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Customer traffic increases at Danier Leather

30
Apr '08
Net earnings during the third quarter were $0.1 million or $0.02 per diluted share compared with net earnings of $0.3 million or $0.04 per diluted share in the third quarter last year. Year-to-date net earnings were $15.9 million ($2.50 per diluted share).

Excluding the reversal of the litigation provision of $18.0 million, recovery of legal and expert fees of $2.0 million and income taxes of $5.3 million, year-to-date adjusted net earnings(2) were $1.2 million ($0.19 per diluted share) compared with $4.1 million ($0.62 per diluted share) last year.

On October 12, 2007, the Supreme Court of Canada unanimously decided to uphold the unanimous Ontario Court of Appeal ruling that dismissed the class action against the Company and two of its Senior Officers.

As a result of the ruling, the litigation provision of $18 million less future income taxes of $4.6 million was reversed in the first quarter of 2008. During the second quarter of fiscal 2008, the Company received from the Plaintiffs and recorded in its financial statements $0.1 million of partial indemnity costs related to the Ontario Court of Appeal award.

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Danier Leather Inc


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