Brampton Brick Reports Results for the Fourth Quarter and Year Ended December 31, 2008

BRAMPTON, ONTARIO, Mar 24 (MARKET WIRE) --
(All amounts are stated in thousands of Canadian dollars, except per
share amounts, unless otherwise indicated.)

Brampton Brick Limited (TSX: BBL.A) today reported a loss for the year
ended December 31, 2008 of $6,694, or $0.61 per Class A Subordinate
Voting Share ("Class A share") and Class B Multiple Voting Share ("Class
B share") outstanding, compared to consolidated net income of $3,519, or
$0.32 per Class A share and Class B share outstanding in 2007. The
aggregate weighted average number of Class A shares and Class B shares
outstanding was 10,928,000 in 2008 and 10,836,000 in 2007.

The loss for the year is comprised of a loss from continuing operations
of $6,339, or $0.58 per share, and a loss from discontinued operations of
$355, or $0.03 per share. The major factors which impacted operating
results from continuing operations in 2008 were:

i) a non-cash charge of $6,711 to write off the remaining carrying value
of goodwill which, net of the related tax benefit recorded of $720,
resulted in a net charge of $5,991, or $0.55 per share;

ii) a valuation allowance of $1,903, or $0.17 per share, recorded against
future tax assets related to U.S. operations, and;

iii)significantly lower production volumes in both the Masonry Products
and Landscape Products business segments which resulted in unabsorbed
manufacturing expenses being charged against current period operations.

For the fourth quarter ended December 31, 2008, the Company recorded a
loss from continuing operations of $8,716, or $0.80 per share, on a
weighted average 10,937,000 Class A shares and Class B shares
outstanding, compared to a loss from continuing operations of $12,833, or
$1.18 per share, on a weighted average 10,841,000 Class A shares and
Class B shares outstanding, for the fourth quarter in 2007.

These losses reflect net goodwill impairment charges, net of income
taxes, of $5,991, or $0.55 per share, in 2008 and $13,068, or $1.21 per
share, in 2007.

The loss for 2008 also reflects the valuation allowance of $1,903
recorded against the future tax asset pertaining to the U.S. operations.

Effective October 2, 2007, a 65% owned subsidiary of the Company
completed the sale of substantially all of its medical waste business
operations and assets. The sale of the remaining portion of this business
was completed in 2008 through the sale of the 50% joint venture interest
in Sharpsmart on April 21, 2008 and the disposal of the remaining
interest in certain small quantity generator accounts effective September
1, 2008. Accordingly, operating results and cash flows of these
components of the business have been classified as discontinued
operations, as applicable, and comparative amounts have been reclassified
to conform with the current year financial statement presentation.

RESULTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2008

Net sales from continuing operations were $81,476 in 2008 compared to
$82,352 in 2007. Net sales declined in the Masonry Products business
segment by $966, or 1.6%, due to lower clay brick volumes and a small
decrease in average net selling prices. In the Landscape Products
business segment net sales declined by $773, or 3.6%, primarily due to
lower volumes. Net sales from the new waste composting operations of
Universal Resource Recovery Inc. ("Universal"), which commenced
operations in October 2008, amounted to $863.

The increase in cost of goods sold from $50,706 in 2007 to $55,787 in
2008 reflected an increase in unabsorbed manufacturing expenses charged
against operations as noted above, additional costs incurred in
connection with the introduction of new concrete masonry products and
costs of the new waste composting operations which accounted for $1,198
of the increase. These items are discussed in greater detail under the
business segment results which follow.

The increase in selling, general and administrative expenses over 2007
was primarily due to higher selling expenses incurred in relation to new
products in the Masonry Products business segment. Costs were also
incurred in streamlining the sales order processing procedures and
reorganizing the sales administration departmental structure. Higher
expenses incurred in the new waste composting operations also accounted
for some of the increase.

As a result of the above factors, operating income from continuing
operations, before interest and other items, decreased from $10,643 in
2007 to $3,413 in 2008.

Interest on long-term debt increased by $584 to $1,322 primarily due to
the new term bank loan of $17,000 to finance a portion of the
construction costs of the new clay brick plant in Indiana and the
Company's proportionate share, amounting to $7,500, of loans incurred by
Universal to finance a portion of the construction costs of its waste
composting plant in Welland.

Interest income in 2008 was primarily due to interest on the promissory
note taken back on the sale of the medical waste assets and business
operations in October 2007. Interest income in 2007 was primarily the
result of interest earned on cash balances held to finance a portion of
the Indiana clay brick plant construction costs.

The Company incurred a foreign currency exchange loss of $128 for the
year compared to a loss of $1,515 in 2007. The exchange loss reported in
2007 related primarily to the impact of the strengthening in the relative
value of the Canadian dollar versus the U.S. dollar on U.S. cash balances
held during that period.

In 2007, other income included a gain of $533 on the disposal of certain
equipment in connection with the outsourcing of the clay brick quarry
operations in Brampton.

The Company performed its annual test for impairment of goodwill as at
December 31, 2008. As a result of this test, management determined there
was a decline in the estimated fair value of goodwill related to the
Landscape Products business segment and, accordingly, the Company wrote
off the remaining carrying value of $6,711. Net of the related income tax
benefit of $720, this resulted in a net charge to the Consolidated
Statement of Loss for 2008 of $5,991, or $0.55 per share. In 2007, the
Company wrote down the carrying value of goodwill by $13,500, which net
of income taxes resulted in a net charge to the Consolidated Statement of
Income of $13,068, or $1.21 per share. Excluding these non-cash charges,
the loss from continuing operations would have been $348, or $0.03 per
share, in 2008, compared to income of $8,393, or $0.77 per share in 2007.

The Company owns properties in Quebec which are surplus to its
requirements. Certain of these properties were sold during the year
resulting in a gain of $267. Properties sold in 2007 generated a gain of
$898.

In 2007 the Company disposed of its investment in common shares of
Futureway Communications Inc. ("FCI") for cash proceeds of $688, which
resulted in a gain in the same amount.

Operating results for 2008 reflect an income tax expense of $2,246 on a
loss before income taxes of $3,992. In 2008, the Company has recorded a
valuation allowance in the amount of $1,903 against the future tax asset
related to U.S. operations. In addition, a future tax benefit of only
$720 was recorded with respect to the $6,711 write off of goodwill.
Similarly in 2007, operating results reflected an income tax expense of
$2,524 on a loss before income taxes of $2,092 due, primarily, to a
future tax benefit of only $432 being recorded with respect to the
$13,500 write-down of goodwill.

The 2007 income tax provision reflected the benefit of a reduction in
future income tax liabilities in the amount of $1,039 resulting from
changes in future income tax rates which were substantively enacted.

The loss from discontinued operations in 2008 amounted to $355, or $0.03
per share, compared to net income from discontinued operations of $8,194,
or $0.75 per share, in 2007. The loss in 2008 included a reduction of
$375 to the principal amount of the promissory note taken back on the
sale in 2007 to settle a dispute with the purchaser, a provision of $625
with respect to certain other expenditures which are expected to be
incurred and a pre-tax gain of $255 on the sale of the Sharpsmart
operations.

In 2007, the Company recorded a pre-tax gain for accounting purposes of
$15,709 on the sale of the medical waste business operations. After
deducting estimated income taxes and the non-controlling interests' 35%
share of the net after-tax gain, the Company's share was $7,942, or $0.73
per share.

THREE MONTHS ENDED DECEMBER 31, 2008

Net sales from continuing operations were $14,268, a decrease of $1,740
from net sales of $16,008 in the fourth quarter of 2007. Sales volumes
were lower in both the Masonry Products and Landscape Products business
segments. Net sales of the new waste composting operations amounted to
$706 in the fourth quarter of 2008.

The operating loss from continuing operations, before interest and other
items, was $2,071 for the fourth quarter of 2008 compared to operating
income of $22 for the fourth quarter of 2007.

Foreign currency exchange fluctuations resulted in a gain of $246 for the
quarter compared to a gain of $183 for the corresponding period in 2007.

The sale of property in Quebec resulted in a gain of $131 in the fourth
quarter of 2008 compared to $645 in 2007.

The sale of the medical waste business operations and assets on October
2, 2007 was reflected in last year's fourth quarter results.

In total, the loss for the quarter was $8,716, or $0.80 per share,
compared to $5,048, or $0.47 per share, in 2007, including the net
goodwill impairment charges of $5,991, or $0.55 per share, in 2008 and
$13,068, or $1.21 per share, in 2007.

More detailed discussion with respect to each operating business segment
follows:

MASONRY PRODUCTS

For the year ended December 31, 2008, net sales were $59,977 compared to
$60,943 in 2007, representing a decline of $966, or 1.6%. Lower clay
brick shipments and a small decrease in average net selling prices caused
the decrease in net sales. Sales volumes have been affected by the
downturn in residential construction activity in both the Canadian and
U.S. markets.

Operating income was $9,353 in 2008 compared to $15,278 in 2007. The
negative impact of a 24% reduction in clay brick production volumes for
the year ended December 31, 2008 compared to 2007 was the primary cause
of the reduction in operating income. Lower production volumes resulted
in a higher proportion of total manufacturing costs being charged against
current period operations. Production volumes were lowered in 2008 to
reduce inventories in anticipation of lower demand due to current
economic conditions. The Company also incurred higher manufacturing costs
in 2008 related to the testing and initial production of new concrete
masonry products.

Higher distribution costs, due to an increase in trucking expenses and
higher yard costs, also contributed to the decrease in operating income.

Selling, general and administrative expenses increased over 2007 as a
result of expenditures incurred in connection with the introduction of
new concrete masonry products, such as stone veneer, window sills and
concrete brick.

Net sales for the fourth quarter decreased by $2,093, or 17.6%, from
$11,872 in 2007 to $9,779 in 2008 primarily due to lower clay brick
shipments which were offset, in part, by higher sales of new concrete
masonry products.

For the fourth quarter of 2008, the Masonry Products business segment
incurred an operating loss of $901 compared to operating income of $2,339
in 2007. The reasons for the decline are substantially the same as
outlined above for the results for the year.

LANDSCAPE PRODUCTS

Net sales of the Landscape Products business segment were $20,636 for the
year ended December 31, 2008 compared to $21,409 in 2007. The decline of
$773 was due to lower sales in the U.S. caused by economic factors
affecting the Company's U.S. market, primarily Michigan.

Significantly lower production volumes in 2008, to reduce inventories,
and higher distribution costs resulted in an increase in cost of goods
sold which in turn resulted in a higher operating loss in the current
period.

A decrease in selling, general and administrative expenses partially
offset the increase in cost of goods sold.

For the year ended December 31, 2008, the Landscape Products business
segment incurred an operating loss of $5,271 compared to $4,249 in 2007.

Net sales for the fourth quarter of 2008 were $3,783 compared to $4,136
for the corresponding period in 2007 and the operating loss for the
quarter was $965 compared to $2,194 in 2007.

Sales declined in both the Canadian and U.S. markets in the fourth
quarter of 2008. Operating results for the quarter improved over the
comparable prior year period due, in part, to improved production
scheduling and other efficiencies which reduced manufacturing expenses.
Almost all of the reduction in production volumes in this business
segment occurred during the first three quarters of the year. Lower
distribution costs and lower selling, general and administrative expenses
also contributed to the improvement for the quarter.

OTHER OPERATIONS

Other operations include, among other things, the Company's 50% joint
venture interest in Universal. This investment is accounted for using the
proportionate consolidation method.

For the period of operation to December 31, 2008 the Company's
proportionate share of net sales were $863 and the share of the operating
loss was $666.

This operation had no sales in 2007. The Company's proportionate share of
the loss incurred in 2007 totaled $386.

DISCONTINUED OPERATIONS

Discontinued operations represents the Company's former medical waste
business operations previously operated by a 65% owned subsidiary,
substantially all of which were sold on October 2, 2007. This
subsidiary's 50% joint venture interest in Sharpsmart was sold on April
21, 2008 and its remaining interest in certain small quantity generator
accounts were disposed of effective September 1, 2008. Operating results
of these components of the business have been classified as discontinued
operations and the prior year comparative amounts have been reclassified
to conform with the current period financial statement presentation.

Net sales of discontinued operations to the date of sale in 2008 were
$632 compared to $9,866 for the year ended December 31, 2007. The
operating loss for the period of operations in 2008 was $119 compared to
operating income of $534 for the year in 2007.

The sale of the medical waste business operations and assets in 2007
resulted in a pre-tax gain of $15,709. After deducting estimated income
taxes of $3,490 and the 35% non-controlling interest in the after tax
gain, the contribution to consolidated net income was $7,942, or $0.73
per share.

The loss from discontinued operations in 2008 includes a reduction of
$375 in the principal amount of the promissory note taken back on the
sale of the medical waste business operations and assets in October 2007
to settle a dispute with the purchaser in such transaction and a
provision of $625 with respect to certain other expenditures which are
expected to be incurred. These adjustments resulted in a net charge of
approximately $473, or $0.04 per share, after deducting income taxes and
the 35% non-controlling interest therein. As part of the settlement, the
interest in certain small quantity generator accounts which had been
retained as part of the sale of the interest in Sharpsmart were also
transferred to the purchaser.

CASH FLOW

Cash flow provided by operating activities of continuing operations
totaled $15,823 for the year ended December 31, 2008, an increase of
$2,185 from cash flow of $13,638 provided for the year ended December 31,
2007.

Cash from operations prior to working capital changes was down $9,216,
reflecting lower operating income in 2008 compared to 2007. A reduction
in working capital items, including inventories ($4,547), accounts
receivable ($1,743) and income taxes ($1,173) generated additional cash
from operations in 2008 totaling $7,340, compared to an overall use of
cash in 2007 of $4,954 to build working capital.

Cash utilized for purchases of property, plant and equipment totaled
$48,266 in 2008 compared to $21,144 in 2007. Expenditures in 2008
included $34,521 pertaining to the Company's new clay brick plant under
construction in Indiana compared to $15,748 in 2007. Expenditures in 2008
also included an amount of $9,341, being the Company's 50% share of
expenditures incurred by Universal to construct its waste composting
facility. In 2007, this amount was $748.

Other deferred costs incurred in 2008 included approximately $1,832 in
connection with pre-operating costs for the Indiana clay brick plant
during construction and in the testing and commissioning phase and $691
in relation to the Company's proposed new quarry site in Brampton.

Proceeds of $2,958 from the first instalment on the promissory note taken
back on the sale of medical waste business operations and assets were
received in October 2008.

Proceeds from the sale of land held for sale totaled $428 compared to
$1,304 in the prior year. In 2007, proceeds from the disposal of
equipment totaled $652 including the disposal of equipment in connection
with the outsourcing of the clay brick quarry operations in Brampton.
Proceeds from the sale of the investment in FCI in 2007 were $688.

During 2008, discontinued operations repaid advances totaling $715 to the
parent company compared to $1,099 in 2007.

Term bank loans increased by $24,500. Of this amount, $17,000 represented
financing of a portion of the costs of construction of the Indiana clay
brick plant and $7,500 represented the Company's proportionate share of
the term bank loan incurred by Universal for the construction of its
waste composting facility.

Debt repayments, including the promissory note and other term loans,
totaled $4,451 in 2008 compared to $4,580 in 2007.

A portion of the cash proceeds received from the sale of the medical
waste business operations and assets, including the promissory note
instalment received in the fourth quarter of 2008, was distributed by way
of a cash dividend. The non-controlling interests' share of these
distributions totaled $1,750 in 2008 and $350 in 2007.

Cash dividends of $0.10 per Class A share and $0.10 per Class B share
were paid to shareholders on June 30 and December 31 in both 2008 and
2007.

In 2008, the Company purchased and cancelled 37,800 Class A shares for
aggregate consideration of $365 under a Normal Course Issuer Bid. In
2007, 1,300 Class A shares were purchased and cancelled for aggregate
consideration of $14.

Net cash provided by discontinued operations in 2007 included $9,832 cash
proceeds on closing, less a $1,835 term loan repayment, advance
repayments of $1,099 and other cash outflows of $465.

FINANCIAL CONDITION

The nature of the Company's products and primary markets dictates that
its Masonry Products and Landscape Products business segments are
seasonal. The Landscape Products business is affected to a greater degree
than the Masonry Products business. As a result of this seasonality, bank
operating advances are generally expected to increase through the first
half of the year and decline through the second half of the year.

Furthermore, demand for both masonry and landscape products is cyclical
and fluctuates in accordance with residential, commercial, industrial and
institutional construction.

Current economic conditions are expected to result in a lower overall
level of construction activity and reduced consumer spending in 2009 and
the Company anticipates that demand for its products will be impacted
accordingly. Consequently, production plans, manpower requirements and
discretionary spending have been significantly reduced in order to
minimize the impact on operating results and cash flows. Operating plans
will continue to be evaluated in light of economic conditions as these
business segments move into the historical seasonal upswing in the second
quarter of the year and will be further adjusted as circumstances
dictate. This may include temporary plant shutdowns and further
reductions in manpower.

As at December 31, 2008 and throughout the year, the Company was in
compliance with the financial covenants under its credit facilities.
However, based on the current economic environment, the Company
recognized that it would be unable to comply with the existing covenants
throughout fiscal year 2009 and is currently in discussions with its
lender to amend the financial covenants to levels which are appropriate
under the current economic circumstances. In the event the Company is
unable to come to a satisfactory arrangement with the bank, the term
loan, which is classified as a long-term obligation, would be subject to
demand. The Company expects that it will be able to conclude on
favourable arrangements that will allow it to maintain compliance with
the proposed amended financial covenants throughout the coming year.

During the course of these discussions the lender has indicated that it
will seek a reduction in the maximum availability under both the term
loan and operating loan facilities. The Company may incur additional
costs, higher interest rates or be subject to different terms as a result
of the renegotiation of its credit facilities.

Total capital expenditures to be incurred in connection with the
construction of a new brick plant in Indiana are estimated at
approximately U.S. $53,000. A total of U.S. $46,125 had been expended to
December 31, 2008. The balance is expected to be funded from future cash
flows from operations and the unutilized portion of the Company's credit
facilities.

Universal anticipates that it will require approximately $3,200 in 2009
to fund capital expenditures incurred to December 31, 2008 and additional
expenditures in 2009 to complete construction. This amount is expected to
be funded by Universal from cash on hand, future cash flows from
operations and the unutilized balance of its operating credit facility.

Since the inception of its financing agreement in 2008, Universal has
maintained compliance with the financial covenants thereunder and is
expected to maintain compliance throughout the coming year.

OTHER

Certain statements contained herein constitute "forward-looking
statements". Such forward-looking statements involve known and unknown
risks, uncertainties and other factors, including, but not limited to,
those identified under "Risks and Uncertainties" in the Company's 2007
Annual Report, which may cause actual results, performance or
achievements of the Company to be materially different from any future
result, performance or achievements expressed or implied by such
forward-looking statements.

Brampton Brick is Canada's second largest manufacturer of clay brick and
manufactures concrete paving stones, retaining walls, garden walls and
enviro products in Canada and the U.S. under the Oaks Concrete Products
trade name. The Company also manufactures a range of concrete masonry
products including stone veneer, window sills and concrete brick.
Products are used for residential construction and for industrial,
commercial, and institutional building projects. Da Vinci Stone Craft
Ltd., a wholly owned subsidiary, manufactures fireplace surrounds and
accessory products. The Company also holds a 50% joint-venture interest
in Universal Resource Recovery Inc., which commenced operations at its
newly constructed waste composting facility in Welland, Ontario in
October 2008.

Selected Financial Information

(Thousands of dollars,
except per share amounts) (unaudited)
----------------------------------------------------------------------------
Three months ended Year ended
CONSOLIDATED STATEMENTS December 31 December 31
OF INCOME (LOSS) 2008 2007 2008 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net sales from continuing operations $ 14,268 $ 16,008 $ 81,476 $ 82,352
Cost of goods sold 10,517 11,245 55,787 50,706
Selling, general and administrative
expenses 3,420 2,700 13,446 12,480
Amortization 2,402 2,041 8,830 8,523
--------- -------- --------- --------
16,339 15,986 78,063 71,709

Operating income (loss) from
continuing operations before the
undernoted items (2,071) 22 3,413 10,643
Interest on long-term debt (490) (153) (1,322) (738)
Interest income (net) 85 209 415 558
Foreign currency exchange (gain) loss 246 183 (128) (1,515)
Foreign currency exchange gain on
cash flow hedges 6 33 5 209
Other income 21 2 69 665
--------- -------- --------- --------
(132) 274 (961) (821)
--------- -------- --------- --------

Income (loss) from continuing
operations before the following items (2,203) 296 2,452 9,822
--------- -------- --------- --------

Goodwill impairment (6,711) (13,500) (6,711) (13,500)
--------- -------- --------- --------

Gain on sale of property held for sale 131 645 267 898
--------- -------- --------- --------

Gain on sale of investment in
Futureway Communications Inc. - - - 688
--------- -------- --------- --------

Loss from continuing operations
before income taxes and
non-controlling interests (8,783) (12,559) (3,992) (2,092)

(Provision for) recovery of
income taxes
Current 390 (39) (1,871) (905)
Future (301) (164) (375) (1,619)
--------- -------- --------- --------
89 (203) (2,246) (2,524)
--------- -------- --------- --------
Loss from continuing operations
before non-controlling interests (8,694) (12,762) (6,238) (4,616)
--------- -------- --------- --------
Non-controlling interests (22) (71) (101) (59)
--------- -------- --------- --------
Loss from continuing operations (8,716) (12,833) (6,339) (4,675)
Net income (loss) from discontinued
operations - 7,785 (355) 8,194
--------- -------- --------- --------
Net income (loss) for the period $(8,716) $(5,048) $(6,694) $ 3,519
--------- -------- --------- --------
--------- -------- --------- --------
Net income (loss) per Class A and
Class B share
From continuing operations $ (0.80) $ (1.17) $ (0.58) $ (0.43)
--------- -------- --------- --------
--------- -------- --------- --------
For the period $ (0.80) $ (0.47) $ (0.61) $ 0.32
--------- -------- --------- --------
--------- -------- --------- --------
Weighted average Class A and
Class B shares outstanding (000's) 10,937 10,841 10,928 10,836

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Selected Financial Information

(Thousands of dollars) (unaudited)
----------------------------------------------------------------------------
Three months ended Year ended
CONSOLIDATED STATEMENTS December 31 December 31
OF CASH FLOWS 2008 2007 2008 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash provided by (used for)
activities of continuing operations
Operating activities
Loss from continuing operations for
the period $ (8,716) $ (12,833) $ (6,339) $ (4,675)
Items not affecting cash and cash
equivalents
Amortization and accretion 2,414 2,052 8,879 8,569
Future income taxes 301 164 375 1,619
Non-controlling interests 22 71 101 59
Unrealized foreign currency exchange
(gain) loss 21 53 (313) 1,364
Gain on sale of property held for
sale (131) (645) (267) (898)
Loss (gain) on disposal of property,
plant and equipment 4 71 - (492)
Goodwill impairment 6,711 13,500 6,711 13,500
Gain on sale of investment in
Futureway Communications Inc. - - - (688)
Other 50 (39) 229 234
--------- ---------- --------- ---------
676 2,394 9,376 18,592

Changes in non-cash operating items
Accounts receivable 9,363 6,512 1,743 3,190
Inventories (759) (1,043) 4,547 (4,365)
Accounts payable and accrued
liabilities (3,196) (1,813) 86 (739)
Income taxes payable (net) (1,075) 82 1,173 (3,155)
Other 816 633 (209) 115
--------- ---------- --------- ---------
5,149 4,371 7,340 (4,954)
Payments of asset retirement
obligation (76) - (893) -
--------- ---------- --------- ---------
Cash provided by operating
activities of continuing operations 5,749 6,765 15,823 13,638

Investing activities
Purchase of property, plant and
equipment (6,069) (7,437) (48,266) (21,144)
Other deferred costs (2,523) (7) (2,523) (62)
Proceeds from promissory note 2,958 - 2,958 -
Proceeds from disposal of
property, plant and equipment 1 33 13 652
Proceeds from sale of property
held for sale 212 962 428 1,304
Proceeds from mortgage receivable 150 - 150 -
Proceeds from sale of investment
in Futureway Communications Inc. - - - 688
Inter-company advances repaid by
discontinued operations - 55 715 1,099
--------- ---------- --------- ---------
Cash used for investment activities
of continuing operations (5,271) (6,394) (46,525) (17,463)

Financing activities
Increase (decrease) in bank
operating advances 902 (170) 1,931 (2,555)
Increase in term bank loans 4,325 - 24,500 -
Repayment of promissory note and
term loans (4,162) (4,163) (4,451) (4,580)
Repayment of mortgage - - - (1,781)
Payments on obligations under
capital leases (97) (37) (277) (284)
Payment of dividends by
subsidiary to non-controlling
interests (1,050) (350) (1,750) (350)
Payment of dividends to
shareholders (1,093) (1,086) (2,189) (2,170)
Proceeds from exercise of stock
options - 115 634 127
Class A shares repurchased (26) (14) (365) (14)
--------- ---------- --------- ---------
Cash provided by (used for)
financing activities of continuing
operations (1,201) (5,705) 18,033 (11,607)

Net cash provided by discontinued
operations 560 6,830 490 6,433
--------- ---------- --------- ---------

Foreign exchange on cash held in
foreign currency 30 (162) 407 (1,587)
--------- ---------- --------- ---------

Increase (decrease) in cash and
cash equivalents (133) 1,334 (11,772) (10,586)

Cash and cash equivalents at the
beginning of the period 2,221 12,526 13,860 24,446
--------- ---------- --------- ---------

Cash and cash equivalents at the
end of the period $ 2,088 $ 13,860 $ 2,088 $ 13,860
--------- ---------- --------- ---------
--------- ---------- --------- ---------

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Selected Financial Information

(Thousands of dollars) (audited)
----------------------------------------------------------------------------

December 31 December 31
CONSOLIDATED BALANCE SHEETS 2008 2007
----------------------------------------------------------------------------
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ASSETS
Current assets
Cash and cash equivalents $ 2,088 $ 13,860
Accounts receivable 5,691 7,433
Inventories 18,062 22,609
Income taxes recoverable 10 2,919
Future income taxes 40 85
Other current assets 988 988
Promissory note receivable, current 3,358 3,382
Assets of discontinued operations held for
sale - 538
----------- -----------
30,237 51,814

Property, plant and equipment (net) 107,158 97,756
Construction in progress 49,149 14,851
----------- -----------
156,307 112,607

Other assets
Goodwill - 6,711
Future income taxes 605 1,270
Promissory note receivable, long-term 3,244 6,449
Other 3,749 1,472
Assets of discontinued operations held
for sale - 917
----------- -----------
7,598 16,819
----------- -----------
$ 194,142 $ 181,240
----------- -----------
----------- -----------

LIABILITIES
Current liabilities
Bank operating advances $ 2,581 $ 650
Accounts payable and accrued liabilities 14,478 14,000
Income taxes payable 2,517 4,253
Long-term debt, current portion 4,137 4,684
Derivative financial instruments, current 834 1,606
Asset retirement obligation 245 375
Liabilities of discontinued operations
held for sale 730 822
----------- -----------
25,522 26,390

Long-term debt, less current portion 25,521 3,744

Derivative financial instruments, non-current 2,267 809

Future income taxes 6,552 7,513

Asset retirement obligation 496 673

Liabilities of discontinued operations held
for sale - 14
----------- -----------
60,358 39,143

Non-controlling interests 2,526 4,366

SHAREHOLDERS' EQUITY 131,258 137,731
----------- -----------
$ 194,142 $ 181,240
----------- -----------
----------- -----------

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Selected Financial Information

(Thousands of dollars) (audited)
----------------------------------------------------------------------------
Year ended Year ended
December 31 December 31
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS 2008 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance at the beginning of the year $ 111,587 $ 110,246
Net income (loss) (6,694) 3,519
Premiums paid on repurchase of capital stock (215) (8)
Dividends (2,189) (2,170)
----------- -----------
Balance at the end of the year $ 102,489 $ 111,587
----------- -----------
----------- -----------

----------------------------------------------------------------------------

(Thousands of dollars) (unaudited)
----------------------------------------------------------------------------

Three months ended Year
endedCONSOLIDATED STATEMENTS December 31 December 31
OF COMPREHENSIVE LOSS 2008 2007 2008 2007
----------------------------------------------------------------------------
Net income (loss) for the period $ (8,716) $ (5,048) $ (6,694) $ 3,519
Other comprehensive loss
Loss on cash flow hedges net
of taxes (932) (1,566) (878) (4,177)
--------- --------- --------- --------
Total comprehensive loss for the
period $ (9,648) $ (6,614) $ (7,572) $ (658)

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Contacts:
Brampton Brick Limited
Ken Mondor
Vice-President, Finance
(905) 840-1011
(905) 840-1535 (FAX)
investor.relations@bramptonbrick.com

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