Arctic Glacier

(in thousands of U.S. dollars, except per unit data)
Year ended December 31, except as noted

	2011 ⁽²⁾	2010 ⁽²⁾	2009 ⁽³⁾	2008 ⁽³⁾	2007 ⁽³⁾	2006 ⁽³⁾	2005 ⁽³⁾	2004 ⁽³⁾
Sales	237,099	233,398	227,588	246,982	234,666	194,704	129,063	87,317
EBITDA	43,641	50,589	54,497	60,698	64,067	52,985	33,785	21,253
EBITDA margin (% of sales)	18.4%	21.7%	23.9%	24.6%	27.3%	27.2%	26.2%	24.3%
Net earnings (loss)	(84,884)	(82,671)	(15,874)	(36,859)	19,852	15,687	13,171	10,808
Adjusted earnings	(27,864)	(18,904)	(4,621)	2,682	19,852	15,687	13,171	10,808
Basic earnings (loss) per unit	(0.50)	(2.12)	(0.41)	(0.95)	0.52	0.51	0.53	0.46
Diluted earnings (loss) per unit	(0.54)	(2.12)	(0.41)	(0.95)	0.51	0.51	0.53	0.46
Adjusted basic earnings per unit	(0.17)	(0.48)	(0.12)	0.07	0.52	0.51	0.53	0.46
Adjusted diluted earnings per unit	(0.21)	(0.48)	(0.12)	0.07	0.51	0.51	0.53	0.46

Funds from (used in) operations⁽¹⁾	28,154	20,210	34,574	44,044	48,137	40,743	26,758	19,321

Current assets	50,049	35,240	26,303	25,471	34,617	31,419	20,013	25,573
Working capital	(196,381)	(76,874)	(57,965)	(1,109)	2,634	(5,901)	8,051	13,128
Total assets	296,120	363,375	437,793	450,337	500,842	466,357	238,622	238,790
Long-term debt	212,684	178,913	163,059	168,792	151,606	159,656	64,071	93,842
Unitholders' equity	44,011	67,405	161,365	186,792	236,624	204,243	157,572	124,289

(1) Excludes after tax costs of antitrust investigations and related expenses, costs of review of financing and strategic alternatives, changes in non-cash working capital items and accrued interest.
(2) Restated using International Financial Reporting Standards.
(3) As previously presented using Canadian Generally Accepted Accounting Principles.

EBITDA, adjusted earnings and distributable cash are not recognized measures under Canadian generally accepted accounting principles (GAAP) and do not have standardized meanings prescribed by GAAP. EBITDA is a performance measure used by management to provide an indication of cash available for distribution from ongoing operations prior to debt service, capital expenditures and income taxes and is often used to compare companies and income trusts on the basis of ability to generate cash from ongoing operations. Adjusted earnings is defined as earnings before one-time after tax costs of antitrust investigations and related expenses and goodwill impairment. Adjusted earnings is used by management to evaluate the ongoing profitablity of the Fund by eliminating the effect of these material non-operating costs. Distributable cash is a performance measure used by management as an indicator of funds available for distribution to unitholders in an income trust. Management believes that these are useful supplemental measures that may assist investors in assessing the Fund's financial results.

Investors should be cautioned that EBITDA, adjusted earnings and distributable cash should not be construed as alternatives to earnings, cash from operations or other financial measures determined in accordance with GAAP as indicators of the Fund’s performance. The Fund’s method of calculating EBITDA, adjusted earnings and distributable cash may differ from other companies and income trusts and, accordingly, may not be comparable to measures used by them.