"We are extremely satisfied with our results for the second quarter, confirming the soundness of our strategic development plan. Strong organic growth exceeding our target, combined with the benefits of our recent acquisitions, allows us to be optimistic for the remainder of 2008. Moreover, completing the sale of our Active Ingredients and Specialty Chemicals Division is providing us all the financial flexibility required to pursue our growth strategy through acquisitions in the promising sector of specialties health and nutrition products," said Mr. Pierre Fitzgibbon, Atrium's President and Chief Executive Officer.
For the second quarter of 2008, cash flows from continuing operating
activities, before changes in non-cash working capital items, were $12.2
million, an increase of 149% compared to $4.9 million for the same period
of the preceding year. For the six-month period ended June 30, 2008, cash
flows from continuing operating activities, before changes in non-cash
working capital items, were $23.9 million, an increase of 115% compared to
$11.1 million for the same period in 2007. As at June 30, 2008, the Company
had a total debt amounting to $144 million as the Company has a revolving
credit facility that provides $300 million of borrowing capacity. In
addition, through an unsecured loan, the Company has additional capacity of
$35.9 million that can be used in whole or in part by December 31, 2008
according to the amendment
|SOURCE Atrium Innovations Inc.|
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