OTTAWA, Ont. -- Alimentation Couche-Tard Inc.'s Eastern Canada Division has selected the Cognos 8 Controller for corporate reporting. It will use the Cognos solution to produce market reviews and financial statements for internal reporting on profitability and income tax returns on the many entities the division.
The Eastern Canada Division was looking for a solution that would allow its staff to provide faster and more accessible financial reporting for its 600 stores. In addition to reducing the data integrity risks associated with spreadsheets, Couche-Tard [image-nocss] expects to decrease the amount of time it takes to produce its financials with the added flexibility of altering performance reports more easily with Cognos 8 Controller.
The main value we saw in selecting Cognos 8 Controller is that it will be faster and more flexible than our existing solution, said Robert Mathieu, director of finance for Couche-Tard Eastern Canada Division. We will use Cognos 8 Controller to do all of our internal reporting, preparing financial statements for income tax returns for the many companies within the group and for official corporate statements.
Couche-Tard is a long-time user of Cognos 8 Business Intelligence (BI) providing a true performance management platform for the division. In addition to supporting corporate reporting with Cognos 8 Controller, Cognos 8 BI provides for all of Couche-Tard's operational reporting and analysis, including store-level reporting, category management and vendor performance across all divisions.
Cognos 8 Controller will deliver a single, secure reporting process for Couche-Tard's finance group in the division.
In other company news, Couche-Tard announced that the Toronto Stock Exchange has approved its share repurchase program, authorizing it to purchase up to 2,808,765 of the 56,175,312 Class A multiple voting shares and 7,332,066 of the 146,641,334 Class B subordinate voting shares issued and outstanding as at July 27, 2007 (representing 5% of the Class A multiple voting shares and 5% of the Class B subordinate voting shares, issued and outstanding as at that date, respectively). The average daily trading volume for the six-month period preceding July 27, 2007, represents 8,001 Class A multiple voting shares and 534,247 Class B subordinate voting share. In accordance with the exchange requirements, a maximum daily repurchase of 25% of these averages may be made.
By making such purchases, the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of the company will be increased on a pro rata basis.
If market conditions permit, the company anticipates that it will acquire up to 2,808,765 Class A multiple voting shares and up to 7,332,066 Class B subordinate voting shares, which numbers represent approximately 5% of the Class A multiple voting shares and 5% of the Class B subordinate voting shares issued and outstanding as of July 27, 2007.
The company may purchase Class A multiple voting shares and Class B subordinate voting shares on the open market through the facilities of The Toronto Stock Exchange, from time to time, over the course of 12 months commencing Aug. 8, 2007, and ending on Aug. 7, 2008. All shares purchased under the share repurchase program will be cancelled.
Laval, Quebec-based Couche-Tard currently operates a network of 5,513 convenience stores, 3,413 of which include motor fuel dispensing, located in nine large geographic markets, including six in the United States covering 29 states and three in Canada covering six provinces.
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