In the first quarter, the Company reported a foreign exchange loss of $0.1 million compared to a $0.1 million gain in the same period of 2012. The Company incurs foreign exchange gains and losses throughout the year as a result of the volume of related-party transactions, most of which are denominated in U.S. dollars. The Company continues to employ policies to minimize the impact of these currency fluctuations.
Notice to Reader
The attached financial statements have been prepared by management of McGraw-Hill Ryerson Limited. The financial statements for the three month period ended March 31, 2013 and March 31, 2012 have not been reviewed by the auditors of McGraw-Hill Ryerson Limited.
In business since 1944, McGraw-Hill Ryerson Limited is a leading Canadian publisher of educational resources, and information products and services for lifelong learning and enjoyment. Revenue in 2012 was $72 million. Additional information is available at http://www.mcgrawhill.ca.
McGraw-Hill Ryerson Limited
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(in thousands of dollars except per share data)
(unaudited)
Three months ended March 31 2013 2012 $ $----------------------------------------------------------------------------Sales revenue, less returns 7,387 7,693Other income 302 217Rental income 182 115----------------------------------------------------------------------------Total revenue 7,871 8,025Cost of goods sold 2,668 2,748----------------------------------------------------------------------------Gross profit 5,203 5,277Operating expenses 6,400 7,889Amortization - pre-publication costs 806 827Depreciation - property, plant and equipment 201 216----------------------------------------------------------------------------Operating loss (2,204) (3,655)Finance income 37 107Finance costs (40) (36)Foreign exchange (loss) gain (71) 53----------------------------------------------------------------------------Loss before income taxes (2,278) (3,531)Income tax recovery (515) (865)----------------------------------------------------------------------------Net loss for the period attributable to equity holders of the Company (1,763) (2,666)----------------------------------------------------------------------------Other comprehensive gain (loss)Actuarial gain (loss) on employee future benefits, net of tax 191 (69)----------------------------------------------------------------------------Comprehensive loss (1,572) (2,735)--------------------------------------------------------------------------------------------------------------------------------------------------------Loss per shareBasic and diluted ($0.88) ($1.33)--------------------------------------------------------------------------------------------------------------------------------------------------------
