Cinram's CD sales (audio and ROM) decreased 11 percent in the second
quarter to $64. CDs (audio and
ROM) accounted for 14 percent of Cinram's second quarter consolidated revenue ,
down from 17 percent in 2004. Revenue from the Other
segment represented nine percent of second quarter consolidated sales compared
with 11 percent in 2004. Jamieson is a well-known leader in the entertainment industry
with more than 30 years of experience and exceptional knowledge of domestic
and international markets. Mr. is the world's largest independent provider of
pre-recorded multimedia products and related logistics services. The Company's shares are listed on the Toronto
Stock Exchange (CRW) and are included in the S+P/ TSX Composite Index.67 per share,
basic, compared to $34.
In Europe, revenue in 2005 increased 10 percent to $541.8 million for the same quarter in the prior year. The Exchangeable LP Units will be
entitled to equivalent distributions, to vote at meetings of Unitholders of
the Fund and to exchange their Exchangeable LP Units for Units (at any time
after the lapse of 90 days from the effective date of the Conversion) and will
be subject to a maximum number of units to be issued.

quichua guyanese

S.7 million from $73.0 million in the previous year period,
principally due to a decline in CD-ROM sales, which was partially offset by
the addition of new business from EMI in the United States.9 million in 2004 as a result of increased DVD unit
shipments and distribution revenue, partially offset by a reduction in revenue
from Giant Merchandising Inc.5 million in 2004 , largely due to new business from Twentieth Century
Fox Home Entertainment and the acquisition of The Entertainment Network.2 million
compared with an outflow of $31.2 million. See reconciliation of EBITA to net earnings
under GAAP as found in the table above.


About Cinram
Cinram International Inc. With
facilities in North America and Europe, Cinram manufactures and distributes
pre-recorded DVDs, VHS video cassettes, audio CDs, audio cassettes and CD-ROMs
for motion picture studios, music labels, publishers and computer software
companies around the world .S.34 per share in 2004. Printing accounted for approximately
11 percent of consolidated revenue in 2005, unchanged compared to the prior
year.2 million. dollars) 2005 2004 2005 2004
----------------------------------------------------------------------- --
EBITA(1) $ 122,112 $ 123,241 $ 390,883 $ 382,134
---------- ---------------------------------------------------------------
Amortization of
capital assets $ 38,063 $ 41,126 $ 153,871 $ 146,697
Amortization of intangible
assets and deferred
financing fees $ 17,367 $ 17,907 $ 69,998 $ 73 ,038
-------------------------------------------------------------------------
EBIT(2) $ 66,682 $ 64,208 $ 167,014 $ 162,399
--------------------------- ----------------------------------------------
Interest expense $ 12,222 $ 12 ,785 $ 51,148 $ 53,102
Investment income $ (307) $ (387) $ (932) $ (2,436)
Income taxes $ 16,543 $ 17,257 $ 34,372 $ 35,909
----- --------------------------------------------------------------------
Net earnings $ 38,224 $ 34,553 $ 82,426 $ 75,824
-------------------------------------------- -----------------------------

(1) EBITA is defined herein as earnings before interest expense ,
investment income, income taxes and amortization, and is a standard
measure that is commonly reported and widely used in the industry to
assist in understanding and comparing operating results.
Accordingly, this measure should not be considered as a substitute or
alternative for net earnings or cash flow, in each case as determined
in accordance with GAAP.

About Cinram
Cinram International Inc. Such factors include, among others , the following: general
economic and business conditions, which will, among other things, impact the
demand for the Company's products and services; multimedia
duplication/replication industry conditions and capacity; the ability of the
Company to implement its business strategy; the Company 's ability to retain
major customers; the Company's ability to invest successfully in new
technologies and other factors which are described in the Company's filings
with the securities commissions.S .S. dollars)
-------------------------------------------------------------------------
Three months Twelve months
ended December 31 ended December 31
2005 2004 2005 2004
----------------------------------------------------------- --------------
Cash provided by
(used in):
Operations:
Net earnings $ 38,224 $ 34,553 $ 82,426 $ 75,824
Items not involving
cash:
Amortization 55,430 59,033 223,869 219,735
Future income taxes (13,402) 11,354 (13,402) 11,354
Stock-based
compensation 64 239 489 1,269
(Gain) loss on disposition
of capital assets 78 (1,941) (663) (2,330)
Change in non-cash
operating working
capital 55,357 (39,008) (35,379) (176,452)
--- ----------------------------------------------------------------------
135,751 64,230 257,340 129,400

Financing:
Increase in long-term
debt - - 54,000 48,000
Repayment of long-term
debt (43,135) (61,172) (176,070) (239,530)
Deferred financing
fees - - (550) (2,250)
Decrease in
obligations under
capital leases (176) (269) (778) (1,885)
Issuance of common
shares - 36 3,630 6,971
Increase (decrease) in
other long-term
liabilities (115) 5,904 (3,628) 10,931
Dividends paid (1,470) (1,418 ) (5,672) (5,262)
----------------------------------------------------------------- --------
(44,896) (56,919) (129,068) (183,025)
Investments:
Purchase of capital
assets (27,379) (13,694) (99,765) (145 ,704)
Proceeds on
disposition of
capital assets - 2,976 1,918 4,015
Decrease (increase) in
other assets 7,029 18,585 22,223 (12,523)
Transaction costs
relating to Time
Warner Acquired
Businesses - - - (890)
-- -----------------------------------------------------------------------
(20,350) 7,867 (75,624) (155,102)
Foreign currency
translation loss on
cash held in foreign
currencies (2,972) (2,823) (4,516) (3,307)
-------------------------------------------------------------------------
Increase (decrease) in
cash and cash
equivalents 67,533 12,355 48,132 (212,034)
Cash and cash
equivalents,
beginning of period 22,388 29,434 41,789 253,823
------------------------------------------- ------------------------------
Cash and cash
equivalents, end of
period $ 89,921 $ 41,789 $ 89,921 $ 41,789
--------------------------------- ----------------------------------------
---------------------------------------------------- ---------------------
Supplemental cash
flow information:
Interest paid $ 12,338 $ 12,225 $ 50,554 $ 52,540
Income taxes paid 8,965 4,725 24,994 35,455
------------------------------------------------------------ -------------
-------------------------------------------------------------------------

Cash and cash equivalents are defined as cash and short-term deposits,
which have an original maturity of less than 90 days.

luaka lyrichord

0 million
in the six months ended June 30, 2004.6 million from $433 .7 million in the second quarter of
2004 largely due to capital asset additions made in 2004. Sherman to its Board of Directors. Mr.2 million compared with
56.m.S. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or results of the multimedia
duplication/replication industry, to be materially different from any future
results, performance or achievements expressed or implied by such forward
looking statements.15 $0. The increase was primarily due to the
full-year contribution of the business acquired from The Entertainment Network
(TEN) in the United Kingdom and a new contract in Europe.8 million, partially offset by a
decrease in amortization of intangible assets and deferred financing fees of
$3.S.

In the context of meeting these objectives and responding to the various
regulatory developments, Cinram's Board of Directors evaluated several
alternative structures including an income trust, income deposit security and
high dividend yielding common share.
Among the factors considered by the Board in arriving at its
determination were Cinram's ability to maintain its inclusion in the S+P/TSX
Composite Index and the expectation that distributions will be treated as
dividend income for Canadian income tax purposes.

andean gourd

Net earnings
for the quarter were $4.
For the six months ended June 30, 2005, Cinram reported consolidated
revenue of $903.4 million or $0.8 million in 2004.8 million in 2004.
(2) EBIT is defined herein as earnings before interest expense,
investment income and income taxes, and is a standard measure that is
commonly reported and widely used in the industry to assist in
understanding and comparing operating results.3 percent in the prior year, as annual DVD price declines were partially
offset by cost efficiencies. The current shareholders
of Cinram would continue to own, through their Units and/or Exchangeable LP
Units, the same pro rata economic interest in Cinram's businesses . "Based on this level of distributions
and our fiscal 2005 reported operating performance, we estimate that Cinram
would have retained approximately US$120 million for annual capital
expenditures and US$35 million in other discretionary reserves, which compares
to our total cash capital expenditures of US$99.32
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average
number of shares
outstanding (in
thousands):
Basic 57 ,303 56,800 57,162 56,589
Diluted 57,949 57,622 57,773 57,514
--------------------------------------------------------------------- ----
-------------------------------------------------------------------------

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, stated in thousands of U.

guyanese luaka

5 million
or $0.6 million in the second quarter of 2004.7 million in 2004, and up two percent in the first half of 2005 to
$443.1 million in 2004, and represented 15 percent of
consolidated revenue up from ten percent in 2004.
Cinram generated cash flow from operations of $82.4 million in the second
quarter compared with $28.

Share volume data
For the second quarter ended June 30, 2005, the basic weighted average
number of Cinram shares outstanding was 57.
"This is an exciting day for Cinram's shareholders and for the evolution
of the Company.6 million in the prior year. The Company generated earnings
before interest, taxes and amortization (EBITA(1)) of $390.4 million in the prior year, mainly due to the full-year
contribution of the EMI business in the United States. See reconciliation of EBIT to net earnings
under GAAP as found in the table above.
"This structure will enable us to increase cash distributions to our
shareholders without compromising our ability to adapt to technological
developments and to maintain Cinram's industry leadership in the years to
come," added Mr.m.cinram.61 $ 1.

lps luaka

dollars unless otherwise indicated)

TORONTO, Aug. 4 - Cinram International Inc.
Revenue from Ivy Hill, included in the Printing segment, was up five
percent to $50.6 million from $329.0 million from $34.9 million for capital assets in the second quarter
primarily for DVD and distribution equipment. Cinram also made long-term debt prepayments of $21. Aboutboul, non-executive chairman of Cinram's Board of Directors . Seagram + Sons, Inc.0 million compared
with 56. EBITA is not
a defined term under generally accepted accounting principles (GAAP).41
--------------------------------------------------- ----------------------
---------------------------------------------------------------------- ---
Weighted average
number of shares
outstanding
(in thousands):
Basic 57,195 56,600 57,027 56,376
Diluted 57,826 57,568 57,621 57,376
------------------------------------ -------------------------------------
------------------------------------------------------- ------------------

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands of U. The increase was mainly due to higher
unit volumes, partially offset by lower selling prices .3 million in 2005,
compared to $1,534.8 million,
compared to $492.0 million.

There were several regulatory developments that influenced the process
and management's review, including:

- The announcement by the Minister of Finance on September 19, 2005, of
his request that the Department of National Revenue postpone providing
advance rulings respecting flow -through entity structures;
- The Minister of Finance's announcement on November 23, 2005, of a
reduction in personal income taxes on dividends, to level the playing
field between corporations and income trusts; and
- The announcement by S+P/TSX on May 18, 2005 that "paper -clipped
securities", such as income deposit securities, would not be included
in the S+P/TSX Composite Index when income trusts were added to the
index. Private Securities Litigation
Reform Act of 1995.

phat guyanese

Appointment of two additional independent directors
Cinram is pleased to announce the appointment of Robert B. dollars)

----------------- --------------------------------------------------------
June 30
(unaudited) December 31
2005 2004
------------ -------------------------------------------------------------

Assets
Current assets:
Cash and cash equivalents $ 33,660 $ 41,789
Accounts receivable 441,013 518,216
Income taxes recoverable 12,103 8,356
Inventories 57,672 56,861
Prepaid expenses 12,988 26,573
Future income taxes 22,835 22,872
------------------- ----------------------------------------------------
580,271 674,667

Capital assets 633,424 706,360
Goodwill 330,445 328,393
Intangible assets 274,629 315,247
Deferred financing fees 21,397 24,344
Other assets 22,697 36,218
Future income taxes 10,673 11,804
-------------------------------------------------------------------------
$ 1,873,536 $ 2,097,033
----------------- --------------------------------------------------------
------------------------------------ -------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable $ 132,470 $ 213,876
Accrued liabilities 314,172 377,323
Current portion of long-term debt 71,865 71,509
Current portion of obligations under capital
leases 715 850
---------- -------------------------------------------------------------
519,222 663,558

Long-term debt 730,554 786,834
Obligations under capital leases 3,722 4 ,603
Other long-term liabilities 59,962 62,778
Future income taxes 86,065 93,069


Shareholders' equity:
Capital stock 173,401 170,145
Contributed surplus 4,508 4,145
Retained earnings 246,263 240,367
Foreign currency translation adjustment 49,839 71,534
-----------------------------------------------------------------------
474,011 486,191
-------------------- -----------------------------------------------------
$ 1,873,536 $ 2,097,033
----------------------------------------------------------- --------------
-------------------------------------------------------------------------

INTERIM CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
(unaudited, in thousands of U. The Conversion will allow shareholders to participate in the
strong operating cash flows generated by our businesses," stated Isidore
Philosophe, co-founder and Chief Executive Officer.9 million for the
year ended December 31, 2005, compared to $382.61 per share, basic, for the same
quarter in 2004.2 million in the prior year, which was attributable to
increased audio CD and distribution revenues , offset by lower VHS cassette and
merchandising revenues.8 percent in the
prior year, as the Company benefited from cost savings associated with the
closure of its printing facility in New York state , combined with general
staffing reductions.

ethnic buda

6 million, or $0.15 per share in 2004.3 million in the
second quarter of 2004, and represented less than one percent of consolidated
sales for the quarter ., and lower VHS video cassette and CD-ROM sales. The call will also be webcast live at
http://www .15 $0.S.
The Company's CD revenue increased three percent to $322.0 million in 2005, compared to
$225. We will continue to evaluate Cinram's
distribution policy from time to time .

luaka quichua

08 per share, down from $8.4 million compared
with $24.6 million in 2004.2 million from $14. Audio cassette sales were down 39 percent to
$1. and other
non-core revenue, generated revenue of $41.

Geographic segments
North American revenue was up three percent in the second quarter to
$340.
Selling, general and administrative expenses were $39.3 million compared with
$13. He is a member of
the Bars of New York and New Jersey and holds an undergraduate degree from
Syracuse University and a JD degree from Rutgers, The State University of New
Jersey.4 million in 2004.


Reconciliation of EBITA and EBIT to net earnings

--------------- ----------------------------------------------------------
(unaudited, Three months ended June 30 Six months ended June 30
in thousands
of U. For
more information, visit our Web site at http://www. dollars, except per share amounts)

------------------------- ------------------------------------------------
Three months ended June 30 Six months ended June 30
2005 2004 2005 2004
-------------------------------------------------------------------------
Revenue $449,586 $425,411 $903,404 $887,648
Cost of goods sold 373,444 344,557 751,433 710,188
-------------------------------------------------- -----------------------
Gross profit 76,142 80,854 151,971 177,460
Selling, general
and administrative
expenses 39,233 38,521 75,009 80,160
Amortization of
intangible assets
and deferred
financing fees 17,525 17,690 35,201 37,322
Unusual items - - 3,864 -
------------------------------------ -------------------------------------
Earnings before
the undernoted 19,384 24,643 37,897 59,978
Interest on
long-term debt 13,155 13,035 26,131 25,938
Interest on
capital leases 76 86 159 176
Other interest 38 92 93 526
Investment income (169) (734) (459) (886)
-------------------------------------------------------------------------
Earnings before
income taxes 6,284 12,164 11,973 34,224
------------ -------------------------------------------------------------
Income taxes 1,700 3,687 3,314 10,775
--------------------------------------------------- ----------------------
Net earnings 4,584 8,477 8,659 23,449
-------------------------------------------------------------------------
Retained earnings ,
beginning of
period 243,056 183,501 240,367 172,564
Effect of a change
in accounting
policy related to
stock-based
compensation - - - (2,759)
Dividends declared (1,377) (1,257) (2,763) (2,533)
------------------------------------- ------------------------------------
Retained earnings,
end of period $246,263 $190,721 $246,263 $190,721
-------------------------------------------------- -----------------------
--------------------------------------------------------------------- ----
Earnings per share:
Basic $0.8 million or $1.4 million in the prior year. Distribution revenue
represented approximately 14 percent of 2005 consolidated revenue, compared to
10 percent in the prior year. In 2005, North American revenue represented 74 percent
of consolidated revenue, compared to 76 percent in the prior year.0 percent of consolidated revenue in 2005, compared to 8.
Accordingly, this measure should not be considered as a substitute or
alternative for net earnings or cash flow, in each case as determined
in accordance with GAAP.S.

CONSOLIDATED BALANCE SHEETS

(unaudited , stated in
thousands of U. dollars)
-- -----------------------------------------------------------------------
December 31 December 31
2005 2004
------------------------------------------------------------- ------------

Assets
Current assets:
Cash and cash equivalents $ 89,921 $ 41,789
Accounts receivable, net of an allowance for
doubtful accounts of $11,664 (2004 - $12,511) 589,417 518,216
Income taxes recoverable - 8,356
Inventories 45,482 56,861
Prepaid expenses 20,610 26,573
Future income taxes 33,835 22,872
---------- -------------------------------------------------------------
779,265 674,667

Capital assets 601,481 706,360
Goodwill 330,274 328 ,393
Intangible assets 241,604 315,247
Deferred financing fees 18,954 24,344
Other assets 13,948 36,218
Future income taxes 28,416 11,804
-------------------------------------------------------------------- -----
$2,013,942 $2,097,033
------- ------------------------------------------------------------------
-------------------------- -----------------------------------------------

Liabilities and shareholders' equity

Current liabilities:
Accounts payable $ 202,550 $ 213 ,876
Accrued liabilities 351,580 377,323
Income taxes payable 15,479 -
Current portion of long-term debt 62,136 71,509
Current portion of obligations under capital
leases 727 850
-------------- ---------------------------------------------------------
632,472 663,558

Long-term debt 674,137 786,834
Obligations under capital leases 3,272 4,603
Other long-term liabilities 55,135 62,778
Future income taxes 103,018 93,069


Shareholders' equity:
Capital stock 173,775 170,145
Contributed surplus 4,634 4,145
Retained earnings 317,121 240,367
Foreign currency translation adjustment 50,378 71,534
-----------------------------------------------------------------------
545,908 486,191
-------------------- -----------------------------------------------------
$2,013,942 $2,097,033
----------------------------------------------------------- --------------
-------------------------------------------------------------------------

CONSOLIDATED STATEMENTS OF EARNINGS
AND RETAINED EARNINGS

(unaudited, stated in thousands of U.

andean folkloric

Industry segments
DVD sales were up ten percent in the second quarter to $219. VHS video
cassette sales were down 78 percent to $3. He went on to occupy
domestic and international senior management roles with CBS Records (now Sony
Records) , PolyGram, BMG and RCA Music Group. Robert B.0 million, compared to $644.2 million or $0.6 million or $0.4 million in the prior year.
Distribution revenue increased to $290.6 million in the prior year. We believe this capital structure and distribution
policy will allow Cinram flexibility to fund operating requirements and growth
opportunities while distributing an attractive amount of cash to unitholders
at approximately an 81% payout ratio. Cinram will then convene a special meeting of shareholders to
consider if and, if deemed appropriate, approve the Conversion, with the
meeting expected to be held in late-April 2006.
Although the timing of the completion of the Conversion process cannot be
predicted with certainty, Management anticipates that the Conversion will be
completed by early-May 2006.

bop shanties

1 million in the second quarter,
down from $47.2 million in the
second quarter up from $38.5 million in the comparable 2004 period.2 million
subsequent to the quarter end, and its current debt balance is $781. Jamieson was most recently
chairman and chief executive officer of BMG North America. Before founding Crosstown Traders, Mr. Sherman was
president of Fingerhut Companies , a division of Federated Department Stores.

Dividend
The Board of Directors has declared a quarterly dividend of C$0.03 per
share, payable on September 30, 2005, to the shareholders of record at the
close of business on September 15, 2005. To participate, please
dial (416) 640-1907 or 1 800 814-4857. Private Securities Litigation
Reform Act of 1995.S.

Cinram Announces 2005 Fourth Quarter and Year End Results and Intention to Convert to an Income Trust

Product revenues
In 2005, DVD revenue increased four percent to $1,063.

Dividend
The Board of Directors has declared a quarterly dividend of C$0.

Process and Approvals
The Conversion is subject to a number of conditions, including, but not
limited to, the approval of the Ontario Superior Court of Justice and the
approval of the shareholders of Cinram. There can be no assurance at this time that all
approvals and consents required or desirable to effect the Conversion will be
obtained within that time frame, or at all and, accordingly, there can be no
assurance that the Conversion will be completed.

phat folkloric

(TSX:
CRW) today reported that revenue for the second quarter ended June 30, 2005 ,
was up six percent to $449.

INTERIM CONSOLIDATED BALANCE SHEETS
(in thousands of U. "Cinram's results for the
fourth quarter and year ended December 31, 2005, combined with our strong cash
flow supports our income trust conversion plans.44 per share in 2005, compared to
$75.

Other financial highlights
Gross profit margins in 2005 declined slightly to 19 .

Share volume data
For the quarter ended December 31, 2005, the basic weighted average
number of Cinram shares outstanding was 57. The Board of Directors has unanimously
concluded that the income trust conversion has the greatest potential to
enhance shareholder value.67 $ 0 .

multikulti silverlake

2 million in the first half of 2005 compared with
$165.7 million, or $0.15 per diluted share, down from
$23.
Distribution revenue increased 72 percent in the second quarter to
$68.
Interest expense for the quarter was $13.
In 2002, Mr.08 $0."
Cinram reported an increase in consolidated revenue to $2,098.1 million,
compared to $123.3 million in 2005, compared to
$208.6 percent from
20.

(2) EBIT is defined herein as earnings before interest expense ,
investment income and income taxes, and is a standard measure that is
commonly reported and widely used in the industry to assist in
understanding and comparing operating results.62 per
unit, payable in Canadian dollars at approximately C$3.

cassettes lyrichord

6 million from $425.0 million
from $95. Jamieson
attended the Executive MBA program at Columbia University and holds a Bachelor
of Science in marketing from Babson College.com.08 $0. (All figures in U.
("Cinram ") (TSX: CRW) today reported its results for the quarter and year
ended December 31, 2005 and announced that its Board of Directors has
unanimously approved the conversion of Cinram from a corporation into an
income trust by way of a plan of arrangement (the "Conversion"), subject to
shareholder and court approvals and certain other conditions.

Geographic revenues
North American revenue increased one percent to $1,556.
Pre-tax earnings for the year were reduced by unusual items in the amount
of $6.2 million in 2005, compared with
56. If approved by the
shareholders of Cinram, a final order approving the plan of arrangement will
be sought from the Court.cinram. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or results of the multimedia
duplication/replication industry, to be materially different from any future
results, performance or achievements expressed or implied by such forward
looking statements.

virsa recordings

4 million in 2004." added Philosophe.5 million from $48.4 million.
"Robert and Michael bring several decades of varied experience to our
Board that will add a fresh and unique perspective on the business," said
Henri A. Sherman served as chairman of the Board of Directors of the
Direct Marketing Association, a 5 ,200 member worldwide trade association
representing the direct marketing and interactive industries . See reconciliation of EBIT to net earnings
under GAAP as found in the table above. European revenue represented 26 percent of consolidated
revenue in 2005, compared to 24 percent in the prior year.

Background to the Conversion
As previously announced on April 25, 2005, Cinram 's Board of Directors
authorized management to study the viability of converting the Company into an
income trust type structure to enhance shareholder value.
"We anticipate paying initial annualized distributions of US$2.

March 3 conference call and webcast
Cinram's management team will host a conference call to discuss the 2005
fourth quarter and year end results and the proposed income trust conversion
on Friday, March 3, 2006 at 8 a. With
facilities in North America and Europe, Cinram manufactures and distributes
pre-recorded DVDs, VHS video cassettes, audio CDs , audio cassettes and CD-ROMs
for motion picture studios, music labels, publishers and computer software
companies around the world.34
Diluted $ 0.66 $ 0.

folkloric phat

2 million in 2004 , in line with the increase
in DVD sales.
In Europe, second quarter revenue increased 14 percent to $109.
European revenue represented 24 percent of consolidated sales in the second
quarter of 2005, up from 22 percent in 2004. Sherman has been active in the direct marketing industry for
more than 20 years.42
Diluted $0.4 million or $1.
For the fourth quarter, Cinram reported consolidated revenue of
$650.4 million for the prior year, due to increased DVD and
distribution revenues, partially offset by lower audio CD and VHS video
cassette revenues.
Amortization of capital and intangible assets increased to
$223.3 million, compared with
56 .


Conversion to Income Trust
Pursuant to the Conversion, the current shareholders of Cinram would
exchange their common shares ("Cinram Shares") for units (the "Units") of a
newly formed income trust (the "Fund"), and/or Class B exchangeable limited
partnership units (the "Exchangeable LP Units") of a limited partnership owned
by the Fund, on a one-for-one basis.

Online stores specializing in music originating in a specific area of the world have their home here.

quichua cassettes

9 million compared with $60 . Amortization of capital
assets increased to $39., a direct
marketing business. Sherman started his career
practicing corporate and securities law in New York City.cinram.1 million in the prior year. Audio CDs accounted for
approximately 15 percent of Cinram's 2005 consolidated revenue, unchanged
compared to the prior year. The Fairness Opinion
provides that, subject to review of the final form of documents in relation to
the Conversion and assuming the Conversion proceeds on the terms currently
contemplated, the consideration to be received by Cinram shareholders upon the
completion of the Conversion is fair from a financial point of view. To participate, dial 416-644-3425 or
1 -800-814-4941. The Company's shares are listed on the Toronto
Stock Exchange (CRW) and are included in the S+P/TSX Composite Index.

Certain statements included in this release constitute "forward -looking
statements" within the meaning of the U.

etnomusic shanties

"Despite the moderate increase in our production volumes, we generated
$82 million of cash flow from operations in the second quarter and repaid
$78 million of our long-term debt," said Cinram chief executive officer
Isidore Philosophe.9 million compared with $77. The Company
generated EBITA of $150.4 million in 2004, and EBIT of $37. In the first half of 2005, Cinram
generated net earnings of $8. The Printing segment accounted for 11 percent of second quarter
consolidated revenue consistent with 2004-second quarter results. New European business from
Twentieth Century Fox Home Entertainment, the acquisition of The Entertainment
Network (acquired in July 2004) and increased DVD unit shipment volumes in the
North America contributed to the significant increase in distribution revenue
relative to the second quarter of 2004.

Other financial highlights
Second quarter gross profit margins declined to 17 percent from
19 percent in 2004 principally due to lower DVD selling prices, higher raw
material costs and increased amortization expense. dollars unless otherwise indicated)

TORONTO, March 2 - Cinram International Inc.2 million for the same quarter in the prior year. In 2005, DVD revenue
accounted for approximately 51 percent of consolidated revenue, unchanged
compared to the prior year. EBIT is not a defined
term under generally accepted accounting principles (GAAP).8 million for the fiscal year
ended December 31, 2005. (ET).60 $ 1.

recordings ethnic

"As we enter the second half of the year , and benefit from
increased capacity utilization due to historically stronger production
volumes , we are confident in our ability to generate improved financial
performance. Mr. Jamieson started his career as a management
trainee with CBS Records (now Sony Records) in the late 1960s where he was
promoted to a number of progressively senior positions. In 2002, he founded Crosstown Traders , Inc. The Company is continuing to study the matter and has
engaged legal, financial and tax advisors who are assisting it in that
process.

Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S.15 $0. Net earnings
increased to $82.

cyberstore shanties

Cinram generated second quarter earnings before interest, taxes and
amortization (EBITA(1)) of $75.4 million
from $199.2 million in 2004 as a result of organic revenue
growth and the addition of new business from Twentieth Century Fox Home
Entertainment in Europe. DVDs accounted for 49 percent of second quarter
revenue compared with 47 percent in the comparable 2004 period.

The Other segment, which includes Giant Merchandising Inc.2 million in the second quarter of 2004 as lower debt balances were offset
by rising floating interest rates.
The Company paid $14.
"Their presence as independent directors also builds on Cinram's ongoing
commitment to improving its corporate governance practices.cinram.7 million in 2004, mainly due to capital
assets purchased during the year of $99.

Reconciliation of EBITA and EBIT to net earnings

---- ---------------------------------------------------------------------
Three months ended Year ended
(unaudited, in thousands December 31 December 31
of U. Management and its
legal, financial and tax advisors studied the appropriateness of a potential
conversion in the context of several key objectives including:

- Optimizing distributable cash flow and cash distributions to Cinram's
shareholders;
- Taking into account Cinram's multi-jurisdictional operations and cash
flows that span Canada, the United States and Europe;
- Preserving Cinram's program of substantial capital reinvestment in its
facilities and new technology to sustain its growth and profitability
in the evolving media replication industry;
- Ensuring access to the capital markets to fund growth and potential
acquisitions with a strong public markets currency;
- Allowing investors to focus on the strong cash flow profile of Cinram;
- Maintaining Cinram 's inclusion in the S+P/TSX Composite Index; and
- Restructuring Cinram's debt facilities to increase cash available for
distribution to shareholders.
Cinram will seek an interim order from the Ontario Superior Court of
Justice for declarations and directions in relation to the plan of
arrangement.

virsa recordings

Cinram reports second quarter results appoints two additional independent directors

1 million in 2004,
and earnings before interest and taxes (EBIT(2)) of $19.7 million from $2.8 million in the corresponding period last year
principally as a result of a non-cash working capital inflow of $21."
Robert B.

Update on possible conversion to income trust type structure
As announced on April 25, 2005, the Board of Directors authorized
management to study the viability of converting the Company into an income
trust type structure.6 million in 2004.15 $0. dollars)

----------------------------------------------------------------------- --
Three months ended June 30 Six months ended June 30
2005 2004 2005 2004
------------------------------ -------------------------------------------
Cash provided by
(used in):
Operations:
Net earnings $4,584 $8,477 $8,659 $23,449
Items not involving
cash:
Amortization 56,512 52,429 112,325 105,461
Non-cash
stock-based
compensation 134 486 363 807
Gain on disposition
of capital assets (100) (811) (72) (662)
Change in non-cash
operating working
capital 21,245 (31,790) (38,208) (70,616)
----------------------------------- --------------------------------------
82,375 28,791 83 ,067 58,439
Financing:
Increase in long term
debt - - 39,000 -
Repayment of
long-term debt (78,211 ) (72,697) (94,924) (96,499)
Decrease in
obligations under
capital leases (176) (232) (426) (1,367)
Issuance of common
shares 925 1,786 3,256 6,935
Increase (decrease)
in other long-term
liabilities 362 12 767 (599)
Dividends paid (1,377) (1,257) (2,763) (2,533)
----------- --------------------------------------------------------------
(78,477 ) (72,388) (55,090) (94,063)
Investments:
Transaction costs
relating to
Acquired businesses - - - (890)
Purchase of capital
assets (14,854) (17,774) (48,140) (52,321)
Proceeds on
disposition of
capital assets 405 111 578 1,214
Decrease in other
assets 3,970 1,029 13,458 6,005
-------------------------------------------------------------------------
(10,479) (16,634) (34,104) (45,992)
Foreign exchange
loss on cash held
in foreign
currencies (339) (494) (2,002) (2,989)
---------------------------------------------------------------------- ---
Decrease in cash
and cash
equivalents (6,920) (60,725) (8,129) (84,605)
Cash and cash
equivalents,
beginning of
period 40,580 229,943 41,789 253,823
--------------------------- ----------------------------------------------
Cash and cash
equivalents, end
of period $33,660 $169,218 $33,660 $169,218
-------------------- -----------------------------------------------------
--------------------------------------- ----------------------------------
Supplemental cash
flow information:
Interest paid $11,362 $11,020 $25,602 $26,852
Income taxes paid 5,769 23,630 9,066 25,333
-------------------------------------------------- -----------------------
--------------------------------------------------------------------- ----

In the fourth quarter of 2005, EBITA was $122.7 million in the prior year. The basic weighted
average number of shares outstanding was 57.00 per unit," added
Lewis Ritchie, Chief Financial Officer. For more
information, visit our Web site at http://www.

phat buda

The Company made net long -term debt repayments of $55. Jamieson and
Michael P. Such factors include, among others, the following: general
economic and business conditions, which will, among other things, impact the
demand for the Company's products and services; multimedia
duplication/replication industry conditions and capacity; the ability of the
Company to implement its business strategy; the Company's ability to retain
major customers; the Company's ability to invest successfully in new
technologies and other factors which are described in the Company's filings
with the securities commissions.1 million
in 2005, compared to $2,026.
The printing segment, which encompasses the results of Ivy Hill
Corporation, generated revenue of $234. In addition, capital asset amortization, which is
included in cost of goods sold , increased by $7.
Selling, general and administrative expenses for the year were
8.9 million , compared to $219.3 million, compared to a gain of $1. EBITA is not
a defined term under generally accepted accounting principles (GAAP). See reconciliation of EBITA to net earnings
under GAAP as found in the table above. The call will also be webcast live at
http://investors .com/.43 $ 1.

folkloric phat

41 per diluted share in 2004.9 million from $40.
North American revenue represented 76 percent of consolidated sales in the
second quarter, compared to 78 percent in 2004.9 million during
the first half of 2005 and its long-term debt balance at June 30, 2005, was
$802. Mr.
Accordingly, this measure should not be considered as a substitute or
alternative for net earnings or cash flow, in each case as determined
in accordance with GAAP.S.

folkways buda

3 million in the prior year period.
Michael P. Sherman has
also occupied several management positions at Hanover Direct, Horn and
Hardart, and Joseph E. For the six months ended June 30, 2005, the basic
weighted average number of Cinram shares outstanding was 57.com.S.
The increase was primarily due to higher DVD sales combined with cost savings,
partially offset by lower VHS video cassette revenues and higher raw material
costs.0 million,
compared to $313. Philosophe."

Financial Advisor
Genuity Capital Markets is acting as exclusive financial advisor to the
Board of Directors on the proposed Conversion and presented its Fairness
Opinion in respect of the Conversion to the Board. is the world's largest independent provider of
pre-recorded multimedia products and related logistics services.44 $ 1.

ethnic multikulti

(All figures in U.4 million, up from $887. For the
first half , selling, general and administrative expenses were down six percent
from 2004.

August 5 conference call and webcast
Cinram's management team will host a conference call to discuss its
second quarter results on Friday, August 5, at 8 a. dollars) 2005 2004 2005 2004
--------------------------------------------------------------------- ----
EBITA(1) $75,896 $77,072 $150,222 $165,439
-------- -----------------------------------------------------------------
Amortization of
capital assets $38,987 $34,739 $77,124 $68,139
Amortization of
intangible assets
and deferred
financing fees $17,525 $17,690 $35,201 $37,322
-------------------------------------------------------------------------
EBIT (2) $19,384 $24,643 $37,897 $59,978
------------------------ -------------------------------------------------
Interest expense $13,269 $13,213 $26,383 $26,640
Investment income $(169) $(734) $(459) $(886)
Income taxes $1,700 $3,687 $3,314 $10,775
--- ----------------------------------------------------------------------
Net earnings $4,584 $8,477 $8,659 $23,449
------------------------------------------ -------------------------------

(1) EBITA is defined herein as earnings before interest expense ,
investment income, income taxes and amortization, and is a standard
measure that is commonly reported and widely used in the industry to
assist in understanding and comparing operating results. EBIT is not a defined
term under generally accepted accounting principles (GAAP).
Accordingly, this measure should not be considered as a substitute or
alternative for net earnings or cash flow, in each case as determined
in accordance with GAAP.2 million for the same quarter in the prior
year. Net earnings for the quarter were $38.0 million , compared
to $1,025.8 million in the prior year.03 per
share, payable on March 31, 2006, to the shareholders of record at the close
of business on March 15, 2006.com. dollars,
except per share amounts)
---------------------------- ---------------------------------------------
Three months Twelve months
ended December 31 ended December 31
2005 2004 2005 2004
--------- ----------------------------------------------------------------
Revenue $ 650 ,025 $ 644,218 $2,098,080 $2,026,638
Cost of goods sold 512,812 512,804 1,685,997 1,615,542
--------------------------------------------------------------------- ----
Gross profit 137,213 131,414 412,083 411,096
Selling, general and
administrative
expenses 50,750 51,012 168,793 177,372
Amortization of
intangible assets
and deferred
financing fees 17,367 17,907 69,998 73,038
Unusual items 2,414 (1,713) 6,278 (1,713)
---------------------------------------------------- ---------------------
Earnings before the
undernoted 66,682 64,208 167,014 162,399
Interest on long-term
debt 12,036 12,499 50,790 51,642
Other interest 186 286 358 1,460
Investment income (307) (387) (932) (2,436)
-------------------------------------------------------------------------
Earnings before income
taxes 54,767 51,810 116,798 111,733
Income taxes:
Current 26,016 5,903 47,773 24,555
Future (9,473) 11,354 (13,401) 11,354
--------- -----------------------------------------
16,543 17,257 34,372 35,909
----------------------------------------------------------------------- --
Net earnings 38,224 34,553 82,426 75,824
---------- ---------------------------------------------------------------
Retained earnings,
beginning of period 280,367 207,233 240,367 172,564
Effect of a change in
accounting policy
related to stock-based
compensation - - - (2,759)
Dividends declared (1,470) (1,419) (5,672) (5,262)
-------------------------------------------------------------------------
Retained earnings ,
end of period $ 317,121 $ 240,367 $ 317,121 $ 240,367
----------- --------------------------------------------------------------
------------------------------ -------------------------------------------
Earnings per share:
Basic $ 0.

folkways condor

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)