Cinram Announces Review of Historical Tax Filings
Poster: SySAdmin
Posted on March 4, 2010 at 8:35:01 AM
Cinram Announces Review of Historical Tax Filings
TORONTO, March 4 -- Cinram International Income Fund (TSX: CRW.UN) (the "Fund") announced that it was advised last evening by KPMG LLP ("KPMG"), the Fund's auditor and tax advisors, that in their view an error was made in certain of the Fund's previously filed tax returns for 2008 and prior years. KPMG has advised the Fund that the matter may result in an understatement of net income tax liabilities in a range approximating U.S.$10-20 million.
The Fund is reviewing the matter with its advisors. Until that review is completed the Fund cannot determine whether an error was made or, if so, the potential impact on its previously filed financial statements and on the fourth quarter and 2009 year end results announced on March 2, 2010.
About Cinram
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiary. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at http://www.cinram.com.
Source: Cinram International Income Fund
CONTACT: John H. Bell, Tel: (416) 332-2902, johnbell@cinram.com
TORONTO, March 4 -- Cinram International Income Fund (TSX: CRW.UN) (the "Fund") announced that it was advised last evening by KPMG LLP ("KPMG"), the Fund's auditor and tax advisors, that in their view an error was made in certain of the Fund's previously filed tax returns for 2008 and prior years. KPMG has advised the Fund that the matter may result in an understatement of net income tax liabilities in a range approximating U.S.$10-20 million.
The Fund is reviewing the matter with its advisors. Until that review is completed the Fund cannot determine whether an error was made or, if so, the potential impact on its previously filed financial statements and on the fourth quarter and 2009 year end results announced on March 2, 2010.
About Cinram
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiary. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at http://www.cinram.com.
Source: Cinram International Income Fund
CONTACT: John H. Bell, Tel: (416) 332-2902, johnbell@cinram.com