. These statements are 
not guarantees of future performance and involve assumptions and risks and 
uncertainties that are difficult to predict.

In particular, these statements are based on a variety of factors and 
assumptions that are discussed throughout this document. In addition, 
expectations concerning the performance of the Company's business in general 
are based on a number of factors and assumptions including, but not limited 
to: the condition of the Canadian, U.S. and U.K. economies; the rate of 
exchange of the Canadian dollar to the U.S. dollar and British pound; the 
availability and prices of raw materials, energy and supplies; product 
pricing; the availability of insurance; the competitive environment and 
related market conditions; improvement of operating efficiencies; continued 
access to capital; the cost of compliance with environmental and health 
standards; no adverse results from ongoing litigation; no unexpected actions 
of domestic and foreign governments and the general assumption that none of 
the risks identified below or elsewhere will materialize. All of these 
assumptions have been derived from information currently available to the 
Company including information obtained by the Company from third-party 
sources. These assumptions may prove to be incorrect in whole or in part. In 
addition, actual results may differ materially from those expressed, implied 
or forecasted in such forward-looking information, which reflect the Company's 
expectations only as of the date hereof.

Factors that could cause actual results or outcomes to differ materially from 
the results expressed, implied or forecasted in such forward-looking 
information are discussed in more detail under the heading "Risk Factors" in 
the Company's Management's Discussion and Analysis for the year ended December 
31, 2012 and are updated each quarter in the Management's Discussion and 
Analysis, which are available on SEDAR at www.sedar.com. The reader should 
review such sections in detail. The Company does not intend to, and the 
Company disclaims any obligation to, update any forward-looking information, 
whether written or oral, or whether as a result of new information, future 
events or otherwise except as required by law.

Additional information concerning the Company, including the Company's Annual 
Information Form, is available on SEDAR at www.sedar.com.

Canada Bread Company Limited, which is 90% owned by Maple Leaf Foods Inc. 
(TSX:MFI), is a leading manufacturer and distributor of fresh bakery products, 
frozen par-baked products and fresh pasta and sauces. The Company had 2012 
sales of $1.6 billion and employs approximately 6,400 people at its operations 
across North America and in the United Kingdom.

Consolidated Financial Statements
(Expressed in Canadian dollars)

CANADA BREAD COMPANY, 
LIMITED

Three and twelve months ended December 31, 2012 and 2011


CANADA BREAD COMPANY, LIMITED
Consolidated Balance Sheets
(In thousands of Canadian dollars) 


                                                      As at          As at
                                            December 31,   December 31,
                                                    2012           2011
    ASSETS
    Current assets

  Cash and cash equivalents                $      90,415   $     59,223

  Accounts receivable                             49,435         56,522

  Notes receivable                                44,063         45,847

  Inventories                                     62,766         60,048

  Income taxes recoverable                             -          2,162

  Prepaid expenses and other assets                4,972          5,218
                                           $     251,651   $    229,020
                                                                       

  Property and equipment                         410,479        425,944

  Investment property                              9,103          8,415

  Other long-term assets                           4,994          4,456

  Deferred tax asset                              17,874         17,917

  Goodwill                                       264,243        266,013

  Intangible assets                               11,647         12,710

  Total assets                             $     969,991   $    964,475
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities

  Bank indebtedness                        $           -   $      3,153

  Accounts payable and accruals                  169,431        185,811

  Provisions                                       9,928         23,066

  Due to Maple Leaf Foods Inc.                     4,830          2,451

  Dividends payable                               12,708          5,083

  Income taxes payable                             2,008              -

  Current portion of long-term debt                  358          2,452
                                           $     199,263   $    222,016
     Long-term debt                                   2,921          1,634

  Deferred tax liability                          19,998         21,784

  Employee benefits                               56,011         50,434

  Provisions                                       6,277          5,005

  Total liabilities                        $     284,470   $    300,873
    Shareholders' equity                                                   

Share capital                              $     142,965   $    142,965

Retained earnings                                555,322        530,852

Accumulated other comprehensive loss            (12,766)       (10,215)

Total shareholders' equity                 $     685,521   $    663,602

Total liabilities and shareholders' equity $     969,991   $    964,475
    

CANADA BREAD COMPANY, LIMITED
Consolidated Statements of Earnings
(In thousands of Canadian dollars, except share amounts)
                            Three months ended            Twelve months ended
                               December 31,                   December 31,
                         2012          2011           2012            2011
                  (Unaudited)   (Unaudited)                               
    Sales               $ 390,701    $  400,280    $              $  1,595,456
                                                 1,567,300


Cost of goods         308,973       328,043      1,255,760       1,284,432
sold 


    Gross margin        $  81,728    $   72,237    $   311,540     $   311,024
    Selling, general and 


administrative      46,284        46,036        195,672         201,233
  expenses 
Earnings before     $  35,444    $   26,201    $   115,868     $   109,791
the following: 
Restructuring and     (3,814)      (12,162)       (11,073)        (46,357)
other related
costs 
Other income              277            50          1,635             414
(expense) 
Earnings before interest and    
income taxes     $  31,907    $   14,089    $   106,430     $    63,848 
Interest expense          354           180          1,547           1,052 
Earnings before     $  31,553    $   13,909    $   104,883     $    62,796
income taxes 
Income taxes            9,182         6,152         30,683          10,845 


    Net earnings        $  22,371    $    7,757    $    74,200     $    51,951
    Earnings per share attributable to
    common shareholders

Basic and diluted   $    0.88    $     0.31           2.92            2.04
earnings per                                   $               $
share
    Weighted average number


of shares             25.4          25.4           25.4            25.4
  (millions) 


                                               

CANADA BREAD COMPANY, LIMITED
Consolidated Statements of Comprehensive Income
(In thousands of Canadian dollars)
                                    Three months ended        Twelve months ended
                                       December 31,               December 31,
                                  2012         2011         2012          2011
                           (Unaudited)  (Unaudited)                           
                                                                       

Net earnings             $      22,371    $   7,757    $  74,200    $   51,951
    Other comprehensive income (loss) 

  Change in accumulated foreign currency 
     translation                 2,293      (5,247)      (1,980)         3,307
    adjustment

  Change in unrealized gains and losses 
     on cash                        79        (473)        (571)           574
    flow hedges
       Change in                                                      (14,448)
       actuarial                 2,332        (948)      (6,532)
       gains and
          losses
                         $       4,704    $ (6,668)    $ (9,083)    $ (10,567)



Comprehensive            $      27,075    $   1,089    $  65,117    $   41,384
income  
CANADA BREAD COMPANY, LIMITED
Consolidated Statements of Changes in Shareholders' Equity
(In thousands of Canadian dollars) 


                                                    Total                    
                                           accumulated                   
                                                other           Total    
                     Share       Retained comprehensive   shareholders'  
                    capital     earnings        loss           equity    


Balance at           142,965    $ 530,852      (10,215)         663,602
December 31,      $                        $               $             
2011 

  Net earnings             -       74,200             -          74,200   
Other                    -      (6,532)       (2,551)         (9,083)  
  comprehensive                                          
  loss 


      Dividends            -     (43,198)             -        (43,198)  
      declared                                           
     ($1.70 per
         share)

Balance at                      $ 555,322      (12,766)         685,521
December 31,       $ 142,965               $               $             
2012
    
                                                Total                    
                                            accumulated                  
                                                other           Total    
                     Share       Retained comprehensive   shareholders'  
                    capital      earnings       loss           equity    
                                                                         

Balance at                      $ 510,126      (14,096)         638,995
December 31,       $ 142,965               $               $             
2010
     Net earnings             -       51,951             -          51,951  

  Other                    -     (14,448)         3,881        (10,567)  
  comprehensive                                          
  income (loss)

  Dividends                -     (16,777)             -        (16,777)  
  declared                                               
  ($0.66 per
  share)

Balance at           142,965    $ 530,852      (10,215)         663,602
December 31,      $                        $               $             
2011


CANADA BREAD COMPANY, LIMITED
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars) 


                            Three months ended          Twelve months ended
                               December 31,                 December 31,
                         2012          2011          2012           2011
                  (Unaudited)   (Unaudited)                             

CASH PROVIDED BY (USED IN):
    Operating activities

  Net earnings     $   22,371    $    7,757    $   74,200       $ 51,951

  Add (deduct) items not affecting cash:
    Depreciation       13,003                                     47,839
    and                              12,793        49,525
    amortization
    Deferred            1,526       (6,003)         2,080        (6,295)
    income taxes
    Income tax          7,656        11,818        28,603         17,140
    current
    Interest              354           180         1,547          1,052
    expense
    (Gain) loss         (341)                                        232
    on sale of                         (36)         (478)
    long-lived
    assets
    Change in provision for restructuring and 
      other               983                     (6,772)         32,232
      related                         7,952                
      costs

  Decrease in         (1,376)             -                            -
  pension                                         (3,251)  
  liability

  Net income          (6,043)         1,684      (24,265)       (20,203)
  taxes paid

  Interest paid         (329)            45       (1,533)          (750)

  Other                   599       (2,074)           903        (1,817)

  Change in non-cash operating  
      working         (9,899)        14,605      (11,452)       (18,287)
      capital

Cash provided by   $   28,504    $   48,721                  $   103,094
(used in)                                      $  109,107  
operating
activities
    Financing activities

  Dividends paid   $ (12,733)    $  (5,085)    $ (35,573)    $  (16,777)

  Net increase           (99)             -                            -
  in long-term                                      (921)  
  debt

Cash used in       $ (12,832)    $  (5,085)                  $  (16,777)
financing                                      $ (36,494)  
activities
    Investing activities

  Additions to     $ (12,357)    $ (23,802)                  $ (112,517)
  long-term                                    $ (44,537)  
  assets

  Capitalization of interest expense to 
      long-term             -             -             -          (119)
      assets

  Proceeds from         1,387           536                        5,830
  sale of                                           6,269  
  long-term
  assets

  Change in                 -          (31)                         (65)
  intangible                                            -  
  assets

Cash used in       $ (10,970)    $ (23,297)                  $ (106,871)
investing                                      $ (38,268)  
activities



Increase (decrease) in cash and  
cash             $    4,702    $   20,339    $   34,345    $  (20,554)
  equivalents 
Net cash and cash equivalents,  
beginning of       85,713        35,731        56,070         76,624 
period 
Net cash and       $   90,415    $   56,070                  $    56,070
cash                                           $   90,415  
equivalents, end
of period 

Net cash and cash equivalents is comprised of: 
Cash and cash      $   90,415    $   59,223    $   90,415    $    59,223
equivalents 
Bank                        -       (3,153)             -        (3,153)
indebtedness 
Net cash and       $   90,415    $   56,070                  $    56,070
cash                                           $   90,415  
equivalents, end
of period 
                                               
CANADA BREAD COMPANY, LIMITED
Segmented Financial Information
(In thousands of Canadian dollars) 


                        Three months ended           Twelve months ended
                           December 31,                  December 31,
                     2011          2010           2011           2010
              (Unaudited)   (Unaudited)                              

Sales 

  Fresh         $ 254,809    $  261,963    $ 1,059,865    $ 1,087,335
  Bakery

  Frozen          135,892       138,317        507,435        508,121
  Bakery
                $ 390,701    $  400,280    $ 1,567,300    $ 1,595,456



Earnings
before                                                               
restructuring
and 


        other
      related
    costs and                                                        
        other
       income
    Fresh       $  24,631    $   19,463    $    91,171    $    99,857
    Bakery
    Frozen         10,813         6,738         24,697          9,934
    Bakery
                $  35,444    $   26,201    $   115,868    $   109,791



Capital expenditures  
Fresh             8,142    $   20,793    $    32,695    $    95,788
  Bakery        $ 
Frozen            4,215         3,009         11,842           16,729
  Bakery 
            $  12,357    $   23,802    $    44,537    $   112,517 


                                                                     

Depreciation and amortization 

  Fresh         $   8,226    $    7,584    $    30,848    $    27,029
  Bakery

  Frozen            4,777         5,209         18,677           20,810
  Bakery
                $  13,003    $   12,793    $    49,525    $    47,839
    
                                                    As at          As at
                                          December 31,   December 31,
                                                  2012           2011
    Total assets


                                        
  Fresh Bakery                                 504,062    $  516,485  
                                       $ 
Frozen Bakery                                356,311        368,534 
Non-allocated assets                         109,618         79,456 
                                       $   969,991    $   964,475 
Goodwill 
                                        
  Fresh Bakery                                 125,892    $  125,892  
                                       $ 
Frozen Bakery                                138,351        140,121 
                                       $   264,243    $   266,013 
Investor Contact: Nick Boland, VP Investor Relations: 416-926-2005 Media 
Contact: 416-926-2020 
SOURCE: Canada Bread Company, Limited 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/26/c7776.html 
CO: Canada Bread Company, Limited
ST: Ontario
NI: FBR FOD ERN  
-0- Feb/26/2013 13:05 GMT