Aimia reports strong second quarter results

Record Results in Canadian and European Regions Drive Quarterly
Performance

  • Canadian region delivers another strong quarter as it continues to
    benefit from solid operating leverage
  • EMEA posts strongest results ever based on solid performance from Nectar
    UK
  • 2012 guidance confirmed
       
SECOND QUARTER HIGHLIGHTS Three Months Ended June 30, Year Over Year3
(in millions of Canadian dollars, except per share amounts)  2012  2011  % Change
    As Reported As Reported Constant
Currency1
Gross Billings 554.3 542.4 2.2 1.7
Total Revenue 504.2 507.6 (0.7) (1.2)
Net Earnings 34.9 15.3 128.8 na
Earnings per Common Share 0.19 0.07 171.4 na
Adjusted EBITDA2 102.0 76.9 32.7 32.5
Free Cash Flow before Dividends Paid2 74.2 81.5 (9.0) na
1 Constant currency excludes the translation effect of foreign operations
on consolidated results.  For more information on constant currency
please refer to the Use of Non-GAAP Financial Information section of this news release.
2 A non-GAAP measurement, please refer to the Use of Non-GAAP Financial Information section of this news release.
3 Discrepancies in variances may arise due to rounding.

 

MONTREAL, Aug. 9, 2012 /CNW Telbec/ – (TSX: AIM) Aimia today reported
its financial results for the second quarter ended June 30, 2012. All
financial information is in Canadian dollars unless otherwise noted.

“I’m extremely pleased with our performance in the quarter” said Rupert
Duchesne
, Group Chief Executive. “Our Canadian business posted another
strong quarter while EMEA achieved its fourth consecutive quarter of
double digit top line growth, reflecting solid results from Nectar UK
as it continues to benefit from the growth in its partner base over the
past couple of years. The strong performance posted by our European
operations was achieved despite the ongoing challenges of a very
difficult economic environment. Based on the strength of our first half
performance we are confirming our guidance for the year.”

Second Quarter Highlights (Period ended June 30, 2012 versus period
ended June 30, 2011)

Consolidated – A Strong Quarter

  • Second quarter Gross Billings of $554.3 million, an increase of 2.2 per cent or 1.7 per cent on a constant currency basis
  • Adjusted EBITDA of $102.0 million in the quarter, an increase of 32.7 per cent
  • Record Adjusted EBITDA mainly due to significant margin expansion

Canada – Operating Leverage Drives Performance

  • Second quarter Gross Billings of $332.0 million compared with $324.1 million in the same period of 2011, an increase of 2.4 per cent
  • Gross Billings rose in the second quarter driven by an increase in
    financial partner activity partially offset by a decrease in airline
    partner activity including a reduction in accumulation at Air Canada
  • Adjusted EBITDA of $106.4 million in the second quarter, an increase of 21.8 per cent compared to the prior year period
  • Aeroplan Miles issued increased by 4.4 per cent in the quarter due to increased promotional activity, while total
    Aeroplan Miles redeemed decreased 0.6 per cent in the quarter compared to the same period in 2011

Europe, Middle East & Africa (EMEA) – Fourth Consecutive Quarter of
Double Digit Gross Billings Growth – Strong Momentum Continues

  • Second quarter Gross Billings of $157.6 million, an increase of 14.4 per cent or 13.7 per cent on a constant currency basis
  • Adjusted EBITDA of $12.3 million in the quarter, an increase of $10.2 million
  • Nectar Points issued in the second quarter increased by 13.4 per cent compared to the same period in 2011, driven by strong underlying growth
    at Sainsbury’s, British Gas, and Homebase, and new contract terms with
    the program’s main sponsor
  • Redemption activity for the Nectar Program increased by 14.2 per cent in the quarter mainly driven by an increase in the number of Nectar
    Points in circulation
  • In the second quarter, Nectar Italia Points issued remained relatively
    constant year-over-year, while Nectar Italia points redeemed increased
    significantly consistent with members having increased availability of
    points in their accounts due to the program’s growth
  • Gross Billings for Intelligent Shopper Solutions (ISS) increased by 14.0
    per cent driven by increased activity related to the international
    expansion of its services

US & Asia Pacific – Stabilized – US Environment Continues to be
Challenging

  • Second quarter Gross Billings of $65.6 million, a decrease of 19.0 per cent or 21.2 per cent on a constant currency basis compared to the same period 2011. Excluding the impact of the Qantas
    exit, Gross Billings were down 5.0 per cent or 7.7 per cent on a constant currency basis
  • Second quarter Adjusted EBITDA of $(0.5) million, virtually unchanged
  • The US continues to be a challenging environment, however, the region is
    making good strides in terms of stabilizing, repositioning and focusing
    on higher value-add strategic loyalty services

Club Premier – Update

Club Premier continues to perform exceptionally well. It generated Gross
Billings of more than US$36 million this quarter, an increase of 26 per
cent over last year. Adjusted EBITDA margins remain in excess of 30 per
cent. Year-over-year, the number of members and commercial partners has
increased by 10 per cent and 22 per cent, respectively. Aimia and
Aeromexico have initiated discussions with the intent of Aimia
increasing its equity participation in PLM.  While there can be no
assurances that an agreement will be reached, the parties will seek to
reach an agreement by the end of 2012.

Cash Flow and Financial Position

At June 30, 2012, Aimia had $200.3 million of cash and cash equivalents,
$21.5 million of restricted cash, $73.1 million of short-term
investments and $283.9 million of long-term investments in bonds, for a
total of $578.8 million.

Aimia’s Free Cash Flow (before dividends paid) was $74.2 million for the
second quarter of 2012 compared to $81.5 million for the second quarter
of 2011. Free Cash Flow in the quarter decreased year over year
primarily due to timing of changes in net operating assets, higher cash
taxes and higher capital expenditures.

Dividends Declared

Common Shares
The Board of Directors declared a quarterly dividend of $0.16 per common
share, payable on September 28, 2012 to shareholders of record at the
close of business on September 14, 2012.

Preferred Shares
The Board also declared a quarterly dividend in the amount of $0.40625
per Cumulative Rate Reset Preferred Share, Series 1, payable on
September 28, 2012 to the holders of record at the close of business on
September 14, 2012.

Dividends paid by Aimia to Canadian residents on both its common and
preferred shares are “eligible dividends” for Canadian income tax
purposes.

2012 Outlook

While it is likely that the higher than forecasted Gross Billings growth
rate experienced in the first half of the year in the EMEA region will
slow in the second half, EMEA is on track for a strong year and is
compensating for some top line softness in the Canada and US & APAC
business segments. As a result, we are reiterating our 2012 annual
guidance provided in the February 22, 2012 earnings press release.

Guidance (as provided February 22, 2012)

For the year ending December 31, 2012, Aimia expects to report the
following:

   
Key Financial Metric Target Range
Consolidated Outlook  
Gross Billings Growth 1 Between 3% and 5%
Adjusted EBITDA2 Between $370 and $380 million
Free Cash Flow 2,3  Between $220 million and $240 million
Capital Expenditures To approximate $55 million
Income Taxes Current income tax rate is anticipated to approximate 27% in Canada and
17% in Italy. The Corporation expects no significant cash income taxes
will be incurred in the rest of its foreign operations.
Business Segment Gross Billings Growth Outlook  
Canada Between 2% and 4%
EMEA Between 8% and 11%
US & APAC1 Between -2% and 2%
Other
Nectar Italia Greater than €60 million in Gross Billings
1 The Gross Billings growth guidance excludes the effect of a client loss
(Qantas) in APAC at the end of the first quarter of 2012. The target
growth ranges are based on 2011 reported Gross Billings, excluding $40
million
related to Qantas. The client loss will have a negligible
impact on Adjusted EBITDA.
2 The Adjusted EBITDA and Free Cash Flow outlook range includes an
assumption of planned incremental operating expenses in business
development activities, principally in the U.S., India and Brazil,
technology platform related expenditures that are operating in nature
and additional brand related expenses associated with our new branding,
which in total will approximate $20 million in 2012.
3 Free Cash Flow before dividends.

The above guidance excludes the effects of fluctuations in currency
exchange rates. In addition, Aimia made a number of economic and market
assumptions in preparing its 2012 forecasts, including assumptions
regarding the performance of the economies in which the Corporation
operates and market competition and tax laws applicable to the
Corporation’s operations. The Corporation cautions that the assumptions
used to prepare the above forecasts for 2012, although reasonable at
the time they were made, may prove to be incorrect or inaccurate.
Accordingly, our actual results could differ materially from our
expectations as set forth in this news release. The outlook provided
constitutes forward-looking statements within the meaning of applicable
securities laws and should be read in conjunction with the “Caution
Concerning Forward-Looking Statements” section.

Use of Non-GAAP Financial Information

In order to provide a better understanding of the results, the following
indicators are used:

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization

EBITDA adjusted for certain factors particular to the business, such as
changes in deferred revenue and Future Redemption Costs (“Adjusted
EBITDA”), is used by management to evaluate performance, and to measure
compliance with debt covenants. Management believes Adjusted EBITDA
assists investors in comparing the Corporation’s performance on a
consistent basis without regard to depreciation and amortization, which
are non-cash in nature and can vary significantly depending on
accounting methods and non-operating factors such as historical cost.

Adjusted EBITDA is not a measurement based on GAAP, is not considered an
alternative to operating income or net income in measuring performance,
and is not comparable to similar measures used by other issuers. For a
reconciliation to GAAP, please refer to the Summary of Consolidated
Operating Results and Reconciliation of EBITDA, Adjusted EBITDA,
Adjusted Net Earnings and Free Cash Flow included in the attached schedule. Adjusted EBITDA should not be used as
an exclusive measure of cash flow because it does not account for the
impact of working capital growth, capital expenditures, debt repayments
and other sources and uses of cash, which are disclosed in the
statements of cash flows.

Adjusted Net Earnings

Adjusted Net Earnings provides a measurement of profitability calculated
on a basis consistent with Adjusted EBITDA. Net earnings attributable
to equity holders of the Corporation are adjusted to exclude
Amortization of Accumulation Partners’ contracts, customer
relationships and technology, share of net earnings (loss) of PLM and
impairment charges. Adjusted Net Earnings includes the Change in
deferred revenue and Change in Future Redemption Costs, net of the
income tax effect and non controlling interest effect (where
applicable) on these items at an entity level basis.

Adjusted Net Earnings is not a measurement based on GAAP, is not
considered an alternative to net earnings in measuring profitability,
and is not comparable to similar measures used by other issuers. For a
reconciliation to GAAP, please refer to the Summary of Consolidated
Operating Results and Reconciliation of EBITDA, Adjusted EBITDA,
Adjusted Net Earnings and Free Cash Flow included in the attached
schedule.

Standardized Free Cash Flow (“Free Cash Flow”)

Free Cash Flow is a non-GAAP measure recommended by the CICA in order to
provide a consistent and comparable measurement of free cash flow
across entities of cash generated from operations and is used as an
indicator of financial strength and performance.

Free Cash Flow is defined as cash flows from operating activities, as
reported in accordance with GAAP, less adjustments for:

  (a) total capital expenditures as reported in accordance with GAAP; and
     
  (b) dividends, when stipulated, unless deducted in arriving at cash flows
from operating activities.

For a reconciliation to cash flows from operations please refer to the
Summary of Consolidated Operating Results and Reconciliation of EBITDA,
Adjusted EBITDA, Adjusted Net Earnings and Free Cash Flow included in
the attached schedule.

EBITDA and Free Cash Flow are non-GAAP measurements recommended by the
CICA in accordance with the recommendations provided in their October
2008
publication, Improved Communications with Non-GAAP Financial Measures – General
Principles and Guidance for Reporting EBITDA and Free Cash Flow
.

Constant Currency

Because exchange rates are an important factor in understanding period
to period comparisons, the presentation of various financial metrics on
a constant currency basis or after giving effect to foreign exchange
translation, in addition to the reported metrics, helps improve the
ability to understand operating results and evaluate performance in
comparison to prior periods. Constant currency information compares
results between periods as if exchange rates had remained constant over
the periods. Constant currency is derived by calculating current-year
results using prior-year foreign currency exchange rates. Results
calculated on a constant currency basis should be considered in
addition to, not as a substitute for, results reported in accordance
with GAAP and may not be comparable to similarly titled measures used
by other companies.

Q2 2012 Conference Call / Audio Webcast

Aimia will host a conference call to discuss its second quarter 2012
financial results at 8:00 a.m. ET on Friday, August 10, 2012. The call
can be accessed by dialing 1-888-231-8191 or 647-427-7450 for the
Toronto area. The call will be simultaneously audio webcast at:
http://www.newswire.ca/en/webcast/detail/891071/950077

A slide presentation intended for simultaneous viewing with the
conference call will be available the evening of August 9, 2012 at: https://www.aimia.com/English/Investors/Financial-Reports/Quarterly-Reports/default.aspx and an archived audio webcast will be available at: https://www.aimia.com/English/Investors/Presentations-and-Events/Events/default.aspx for ninety days following the original broadcast.

The audited consolidated financial statements, the MD&A and a financial
highlights presentation will be accessible on the investor relations
website at:
https://www.aimia.com/English/Investors/Financial-Reports/Quarterly-Reports/default.aspx.

About Aimia

Aimia Inc. (“Aimia”) is a global leader in loyalty
management. Aimia’s unique capabilities include proven expertise in
delivering proprietary loyalty services, launching and managing
coalition loyalty programs, creating value through loyalty analytics
and driving innovation in the emerging digital and mobile
spaces. Aimia owns and operates Aeroplan, Canada’s premier coalition
loyalty program and Nectar, the United Kingdom’s largest coalition
loyalty program. In addition, Aimia has majority equity positions in
Air Miles Middle East and Nectar Italia as well as a minority position
in Club Premier, Mexico’s leading coalition loyalty program and
Cardlytics, a US-based private company operating in merchant-funded
transaction-driven marketing for electronic banking.

Aimia is a Canadian public company listed on the Toronto Stock
Exchange (TSX: AIM) and has over 3,400 employees in more than 20
countries around the world. For more information about Aimia, please
visit www.aimia.com.

Follow us on Twitter: http://twitter.com/#!/aimiainc.

Caution Concerning Forward-Looking Statements

Forward-looking statements are included in this news release. These
forward-looking statements are identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and
similar terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.

Forward-looking statements, by their nature, are based on assumptions
and are subject to important risks and uncertainties. Any forecasts,
predictions or forward-looking statements cannot be relied upon due to,
among other things, changing external events and general uncertainties
of the business and its corporate structure. Results indicated in
forward-looking statements may differ materially from actual results
for a number of reasons, including without limitation, dependency on
top accumulation partners and clients, conflicts of interest, greater
than expected redemptions for rewards, regulatory matters, retail
market/economic conditions, industry competition, Air Canada liquidity
issues, Air Canada or travel industry disruptions, airline industry
changes and increased airline costs, supply and capacity costs,
unfunded future redemption costs, failure to safeguard databases and
consumer privacy, changes to coalition loyalty programs, seasonal
nature of the business, other factors and prior performance, foreign
operations, legal proceedings, reliance on key personnel, labour
relations, pension liability, technological disruptions and inability
to use third party software, failure to protect intellectual property
rights, interest rate and currency fluctuations, leverage and
restrictive covenants in current and future indebtedness, uncertainty
of dividend payments, managing growth, credit ratings, as well as the
other factors identified in this news release and throughout Aimia’s
public disclosure record on file with the Canadian securities
regulatory authorities.

The forward-looking statements contained herein represent Aimia’s
expectations as of August 9, 2012, and are subject to change after such
date. However, Aimia disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required under
applicable securities regulations.

SUMMARY OF CONSOLIDATED OPERATING RESULTS AND RECONCILIATION OF EBITDA,
ADJUSTED EBITDA, ADJUSTED NET EARNINGS AND FREE CASH FLOW

       
  Three Months Ended

June 30,
Six Months Ended

June 30,
%∆
(in thousands, except share and per share information) 2012

$
2011(f)

$
2012

$
2011(f)

$
Q2 YTD
Gross Billings 554,302 542,418 1,090,938 1,070,298 2.2 1.9
Gross Billings from the sale of Loyalty Units 414,026 388,203 800,010 750,942 6.7 6.5
Revenue from Loyalty Units 366,645 345,387 784,860 724,239 6.2 8.4
Revenue from proprietary loyalty services 107,771 136,807 230,228 276,445 (21.2) (16.7)
Other revenue 29,817 25,408 56,870 53,126 17.4 7.0
Total revenue 504,233 507,602 1,071,958 1,053,810 (0.7) 1.7
Cost of rewards and direct costs (279,900) (297,737) (602,296) (625,353) (6.0) (3.7)
Gross margin before depreciation and amortization (a) 224,333 209,865 469,662 428,457 6.9 9.6
Depreciation and amortization (8,543) (8,096) (17,005) (15,916) 5.5 6.8
Amortization of Accumulation Partners’ contracts, customer relationships
and technology
(20,820) (22,893) (41,615) (46,222) (9.1) (10.0)
Gross margin 194,970 178,876 411,042 366,319 9.0 12.2
Operating expenses (141,064) (139,484) (281,995) (277,465) 1.1 1.6
Amortization of Accumulation Partners’ contracts, customer relationships
and technology
20,820 22,893 41,615 46,222 (9.1) (10.0)
Operating income before amortization of Accumulation Partners’
contracts, customer relationships and technology
74,726 62,285 170,662 135,076 20.0 26.3
Depreciation and amortization 8,543 8,096 17,005 15,916 5.5 6.8
EBITDA(a)(c) 83,269 70,381 187,667 150,992 18.3 24.3
Adjustments:            
  Change in deferred revenue            
    Gross Billings 554,302 542,418 1,090,938 1,070,298    
    Revenue (504,233) (507,602) (1,071,958) (1,053,810)    
  Change in Future Redemption Costs(b) (31,337) (28,343) (16,532) (18,355)    
    (Change in Net Loyalty Units outstanding x Average Cost of Rewards per
Loyalty Unit for the period)
           
Subtotal of Adjustments 18,732 6,473 2,448 (1,867)    
Adjusted EBITDA(c) 102,001 76,854 190,115 149,125 32.7 27.5
Net earnings attributable to equity holders of the Corporation 34,852 15,095 80,145 40,523    
Weighted average number of shares 172,203,650 180,173,985 173,011,895 182,839,306    
Earnings per common share(d) 0.19 0.07 0.43 0.19    
Net earnings attributable to equity holders of the Corporation 34,852 15,095 80,145 40,523    
Amortization of Accumulation Partners’ contracts, customer relationships
and technology
20,820 22,893 41,615 46,222    
Share of net earnings of PLM (1,560) (390) (2,715) (6,528)    
Adjusted EBITDA Adjustments (from above) 18,732 6,473 2,448 (1,867)    
Tax on adjustments(e) (423) (261) 4,865 2,869    
Non-controlling interests share on adjustments above (1,370) (638) (1,392) (767)    
Adjusted Net Earnings(c) 71,051 43,172 124,966 80,452 64.6 55.3
Adjusted Net Earnings per common share(c)(d) 0.40 0.22 0.69 0.41    
Cash flow from operations 85,467 91,155 116,437 76,314    
Capital expenditures (11,277) (9,643) (23,933) (15,955)    
Dividends (30,349) (29,712) (59,254) (55,525)    
Free Cash Flow(c) 43,841 51,800 33,250 4,834 (15.4) 587.8
Total assets 4,900,288 4,914,481 4,900,288 4,914,481    
Total long-term liabilities 1,546,811 1,301,667 1,546,811 1,301,667    
Total dividends 30,349 29,712 59,254 55,525    
Total dividends per preferred share 0.406 0.406 0.813 0.813    
Total dividends per common share 0.160 0.150 0.310 0.275    
(a) Excludes depreciation and amortization as well as amortization of
Accumulation Partners’ contracts, customer relationships and
technology.
(b) The per unit cost derived from this calculation is retroactively applied
to all prior periods with the effect of revaluing the Future Redemption
Cost liability on the basis of the latest available average unit cost.
(c) A non-GAAP measurement.
(d) After deducting dividends declared on preferred shares.
(e) The effective tax rates, calculated as income tax expense / earnings
before taxes for the period on an entity level basis, are applied to
the related entity level adjustments noted above.
(f) These figures do not include any effect attributable to the change in
Breakage estimates made during the fourth quarter of 2011 in the Nectar
and Air Miles Middle East programs.

SEGMENTED INFORMATION

At June 30, 2012, the Corporation had three reportable and operating
segments: Canada, EMEA and US & APAC. The table below summarizes the
relevant financial information by operating segment:

                                                 
  Three months ended June 30,
(in thousands of Canadian dollars) 2012   2011(f)   2012   2011(f)(g)   2012   2011(f)   2012   2011   2012   2011(f)   2012   2011(f)(g)  
Operating Segments Canada EMEA US & APAC Corporate(b) Eliminations Consolidated
Gross Billings 332,000   324,079   157,592 (c) 137,802 (c) 65,638 (c) 81,022 (c)     (928)   (485)   554,302 (c) 542,418 (c)
Gross Billings from the sale of Loyalty Units 277,218   271,969   136,808   116,234               414,026   388,203  
Revenue from Loyalty Units 261,668   261,746   104,977   83,641               366,645   345,387  
Revenue from proprietary loyalty services 37,060   46,455   3,123   6,848   67,588   83,504           107,771   136,807  
Other revenue 12,287   11,672   17,530   13,736               29,817   25,408  
Intercompany revenue 3   135   127   82   798   268       (928)   (485)      
Total revenue 311,018   320,008   125,757   104,307   68,386   83,772       (928)   (485)   504,233   507,602  
Cost of rewards and direct costs 158,662   177,169   87,138   71,969   34,230   48,599       (130)     279,900   297,737  
Gross margin before depreciation and amortization 152,356   142,839   38,619   32,338   34,156   35,173       (798)   (485)   224,333   209,865  
Depreciation and amortization (a) 23,298   25,079   3,829   3,295   2,236   2,615           29,363   30,989  
Gross margin 129,058   117,760   34,790   29,043   31,920   32,558       (798)   (485)   194,970   178,876  
Operating expenses before share-based compensation 57,158   56,455   36,638   38,497   31,866   33,347   12,405   8,799   (798)   (485)   137,269   136,613  
Share-based compensation             3,795   2,871       3,795   2,871  
Total operating expenses 57,158   56,455   36,638   38,497   31,866   33,347   16,200   11,670   (798)   (485)   141,064   139,484  
Operating income (loss) 71,900   61,305   (1,848)   (9,454)   54   (789)   (16,200)   (11,670)       53,906   39,392  
Adjusted EBITDA (h) 106,368   87,363   12,291   2,085   (458)   (924)   (16,200)   (11,670)       102,001   76,854  
Additions to non-current assets (d) 5,235   5,267   3,946   3,229   2,096   1,147       N/A   N/A   11,277   9,643  
Non-current assets (d) 3,222,938   3,291,655   463,006 (e) 446,243 (e) 43,275 (e) 99,876 (e) 2,213     N/A   N/A   3,731,432 (e) 3,837,774 (e)
Deferred revenue 1,776,795   1,815,961   472,396   311,589   13,358   12,514       N/A   N/A   2,262,549   2,140,064  
Total assets 3,780,395   3,801,215   922,069   868,164   136,198   202,723   61,626   42,379   N/A   N/A   4,900,288   4,914,481  
(a) Includes depreciation and amortization as well as amortization of
Accumulation Partners’ contracts, customer relationships and
technology.
(b) Includes expenses that are not directly attributable to any specific
operating segment. Corporate also includes the financial position and
operating results of our operations in India, the investments in PLM
and Cardlytics and Aimia’s share of PLM’s net earnings (loss).
(c) Includes third party Gross Billings of $127.1 million in the UK and
$39.3 million in the US for the three months ended June 30, 2012,
compared to third party Gross Billings of $113.4 million in the UK and
$46.8 million in the US for the three months ended June 30, 2011. Third
party Gross Billings are attributed to a country on the basis of the
country where the contractual and management responsibility for the
customer resides.
(d) Non-current assets includes amounts relating to goodwill, intangible
assets and property and equipment.
(e) Includes non-current assets of $411.9 million in the UK and $36.8
million
in the US as of June 30, 2012, compared to non-current assets
of $395.7 million in the UK and $94.3 million in the US as of June 30,
2011
.
(f) Intercompany revenue and expenses related to the comparative period have
been reclassified to conform with the presentation adopted in the
current period.
(g) These figures do not include any effect attributable to the change in
Breakage estimates made during the fourth quarter of 2011 in the Nectar
and Air Miles Middle East programs.
(h) A non-GAAP measurement.

 

 

 

 

 

SOURCE: AIMIA

 

Contact:

Media

JoAnne Hayes
416-352-3706
joanne.hayes@aimia.com

Analysts & Investors

Trish Moran
416-352-3728
trish.moran@aimia.com

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