The Water Treatment Group further improves its profitability,
while the Pulp and Paper Group takes measures to face
difficult economic conditions.
- Consolidated revenues of $154.0 M, up 11.8% over consolidated revenues
for the same quarter of the previous year. Excluding the favourable
impact of exchange rate fluctuations and the acquisition closed the
previous year, consolidated revenues posted a slight organic decrease
of 1.7%;
- Gross margin of 23.0% versus 20.0% last year, an improvement
attributable to higher value-added contracts for new infrastructures
within the Water Treatment Group and the Pulp and Paper Group's
lucrative aftermarket business;
- Normalized items totalling $5.7 M associated primarily with the Pulp
and Paper Group, including restructuring costs of $3.8 M and a special
doubtful accounts expense of $1.9 M motivated by difficult conditions
in the pulp and paper industry;
- Normalized EBITDA of $8.0 M, posting a 9.5% increase mainly
attributable to the Water Treatment Group;
- Consolidated normalized net earnings of $4.7 M or $0.18 per share
(basic and diluted) in the third quarter, compared with $1.7 M or
$0.07 per share (basic and diluted) the previous year;
- Free cash flow of $4.7 M or $0.18 per share;
- Order backlog of $291.0 M as at December 31, 2008, down 21.6% (at
constant exchange rates) from September 30, 2008, due mainly to the
Pulp and Paper Group;
- Good financial position: $9.3 M reduction in total debt since March 31,
2008, bringing the total net debt to invested capital to 22.0% as at
December 31, 2008, compared with 28.3% as at March 31, 2008;
- Consolidated results for the first nine months of fiscal 2009 (compared
with consolidated and combined carve-out results for the same period of
the previous year): revenues of $449.0 M (18.5% increase), normalized
EBITDA of $22.8 M (36.4% increase) and normalized net earnings of
$9.8 M or $0.37 per share (basic and diluted), up from $2.5 M or
$0.10 per share (basic and diluted) the previous year.
- In line with the recent restructuring plan and in the face of the
continuing global economic crisis, Laurent Verreault, GLV's CEO, has
elected to reduce his annual base salary to a nominal $1.00 for the
upcoming fiscal 2010 and to forgo all future pension allowances as per
his employment contract. This decision is supported by a salary freeze
for senior management for the same period.
MONTREAL, Feb. 12 /CNW Telbec/ - (All amounts are in Canadian dollars unless otherwise indicated.) GLV Inc. ("GLV" or the "Company"; ticker symbols GLV.A, GLV.B/TSX) discloses its financial results for the third quarter ended December 31, 2008. As global economic and financial conditions continued to deteriorate in the third quarter, both of GLV's groups experienced a decrease in their new order bookings, especially the Pulp and Paper Group, and a slowdown in their organic revenue growth. In line with management's expectations, the Water Treatment Group's profitability nonetheless continued to improve, consistent with the objectives of the recent global reorganization of its operations. Given the difficult conditions currently prevailing in the pulp and paper industry worldwide, GLV adopted a series of proactive and defensive measures within its Pulp and Paper Group, including the implementation of a cost-reduction program and the recognition of a special doubtful accounts expense. These measures entailed costs of $5.7 M, of which restructuring costs of $3.8 M and a special doubtful accounts expense of $1.9 M.
Consolidated Results of GLV
---------------------------
GLV recorded third-quarter consolidated revenues of $154.0 M, up 11.8% over the same quarter of the previous year. Excluding the favourable impact of exchange rate fluctuations and the acquisition of AJM Environmental Services Pty Ltd. ("AJM") closed the previous year, consolidated revenues posted a slight organic decrease of 1.7%. For the nine-month period ended December 31, 2008, GLV achieved consolidated revenues of $449.0 M, posting an 18.5% increase (15.8% increase at constant exchange rates) over the same period a year earlier, including organic growth of 12.7% at constant exchange rates. The consolidated gross margin as a percentage of revenues improved from 20.0% in the third quarter of last year to 23.0% this year. Both of GLV's groups, as well as the Manufacturing unit, contributed to this improvement. For the first nine months of fiscal 2009, the gross margin as a percentage of revenues rose from 21.1% to 22.2%. This general improvement is attributable to higher value-added contracts for new infrastructures within the Water Treatment Group and the Pulp and Paper Group's lucrative aftermarket business.
Excluding the normalized items of $5.7 M primarily associated with the Pulp and Paper Group, third-quarter consolidated earnings before depreciation and amortization, financial expenses and income taxes, or normalized EBITDA(1), amounted to $8.0 M, compared with normalized EBITDA of $7.3 M the previous year, due to the favourable impact of currency fluctuations and the Water Treatment Group's improved profitability. The normalized EBITDA margin as a percentage of revenues stood at 5.2%, compared with 5.3% in the same period of the previous year. For the nine-month period, consolidated normalized EBITDA totalled $22.8 M, compared with consolidated and combined carve-out normalized EBITDA of $16.7 M the previous year, whereas the normalized EBITDA margin as a percentage of revenues stood at 5.1% versus 4.4% for the same period of the previous year. GLV closed the third quarter with normalized net earnings(3) of $4.7 M or $0.18 per share (basic and diluted), compared with normalized net earnings of $1.7 M or $0.07 per share (basic and diluted) in the same quarter of the previous year. Consolidated normalized net earnings for the first nine months totalled $9.8 M or $0.37 per share (basic and diluted), compared with normalized consolidated and combined carve-out net earnings of $2.5 M or $0.10 per share (basic and diluted) in the corresponding nine-month period of the previous year.
Results and Outlook for the Water Treatment Group
-------------------------------------------------
The Water Treatment Group's third-quarter revenues grew by 11.4% (2.0% growth at constant exchange rates) to $75.9 M. Acquired in March 2008, AJM continues to bring a contribution in line with and even above management's expectations. Excluding this acquisition, the group's revenues posted a 3.6% organic decrease (at constant exchange rates) due mainly to the significant slowdown in the United Kingdom municipal market. For the nine-month period, the group's revenues increased by 11.1% (10.6% increase at constant exchange rates) to total $209.6 M. This increase is attributable to AJM's contribution coupled with a 4.4% organic growth (at constant exchange rates). Excluding various restructuring costs of $0.2 M, the group's normalized EBITDA amounted to $5.7 M in the third quarter, compared with $3.9 M the previous year. The normalized EBITDA margin thus rose from 5.7% to 7.5%. The restructuring of the Water Treatment Group's North American operations carried out during the previous year is yielding benefits in line with management's expectations. A stronger focus on higher value-added contracts and a more efficient execution of contracts notably contributed to improve the group's gross margin. Segmented normalized EBITDA for the first nine months totalled $11.9 M for a normalized EBITDA margin of 5.7%, compared with $10.5 M for a 5.5% margin the previous year.
As at December 31, 2008, the Water Treatment Group's order backlog stood at $192.3 M. At constant exchange rates, it reflected a 14.7% decrease from September 30, 2008, but a 0.4% increase over December 31, 2007. The decrease of approximately $10 M in the order backlog from September 30, 2008 can be explained mainly by GLV's voluntary withdrawal from a project worth some $7 M, as the financial guarantees offered by the customer were deemed insufficient by GLV. This decision is consistent with the stricter risk management measures adopted by GLV since the beginning of the economic slowdown to preserve the solidity of its order backlog and balance sheet. In addition, the volume of new order bookings fell short of management's expectations in most of the Water Treatment Group's business segments during the third quarter.
Management believes that the particularly severe slowdown that has affected the United Kingdom municipal market for the past several months could continue during the next months. However, it believes that conditions in the North American municipal market should be more favourable. To stimulate the economy, the new U.S. federal administration and the Canadian government have proposed to inject substantial funds into infrastructure projects, which should favour the expansion and rebuilding of municipal water treatment infrastructures. In addition, the Water Treatment Group has undertaken to intensify its development efforts in the municipal systems upgrading projects niche, where demand is more stable and Eimco Water Technologies benefits from strong technologies and expertise. Finally, GLV is continuing in its efforts to broaden and enhance its technological portfolio of municipal water treatment solutions. For instance, it recently announced it has been granted an exclusive license for U.S. and Canadian municipalities to market an advanced sludge technology that is one of the most ecological and economical on the market.
In the industrial segment, the Water Treatment Group is currently witnessing a certain slowdown in the demand for its water intake screening technologies due to the tightening of sources of financing for major projects in the energy sector. However, the group continues to develop its customer base in the food and beverage processing industry, where it has notably undertaken to export the technologies and know-how acquired from AJM toward Southeast Asia. In addition, GLV recently announced its association with a world leader to create a North American joint venture, Global Water & Energy, LLC ("GW&E"), which holds an exclusive and perpetual license to market a selection of processes for the anaerobic treatment of industrial wastewater and organic waste and for the conversion and handling of biogas to produce energy. GW&E, which is 70%-owned by GLV and 30% by its partner, will primarily target the North American food and beverage processing industry as well as certain other key sectors. This type of initiative demonstrates GLV's will to continue developing its Water Treatment Group in order to ensure its long-term success in an industry that, despite the current global economic slowdown, holds strong growth potential.
Although management remains cautious as to the Water Treatment Group's outlook over the short and medium term, it believes that the group's performance should be within the expected range for the fiscal year ending March 31, 2009. In upcoming quarters, GLV will continue to exercise tight control over the Water Treatment Group's expenses while seeking to preserve the Water Treatment Group's competitive strength when the global industry resumes its growth, notably as part of upcoming infrastructure projects.
Results and Outlook for the Pulp and Paper Group
------------------------------------------------
The Pulp and Paper Group's third-quarter revenues amounted to $73.0 M, posting a 2.0% organic decrease at constant exchange rates. For the first nine months of the current fiscal year, the group's revenues increased by 19.5% at constant exchange rates, to $226.9 M. This growth stemmed primarily from the chemical pulp preparation segment, but also from the aftermarket.
In December 2008, considering the major impact of the economic slowdown on the global pulp and paper industry, GLV implemented streamlining measures in its Pulp and Paper Group in North America and Europe in order to reduce its operating costs by some $5.5 M annually. These measures entailed restructuring costs of $3.6 M that were fully recognized in financial results for the third quarter of fiscal 2009. Considering the enduring difficult conditions in this industry, the Pulp and Paper Group could adopt further streamlining measures in upcoming quarters. Also during the third quarter, in light of the rapid deterioration of the pulp and paper market and financial position of certain manufacturers, GLV's management recorded a special doubtful accounts expense of $1.9 M in the Pulp and Paper Group, in addition to normal provisions based on historical factors.
Excluding normalized items related to the restructuring costs and a special doubtful accounts expense, the Pulp and Paper Group's normalized EBITDA amounted to $5.4 M in the third quarter, compared with $5.2 M the previous year, whereas the normalized EBITDA margin decreased from 7.8% to 7.5%. For the first nine months, the Pulp and Paper Group's normalized EBITDA totalled $18.9 M, compared with $11.2 M the previous year, while its normalized EBITDA improved to 8.4% from 6.2% last year. Two key factors enabled this group to increase its gross margin, specifically the strengthening of its international manufacturing outsourcing network and the implementation of an aftermarket business model in Europe similar to the one which has proven successful for several years in North America.
As at December 31, 2008, the Pulp and Paper Group's order backlog stood at $88.2 M. At constant exchange rates, it reflected respective decreases of 35.3% from September 30, 2008 and 40.5% from December 31, 2007. These decreases are due mainly to the economic slowdown severely affecting the global pulp and paper industry. They are also partly attributable to the significant revenues recognized during the past three quarters according to the execution schedule of large-scale contracts in progress, including the $60 M order in Europe that was almost finalized during the third quarter. In the current economic context, GLV's management remains cautious as to the Pulp and Paper Group's overall outlook between now and the end of fiscal 2009, which could probably yield a performance below expectations.
Given the slowdown in investments in the pulp and paper industry, the Pulp and Paper Group is focusing most of its efforts on the aftermarket in both North America and Europe so as to maximize its market share in this segment. In addition, the recently implemented cost-reduction program will enable the group to achieve substantial savings as of the next quarters.
Overall Outlook of GLV
----------------------
As at December 31, 2008, GLV's order backlog totalled $291.0 M. At constant exchange rates, it reflected decreases of 21.6% from September 30, 2008 and 15.8% from December 31, 2007.
Since the beginning of the economic slowdown, GLV has reinforced its overall cost control measures at head office and in both its groups. It has also adopted stricter measures with respect to the management of its liquidity and risks, especially project-related credit risks. In line with the recent restructuring plan and in the face of the continuing global economic crisis, GLV's CEO, Laurent Verreault, has elected to reduce his annual base salary to a nominal $1.00 for the upcoming fiscal 2010 and to forgo future pension allowances as per his employment contract. This decision is further supported by a general salary freeze for the Company's senior management for the same period.
These initiatives reflect GLV's corporate philosophy and values and attest to its senior management's desire and commitment to build shareholder value by maximizing on the Company's fundamentals and long-term potential.
GLV's management will continue to closely monitor global economic conditions and will promptly react, if deemed appropriate based on its reading of market trends, by implementing additional cost-reduction measures. It should be noted that GLV's manufacturing outsourcing strategy provides it with the flexibility needed to rapidly adjust its cost structure to the market reality.
Management believes that GLV has certain advantages to face the current global financial and economic crisis, including the following:
- Despite its decrease, the Company still has a good order backlog, which should sustain a good level of business activity and revenues in upcoming months. - The recent reorganization of the Water Treatment Group's European and North American operations is yielding benefits in line with expectations, whereas the cost-reduction program recently implemented in the Pulp and Paper Group should produce recurring savings of more than $5 M annually. - In regard to GLV's customers, management believes that the tightening of credit markets is mostly affecting major investment projects for new infrastructures, while the demand for smaller-scale projects aimed at improving and upgrading existing infrastructures as well as for aftermarket business currently remains relatively strong. This market segment is the Pulp and Paper Group's primary field of expertise and an important niche for the Water Treatment Group, especially in the North American municipal market. - The new federal administration in the United States and the Canadian federal government have proposed infrastructure investment plans to stimulate the economy, which should benefit projects to upgrade municipal water treatment infrastructures. - Finally, GLV benefits from a good financial position. The Company notably reduced its total net debt by $9.3 M since the beginning of the fiscal year, bringing its total net debt to invested capital ratio to 22.0% as at December 31, 2008. It should be noted that GLV's loans are being used exclusively to finance its working capital. Therefore, should the Company experience a decline in its business volume and, consequently, in its working capital requirements, it would make lesser use of its credit facilities.
For fiscal 2009, based on its reading of GLV's business outlook, current economic conditions and financial markets, management maintains with caution the Company's objective, as disclosed in June 2008, of achieving consolidated revenues of between $570 M and $600 M. However, although it maintains its goal of achieving consolidated and segmented EBITDA margins of 10%, management believes that the current economic context could defer the achievement of this objective, which was initially scheduled for the end of fiscal 2010.
About GLV Inc.
--------------
GLV Inc. is a leading global provider of technological solutions used in water treatment and pulp and paper production. Its Water Treatment Group (also known worldwide as "Eimco Water Technologies") specializes in the design and international marketing of solutions for the treatment and re-use of municipal and industrial wastewater and water used in various industrial processes. It also offers water intake screening solutions for power stations and desalination plants. With its extensive technological portfolio, the group is positioned to provide comprehensive solutions for the filtration, clarification, treatment and purification of water that will either be returned into the environment, or be re-used in various industrial processes or for domestic purposes. Its Pulp and Paper Group specializes in the design and global marketing of equipment and systems used in various stages of pulp and paper production, notably chemical pulping, pulp preparation and sheet formation and finishing. This group ranks among the foremost players in its industry and is a recognized leader in rebuilding, upgrading and optimization services for existing equipment, as well as the sale of spare parts. GLV is present in some 30 countries and approximately has 1,700 employees.
Consolidated and Segmented Results, Cash Flows and Balance Sheet
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Change
(in thousands of $, except Three months 2008
percentages, per share data ended versus
and number of shares) December 31, 2007
-------------------------------------------------------------------------
2008 2007 %
-------------------------------------------------------------------------
Revenues:
Water Treatment 75,897 68,105 11.4%
Pulp and Paper 72,994 66,576 9.6%
Other and eliminations 5,069 3,009 68.5%
-------------------------------------------------------------------------
Total 153,960 137,690 11.8%
-------------------------------------------------------------------------
Gross margin 35,382 27,531 28.5%
Selling and administrative
expenses 27,385 20,231 35.4%
EBITDA 2,293 6,302 (63.6%)
Restructuring costs and special
doubtful accounts expense
Water Treatment 236 428 (44.9%)
Pulp and Paper 5,468 - -
Other and eliminations - 75 -
-------------------------------------------------------------------------
Total 5,704 503 1,034.0%
-------------------------------------------------------------------------
Costs related to the Arrangement
Water Treatment - - -
Pulp and Paper - 294 -
Other and eliminations - 201 -
-------------------------------------------------------------------------
Total - 495 -
-------------------------------------------------------------------------
Normalized EBITDA(1):
Water Treatment 5,690 3,902 45.8%
Pulp and Paper 5,448 5,207 4.6%
Other and eliminations (3,141) (1,809) 73.6%
-------------------------------------------------------------------------
Total 7,997 7,300 9.5%
-------------------------------------------------------------------------
Depreciation and amortization:
Water Treatment 1,434 1,306 9.8%
Pulp and Paper 747 709 5.4%
Other and eliminations 711 785 (9.4%)
-------------------------------------------------------------------------
Total 2,892 2,800 3.3%
-------------------------------------------------------------------------
Normalized EBIT(2):
Water Treatment 4,256 2,596 63.9%
Pulp and Paper 4,701 4,498 4.5%
Other and eliminations (3,852) (2,594) 48.5%
-------------------------------------------------------------------------
Total 5,105 4,500 13.4%
-------------------------------------------------------------------------
Financial expenses (1,304) 2,207 -
Income taxes 241 270 (10.7%)
Effective tax rate 34.2% 20.8% 13.3% pts
-------------------------------------------------------------------------
Net earnings (loss) 464 1,025 (54.7%)
per share (basic and diluted)(x) 0.02 0.04
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Normalized net earnings(3) 4,744 1,742 172.3%
per share (basic and diluted)(x) 0.18 0.07
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number
of participating shares
outstanding (in thousands):
basic and diluted 26,544 25,389 4.5%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Margins as a percentage
of revenues:
Gross margin 23.0% 20.0%
Normalized EBITDA 5.2% 5.3%
Normalized EBIT 3.3% 3.3%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Free cash flow(4) 4,709 5,010
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Order backlogs: Dec. 31, Sept. 30, June 30,
2008 2008 2008
-------------------------------------------------------------------------
Water Treatment 192,293 202,243 200,397
Pulp and Paper 88,152 123,791 142,949
Manufacturing Unit 10,521 9,616 10,772
-------------------------------------------------------------------------
Total 290,966 335,650 354,118
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Change
(in thousands of $, except Nine months 2008
percentages, per share data ended versus
and number of shares) December 31, 2007
-------------------------------------------------------------------------
2008 2007 %
-------------------------------------------------------------------------
Revenues:
Water Treatment 209,587 188,616 11.1%
Pulp and Paper 226,915 182,646 24.2%
Other and eliminations 12,507 7,583 64.9%
-------------------------------------------------------------------------
Total 449,009 378,845 18.5%
-------------------------------------------------------------------------
Gross margin 99,477 79,916 24.5%
Selling and administrative
expenses 76,678 63,196 21.3%
EBITDA 17,095 9,925 72.2%
Restructuring costs and special
doubtful accounts expense
Water Treatment 236 428 (44.9%)
Pulp and Paper 5,468 - -
Other and eliminations - 75 -
-------------------------------------------------------------------------
Total 5,704 503 1,034.0%
-------------------------------------------------------------------------
Costs related to the Arrangement
Water Treatment - 173 -
Pulp and Paper - 536 -
Other and eliminations - 5,583 -
-------------------------------------------------------------------------
Total - 6,292 -
-------------------------------------------------------------------------
Normalized EBITDA(1):
Water Treatment 11,850 10,453 13.4%
Pulp and Paper 18,958 11,241 68.7%
Other and eliminations (8,009) (4,974) 61.0%
-------------------------------------------------------------------------
Total 22,799 16,720 36.4%
-------------------------------------------------------------------------
Depreciation and amortization:
Water Treatment 4,405 4,055 8.6%
Pulp and Paper 2,211 2,253 (1.9%)
Other and eliminations 2,271 2,127 6.8%
-------------------------------------------------------------------------
Total 8,887 8,435 5.4%
-------------------------------------------------------------------------
Normalized EBIT(2):
Water Treatment 7,445 6,398 16.4%
Pulp and Paper 16,747 8,988 86.3%
Other and eliminations (10,280) (7,101) 44.8%
-------------------------------------------------------------------------
Total 13,912 8,285 67.9%
-------------------------------------------------------------------------
Financial expenses 1,400 4,708 (70.3%)
Income taxes 1,315 (1,510) -
Effective tax rate 19.3% 46.9% -27.6% pts
-------------------------------------------------------------------------
Net earnings (loss) 5,493 (1,708) -
per share (basic and diluted)(x) 0.21 (0.07)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Normalized net earnings(3) 9,773 2,520 287.8%
per share (basic and diluted)(x) 0.37 0.10
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number
of participating shares
outstanding (in thousands):
basic and diluted 26,501 25,389 4.4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Margins as a percentage
of revenues:
Gross margin 22.2% 21.1%
Normalized EBITDA 5.1% 4.4%
Normalized EBIT 3.1% 2.2%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Free cash flow(4) 15,539 9,602
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Order backlogs: March 31, Dec. 31,
2008 2007
----------------------------------------------------------
Water Treatment 185,639 164,644
Pulp and Paper 152,454 129,933
Manufacturing Unit 9,903 6,016
----------------------------------------------------------
Total 347,996 300,593
----------------------------------------------------------
----------------------------------------------------------
(x) Net earnings (loss) per share basic and diluted and normalized net
earnings per share basic and diluted as of December 31, 2007 were
calculated using the participating shares outstanding immediately
after the completion of the Arrangement.
(1) According to the reporting periods, earnings before depreciation and
amortization, financial expenses, income taxes, items recorded
outside the normal course of business including non-recurring costs
directly related to the Arrangement, restructuring costs and special
doubtful accounts expense.
(2) According to the reporting periods, earnings before financial
expenses, income taxes, items recorded outside the normal course of
business including non-recurring costs directly related to the
Arrangement, restructuring costs and special doubtful accounts
expense.
(3) According to the reporting periods, earnings before gains or losses
recorded outside the normal course of business on the disposal of
property, plant and equipment, other assets and commercial
activities, non-recurring costs directly related to the Arrangement,
restructuring costs, special doubtful accounts expense and impairment
of long-lived assets (less related taxes).
(4) Cash flows from operating activities excluding net changes in non-
cash balances related to operations, less property, plant and
equipment acquisitions (net of disposals).
(5) EBITDA, EBIT, Normalized net earnings and Free cash flow are not
performance measures consistent with Canadian generally accepted
accounting principles ("GAAP"). The information regarding measures
not consistent with Canadian GAAP is contained in the Management's
Report filed on SEDAR and on the Company's website (www.glv.com)
effective today.
(6) Notice Regarding Forward-Looking Statements:
--------------------------------------------
This press release is designed to assist investors in understanding
the nature and the importance of the changes and trends, as well as
the risks and uncertainties associated with GLV Inc.'s operations and
financial position. The statements set forth in this press release
and other communications to the public that describe management's
objectives, projections, estimates, expectations or forecasts may
constitute forward-looking statements within the meaning of
securities legislation. Forward-looking statements concern analysis
and other information based on forecast future results and the
estimate of amounts that cannot yet be determined. These may be
observations concerning, among others, strategies, expectations,
planned activities or actions to come. Forward-looking statements are
recognized by the use of terms such as "forecast", "project" "could",
"plan", "aim", "estimate" and other similar terms, possibly used in
the future or conditional, notably in regard to certain assumptions.
GLV Inc.'s management would like to point out that, by their very
nature, forward-looking statements involve a number of risks and
uncertainties such that GLV Inc.'s actual and future results could
differ materially from those indicated. Factors of uncertainty and
risk that might result in such differences include trends in the
demand for GLV Inc.'s products and cost of its raw materials,
fluctuations in the value of various currencies, pressures exerted on
prices by the competition, compliance with environmental legislation
and general changes in economic conditions. There can be no assurance
as to the materialization of the results, performance or achievements
as expressed in or underlying the forward-looking statements. Unless
required to do so pursuant to applicable securities legislation, GLV
Inc.'s management assumes no obligation as to the updating or
revision of the forward-looking statements as a result of new
information, future events or other changes.
Additional information about the risk factors to which GLV Inc. is
exposed is provided in the "Liquidity and Risk Management" section of
the Interim Report for the period ended December 31, 2008, as well as
the "Risk Management" section of the Management's Report contained in
its most recent Annual Report for the fiscal year ended March 31,
2008, which are available on SEDAR (www.sedar.com) and the Company's
website (www.glv.com).
-------------------------------------------------------------------------
The Interim Management's Report for the three and nine-month periods
ended December 31, 2008, along with the interim financial statements and
accompanying notes, are filed effective today on SEDAR's website
(www.sedar.com) and the Company's website (www.glv.com).
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CONFERENCE CALL WITH INVESTORS ON RESULTS FOR THE
THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 2009
Thursday, February 12, 2009 at 2:00 p.m. (Montreal Time)
To participate in the conference call, please dial 1-800-731-5774 a few
minutes before the start of the call. For those unable to participate, a
taped re-broadcast will be available starting Thursday, February 12, 2009
from 4:00 p.m. until midnight, Thursday, February 19, 2009, by dialing
1-877-289-8525; access code 21296989 (number sign). THE CONFERENCE CALL
(AUDIO) WILL ALSO BE AVAILABLE AT WWW.GLV.COM. Members of the media are
invited to listen in.
-------------------------------------------------------------------------
