I am delighted to report to you on our 2007 results, your Corporation’s best-ever year which reflects a tremendous effort and commitment to excellence by our people:
These accomplishments continue to be underscored by our focus on safety and reliability in order to deliver sustainable growth for our share owners.
I also want to draw attention to the accumulated business strength created through the diversity of our operations; a vigorous advantage that serves the Corporation well. This long-standing strategy of diversification over multiple business sectors has enabled the Corporation to capitalize on a variety of opportunities.
I would like to congratulate the 7,800 men and women of ATCO Group who have worked so industriously this year to deliver excellence and record results to our share owners.
ATCO's 2007 Financial Achievements
Nancy Southern
(1) Adjusted earnings are defined as earnings attributable to Class A and Class B shares after adjustment for items that are not in the normal course of business nor a result of day to day operations. The majority of these adjustments in 2007 related to tax issues. This measure is not defined by Generally Accepted Accounting Principles and may not be comparable to similar measures used by other companies.
(2) Cash is defined as cash and short-term investments less bank indebtedness.
(3) Funds generated by operations is defined as cash generated from operations before changes in non-cash working capital. This measure is not defined by Generally Accepted Accounting Principles and may not be comparable to similar measures used by other companies.
Karen WatsonSenior Vice President &Chief Financial Officer