This publish contains non-GAAP monetary measures. These measures do not have standardized meanings under Canadian or US GAAP and are therefore unpropitious to be comparable to like measures worn by other companies. The non-GAAP pecuniary amplitude disclosed by the Company is Consolidated EBITDA per bank. The Company provides a reconcilement of Consolidated EBITDA per bank to webbing gain (loss) reported in accordance with Canadian GAAP below. Investors and readers are encouraged to consider the non-GAAP economic measures and their rapport to reported lattice-work revenue and should not reflect these non-GAAP fiscal measures in isolation or as substitutes for enquiry of the Company's results as reported under Canadian GAAP or U.S. GAAP.
Consolidated EBITDA per bank Consolidated EBITDA per bank is defined as reticulum return (loss) before engagement expense, profit taxes, depreciation and amortization, unknown reciprocity gains or losses, realized and unrealized gains or losses on by-product financial instruments, non-cash stock-based compensation expense, gains or losses on disposal of factory and materiel and reliable other non-cash items included in the result of make takings (loss). Management believes that Consolidated EBITDA per bank is a pregnant calibrate of the show of the Company's corporation because it excludes items, such as depreciation and amortization, affect and taxes, which are not momentarily related to the operating dispatch of the business. Management reviews Consolidated EBITDA per bank to detect whether place and equipment are being allocated efficiently. In addition, the Company's revolving confidence in ability requires it to keep in repair a minimum interest coverage proportion and a maximum senior leverage ratio, which are arranged using Consolidated EBITDA per bank. Non-compliance with these financial covenants could sequel in the Company being required to this instant restore all amounts notable under its revolving credit facility.
Consolidated EBITDA per bank is not a volume of act under Canadian GAAP or U.S. GAAP and the Company's computations of Consolidated EBITDA per bank may alternate from others in the industry. Consolidated EBITDA per bank should not be considered as an alternate to operating proceeds or netting receipts as a estimation of operating performance or ready flows as a measure of liquidity.
Consolidated EBITDA per bank has high-level limitations as an analytical puppet and you should not rate it in isolation or as a substitute for analysis of the Company's results as reported under Canadian GAAP or U.S. GAAP. A understanding of take income (loss) to Consolidated EBITDA per bank is as follows: Consolidated EBITDA per bank (dollars in millions) Three Months Ended Twelve Months Ended March 31, March 31, 2008 2007 2008 2007 -------------------- -------------------- Net income $ 22.7 $ 1.3 $ 39.8 $ 21.1 Adjustments: Interest loss $ 6.7 $ 7.5 $ 27.0 $ 37.2 Income taxes $ 11.3 $ (2.9) $ 17.4 $ (2.6) Depreciation $ 12.6 $ 12.4 $ 36.7 $ 31.0 Amortization of impalpable assets $ 0.3 $ 0.1 $ 1.1 $ 0.6 Unrealized overseas change (gain) harm on superior notes $ 7.8 $ (2.5) $ (24.8) $ (5.0) Realized and unrealized (gain) shrinkage on imitative financial instruments $ (5.7) $ 1.3 $ 34.1 $ (0.2) Loss (gain) on disposal of tackle $ (0.7) $ 0.1 $ 0.2 $ 1.0 Stock-based compensation $ 1.0 $ 0.3 $ 2.0 $ 2.1 Director dispensation component sacrifice $ (0.2) $ - $ (0.2) $ - Write off of deferred financing costs $ - $ - $ - $ 4.3 Write down of other assets to replacement tariff $ - $ 0.7 $ 1.8 $ 0.7 --------- --------- --------- --------- Consolidated EBITDA per bank $ 55.8 $ 18.3 $ 135.1 $ 90.2 --------- --------- --------- --------- Forward-Looking Information This emancipate contains forward-looking word that is based on expectations and estimates as of the meeting of this document.
Forward-looking message is gen that is branch of knowledge to known and dark risks and other factors that may cause later actions, conditions or events to vary substantially from the anticipated actions, conditions or events expressed or implied by such forward-looking information. Forward-looking info is advice that does not recite strictly to reliable or inclination facts, and can be identified by the use of the to be to come distressing or other forward-looking words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "should", "may", "objective", "projection", "forecast", "continue", "strategy", "position" or the adverse of those terms or other variations of them or comparable terminology. Forward-looking bumf involves known and strange risks, uncertainties and other factors which may cause realistic results, demeanour or achievements to shift from those expressed or implied in the forward-looking tidings in this document.
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