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Found 6 results

  1. New York City fears return to 1970s Tue Jan 27, 2009 By Joan Gralla http://www.reuters.com/article/newsO...50Q6IH20090127
  2. Draxis to create up to 100 jobs after chosen by J&J for contract manufacturing 6 days ago MONTREAL (CP) — Pharma company Draxis Health Inc. (TSX:DAX) is building a new Montreal plant and hiring up to 100 people after the company's contract manufacturing division expanded its existing relationship with Johnson & Johnson, one of the world's biggest consumer products companies. The contract expansion will lead to between 80 to 100 new positions at Draxis Pharma operations in the Montreal area and require the building of a new secondary plant, in addition to the current Draxis manufacturing plant in suburban Kirkland, the company said Wednesday. On the Toronto Stock Exchange, Draxis stock jumped 34 cents to trade at $5.39, a gain of 6.7 per cent as investors reacted positively to the news. Draxis said the new deal with Johnson & Johnson Consumer Companies Inc. could mean another US$120 million in revenues over five years to the Canadian company. In addition, the transfer of equipment and production technologies, now in progress, is expected to generate additional revenues this year and next of between US$6 million and US$8 million. The supply deal, which runs to the end of 2013 and can be extended, involves the manufacturing of non-sterile specialty semi-solid products currently sold in the United States. Commercial production is expected to begin in 2009. "The signing of this contract is a reflection of the solid business model at Draxis," said Martin Barkin, president and CEO of the Toronto-area company. "We are honoured to have been selected from more than 80 international contract manufacturers under a rigorous and comprehensive global selection process conducted over an extended multi-year period. "This contract includes prescription and non-prescription products and will significantly improve capacity utilization in the semi-solids section of our non-sterile operations." As a result of the manufacturing deal, Draxis plans to build a new secondary plant to handle labeling, product assembly for different markets, cartoning and shipping. The new operation is slated to open next summer and will complement the company's production plant in Kirkland, in west-end Montreal. The jobs expansion is good news for the local Montreal economy, which has also seen other drug developers expand operations in recent months. In June, global drug giant GlaxoSmithKline (NYSE:GSK) announced it has spent $50 million to upgrade its laboratory north of Montreal into the North American research and administrative headquarters for its vaccine division. GlaxoSmithKline, based in Britain, is a world leader in the vaccine business. The company has 3,300 employees in Canada, including 1,400 in Quebec. Draxis, based in Mississauga, Ont. makes sterile products such as injectable liquids, ointments and creams, non-sterile products as well as radiopharmaceuticals for diagnostic imaging and treatment. The company employs about 500 people at its Montreal plant. Last year, Draxis generated a profit of US$11.5 million on revenues of just under US$90 million.
  3. Liberals refuse to confirm report Ontario to run near $1-billion deficit Wed, 2008-10-22 13:04. By: THE CANADIAN PRESS TORONTO - The Ontario government refused to confirm Wednesday in advance of handing down its fall economic update that the province will run a deficit of almost $1 billion this year because of the world financial crisis. For the past two weeks, Premier Dalton McGuinty has signalled he is prepared to run a deficit because of declining government revenues. In the legislature, Opposition Leader Bob Runciman wanted to know how Ontario went from a balanced budget four weeks ago to what he said was an expected deficit of $1 billion. "Less than a month ago, (Finance Minister Dwight Duncan) said the budget would be balanced, even with a downturn in the U.S. economy," Runciman said. "Premier, how is it that just four short weeks ago the budget was balanced, but today there's going to be a deficit of almost $1 billion?" McGuinty told the house he didn't know where Runciman was getting his numbers. People would have to wait until the finance minister delivers the fall economic update later Wednesday to see what red ink exists, McGuinty said. "We're in a pretty good position now to withstand these powerful winds that are blowing out there," he said. But, McGuinty added, the government also has to find a way to "make advances on the poverty front, to act in a way that is fiscally responsible, to protect health care and to protect education." On Monday, McGuinty said he told Duncan not to run a deficit unless not doing so would mean cutting back on public services. He also vowed that Ontario would not close hospitals or cancel infrastructure programs after more than 200,000 people lost their jobs. On Tuesday, he warned schools, cities and hospitals that funding projections would have to be scaled back during challenging times that may last as long as two years. Government officials will say only that Duncan's statement will outline which new government programs will have to be delayed because of falling revenues. Anti-poverty activists are worried that will mean the government will fail to keep its promise to help the poorest of the poor improve their living standards.
  4. Aeroports de Montreal Releases its Fiscal 2006 Results - Passenger traffic up by 5.0% - Revenues increase by 12.5% - EBITDA rises by 13.0% MONTREAL, QUEBEC--(CCNMatthews - March 7, 2007) - Aeroports de Montreal today announced its audited consolidated financial results for the fiscal year ended December 31, 2006. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports. Highlights EBITDA (excess of revenues over expenses before interest, income taxes, amortization and share in the net gain of investments at equity value) totalled $117.1 million for the year, an increase of $13.5 million, or 13.0%, over fiscal 2005. During fiscal 2006, the Corporation continued work on its various capital investment programs, mainly at Montreal-Trudeau. Work focused on modernization of the domestic jetty and expansion of the domestic arrivals hall, among other areas. In addition, excavation and foundation work progressed for the future transborder departures area and the hotel. The Corporation invested a total of $83.0 million during fiscal 2006, compared to $192.5 million in 2005. Investments in the airports are financed by cash flows from airport operations, including airport improvement fees ($46.7 million), and by long-term debt ($36.3 million). In early October, the International Centre for Settlement of Investment Disputes (ICSID) rendered its decision in the case of the illegal expropriation of Budapest-Ferihegy International Airport on January 1, 2002. The Hungarian government complied with the verdict and paid the agreed amount of $97.7 million Cdn ($83.8 million US). In accordance with existing agreements, Aeroports de Montreal's subsidiary is entitled to 55% of this amount, or $53.7 million Cdn ($46.1 million US). The related accounting gain is reflected in the share in the net gain of investments at equity value, which totals $36.6 million Cdn. Results Consolidated revenues were $285.2 million for fiscal 2006, an increase of $31.8 million, or 12.5%, over the previous year. Aeronautical and commercial revenues were the main contributors to this increase. Operating costs (excluding municipal taxes) were $105.7 million for the year, up $7.6 million or 7.7%, from 2005. This variance is partly due to the normal increase in operating costs following the June 2005 start-up of the new international jetty at Montreal-Trudeau. Municipal taxes were up by 9.6% for the year under review, rising to $34.1 million in fiscal 2006 from $31.1 million in 2005. This increase is attributable to Montreal-Trudeau's higher property valuation following the start-up of the new facilities that are part of the airport expansion program. ADM is the most taxed Canadian airport authority, paying up to four times more per passenger than the other major Canadian airports. Like many other companies, ADM considers EBITDA to be the best indicator for judging the Corporation's ability to meet its financial obligations. EBITDA was $117.1 million for the year under review, against $103.6 million for 2005, an increase of $13.5 million, or 13.0%. Amortization was $72.1 million in 2006, representing an increase of $7.0 million, or 10.8%, over the prior year. This increase is mainly due to the start-up of several new facilities at Montreal-Trudeau, including the international jetty (June 2005), the public international arrivals hall (December 2005) and the new multi-level parking lot (February 2006). Interest on long-term bonds totalled $68.9 million for the period under review, up $18.0 million, or 35.4%, over fiscal 2005. This variance is attributable to a decrease in the amount of capitalized interest on construction in progress, as well as the issuance of a new series of revenue bonds in September 2005. The Corporation reported an excess of revenues over expenses of $19.2 million for the fiscal year ended December 31, 2006, compared with a shortfall of $14.2 million for the prior year, an improvement of $33.4 million. This variance is mainly due to the increase in the share of earnings of Aeroports de Montreal's subsidiary (including the accounting gain resulting from the compensation awarded for the expropriation of Budapest-Ferihegy International Airport) and the higher EBITDA, all of which was offset by the increased financing expenses and amortization. Financial highlights: For the year ended December 31: ------------------------------------------------------------------- (in millions of dollars) 2006 2005 Variance (%) ------------------------------------------------------------------- Revenues 285.2 253.4 12.5 ------------------------------------------------------------------- Operating costs (excluding municipal taxes) 105.7 98.1 7.7 Municipal taxes 34.1 31.1 9.6 Rent paid to Transport Canada 21.8 20.8 4.8 Amortization 72.1 65.1 10.8 Interest on long-term bonds 68.9 50.9 35.4 ------------------------------------------------------------------- Total expenses 302.6 266.0 13.8 ------------------------------------------------------------------- Shortfall of revenues over expenses (before share of investments at equity value) (17.4) (12.6) 38.1 ------------------------------------------------------------------- ------------------------------------------------------------------- Share in the net gain (loss) of investments at equity value 36.6 (1.6) 2,387.5 ------------------------------------------------------------------- Excess (shortfall) of revenues over expenses 19.2 (14.2) 235.2 ------------------------------------------------------------------- ------------------------------------------------------------------- Cash flows from operating activities (before changes in non-cash working capital items) 46.7 49.4 (5.5) ------------------------------------------------------------------- EBITDA 117.1 103.6 13.0 ------------------------------------------------------------------- Passenger traffic Passenger traffic at Montreal-Trudeau increased by 5.0% in 2006, to a new record of 11.4 million passengers enplaned/deplaned. International traffic showed the greatest increase at 6.9%, compared with 4.7% and 3.2% for the domestic and transborder sectors respectively. Passenger traffic ---------------------------------------------------------------- ---------------------------------------------------------------- Aeroports de Montreal 2006 2005 Variance (%) ---------------------------------------------------------------- ---------------------------------------------------------------- January 903,352 895,265 0.9 February 870,153 854,276 1.9 March 997,014 930,222 7.2 ---------------------------------------------------------------- ---------------------------------------------------------------- 1st quarter 2,770,519 2,679,763 3.4 ---------------------------------------------------------------- ---------------------------------------------------------------- April 916,582 860,345 6.5 May 938,606 866,926 8.3 June 999,814 957,146 4.5 ---------------------------------------------------------------- ---------------------------------------------------------------- 2nd quarter 2,855,002 2,684,417 6.4 ---------------------------------------------------------------- ---------------------------------------------------------------- July 1,054,221 1,042,952 1.1 August 1,091,206 1,054,465 3.5 September 976,930 952,257 2.6 ---------------------------------------------------------------- ---------------------------------------------------------------- 3rd quarter 3,122,357 3,049,674 2.4 ---------------------------------------------------------------- ---------------------------------------------------------------- October 940,368 905,132 3.9 November 824,452 756,767 8.9 December 921,372 817,025 12.8 ---------------------------------------------------------------- ---------------------------------------------------------------- 4th quarter 2,686,192 2,478,924 8.4 ---------------------------------------------------------------- ---------------------------------------------------------------- Entire year 11,434,070 10,892,778 5.0 ---------------------------------------------------------------- ---------------------------------------------------------------- Source: Aeroports de Montreal, preliminary figures Aircraft movements There were a total of 235,393 aircraft movements at Aeroports de Montreal in fiscal 2006, representing a 1.5% increase over 2005. Aircraft movements at Montreal-Trudeau rose by 2.5%, to 213,468, while those at Montreal- Mirabel dropped by 7.3%, to 21,925. Aircraft movements ------------------------------------------------------------------- 2006 2005 Variance (%) ------------------------------------------------------------------- Montreal-Trudeau 213,468 208,342 2.5 ------------------------------------------------------------------- Montreal-Mirabel 21,925 23,640 (7.3) ------------------------------------------------------------------- Aeroports de Montreal 235,393 231,982 1.5 ------------------------------------------------------------------- Source: Aeroports de Montreal, preliminary figures
  5. Passenger growth down, revenues up at Trudeau The Gazette Published: 1 hour ago Passenger traffic at Montreal-Trudeau International Airport grew by a lacklustre 0.4 per cent during the second quarter of 2008, as the economic slowdown in the U.S. drove down transborder traffic by four per cent, the Aéroports de Montréal said today. For the first six months of 2008, traffic at Montreal-Trudeau rose 2.8 per cent to 6.3 million passengers over the same period in 2007, mostly fueled by international flights. While an increase in payroll and pension payments drove up operating costs by 8.6 per cent during the first six months of fiscal 2008, revenues as of June 30, 2008 were up by $24.8 million, a 15.9 per cent rise over the half-year figure for 2007. The increase is mainly attributable to increased aeronautical fees and airport improvement fees, as well as small growth in passenger traffic, the airport authority said. Airport fees are now being contested by carriers who have asked the ADM for a break as they struggle with high fuel prices. The ADM usually sets its rates during the fall. And the authority appears to have some leeway. For the second quarter of 2008, the ADM made $2.6 million in revenues, over expenses, up from $2.3 million during the same period a year earlier. For the first half of the year, the airport authority made $11 million in net earnings, compared to $2.4 million for the same period in 2007.