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CANADIENS, MAPLE LEAFS HIT HARD BY LOCKOUT
Published May 18, 1995
MLG REPORTS LOSSES: Maple Leaf Gardens Ltd. reported yesterday a loss of C$565,219, or C$.15 a share, on revenues of C$33.9M for the nine months ended March 31. Compared to last year, during a 10-month period, profits were C$4.9M ($1.36 a share) on revenues of C$47.8M. The company also did not pay dividends in the quarter, making it the third time they have failed to pay out to shareholders since last September. MLG's board blamed the losses on the NHL lockout, noting the Leafs played only 22 home games in the last nine months (Gayle MacDonald, FINANCIAL POST, 5/18). MOLSON SUFFERS 31% DROP IN EARNINGS: Molson Cos. Ltd. has reporting a "disappointing" 31% drop in profit for fiscal '95, according to Marina Strauss in this morning's Toronto GLOBE & MAIL. The drop in earnings was due to the lockout in the NHL and losses from its U.S. chemical business, Diversey Corp. Molson owns the Canadiens and TV production unit Molstar Communications. While Molson Breweries reported a small profit in '95, the parent company said their profit dropped to $86.8M in '95, compared with $125.7M in '94 (Toronto GLOBE & MAIL, 5/18). Analyst Michael Palmer called the report "an ugly document." The hockey work stoppage cost Molson $15M in profits from the Canadiens and profits at Diversey Inc. dropped 42% (TORONTO STAR/CP, 5/18). Despite the losses, Molson CEO Marshall Cohen "dispelled any notion" the company would sell the Canadiens. Cohen: "We view this as a legacy asset and will retain it" (Terry Weber, FINANCIAL POST, 5/18). LEAFS IN EASTERN CONFERENCE? Maple Leafs President and GM Cliff Fletcher said yesterday that the team "won't be bumped" over to the Eastern Conference of the Nordiques relocate to Denver. If the Nords do move to Denver, they would be placed in the Western Conference, leaving 13 teams in each conference (Damien Cox, TORONTO STAR, 5/18).