Cinram Posts Big Quarterly Gains

Canadian DVD manufacturer Cinram International Inc. reported consolidated revenue of $462.2 million for the quarter ended March 31, up from $130.3 million in 2003, according to figures released today

Canadian DVD manufacturer Cinram International Inc. reported consolidated revenue of $462.2 million for the quarter ended March 31, up from $130.3 million in 2003, according to figures released today (May 6).

First-quarter earnings before interest, taxes and amortization (EBITA) were $88.4 million, up from $30.4 million in the corresponding 2003 period, and net earnings increased to $15 million or 27 cents per share, from $7.3 million or 13 cents per share in 2003.

The gains were principally driven by the contributions of the businesses acquired last year from Time Warner and a heavy demand for DVDs.

Cinram's Board of Directors declared a quarterly dividend of 3 Canadian cents per share, payable to shareholders on June 30.

Cinram ended the quarter with a strong cash position of $229.9 million, while its $150 million revolving credit line remained untapped. This is the first period that Cinram is reporting its results in U.S. dollars.

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