1 PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended June 30, Highlights for the second quarter 1 : Highlights from continuing operations (excluding Harlequin): Total Segmented revenue was $237.3 million in the second quarter of 2014, down $18.1 million (7.1%) from $255.4 million in the second quarter of Segmented Adjusted EBITDA ( Segmented EBITDA ) (see non-ifrs measures ) was $32.5 million in the second quarter of 2014, down $1.1 million from $33.6 million in the second quarter of Segmented operating profit was $19.1 million in the second quarter of 2014, up $0.7 million from $18.4 million in the second quarter of Net income from continuing operations was $18.1 million ($0.23 per share) in the second quarter of 2014 up $5.6 million ($0.07 per share) from $12.6 million ($0.16 per share) in the second quarter of Adjusted earnings per share (see non-ifrs measures ) was $0.20 in the second quarter of 2014, down $0.01 from the second quarter of Highlights from total operations: Net income attributable to equity shareholders was $19.7 million ($0.25 per share) in the second quarter of 2014 up $1.7 million ($0.02 per share) from $18.0 million ($0.23 per share) in the second quarter of Net debt (see non-ifrs measures ) was $155.9 million at June 30, 2014, down $16.8 million from $172.7 million at March 31, In the second quarter, Torstar entered into an agreement to sell all of the shares of Harlequin to a division of HarperCollins Publishers L.L.C., a subsidiary of News Corp. for $455 million in cash. The sale was approved by the Class A Shareholders of Torstar at a special meeting held on July 8, 2014 and on July 21, 2014, Torstar announced that the regulatory clearances and approvals required in connection with the proposed sale of Harlequin have been received. The parties currently anticipate closing the transaction on or about August 1, Results in the quarter were relatively stable with segment EBITDA down $1.1 million to $32.5 million. A modest gain at Metroland Media was offset by a decline at Star Media Group said David Holland, President and CEO of Torstar Corporation. We were encouraged that our community media operation, Metroland Media, grew earnings in the quarter as pressures on revenue eased in the second quarter of Looking forward, for the balance of the year, we expect continued challenges in print advertising revenues but multi-platform subscriber revenues and flyer distribution revenues should remain stable. Our results will continue to benefit from restructuring efforts to date and ongoing cost controls. At the same time, we remain committed to 1 Torstar s investment in Harlequin Enterprises Limited ( Harlequin ) previously represented the Book Publishing Segment. Effective the second quarter of 2014 this has been reclassified as Assets Held for Sale and Discontinued Operations and all results have been restated to reflect this change. Refer to Note 5 and Note 20 of the Torstar s 2014 Second Quarter Condensed Consolidated Financial Statements for further information. -1-
2 investing in those areas of highest value to our customers as we continue to adapt to the changing media environment. We recently received both shareholder and regulatory approval of the pending sale of Harlequin and we are currently expecting to close the transaction on or about August 1, As previously stated we intend to apply a portion of the net proceeds to eliminate debt. The Company will retain the remainder of the proceeds pending a thorough review of our future cash requirements and potential investment opportunities. The following table provides a continuity of earnings per share and adjusted earnings per share from the second quarter of 2013 to the second quarter of 2014: Earnings Per Share Adjusted Earnings Per Share Earnings per share from continuing operations attributable to equity shareholders in the $0.16 $0.21 second quarter of 2013 Changes Operations (0.01) (0.01) Interest and financing costs Associated businesses (0.02) (0.02) Restructuring and other charges* 0.02 Non-cash foreign exchange* 0.01 Other income (expense) * (0.03) Change in deferred taxes * 0.08 Earnings from continuing operations per share attributable to equity shareholders in the second quarter of 2014 $0.23 $0.20 Earnings per share from discontinued operations attributable to equity shareholders in the second quarter of 2014 $ Earnings per share attributable to equity shareholders in the second quarter of 2014 $0.25 $0.20 * Items are excluded from definition of adjusted earnings per share, see Non-IFRS measures OPERATING RESULTS SECOND QUARTER 2014 The following tables sets out, in $000 s the segmented results for the three months ended June 30, 2014 and (in $000 s) Media* Corporate Three months ended June 30, 2014 Total Segmented* Adjustments & Eliminations for Joint Ventures Total Per Consolidated Statement of Income Operating revenue $237,260 $237,260 ($11,669) $225,591 Salaries and benefits (94,121) ($2,442) (96,563) 4,502 (92,061) Other operating costs (107,380) (781) (108,161) 4,650 (103,511) EBITDA** 35,759 (3,223) 32,536 (2,517) 30,019 Amortization & depreciation (8,807) (16) (8,823) 696 (8,127) Operating earnings** 26,952 (3,239) 23,713 (1,821) 21,892 Restructuring and other charges (4,357) (4,357) 5 (4,352) Impairment of assets (258) (258) (258) Operating profit** $22,337 ($3,239) $19,098 ($1,816) $17,282-2-
3 (in $000 s) Media* Corporate Three months ended June 30, 2013 Total Segmented* Adjustments & Eliminations for Joint Ventures Total Per Consolidated Statement of Income Operating revenue $255,397 $255,397 ($11,839) $243,558 Salaries and benefits (101,512) ($3,120) (104,632) 5,122 (99,510) Other operating costs (116,387) (771) (117,158) 4,728 (112,430) EBITDA** 37,498 (3,891) 33,607 (1,989) 31,618 Amortization & depreciation (8,694) (10) (8,704) 668 (8,036) Operating earnings** 28,804 (3,901) 24,903 (1,321) 23,582 Restructuring and other charges (6,094) (6,094) 22 (6,072) Impairment of assets (370) (370) (370) Operating profit** $22,340 ($3,901) $18,439 ($1,299) $17,140 * Includes proportionately consolidated share of joint venture operations ** These are non-ifrs or additional IFRS measures, see non-ifrs measures. Revenue Segmented revenue was down $18.1 million or 7.1% in the second quarter of 2014 inclusive of a $1.6 million decrease in revenue at Metroland Media Group s TMGTV which was primarily due to lower product sales. Segmented revenues, excluding the decreases in Metroland Media Group s TMGTV, were down $16.5 million or 6.5% in the second quarter. This decline was primarily the result of lower print advertising revenues which continued to be under pressure during the second quarter. However, multi-platform subscriber revenues and flyer distribution revenues, which accounted for approximately 35% of segmented revenue in the second quarter of 2014, were relatively stable in the second quarter of In the Star Media Group, revenues were also believed to be negatively impacted in part by the transition of advertising sales for the Toronto Star to Metro which occurred in the latter part of the first quarter of This is expected to be a temporary issue. At Metroland Media Group, the rate of print advertising revenue decline in the second quarter slowed relative to the first quarter at both the community and daily newspapers with the trend improving as the second quarter progressed. Digital revenue trends in the Media Segment improved in the second quarter with digital revenue slightly above the prior year as a result of lower revenues at WagJag and Workopolis largely offset by growth in other digital properties including eyereturn Marketing, thestar.com and the Metroland community websites. Adjusting for the declines in WagJag and Workopolis revenue, digital revenues would have increased 3.4% in the second quarter. Digital revenues were 12.0% of total Media Segment revenues in the second quarter of 2014 compared to 11.1% in the second quarter of EBITDA Total Segmented EBITDA was down $1.1 million or 3.2% in the second quarter of 2014 reflecting a $1.7 million decrease in EBITDA in the Media Segment partially offset by a decrease of $0.6 million in Corporate expenses. During the second quarter, declines in print advertising revenues and general wage increases exceeded the impact of cost reductions. Overall Media Segment costs decreased by $16.4 million in the second quarter of 2014 including $8.9 million of savings from restructuring initiatives, as well as lower pension costs, decreased costs at TMGTV and the impact of lower newsprint price and consumption largely due to print advertising revenue declines. Profitability in the digital properties continued to improve in the second quarter and in the first six months of 2014 across the Media Segment. Operating earnings Segmented operating earnings were down $1.2 million in the second quarter of Net income from continuing operations Torstar reported net income from continuing operations of $18.1 million or $0.23 per share in the second quarter of 2014 up $5.6 million or $0.07 per share from $12.6 million or $0.16 per share in the second quarter of
4 Adjusted earnings per share was $0.20 in the second quarter of 2014, down $0.01 per share from $0.21 per share in the second quarter of Discontinued Operations Discontinued operations reflect Torstar s investment in Harlequin which previously represented the Book Publishing Segment. Torstar reported net income from discontinued operations of $1.6 million or $0.02 per share in the second quarter of 2014 down $4.0 million or $0.05 per share from $5.6 million or $0.07 per share in the second quarter of Revenues from discontinued operations, inclusive of the proportionate share of joint ventures, decreased $3.1 million to $96.4 million in the second quarter of 2014 including a $6.7 million increase from the impact of foreign exchange. This decrease was largely the result of declines in North American revenues, relative to the comparable periods in Net income from discontinued operations was $1.6 million in the second quarter of On a pre-tax basis, $2.3 million of this decline relates to transaction costs in respect of the pending sale of Harlequin. The balance of this decrease was primarily the result of lower revenues noted above and was partially offset by $1.0 million of lower depreciation and amortization, as no depreciation and amortization was recorded after Harlequin was classified as held-for-sale following the announcement of the pending sale. Net income attributable to equity shareholders Torstar reported net income attributable to equity shareholders $19.7 million or $0.25 per share in the second quarter of 2014 up $1.7 million or $0.02 per share from $18.0 million or $0.23 per share in the second quarter of OUTLOOK Through the second quarter and first six months of 2014, the Media Segment continued to face challenges as a result of continued shifts in spending by advertisers. Print advertising revenue was also believed to be partially impacted by the transition of advertising sales for the Toronto Star to Metro effective February 28, Visibility on how advertising revenues will evolve over the balance of the year remains limited. The rate of decline of print advertising revenues at the Metroland community and daily newspapers slowed in the second quarter of 2014, relative to earlier in the year. While indications are that the trends experienced in the second quarter of 2014 at Metroland Media Group have continued early into the third quarter, print advertising revenues are likely to continue to be under pressure. However, multi-platform subscriber revenues and flyer distribution revenues are expected to be relatively stable in the balance of the year. Across Torstar, cost reduction has been and is expected to remain an important area of focus. The Media Segment is anticipated to realize $10.5 million of savings in the balance of 2014 from restructuring initiatives undertaken through the end of the second quarter of Net investment spending associated with growth initiatives in 2014 is currently expected to be somewhat lower than 2013 levels. Management expects to continue to pursue additional cost saving opportunities in the balance of the year, including the recently announced closure of certain publications, which included Metro s print operations in Regina, Saskatoon and London, Ontario. From a cash flow perspective, in the balance of 2014, Torstar anticipates spending approximately $17 million for the required funding of its registered defined benefit pension plans, excluding Harlequin. Capital expenditures in the balance of 2014, exclusive of those related to Harlequin, are currently anticipated to be approximately $14 million for additions to property, plant, equipment and intangible assets. DIVIDEND On July 29, 2014, Torstar declared a quarterly dividend of cents per share on its Class A shares and Class B non-voting shares, payable on September 30, 2014, to shareholders of record at the close of business on September 12, Torstar advises that, for the purposes of the Income Tax Act, Canada and for any relevant provincial tax legislation, this dividend is designated as an eligible dividend. -4-
5 ADDITIONAL INFORMATION For additional information, please refer to Torstar s condensed consolidated financial statements and interim Management s Discussion and Analysis for the period ended June 30, Both documents will be filed today on SEDAR and are available on Torstar s corporate website CONFERENCE CALL Torstar has scheduled a conference call for July 30, 2014 at 8:15 a.m. to discuss its second quarter results. The dial-in number is (416) or A live broadcast of the conference call will be available over the internet on the Presentations, Events and Conference Calls page (Investor Relations) on Torstar s website A recording of the conference call will be available for 9 days at (905) or reservation number An online archive of the broadcast will be available shortly after the completion of the call and will be accessible by visiting the Presentations, Events and Conference Calls (Investor Relations) page on Torstar s website About Torstar Corporation Torstar Corporation is a broadly based media and book publishing company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada s largest daily newspaper, Free Daily News Group Inc., which publishes the English-language Metro newspapers in several Canadian cities, Metroland Media Group, publisher of community and daily newspapers in Ontario; and also include digital properties including thestar.com, Workopolis, wagjag.com, toronto.com, save.ca, Olive Media, and eyereturn Marketing; and Harlequin, a leading global publisher of books for women. Non-IFRS measures In addition to operating profit, an additional IFRS measure, as presented in the consolidated statement of income, management uses Adjusted EBITDA ( EBITDA ) (and where applicable Segmented EBITDA) operating earnings (and where applicable Segmented operating earnings) and Adjusted earnings per share as measures to assess the consolidated performance and the performance of the reporting units and business segments. Torstar also reports net debt, which is also a non-ifrs measure. Please refer to Section 11 of Torstar s 2014 Second Quarter MD&A for a reconciliation of EBITDA and Operating earnings (and Segmented EBITDA/Segmented Operating earnings as applicable) with Operating profit (Segmented Operating profit as applicable), Adjusted earnings per share to earnings per share and Net debt to Long-term debt. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ( EBITDA )/Segmented Adjusted EBITDA ( Segmented EBITDA ) Unless otherwise indicated, references to EBITDA throughout this press release means adjusted EBITDA or adjusted Segmented EBITDA, as applicable. EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure that is also used by many of Torstar s shareholders, creditors, other stakeholders and analysts as a proxy for the amount of cash generated by Torstar s operations or by a reporting unit or business segment. EBITDA is not the actual cash provided by operating activities and is not a recognized measure of financial performance under IFRS. Torstar calculates EBITDA as operating revenue less salaries and benefits and other operating costs as presented on the consolidated statement of income. Torstar further adjusts EBITDA to exclude restructuring and other charges and impairment of assets. Torstar s method of calculating EBITDA (including calculating EBITDA on an adjusted basis to exclude restructuring and other charges and impairment of assets) may differ from other companies and accordingly may not be comparable to measures used by other companies. Segmented EBITDA is calculated in the same manner described above, except that it is calculated using total segment results prior to the elimination of proportionately consolidated results for joint ventures. Operating earnings/segmented operating earnings Operating earnings is used by management to represent the results of ongoing operations and is not a recognized measure of financial performance under IFRS. Torstar calculates operating earnings as operating revenue less salaries and benefits and other operating costs and amortization and depreciation. Operating earnings excludes restructuring and other charges and impairment of assets. Torstar s method of calculating operating earnings (including calculating operating earnings on an adjusted basis to exclude restructuring and other charges and impairment of assets) may differ from other companies and accordingly may not be comparable to measures used by other companies. Segmented operating earnings is calculated in the same manner described above, except that it is calculated using total segment results prior to the elimination of proportionately consolidated results for joint ventures. Adjusted earnings per share Adjusted earnings per share is used by management to represent the per share earnings of results of ongoing operations and is not a recognized measure of financial performance under IFRS. Torstar calculates adjusted earnings per share as earnings per share from continuing operations less the per share effect of impairment of assets, restructuring and other charges, non-cash foreign exchange, other income (expense) and change in deferred taxes. Torstar s method of calculating adjusted earnings per share may differ from other companies and accordingly may not be comparable to measures used by other companies. Net debt Net debt is used by management to represent the amount of borrowings outstanding and is calculated as the sum of Long-term debt, Current portion of long-term debt and Bank overdraft less Cash and cash equivalents and includes amounts related to Assets Held for Sale. Operating profit Operating profit is an additional IFRS measure used by management to represent the results of operations inclusive of impairments and restructuring and other charges and appears in Torstar s consolidated statement of income. -5-
6 Forward-looking statements Certain statements in this press release and in the Company s oral and written public communications may constitute forward-looking statements that reflect management s expectations regarding the Company s future growth, financial performance and business prospects and opportunities as of the date of this press release. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as anticipate, believe, plan, forecast, expect, intend, would, could, if, may and similar expressions. This press release includes, among others, forward-looking statements regarding the proposed acquisition by a division of HarperCollins Publishers LLC, a subsidiary of News Corp of all of the outstanding shares of Harlequin Enterprises Limited, including management s expectations regarding the expected timing of the completion of the transaction, Company s expected net savings from restructuring initiatives and the outlook for the balance of All such statements are made pursuant to the safe harbour provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this release. In addition, forward-looking statements are provided for the purpose of providing information about management s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management s assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to: the ultimate outcome of the transaction to sell Harlequin, including the risk that the transaction may not close, the Company s ability to operate in highly competitive industries; the Company s ability to compete with other newspapers and other forms of media and media platforms; the Company s ability to attract and retain advertisers; the Company s ability to maintain adequate circulation/subscription levels; the Company s ability to attract and retain readers; the Company s ability to retain and grow its digital audience and profitably develop its digital businesses; general economic conditions in the principal markets in which the Company operates; the Company s ability to compete with book publishers, self-publishing and other providers of entertainment; the trend towards digital books and the Company s ability to distribute its books through the changing distribution landscape; the popularity of its authors and its ability to retain popular authors; the contraction and concentration of the wholesale and retail print channels; the Company s ability to accurately estimate the rate of book returns through the wholesale and retail channels; the decline of the Company s direct-to-consumer book publishing operations; labour disruptions; the Company s ability to reduce costs; loss of reputation; newsprint costs; foreign operations and foreign exchange fluctuations; credit risk; restrictions imposed by existing credit facilities, debt financing and availability of capital; changes in pension fund obligations; reliance on its printing operations; reliance on technology and information systems; interest rates; availability of insurance; litigation; environmental, privacy, anti-spam, communications and e-commerce laws and regulations applicable generally to the Company s businesses; dependence on key personnel; dependence on third party suppliers and service providers; intellectual property rights; results of impairment tests; risks related to business development and acquisition integration; product revenue and product liability; control of Torstar by the Voting Trust; and uncertainties associated with critical accounting estimates. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, the expected timing of closure of the transaction to sell Harlequin, assumptions regarding the performance of the North American and global economies; tax laws in the countries in which we operate; continued availability of printing operations; continued availability of financing on appropriate terms; exchange rates; market competition; rates of return and discount rates relating to pension expense and pension plan obligations; royalty rates, expected future revenues, expected future cash flows and discount rates relating to valuation of goodwill and intangible assets; and successful development of new products. There is a risk that some or all of these assumptions may prove to be incorrect. When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not intend, and disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law. For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar s 2013 Management s Discussion & Analysis which has been filed on and is available on Torstar s corporate website Torstar s news releases are available on the Internet at For more information please contact: L. DeMarchi Executive Vice-President and Chief Financial Officer Torstar Corporation (416)
7 Torstar Corporation Consolidated Statement of Financial Position (Thousands of Canadian Dollars) (Unaudited) As at June As at December Assets Current: Cash and cash equivalents $3,284 $19,151 Receivables 154, ,485 Inventories 8,088 29,368 Prepaid expenses and other current assets 10,178 47,872 Prepaid and recoverable income taxes 2,600 3,765 Assets held for sale 335,198 Total current assets 514, ,641 Investments in joint ventures 71,719 80,901 Investments in associated businesses 40,654 40,215 Property, plant and equipment 129, ,665 Intangible assets 58,092 73,942 Goodwill 426, ,982 Other assets 10,765 11,465 Employee benefits assets 27,490 44,532 Deferred income tax assets 11,438 51,369 Total assets $1,290,344 $1,348,712 Liabilities and Equity Current: Bank overdraft $1,741 Current portion of long-term debt $180,756 Accounts payable and accrued liabilities 105, ,888 Derivative financial instruments 2, Provisions 18,250 20,807 Income tax payable 624 9,810 Liabilities associated with assets held for sale 101,693 Total current liabilities 409, ,157 Long-term debt 175,898 Derivative financial instruments 4,125 Provisions 10,959 16,251 Other liabilities 10,454 12,425 Employee benefits 73,102 82,641 Deferred income tax liabilities 8,740 24,431 Equity: Share capital 400, ,605 Contributed surplus 17,957 17,383 Retained earnings 358, ,589 Accumulated other comprehensive loss (1,947) (7,603) Total equity attributable to equity shareholders 774, ,974 Minority interests 2,867 2,810 Total equity 777, ,784 Total liabilities and equity $1,290,344 $1,348,712
8 Torstar Corporation Consolidated Statement of Income (Thousands of Canadian Dollars except per share amounts) (Unaudited) Three months ended June 30 Six months ended June Restated* 2014 Restated* Operating revenue $225,591 $243,558 $424,775 $460,680 Salaries and benefits (92,061) (99,510) (181,609) (199,130) Other operating costs (103,511) (112,430) (201,365) (221,339) Amortization and depreciation (8,127) (8,036) (16,444) (15,886) Restructuring and other charges (4,352) (6,072) (7,870) (11,778) Impairment of assets (258) (370) (524) (370) Operating profit 17,282 17,140 16,963 12,177 Interest and financing costs (2,177) (4,084) (4,338) (8,061) Foreign exchange 552 (728) (613) (865) Income from joint ventures 1,525 1,029 3,096 2,669 Income (loss) of associated businesses 89 2,152 (579) 1,686 Other income (expense) (2,667) 543 (1,616) ,604 16,052 12,913 8,133 Income and other taxes 3,500 (3,500) 3,600 (1,800) Net income from continuing operations $18,104 $12,552 $16,513 $6,333 Income from discontinued operations 1,611 5,588 10,330 15,989 Net income $19,715 $18,140 $26,843 $22,322 Attributable to: Equity shareholders $19,682 $18,006 $26,786 $22,179 Minority interests $33 $134 $57 $143 Net income attributable to equity shareholders per Class A (voting) and Class B (non-voting) share: Basic and Diluted: From continuing operations $0.23 $0.16 $0.21 $0.08 From discontinued operations $0.02 $0.07 $0.13 $0.20 $0.25 $0.23 $0.34 $0.28 *The 2013 comparative amounts have been restated to reflect the classification of Harlequin into discontinued operations.
9 Torstar Corporation Consolidated Statement of Cash Flows (Thousands of Canadian Dollars) (Unaudited) Three months ended June 30 Six months ended June Restated* 2014 Restated* Cash was provided by (used in) Operating activities $28,867 $2,206 $43,257 $15,390 Investing activities (5,260) (7,675) (19,919) (13,224) Financing activities (17,000) 918 (16,022) (9,325) Increase (decrease) in cash 6,607 (4,551) 7,316 (7,159) Effect of exchange rate changes from discontinued operations (464) (159) 98 (361) Cash, beginning of period 18,681 12,250 17,410 15,060 Cash, end of period $24,824 $7,540 $24,824 $7,540 Operating activities: Net income from continuing operations $18,104 $12,552 $16,513 $6,333 Amortization and depreciation 8,126 8,036 16,444 15,886 Deferred income taxes (3,700) 300 (3,300) 2,400 Income from joint ventures (1,525) (1,029) (3,096) (2,669) Distributions from joint ventures 3,560 2,500 4,310 3,000 Loss (income) of associated businesses (89) (2,152) 579 (1,686) Dividend from associated businesses Impairment of assets Non-cash employee benefit expense 3,668 7,044 7,286 13,992 Employee benefits funding (9,749) (14,351) (17,781) (29,109) Other (742) 657 (4,152) (2,317) 17,911 13,927 17,521 6,582 Decrease (increase) in non-cash working capital 7,341 (13,515) 13,156 (11,589) Cash provided by (used in) operating activities of continuing operations 25, ,677 (5,007) Cash provided by operating activities of discontinued operations 3,615 1,794 12,580 20,397 Cash provided by operating activities $28,867 $2,206 $43,257 $15,390 Investing activities: Additions to property, plant and equipment and intangible assets ($3,631) ($4,370) ($7,025) ($7,536) Investment in associated businesses (1,000) (1,417) (500) Acquisitions and investments (30) (1,365) (10,726) (2,377) Other Cash used in investing activities of continuing operations (4,486) (5,724) (18,705) (10,299) Cash used in investing activities of discontinued operations (774) (1,951) (1,214) (2,925) Cash used in investing activities ($5,260) ($7,675) ($19,919) ($13,224) Financing activities: Issuance of bankers acceptances $11,674 $11,199 $11,685 Repayment of bankers acceptances ($7,030) (7,030) Dividends paid (10,355) (10,380) (20,681) (20,742) Exercise of share options Other (96) (376) 9 (268) Cash used in financing activities of continuing operations (17,000) 918 (16,022) (9,325) Cash used in financing activities of discontinued operations Cash provided by (used in) financing activities ($17,000) $918 ($16,022) ($9,325) Cash represented by: Attributed to continuing operations: Cash $3,284 $3,284 Bank overdraft ($11,167) ($11,167) $3,284 ($11,167) $3,284 ($11,167) Attributed to discontinued operations: Cash $21,729 $26,852 $21,729 $26,852 Cash equivalents short-term deposits 1,649 3,679 1,649 3,679 Bank overdraft (1,838) (11,824) (1,838) (11,824) $21,540 $18,707 $21,540 $18,707 Net cash, end of period $24,824 $7,540 $24,824 $7,540 *The 2013 comparative amounts have been restated to reflect the classification of Harlequin into discontinued operations.