Arctic Glacier

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

	2008	2007	2006	2005	2004	2003	2002
Sales	246,982	234,666	194,704	129,063	87,317	70,250	58,637
EBITDA	60,698	64,067	52,985	33,785	21,253	17,848	16,070
EBITDA margin (% of sales)	24.6%	27.3%	27.2%	26.2%	24.3%	25.4%	27.4%
Net earnings (loss)	(36,859)	19,852	15,687	13,171	10,808	7,924	5,971
Adjusted earnings	2,682	19,852	15,687	13,171	10,808	7,924	5,971
Basic earnings (loss) per unit	(0.95)	0.52	0.51	0.53	0.46	0.44	0.44
Diluted earnings (loss) per unit	(0.95)	0.51	0.51	0.53	0.46	0.44	0.43
Adjusted basic earnings per unit	0.07	0.52	0.51	0.53	0.46	0.44	0.44
Adjusted diluted earnings per unit	0.07	0.51	0.51	0.53	0.46	0.44	0.43

Funds from (used in) operations⁽¹⁾	44,044	48,137	40,743	26,758	19,321	15,330	11,153

Current assets	25,471	34,617	31,419	20,013	25,573	17,877	14,087
Working capital	(1,109)	2,634	(5,901)	8,051	13,128	9,337	9,585
Total assets	450,337	500,842	466,357	238,622	238,790	165,567	115,960
Long-term debt	168,792	151,606	159,656	64,071	93,842	24,717	34,433
Unitholders' equity	186,792	236,624	204,243	157,572	124,289	128,399	74,555

⁽¹⁾ Excludes after tax costs of antitrust investigations and related expenses

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.