CBY - <span class="din">Canada Bread Reports Results for the Second Quarter 2012</span> (CAD 0.50)

Company: Canada Bread
Stock Name: CBY
Amount: CAD 0.50
Announcement Date: 01/08/2012
Record Date: 05/09/2012

Dividend Detail:

---

TSX: CBY

TORONTO, Aug. 1, 2012 /CNW/ - Canada Bread Company, Limited (TSX: CBY)
today reported its financial results for the second quarter ended June
30, 2012.�� Second quarter highlights include:

• 
  Adjusted Operating Earnings⁽¹⁾ for the second quarter were $37.4 million compared to $35.1 million
  last year, an increase of 7%
  


• 
  Net earnings for the quarter were $26.8 million compared to $14.9
  million last year
  


• 
  Adjusted EPS⁽²⁾ for the quarter was $1.09, up from $0.97 in the second quarter of 2011
  

"Our results improved from last year and significantly from a weak first
quarter, reflecting some improvement in volume and the benefit of price
increases in our Frozen Bakery segment to manage higher costs," said
Richard Lan, President and CEO. "While the bread category continues to
be soft in both North America and the U.K., we will continue to manage
this through proactive sales strategies, product innovation and cost
reduction."

(1): Adjusted Operating Earnings, a non-IFRS measure, is defined as
earnings from operations before restructuring and other related costs
and other income (expense).

(2): Adjusted Earnings per Share ("Adjusted EPS"), a non-IFRS measure,
is defined as basic earnings per share adjusted for the impact of
restructuring and other related costs, net of tax.

Please refer to the section entitled Reconciliation of Non-IFRS
Financial Measures in this news release.

Financial Overview

Sales for the second quarter were $404.9 million compared to $406.2
million last year. After adjusting for the closure of a bakery and
related exit of unprofitable categories in the U.K. and currency
translation on sales in the U.S. and U.K., sales increased 1%. The
increase was mainly due to stronger volumes and selling prices in the
North American frozen bakery operations.

Adjusted Operating Earnings for the second quarter of $37.4 million were
7% higher compared to earnings of $35.1 million last year as improved
pricing, sales mix, and volumes in the Frozen Bakery segment were
partially offset by higher inflationary costs and spending in the Fresh
Bakery segment, largely attributable to the fresh pasta business.

Net earnings in the quarter were $26.8 million ($1.05 basic earnings per
share) compared to $14.9 million ($0.59 basic earnings per share) last
year and included $1.2 million in pre-tax restructuring costs (2011:
$12.5 million). Adjusted earnings per share for the second quarter were
$1.09 compared to $0.97 last year.

Business Segment Review

The following table summarizes sales by business segment:

��	��	��	��	��	��
(Unaudited)��������������������������	Second Quarter				Year-to-Date
($ thousands)	��	��	2012	2011	2012	2011
Fresh Bakery	��	��	$279,164	$282,364	$527,347	$537,449
Frozen Bakery	��	��	125,697	123,881	247,758	240,556
Total Sales	��	��	$404,861	$406,245	$775,105	$778,005
��	��	��	��	��	��	��

The following table summarized Adjusted Operating Earnings by business
segment:

��	��	��	��	��
(Unaudited)	Second Quarter		Year-to-Date
($ thousands)	2012	2011	2012	2011
Fresh Bakery	$30,507	$33,211	$37,775	$51,196
Frozen Bakery	6,922	1,892	8,415	631
Adjusted Operating Earnings	$37,429	$35,103	$46,190	$51,827
��	��	��	��	��

Fresh Bakery

Includes fresh bakery products, including breads, rolls, bagels, sweet
goods, and fresh pasta and sauces sold to retail, foodservice and
convenience channels. It includes national brands such as Dempster's^�� and Olivieri^�� and many leading regional brands.

Fresh Bakery sales for the second quarter of $279.2 million were 1%
lower than sales of $282.4 million last year, primarily due to
increased feature pricing activity in the fresh bakery business and
lower volumes in the fresh pasta business. Volumes in the fresh bakery
business were comparable to last year.

Adjusted Operating Earnings in the second quarter declined 8% to $30.5
million compared to $33.2 million last year. While results in the fresh
bakery business were consistent with last year, there was a significant
improvement from the first quarter of 2012 as a result of increased
promotional and marketing activities and warm summer weather. However,
an underlying decline in consumer demand continues to impact results.
Included in results are $0.8 million in duplicative overhead costs
related to the commissioning of a new fresh bakery in Hamilton, Ontario
and which are expected to continue until early 2013. The Company
expects the new bakery to be accretive to operating earnings commencing
in 2013, with the closure of the third Toronto bakery and as volumes
consolidate into the new Hamilton facility. Results from the fresh
pasta business declined due to higher inflationary and operational
costs, and increased advertising and promotional spending.

Frozen Bakery

Includes frozen bakery products, including frozen par-baked bakery
products, specialty and artisan breads, and bagels sold to retail,
foodservice and convenience channels in North America and the U.K. It
includes national brands such as Tenderflake^�� and New York Bakery Co^TM.

Frozen Bakery sales for the second quarter were $125.7 million compared
to $123.9 million in 2011. After adjusting for the closure of a bakery
and related exit of unprofitable categories in the U.K. and currency
translation on sales in the U.S. and U.K., sales increased 5%. The
sales increase was mainly due to stronger volumes and selling prices in
the North American frozen bakery operations.

Adjusted Operating Earnings in Frozen Bakery for the second quarter of
2012 were $6.9 million compared to $1.9 million last year.
Profitability continued to improve due to higher pricing and volumes in
the North American frozen bakery operations, an improved sales mix in
the U.K., and lower overhead costs resulting from the closure of the
Walsall, U.K. bakery in the first quarter of 2012. These benefits were
partially offset by higher inflationary costs.

Other Matters

On July 31, 2012, Canada Bread declared a dividend of $0.50 per share
payable on October 1, 2012 to shareholders of record at the close of
business on September 7, 2012.�� Unless indicated otherwise by the
Company in writing on or before the time the dividend is paid, this
dividend will be considered an Eligible Dividend for the purposes of
the "Enhanced Dividend Tax Credit System".

Reconciliation of Non-IFRS Financial Measures

The Company uses the following non-IFRS measures: Adjusted Operating
Earnings and Adjusted EPS.�� Management believes that these non-IFRS
measures provide useful information to both Management and investors in
measuring the financial performance of the Company for the reasons
outlined below.�� These measures do not have a standardized meaning
prescribed by IFRS and therefore they may not be comparable to
similarly titled measures presented by other publicly traded companies
and should not be construed as an alternative to other financial
measures determined in accordance with IFRS.

Adjusted Operating Earnings

The following tables reconcile earnings from operations before
restructuring and other related costs and other income (expense) to net
earnings as reported under IFRS in the unaudited earnings for the three
and six months ended, as indicated below.�� Management believes that
this is the most appropriate basis on which to evaluate operating
results, as restructuring and other related costs and other income
(expense) are not representative of operational results during the
period.

��	��	��	��	��
(Unaudited)	Three months ended June 30, 2012
($ thousands)	Fresh Bakery	Frozen Bakery	��	Consolidated
Net earnings	��	��	��	$26,775
Income taxes	��	��	��	10,407
Earnings from operations before income taxes	��	��	��	37,182
Interest expense	��	��	��	391
Earnings from operations before interest and�� income taxes	30,651	6,922	��	37,573
Other income	(1,349)	-	��	(1,349)
Restructuring and other related costs	1,205	-	��	1,205
Adjusted Operating Earnings	$30,507	$6,922	��	$37,429

��	��	��	��	��
(Unaudited)	Three months ended June 30, 2011
($ thousands)	Fresh Bakery	Frozen Bakery	��	Consolidated
Net earnings	��	��	��	$14,904
Income taxes	��	��	��	7,388
Earnings from operations before income taxes	��	��	��	22,292
Interest expense	��	��	��	264
Earnings from operations before interest and�� income taxes	30,760	(8,204)	��	22,556
Restructuring and other related costs	2,451	10,096	��	12,547
Adjusted Operating Earnings	$33,211	$1,892	��	$35,103

��	��	��	��	��
(Unaudited)	Six months ended June 30, 2012
($ thousands)	Fresh Bakery	Frozen Bakery	��	Consolidated
Net earnings	��	��	��	$27,614
Income taxes	��	��	��	12,030
Earnings from operations before income taxes	��	��	��	39,644
Interest expense	��	��	��	828
Earnings from operations before interest and�� income taxes	36,063	4,409	��	40,472
Other (income) expense	(1,580)	209	��	(1,371)
Restructuring and other related costs	3,292	3,797	��	7,089
Adjusted Operating Earnings	$37,775	$8,415	��	$46,190

��	��	��	��	��
(Unaudited)	Six months ended June 30, 2011
($ thousands)	Fresh Bakery	Frozen Bakery	��	Consolidated
Net earnings	��	��	��	$13,938
Income taxes	��	��	��	4,767
Earnings from operations before income taxes	��	��	��	18,705
Interest expense	��	��	��	603
Earnings from operations before interest and�� income taxes	39,228	(19,920)	��	19,308
Other income	(78)	-	��	(78)
Restructuring and other related costs	12,046	20,551	��	32,597
Adjusted Operating Earnings	$51,196	$631	��	$51,827
��	��	��	��	��

Adjusted Earnings per Share

The following table reconciles Adjusted Earnings per Share to basic
earnings per share as reported under IFRS as indicated below.��
Management believes this is the most appropriate basis on which to
evaluate financial results as restructuring and other related costs are
not representative of operational results.

��	��	��
($ per share)	Three months ended June 30,				Six months ended June 30,
(Unaudited)	2012		2011		2012		2011
Basic Earnings per Share	$	1.05	$	���� 0.59	$	1.09	$	���� 0.55
Restructuring and other related costs(i)	��	0.04	��	0.38	��	0.21	��	0.98
Adjusted Earnings per Share(ii)	$	1.09	$	���� 0.97	$	1.30��	$	���� 1.53

(i) Includes per share impact of restructuring and other related costs, net
of tax.

(ii) May not add due to rounding.

Forward-Looking Statements

This document contains, and the Company's oral and written public
communications often contain, "forward-looking information" within the
meaning of applicable securities laws.�� These statements are based on
current expectations, estimates, forecasts and projections about the
industries in which the Company operates and beliefs and assumptions
made by the Management of the Company. Such statements include, but are
not limited to, statements with respect to objectives and goals, as
well as statements with respect to beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. Specific
forward-looking information in this document includes, but is not
limited to, statements concerning expectations regarding actions to
reduce costs and improve efficiencies, restore volumes and/or increase
prices, timing of promotional investment, improving business trends,
expected duplicative overhead costs incurred due to the concurrent
operation of the new Hamilton fresh bakery and existing bakeries,
expectations regarding the timing and amount of capital investments;
expectations regarding the timing and cost of plant closures; the
expected use of cash balances, source of funds for ongoing business
requirements, capital investments and debt repayment, and expectations
regarding sufficiency of the allowance for uncollectible accounts.
Words such as "expect", "anticipate", "intend", "attempt", "may",
"will", "plan", "believe", "seek", "estimate", and variations of such
words and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance and involve assumptions and risks and uncertainties
that are difficult to predict.

In particular, these statements are based on a variety of factors and
assumptions that are discussed throughout this document. In addition,
expectations concerning the performance of the Company's business in
general are based on a number of factors and assumptions including, but
not limited to: the condition of the Canadian, U.S. and U.K. economies;
the rate of exchange of the Canadian dollar to the U.S. dollar and
British pound; the availability and prices of raw materials, energy and
supplies; product pricing; the availability of insurance; the
competitive environment and related market conditions; improvement of
operating efficiencies; continued access to capital; the cost of
compliance with environmental and health standards; no adverse results
from ongoing litigation; no unexpected actions of domestic and foreign
governments and the general assumption that none of the risks
identified below or elsewhere will materialize. All of these
assumptions have been derived from information currently available to
the Company including information obtained by the Company from
third-party sources. These assumptions may prove to be incorrect in
whole or in part. In addition, actual results may differ materially
from those expressed, implied or forecasted in such forward-looking
information, which reflect the Company's expectations only as of the
date hereof.

Factors that could cause actual results or outcomes to differ materially
from the results expressed, implied or forecasted in such
forward-looking information are discussed in more detail under the
heading "Risk Factors" in the Company's Management's Discussion and
Analysis for the year ended December 31, 2011 and are updated each
quarter in the Management's Discussion and Analysis, which are
available on SEDAR at www.sedar.com. The reader should review such sections in detail. The Company does not
intend to, and the Company disclaims any obligation to, update any
forward-looking information, whether written or oral, or whether as a
result of new information, future events or otherwise except as
required by law.

Additional information concerning the Company, including the Company's
Annual Information Form, is available on SEDAR at www.sedar.com.

Canada Bread Company Limited, which is 90% owned by Maple Leaf Foods
Inc. (TSX:MFI), is a leading manufacturer and distributor of fresh
bakery products, frozen par-baked products and fresh pasta and sauces.
The Company had 2011 sales of $1.6 billion and employs approximately
6,000 people at its operations across North America and in the United
Kingdom.

Condensed Consolidated Interim Financial Statements

(Expressed in Canadian dollars)

(Unaudited)

CANADA BREAD COMPANY, LIMITED

Three and six months ended June 30, 2012 and 2011

Consolidated Balance Sheets

��

��

��

��

��

As at June 30,

��

As at June 30,

��

As at December 31,

(In thousands of Canadian dollars)

2012

��

2011

��

2011

��

��

��

��

��

(Unaudited)

��

(Unaudited)

��

��

ASSETS

��

��

��

��

��

��

Current assets

��

��

��

��

��

��

��

Cash and cash equivalents

��$

83,631

��

��$

20,671

��

��$

59,223

��

Accounts receivable��

��

45,363

��

��

48,823

��

��

56,522

��

Note receivable��

��

��

39,766

��

��

83,755

��

��

45,847

��

Inventories��

��

��

59,770

��

��

53,037

��

��

60,048

��

Income and other taxes recoverable

��

2,875

��

��

7,066

��

��

2,162

��

Prepaid expenses and other assets

��

2,481

��

��

7,937

��

��

5,218

��

��

��

��

��

��$

233,886

��

��$

221,289

��

��$

229,020

��

Property and equipment��

��

416,690

��

��

401,387

��

��

425,944

��

Investment property��

��

9,522

��

��

8,389

��

��

8,415

��

Employee benefits��

��

-

��

��

691

��

��

-

��

Other long-term assets

��

4,405

��

��

4,134

��

��

4,456

��

Deferred tax asset

��

15,974

��

��

12,654

��

��

17,917

��

Goodwill��

��

��

266,050

��

��

261,590

��

��

266,013

��

Intangible assets��

��

12,274

��

��

13,335

��

��

12,710

��

Total assets

��

��$

958,801

��

��$

923,469

��

��$

964,475

��

��

��

��

��

��

��

��

��

��

��

��

��

LIABILITIES AND SHAREHOLDERS' EQUITY

��

��

��

��

��

��

��

��

Current liabilities

��

��

��

��

��

��

��

��

��

��

Bank indebtedness

��$

1,595

��

��$

-

��

��$

3,153

��

Accounts payable and accruals

��

176,950

��

��

183,157

��

��

185,811

��

Provisions��

��

��

11,642

��

��

23,004

��

��

23,066

��

Due to Maple Leaf Foods Inc.��

��

4,047

��

��

3,347

��

��

2,451

��

Dividends payable

��

12,708

��

��

5,083

��

��

5,083

��

Current portion of long-term debt

��

264

��

��

2,323

��

��

2,452

��

��

��

��

��

��$

207,206

��

��$

216,914

��

��$

222,016

��

Long-term debt

��

��

3,093

��

��

1,675

��

��

1,634

��

Deferred tax liability

��

19,480

��

��

23,115

��

��

21,784

��

Employee benefits��

��

54,498

��

��

35,333

��

��

50,434

��

Provisions��

��

��

5,047

��

��

6,222

��

��

5,005

��

Other long-term liabilities

��

-

��

��

257

��

��

-

��

Total liabilities��

��

��$

289,324

��

��$

283,516

��

��$

300,873

��

��

��

��

��

��

��

��

��

��

��

��

��

Shareholders' equity

��

��

��

��

��

��

��

��

Share capital

��

��$

142,965

��

��$

142,965

��

��$

142,965

Retained earnings

��

��

536,586

��

��

517,455

��

��

530,852

Accumulated other comprehensive loss

��

(10,074)

��

��

(20,467)

��

��

(10,215)

Total shareholders' equity

��$

669,477

��

��$

639,953

��

��$

663,602

Total liabilities and shareholders' equity

��$

958,801

��

��$

923,469

��

��$

964,475

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Consolidated Statements of Earnings

(In thousands of Canadian dollars,except share amounts)����

Three months ended June 30,

��

�� �� Six months ended June 30,

(Unaudited)

��

2012

��

2011

��

2012

��

2011

��

��

��

��

��

��

��

��

��

��

��

��

Sales

��

��

��$

404,861

��

��$

406,245

��

��$

775,105

��

��$

778,005

Cost of goods sold

��

��

319,419

��

��

321,798

��

��

627,908

��

��

621,215

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Gross margin

��

��$

85,442

��

��$

84,447

��

��$

147,197

��

��$

156,790

Selling, general and administrative expenses

��

48,013

��

��

49,344

��

��

101,007

��

��

104,963

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Earnings before the following:

��$

37,429

��

��$

35,103

��

��$

46,190

��

��$

51,827

Restructuring and other related costs��

��

(1,205)

��

��

(12,547)

��

��

(7,089)

��

��

(32,597)

Other income��

��

��

1,349

��

��

-

��

��

1,371

��

��

78

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Earnings before interest and income taxes

��$

37,573

��

��$

22,556

��

��$

40,472

��

��$

19,308

Interest expense��

��

��

391

��

��

264

��

��

828

��

��

603

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Earnings before income taxes

��$

37,182

��

��$

22,292

��

��$

39,644

��

��$

18,705

Income taxes

��

��

10,407

��

��

7,388

��

��

12,030

��

��

4,767

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Net earnings��

��

��$

26,775

��

��$

14,904

��

��$

27,614

��

��$

13,938

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Earnings per share��

��

��

��

��

��

��

��

��

��

��

��

��

��

Basic and diluted earnings per share

��$

1.05

��

��$

0.59

��

��$

1.09

��

��$

0.55

Weighted average number of shares (millions)

��

25.4

��

��

25.4

��

��

25.4

��

��

25.4

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Consolidated Statements of Comprehensive Income

(In thousands of Canadian dollars)

��

Three months ended June 30,

��

�� �� Six months ended June 30,

(Unaudited)

��

��

2012

��

2011

��

2012

��

2011

��

��

��

��

��

��

��

��

��

��

��

��

��

Net earnings

��

��

��$

26,775

��

��$

14,904

��

��$

27,614

��

��$

13,938

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Other comprehensive income (loss)

��

��

��

��

��

��

��

��

��

��

��

��

��

Change in accumulated foreign currency

��

��

��

��

��

��

��

��

��

��

��

��

��

translation adjustment

��

��

2,861

��

��

(26)

��

��

563

��

��

(5,516)

��

Change in unrealized gains and losses��

��

��

��

��

��

��

��

��

��

��

��

��

��

on cash flow hedges

��

��

278

��

��

250

��

��

(422)

��

��

(855)

��

Change in actuarial gains and losses

��

(2,823)

��

��

-

��

��

(4,123)

��

��

-

��

��

��

��

��

��

��$

316

��

��$

224

��

��$

(3,982)

��

��$

(6,371)

Comprehensive income

��

��$

27,091

��

��$

15,128

��

��$

23,632

��

��$

7,567

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Consolidated Statements of Changes in Shareholders' Equity

��

��

��

��

��

��

��

��

��

��

Total

��

��

��

��

��

��

��

��

��

��

��

��

accumulated

��

��

��

��

��

��

��

��

��

��

��

��

other

��

Total

(In thousands of Canadian dollars)

Share

��

Retained

��

comprehensive

��

shareholders'

(Unaudited)

��

��

capital

��

earnings

��

loss

��

equity

��

��

��

��

��

��

��

��

��

��

��

��

��

Balance at December 31, 2011

��$

142,965

��

��$

530,852

��

��$

(10,215)

��

��$

663,602

��

Net earnings

��

��

��

-

��

��

27,614

��

��

-

��

��

27,614

��

Other comprehensive (loss) income

��

-

��

��

(4,123)

��

��

141

��

��

(3,982)

��

Dividends declared ($0.70 per share)

��

-

��

��

(17,757)

��

��

-

��

��

(17,757)

Balance at June 30, 2012

��

��$

142,965

��

��$

536,586

��

��$

(10,074)

��

��$

669,477

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Total

��

��

��

��

��

��

��

��

��

��

��

��

accumulated

��

��

��

��

��

��

��

��

��

��

��

��

other

��

Total

(In thousands of Canadian dollars)

Share

��

Retained

��

comprehensive

��

shareholders'

(Unaudited)

��

��

capital

��

earnings

��

loss

��

equity

��

��

��

��

��

��

��

��

��

��

��

��

��

Balance at December 31, 2010

��$

142,965

��

��$

510,126

��

��$

(14,096)

��

��$

638,995

��

Net earnings

��

��

��

-

��

��

13,938

��

��

-

��

��

13,938

��

Other comprehensive loss

��

-

��

��

-

��

��

(6,371)

��

��

(6,371)

��

Dividends declared ($0.26 per share)

��

-

��

��

(6,609)

��

��

-

��

��

(6,609)

Balance at June 30, 2011

��

��$

142,965

��

��$

517,455

��

��$

(20,467)

��

��$

639,953

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Consolidated Statements of Cash Flows

(In thousands of Canadian dollars)

Three months ended June 30,

��

�� �� Six months ended June 30,

(Unaudited)

��

2012

��

2011

��

2012

��

2011

��

��

��

��

��

��

��

��

��

��

��

��

CASH PROVIDED BY (USED IN):

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Operating activities

��

��

��

��

��

��

��

��

Net earnings

��

��$

26,775

��

��$

14,904

��

��$

27,614

��

��$

13,938

��

Add (deduct) items not affecting cash:

��

��

��

��

��

��

��

��

��

��

��

��

��

Depreciation and amortization

��

12,591

��

��

11,407

��

��

23,940

��

��

23,614

��

��

Deferred income taxes

��

1,350

��

��

(480)

��

��

1,368

��

��

(3,662)

��

��

Income tax current

��

9,057

��

��

7,868

��

��

10,662

��

��

8,429

��

��

Interest expense

��

391

��

��

264

��

��

828

��

��

603

��

��

(Gain) loss on sale of long-term assets

��

105

��

��

(4)

��

��

(126)

��

��

1

��

��

Change in provision for restructuring��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

and other related costs

��

(2,248)

��

��

7,814

��

��

(6,598)

��

��

26,200

��

Decrease in pension liability

��

(502)

��

��

-

��

��

(1,443)

��

��

-

��

Net income taxes paid��

��

(3,836)

��

��

(7,582)

��

��

(10,391)

��

��

(17,400)

��

Interest paid

��

��

(495)

��

��

(81)

��

��

(854)

��

��

(358)

��

Other

��

��

266

��

��

(2,125)

��

��

416

��

��

(2,984)

��

Change in non-cash operating��

��

��

��

��

��

��

��

��

��

��

��

��

��

working capital

��

��

18,482

��

��

(27,122)

��

��

11,055

��

��

(42,653)

Cash provided by operating activities

��$

61,936

��

��$

4,863

��

��$

56,471

��

��$

5,728

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Financing activities

��

��

��

��

��

��

��

��

��

��

��

��

Dividends paid

��

��$

(5,049)

��

��$

(1,525)

��

��$

(10,132)

��

��$

(3,050)

��

Repayment of long-term debt

��

(788)

��

��

-

��

��

(788)

��

��

-

Cash used in financing activities

��$

(5,837)

��

��$

(1,525)

��

��$

(10,920)

��

��$

(3,050)

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Investing activities

��

��

��

��

��

��

��

��

��

��

��

��

Additions to long-term assets

��$

(11,376)

��

��$

(34,071)

��

��$

(22,033)

��

��$

(63,628)

��

Capitalization of interest expense

��

-

��

��

(5)

��

��

-

��

��

(119)

��

Proceeds from sale of long-term assets

��

29

��

��

403

��

��

2,448

��

��

5,442

��

Other

��

��

-

��

��

(841)

��

��

-

��

��

(326)

Cash used in investing activities

��$

(11,347)

��

��$

(34,514)

��

��$

(19,585)

��

��$

(58,631)

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Increase (decrease) in cash��

��

��

��

��

��

��

��

��

��

��

��

��

and cash equivalents

��$

44,752

��

��$

(31,176)

��

��$

25,966

��

��$

(55,953)

Net cash and cash equivalents,��

��

��

��

��

��

��

��

��

��

��

��

��

beginning of period

��

37,284

��

��

51,847

��

��

56,070

��

��

76,624

Net cash and cash equivalents, end of period

��$

82,036

��

��$

20,671

��

��$

82,036

��

��$

20,671

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Net cash and cash equivalents is comprised of:

��

��

��

��

��

��

��

��

��

��

��

Cash and cash equivalents

��$

83,631

��

��$

20,671

��

��$

83,631

��

��$

20,671

Bank indebtedness

��

��

(1,595)

��

��

-

��

��

(1,595)

��

��

-

Net cash and cash equivalents, end of period

��$

82,036

��

��$

20,671

��

��$

82,036

��

��$

20,671

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Segmented Financial Information

��

��

��

�� �� Three months ended June 30,

��

�� �� Six months ended June 30,

��

��

��

2012

��

2011

��

2012

��

2011

��

��

��

��

��

��

��

��

��

��

Sales

��

��

��

��

��

��

��

��

Fresh Bakery

��$

279,164

��

��$

282,364

��

��$

527,347

��

��$

537,449

��

Frozen Bakery

��

125,697

��

��

123,881

��

��

247,758

��

��

240,556

��

��

��

��$

404,861

��

��$

406,245

��

��$

775,105

��

��$

778,005

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Earnings before restructuring and other related

��

��

��

��

��

��

��

��

��

��

��

costs and other income

��

��

��

��

��

��

��

��

��

��

��

Fresh Bakery

��$

30,507

��

��$

33,211

��

��$

37,775

��

��$

51,196

��

Frozen Bakery

��

6,922

��

��

1,892

��

��

8,415

��

��

631

��

��

��

��$

37,429

��

��$

35,103

��

��$

46,190

��

��$

51,827

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Capital expenditures

��

��

��

��

��

��

��

��

��

��

��

��

Fresh Bakery

��$

8,538

��

��$

29,476

��

��$

17,732

��

��$

55,633

��

Frozen Bakery

��

2,838

��

��

4,595

��

��

4,301

��

��

7,995

��

��

��

��$

11,376

��

��$

34,071

��

��$

22,033

��

��$

63,628

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Depreciation and amortization

��

��

��

��

��

��

��

��

��

��

��

Fresh Bakery

��$

7,647

��

��$

6,434

��

��$

14,704

��

��$

13,069

��

Frozen Bakery

��

4,944

��

��

4,973

��

��

9,236

��

��

10,545

��

��

��

��$

12,591

��

��$

11,407

��

��$

23,940

��

��$

23,614

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

As at June 30,

��

As at June 30,

��

As at December 31,

��

��

��

��

��

��������������������������������������������������������������������������������������

2012

��

2011

��

2011

��

��

��

��

��

��

��

��

��

��

��

Total assets

��

��

��

��

��

��

��

��

��

Fresh Bakery

��

��

��

��$

503,055

��

��$

518,890

��

��$

516,485

��

Frozen Bakery

��

��

��

��

352,594

��

��

352,953

��

��

368,534

��

Non-allocated assets

��

��

��

103,152

��

��

51,626

��

��

79,456

��

��

��

��

��

��

��$

958,801

��

��$

923,469

��

��$

964,475

Goodwill

��

��

��

��

��

��

��

��

��

��

��

��

Fresh Bakery

��

��

��

��$

125,892

��

��$

125,892

��

��$

125,892

��

Frozen Bakery

��

��

��

��

140,158

��

��

135,698

��

��

140,121

��

��

��

��

��

��

��$

266,050

��

��$

261,590

��

��$

266,013

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

SOURCE: Canada Bread Company, Limited

For further information:

Investor Contact: Nick Boland,
VP Investor Relations: 416-926-2005
Media Contact: 416-926-2020

TMA - <span class="din">Trimac increases dividend by 12%</span> (CAD 0.07)

Company: Trimac Transportation Ltd.
Stock Name: TMA
Amount: CAD 0.07
Announcement Date: 31/07/2012
Record Date: 26/09/2012

Dividend Detail:

---

CALGARY, July 31, 2012 /CNW/ - Trimac Transportation Ltd. ("Trimac") (TSX: TMA) announced today that its Board of Directors has approved a
12% increase to its quarterly cash dividend, increasing the dividend to
$0.07 per Class A Share up from $0.0625.�� The increased cash dividend
will be payable on October 15, 2012, to shareholders of record as at
the close of business on September 28, 2012.

In commenting on the increase to the dividend, Jeffrey J. McCaig,
Chairman and Chief Executive Officer of Trimac stated, "The increase in
the dividend supports Trimac's objective of increasing shareholder
value by offering an attractive dividend yield while maintaining a
healthy balance sheet that continues to improve as the Company
increases investment in accretive growth opportunities."

About Trimac: Trimac is Canada's largest provider of bulk trucking
services with operations from coast to coast.�� In addition, through its
National Tank Services division, Trimac performs repairs, maintenance
and tank-trailer cleaning services for both the Trimac fleet and for
third party commercial customers. Trimac also provides third party
transportation logistics services in Canada and the United States
through its wholly owned subsidiary Bulk Plus Logistics.

SOURCE: Trimac Transportation Ltd.

For further information:

Jeffrey J. McCaig
Chairman and Chief Executive Officer
Trimac Transportation Ltd.

or-

Scott D. Calver
Vice President and Chief Financial Officer
Trimac Transportation Ltd.

Telephone:�� 403-298-5100

MIC - <span class="din">Genworth MI Canada Inc. Reports Second Quarter 2012 Results</span> (CAD 0.29)

Company: Genworth Mi Canada Inc.
Stock Name: MIC
Amount: CAD 0.29
Announcement Date: 31/07/2012
Record Date: 13/08/2012

Dividend Detail:

---

Net Operating Income of $79 million

Net Operating EPS of $0.79/share

Net Premiums Written of $176 million

TORONTO, July 31, 2012 /CNW/ - Genworth MI Canada Inc. (the "Company")
(TSX: MIC) today reported second quarter 2012 net income of $79 million
or $0.79 per diluted common share.�� Net operating income was $79
million or $0.79 per diluted common share.�� On a comparative basis, net
operating income was $3 million higher than the prior quarter and $2
million lower year-over-year.

"We continued to capitalize on strong business momentum during the
second quarter and delivered top line growth, lower losses on claims,
and strong bottom line profitability," said Brian Hurley, Chairman and
Chief Executive Officer.�� "Our prudent approach to risk management
helps drive consistent results."

Second Quarter 2012 Key Financial Metrics:

• 
  Net premiums written of $176 million were $97 million higher sequentially and $27 million
  higher year-over-year.����The sequential increase was driven primarily by
  typical spring seasonality and higher levels of portfolio insurance on
  low loan-to-value mortgages.�� The year-over-year increase was primarily
  a result of higher levels of portfolio insurance on low loan-to-value
  mortgages.
  
  
  
  
  


• 
  Net premiums earned of $148 million were $1 million higher sequentially and $3 million
  lower year-over-year.�� The larger 2007 and 2008 books are past their
  peak premiums earned contribution resulting in a smaller adjustment to
  the quarterly premium recognition curve this quarter.
  
  
  
  
  


• 
  Losses on claims of $48 million were $8 million lower sequentially and $2 million lower
  year-over- year, reflecting lower new reported delinquencies.�� This
  resulted in a loss ratio of 32% for the quarter, 6 percentage points
  lower than the prior quarter.
  
  
  
  
  


• 
  Investment Income of $40 million (excluding realized and unrealized investment gains) was
  $3 million lower sequentially and $3 million lower year-over-year.�� The
  sequential decline in investment income resulted from a $2 million decline in government
  guarantee fund earnings and a modest decrease in the investment
  portfolio yield.
  
  
  
  
  


• 
  Net operating income of $79 million was $3 million higher sequentially and $2 million lower
  year-over-year.�� Operating return on equity was 12% for the quarter, flat sequentially and one percentage point
  lower year-over-year.
  
  
  
  
  


• 
  The expense ratio was 17%, 1 percentage point lower sequentially and 1 percentage point
  higher year-over-year.�� Expenses of $25 million were slightly lower on
  a sequential and year-over-year basis.
  
  
  
  
  


• 
  The unearned premium reserve was $1.8 billion at the end of the quarter.�� These premiums will be
  earned over time in accordance with the Company's premium recognition
  curve which follows the Company's loss emergence pattern.
  
  
  
  
  


• 
  The regulatory capital ratio or Minimum Capital Test ("MCT") ratio was 160%, 1 percentage point higher sequentially and 2 percentage
  points higher year-over-year.�� This level of capital is well in excess
  of the Company's internal MCT target of 145%.�� The Company continues to
  have a strong capital position with the financial flexibility to
  support and grow the business.
  
  
  
  
  

Dividends

On June 1, 2012, the Company paid a quarterly dividend of $0.29 per
common share.

The Company also announced today that its Board of Directors approved a
dividend of $0.29 per common share, payable on August 31, 2012, to
shareholders of record at the close of business on August 15, 2012.

Shareholders' Equity

As of June 30, 2012, shareholders' equity was $2.8 billion representing
a book value of $27.88 per common share on a fully diluted basis.��
Excluding accumulated other comprehensive income ("AOCI") or loss,
shareholders' equity was $2.6 billion or a book value of $25.81 per
common share on a fully diluted basis.

Second Quarter 2012 Key Highlights:

The Company continued to make solid progress towards its operational
targets and continues to maintain its leading position in the Canadian
private mortgage insurance industry.

• 
  Total new insurance written increased sequentially to $18.8 billion
  primarily due to $13.1 billion of portfolio insurance written on low
  loan-to-value mortgages. The Company selectively participates in
  portfolio insurance under a clearly defined risk appetite and
  disciplined pricing approach.�� The Company believes that this selective
  participation results in profitable business and enhances overall
  lender relationships.
  
  
  
  
  


• 
  The high loan-to-value component of new insurance written was $5.7
  billion, representing an increase of 62% sequentially, largely driven
  by typical spring seasonality.�� The year-over-year decline of 7% was
  largely due to a smaller market for high loan-to-value mortgages as
  compared to the previous year.
  
  
  
  
  


• 
  On June 20, 2012, the Government of Canada announced a number of changes
  to the rules governing the issuance of high loan-to-value residential
  mortgages (with a greater than 80% loan-to-value) backed by the federal
  government guarantee, effective July 9 of this year.�� These changes
  include reducing the maximum amortization period from 30 years to 25
  years and reducing the maximum loan-to-value for refinances from 85% to
  80%.
  
  
  
  
  


• 
  The total delinquency rate was 0.17%, 2 basis points lower sequentially
  and 8 basis points lower year-over-year.�� The Company experienced 22%
  lower number of net new delinquencies as compared to the previous
  quarter.�� The delinquency rate continues to be positively influenced by
  improving economic conditions in combination with the increased success
  of the Company's asset management strategy.
  
  
  
  
  


• 
  The Company's investment portfolio had a market value of $5.0 billion at
  the end of the quarter.�� The general portfolio had a pre-tax equivalent
  book yield of 4.3% and duration of 3.5 years as at June 30, 2012.�� The
  Company's strategy in managing its high-quality investment portfolio
  remained consistent with previous quarters and the portfolio continues
  to be comprised primarily of investment grade fixed income securities
  with an equity component of about 7%.�� �� While the investment portfolio
  is a strong contributor to income, the yield from the investment
  portfolio continues to be challenged in the context of a low interest
  rate environment.
  

Consolidated Financial Highlights

��	��	��
($ millions, except per share amounts)	Three Months Ended June 30 (Unaudited)
	2012	2011
New Insurance Written1	18,833	7,715
Insurance In Force1	286,343	255,217
Net Premiums Written	176	149
Net Premiums Earned	148	151
Losses on Claims	48	50
Investment Income	40	43
Realized and Unrealized Gains or Losses on Investments	0	2
Net Income	79	83
Net Operating Income1	79	81
Fully Diluted Earnings Per Common Share	$0.79	$0.78
Fully Diluted Operating Earnings Per Common Share1	$0.79	$0.77
Fully Diluted Book Value Per Common Share, including AOCI	$27.88	$25.59
Fully Diluted Book Value Per Common Share, excluding AOCI1	$25.81	$24.22
Loss Ratio1	32%	33%
Combined Ratio1	49%	49%
Operating Return on Equity1	12%	13%
Minimum Capital Test Ratio (MCT)1	160%	158%

¹ This is a financial measure not calculated based on International
Financial Reporting Standards ("IFRSs").�� See the "IFRSs and Non-IFRSs
Financial Measures" section of this press release for additional
information.

Detailed Operating Results and Financial Supplement

For more information on the Company's operating results, please refer to
the Management's Discussion and Analysis as posted on SEDAR and
available at www.sedar.com.

This press release, the financial statements, Management's Discussion
and Analysis, and the second quarter 2012 financial supplement are also
posted on the investor section of the Company's website (http://investor.genworthmicanada.ca).�� Investors are encouraged to review all of these materials.

Earnings Call

The Company's second quarter earnings call will be held on August 1,
2012 at 10:30 am ET (Local: 416-644-3414, Toll free: 1-800-814-4859).��
The call is accessible via telephone and by audio webcast on the
Company's website.�� Slides to accompany the call will be posted just
prior to its start.�� A replay of the call will be available until
September 1, 2012 (Local: 416-640-1917, Toll Free: 1-877-289-8525
Access Code 4550694#).�� Participants are encouraged to pre-register for
the webcast through the Company's website. A replay of the call will be
available on the Company's website until September 15, 2012.

IFRSs and Non-IFRSs Financial Measures

The Company's consolidated financial statements are prepared in
accordance with IFRSs.�� To supplement its financial statements, the
Company uses select non-IFRSs financial measures. Non-IFRSs measures
used by the Company to analyze performance include underwriting ratios
such as loss ratio, expense ratio and combined ratio, as well as other
performance measures such as net operating income and return on
operating income. Other non-IFRSs measures used by the Company include
shareholders' equity excluding accumulated other comprehensive income
("AOCI"), insurance in-force, new insurance written, minimal capital
test ratio ("MCT"), delinquency ratio, severity on claims paid,
operating earnings per common share of the Company (basic and diluted),
book value per common share (basic and diluted; including and excluding
AOCI), dividends paid per common share of the Company, and portfolio
duration. The Company believes that these non-IFRSs financial measures
provide meaningful supplemental information regarding its performance
and may be useful to investors because they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making.�� Non-IFRSs measures do not
have standardized meanings and are unlikely to be comparable to any
similar measures presented by other companies. These measures are
defined in the Company's glossary, which is posted on the investor
section of the Company's website. To access the glossary, click on the
"Glossary of Terms" link under "Investor Resources" subsection on the
left navigation bar.���� A reconciliation of non-IFRSs financial measures
to the most recently comparable measures calculated in accordance with
IFRSs can be found in Management's Discussion and Analysis filed with
the Company's most recent financial statements, which are available on
the Company's website and on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements.�� These
forward-looking statements include, but are not limited to, the
Company's plans, objectives, expectations and intentions, and other
statements contained in this release that are not historical facts.��
These statements may be identified by their use of words such as "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"seek", "propose", "estimate", "expect", or similar expressions, as
they relate to the Company are intended to identify forward-looking
statements.�� Specific forward-looking statements in this document
include, but are not limited to, statements with respect to the
Company's expectations regarding the Canadian government's proposed
changes to the guarantee regime regarding residential mortgages, and
the Company's beliefs as to housing demand and home price appreciation,
unemployment rates, the Company's future operating and financial
results, sales expectations regarding premiums written, capital
expenditure plans, dividend policy and the ability to execute on its
future operating, investing and financial strategies.�� These statements
are inherently subject to significant risks, uncertainties and changes
in circumstances, many of which are beyond the Company's control. The
Company's actual results may differ materially from those expressed or
implied by such forward-looking statements, including as a result of
changes in global, political, economic, business, competitive, market
and regulatory factors, and the other risks described in the Company's
Annual Information Form.�� Other than as required by applicable laws,
the Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.

About Genworth MI Canada Inc.

Genworth MI Canada Inc., through its subsidiary, Genworth Financial
Mortgage Insurance Company Canada, has been the leading Canadian
private residential mortgage insurer since 1995.�� Known as Genworth
Canada, "The Homeownership Company," it provides default mortgage
insurance to Canadian residential mortgage lenders that enables low
down payment borrowers to own a home more affordably and stay in their
homes during difficult financial times.�� Genworth Canada combines
technological and service excellence with risk management expertise to
deliver innovation to the mortgage marketplace.�� As of June 30, 2012,
Genworth Canada had $5.5 billion total assets and $2.8 billion
shareholders' equity.�� Based in Oakville, Ontario, Genworth Canada
employs approximately 260 people across Canada. Find out more at www.genworth.ca.

SOURCE: Genworth Financial Canada

For further information:

Investors - Samantha Cheung, 905-287-5482������samantha.cheung@genworth.com
Media��- Lisa Azzuolo, 905-287-5520��lisa.azzuolo@genworth.com

MIC - <span class="din">Genworth MI Canada Inc. Announces Dividend for Third Quarter 2012</span> (CAD 0.29)

Company: Genworth Mi Canada Inc.
Stock Name: MIC
Amount: CAD 0.29
Announcement Date: 31/07/2012
Record Date: 13/08/2012

Dividend Detail:

---

TORONTO, July 31, 2012 /CNW/ - The Board of Directors of Genworth MI
Canada Inc. (the "Company") (TSX: MIC) today announced that it has
authorized and declared a shareholder dividend of $0.29 per common
share for the third quarter of 2012.�� This dividend will be paid on
August 31, 2012, to shareholders of record at the close of business on
August 15, 2012.

Genworth MI Canada Inc. designates any and all dividends paid or deemed
for Canadian federal, provincial or territorial income tax purposes to
be paid as "eligible dividends", unless indicated otherwise in respect
of dividends paid subsequent to this notification, and hereby notifies
all recipients of such dividends of this designation.

About Genworth MI Canada Inc.

Genworth MI Canada Inc., through its subsidiary, Genworth Financial
Mortgage Insurance Company Canada, has been the leading Canadian
private residential mortgage insurer since 1995.�� Known as Genworth
Canada, "The Homeownership Company," it provides default mortgage
insurance to Canadian residential mortgage lenders that enables low
down payment borrowers to own a home more affordably and stay in their
homes during difficult financial times.�� Genworth Canada combines
technological and service excellence with risk management expertise to
deliver innovation to the mortgage marketplace.�� As of June 30, 2012,
Genworth Canada had $5.5 billion total assets and $2.8 billion
shareholders' equity.�� Based in Oakville, Ontario, Genworth Canada
employs approximately 260 people across Canada. Find out more at www.genworth.ca.

SOURCE: Genworth MI Canada

For further information:

Investors - Samantha Cheung, 905-287-5482��samantha.cheung@genworth.com
Media��- Lisa Azzuolo, 905-287-5520��lisa.azzuolo@genworth.com