/FIRST AND FINAL ADD - TO256 - Harry Winston Diamond Corporation/

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Howard Hldg Asd	LSE:HWD	London	Ordinary Share	QQ0031849458	ORD 10P (ASSD RUSHBROOK CASH)

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
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Consolidated Statements of Cash Flows (expressed in thousands of United States dollars) (unaudited) Three Months Three Months Ended Ended April 30, April 30, 2008 2007 ------------------------------------------------------------------------- Cash provided by (used in): Operating Net earnings $ 21,256 $ 3,253 Items not involving cash: Amortization and accretion 13,955 19,603 Future income taxes (8,165) (3,194) Stock-based compensation and pension expense 357 1,282 Foreign exchange (574) 13,461 Loss on disposal of assets 469 - Minority interest 1 140 Change in non-cash operating working capital 7,008 (20,219) ------------------------------------------------------------------------- 34,307 14,326 ------------------------------------------------------------------------- Financing Decrease in long-term debt (12,477) (3,626) Increase in revolving credit 155,190 19,011 Repayment of Harry Winston Inc. revolving credit (159,109) - Dividends paid (3,069) (14,593) Issue of common shares 76,039 34 ------------------------------------------------------------------------- 56,574 826 ------------------------------------------------------------------------- Investing Cash collateral and cash reserve (8,323) 12,259 Deferred mineral property costs (1,727) (3,782) Capital assets (68,139) (37,566) Other assets - (1,091) ------------------------------------------------------------------------- (78,189) (30,180) ------------------------------------------------------------------------- Foreign exchange effect on cash balances (544) 382 Increase/(decrease) in cash and cash equivalents 12,148 (14,646) Cash and cash equivalents, beginning of period (note 3) 49,628 54,174 ------------------------------------------------------------------------- Cash and cash equivalents, end of period (note 3) $ 61,776 $ 39,528 ---------------------------- ---------------------------- Change in non-cash operating working capital Accounts receivable 1,732 (4,285) Prepaid expenses and other current assets (4,435) 1,512 Inventory and supplies (18,577) (43,582) Accounts payable and accrued liabilities 18,699 18,909 Income tax payable 9,589 7,227 ------------------------------------------------------------------------- $ 7,008 $ (20,219) ------------------------------------------------------------------------- Supplemental cash flow information Cash taxes paid $ 12,195 $ 736 Cash interest paid $ 4,408 $ 5,743 ------------------------------------------------------------------------- See accompanying notes to consolidated financial statements. Notes to Consolidated Financial Statements April 30, 2008 with comparative figures (tabular amounts in thousands of United States dollars, except as otherwise noted) NOTE 1: Nature of Operations Harry Winston Diamond Corporation (the "Company") is a specialist diamond company focusing on the mining and retail segments of the diamond industry. The Company's most significant asset is a 40% interest in the Diavik group of mineral claims. The Diavik Joint Venture (the "Joint Venture") is an unincorporated joint arrangement between Diavik Diamond Mines Inc. ("DDMI") (60%) and Harry Winston Diamond Mines Ltd. (40%). DDMI is the operator of the Diavik Diamond Mine. Both companies are headquartered in Yellowknife, Canada. DDMI is a wholly owned subsidiary of Rio Tinto plc of London, England, and Harry Winston Diamond Mines Ltd. is a wholly owned subsidiary of Harry Winston Diamond Corporation of Toronto, Canada. The Diavik Diamond Mine is located 300 kilometres northeast of Yellowknife in the Northwest Territories. The Company records its proportionate interest in the assets, liabilities and expenses of the Joint Venture in the Company's financial statements with a one-month lag. The Company also owns a 100% interest in Harry Winston Inc., the premier fine jewelry and watch retailer. The results of Harry Winston Inc., located in New York City, US, are consolidated in the financial statements of the Company. NOTE 2: Significant Accounting Policies The interim consolidated financial statements are prepared by management in accordance with accounting principles generally accepted in Canada. The interim consolidated financial statements include the accounts of the Company and all of its subsidiaries as well as its proportionate interest in the assets, liabilities and expenses of joint arrangements. Intercompany transactions and balances have been eliminated. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in the Company's Annual Report for the year ended January 31, 2008, since these interim financial statements do not include all disclosures required by Canadian generally accepted accounting principles ("Canadian GAAP"). Excluding adoption of the new accounting standards described below, these statements have been prepared following the same accounting policies and methods of computation as the consolidated financial statements for the year ended January 31, 2008. Adoption Of New Accounting Standards And Developments Capital Disclosures Effective February 1, 2008, the Company adopted new accounting recommendations from the Canadian Institute of Chartered Accountants ("CICA"), Handbook Section 1535, "Capital Disclosures". This new standard specifies the requirements for disclosure of both qualitative and quantitative information to enable users of financial statements to evaluate the Company's objectives, policies and processes for managing capital. This disclosure is contained in note 12 to the interim consolidated financial statements. Inventories Effective February 1, 2008, the Company adopted new accounting recommendations from the CICA, Handbook Section 3031, "Inventories", which supersedes the previously issued standard on inventory. The new standard introduces significant changes to the measurement and disclosure of inventory. The measurement changes include: the elimination of LIFO, the requirement to measure inventories at the lower of cost and net realizable value method, for inventories that are not ordinarily interchangeable and goods or services produced for specific purposes, the requirement for an entity to use a consistent cost formula for inventory of a similar nature and use, and the reversal of previous write-downs to net realizable value when there is a subsequent increase in the value of inventories. Disclosures of inventories have also been enhanced. Inventory policies, carrying amounts, amounts recognized as an expense, write-downs and the reversals of write-downs are required to be disclosed. This standard has had no material impact on the Company's consolidated financial statements. Financial Instruments Effective February 1, 2008, the Company adopted new accounting recommendations from the CICA, Handbook Section 3862, "Financial Instruments - Disclosures" and Handbook Section 3863, "Financial Instruments - Presentation". Section 3862 provides guidance on disclosure of risks associated with both recognized and unrecognized financial instruments and how the Company manages these risks. Section 3863 details financial instruments presentation requirements, which are unchanged from those discussed in Section 3861, "Financial Instruments - Disclosure and Presentation". This disclosure in contained in note 13 to the interim consolidated financial statements. Recently Issued Accounting Standards Goodwill and Intangibles On February 1, 2008 the CICA issued Handbook Section 3064, "Goodwill and Intangible Assets". This Section establishes revised standards for the recognition, measurement, presentation and disclosure of goodwill and intangible assets. Concurrent with the introduction of this standard, the CICA withdrew EIC 27, "Revenues and Expenses During the Pre-operating Period," which eliminates the ability for companies to defer costs and revenues incurred prior to commercial production at new mine operations. The changes are effective for interim and annual financial statements beginning January 1, 2009. The Company is currently assessing the impact of this standard on its consolidated financial statements. International Financial Reporting Standards ("IFRS"): In 2006, the Canadian Accounting Standards Board ("AcSB") published a new strategic plan that will significantly impact financial reporting requirements for Canadian companies. The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five-year transitional period. In February 2008, the AcSB announced that 2011 is the changeover date for public accountable companies to convert from Canadian GAAP to IFRS. The transition date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Accordingly, this new standard will apply to the Company effective for the fiscal year commencing February 1, 2011. While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time. NOTE 3: Cash Resources April 30, January 31, 2008 2008 ------------------------------------------------------------------------- Cash on hand and balances with banks $ 61,776 $ 33,028 Short-term investments (a) - 16,600 ------------------------------------------------------------------------- Total cash and cash equivalents 61,776 49,628 Cash collateral and cash reserves 33,938 25,615 ------------------------------------------------------------------------- Total cash resources $ 95,714 $ 75,243 ---------------------------- ---------------------------- (a) Short-term investments are held in overnight deposits. NOTE 4: Inventory and Supplies April 30, January 31, 2008 2008 ------------------------------------------------------------------------- Rough diamond inventory $ 22,349 $ 17,097 Merchandise inventory 256,908 254,101 Supplies inventory 61,548 51,030 ------------------------------------------------------------------------- Total inventory and supplies $ 340,805 $ 322,228 ---------------------------- ---------------------------- NOTE 5: Diavik Joint Venture The following represents Harry Winston Diamond Corporation's 40% proportionate interest in the Joint Venture as at March 31, 2008 and December 31, 2007: April 30, January 31, 2008 2008 ------------------------------------------------------------------------- Current assets $ 118,617 $ 110,199 Long-term assets 663,300 605,300 Current liabilities 47,455 40,631 Long-term liabilities and participant's account 734,462 674,868 April 30, April 30, Three months ended: 2008 2007 ------------------------------------------------------------------------- Expenses net of interest income of $0.1 million (2007 - $0.1 million) (a) 33,959 40,101 Cash flows resulting from (used in) operating activities (27,391) (44,042) Cash flows resulting from financing activities 89,124 64,272 Cash flows resulting from (used in) investing activities (64,792) (29,622) ------------------------------------------------------------------------- (a) The Joint Venture only earns interest income. The Company is contingently liable for the other participant's portion of the liabilities of the Joint Venture and to the extent the Company's participating interest has increased because of the failure of the other participant to make a cash contribution when required, the Company would have access to an increased portion of the assets of the Joint Venture to settle these liabilities. NOTE 6: Intangible Assets Accum- April January ulated 30, 31, Amortization amorti- 2008 2008 period Cost zation net net ------------------------------------------------------------------------- Trademark indefinite life $ 112,995 $ - $ 112,995 $ 112,995 Drawings indefinite life 12,365 - 12,365 12,365 Wholesale distribution network 120 months 5,575 (1,508) 4,067 4,206 Store leases 65 to 105 months 5,639 (3,080) 2,559 3,062 ------------------------------------------------------------------------- Intangible assets $ 136,574 $ (4,588) $ 131,986 $ 132,628 ------------------------------------------- ------------------------------------------- Amortization expense for the three months ended April 30, 2008 was $0.6 million (2007 - $0.4 million). NOTE 7: Long-Term Debt April 30, January 31, 2008 2008 ------------------------------------------------------------------------- Credit facilities $ 113,335 $ 125,677 Harry Winston Inc. credit facilities 181,631 174,850 First mortgage on real property 8,659 8,822 ------------------------------------------------------------------------- Total long-term debt 303,625 309,349 ------------------------------------------------------------------------- Less current portion (63,618) (54,137) ------------------------------------------------------------------------- $ 240,007 $ 255,212 ---------------------- ---------------------- On February 22, 2008, Harry Winston Inc. entered into a new credit agreement with a syndicate of banks for a $250.0 million, five-year revolving credit facility. There are no scheduled repayments required before maturity. At April 30, 2008, $160.1 million had been drawn against this secured credit facility, which expires on March 31, 2013. NOTE 8: Share Capital (a) Authorized Unlimited common shares without par value. (b) Issued Number of shares Amount ------------------------------------------------------------------------- Balance, January 31, 2008 58,372,091 $ 305,502 Shares issued for: Cash 3,000,000 76,039 ------------------------------------------------------------------------- Balance, April 30, 2008 61,372,091 $ 381,541 ----------------------- ----------------------- (c) RSU and DSU Plans RSU Number of units ------------------------------------------------------------------------- Balance, January 31, 2008 143,715 Awards and payouts during the period (net): RSU awards 11,172 RSU payouts (2,687) ------------------------------------------------------------------------- Balance, April 30, 2008 152,200 ----------------------- ----------------------- DSU Number of units ------------------------------------------------------------------------- Balance, January 31, 2008 72,198 Awards during the period (net): DSU awards 6,839 ------------------------------------------------------------------------- Balance, April 30, 2008 79,037 ----------------------- ----------------------- Three Three Months Months Ended Ended April 30, April 30, Expense for the period: 2008 2007 ------------------------------------------------------------------------- RSU $ 509 $ 165 DSU 567 (73) ------------------------------------------------------------------------- $ 1,076 $ 92 ----------------------- ----------------------- During the period, the Company granted 11,172 RSUs (net of forfeitures) and 6,839 DSUs under an employee and director incentive compensation program, respectively. The RSU and DSU Plans are full value phantom shares that mirror the value of Harry Winston Diamond Corporation's publicly traded common shares. Grants under the RSU Plan are on a discretionary basis to employees of the Company subject to Board of Director approval. Each RSU grant vests on the third anniversary of the grant date, subject to special rules for death and disability. The Company anticipates paying out cash on maturity of RSUs and DSUs. Only non-executive directors of the Company are eligible for grants under the DSU Plan. Each DSU grant vests immediately on the grant date. The expenses related to the RSUs and DSUs are accrued based on the price of Harry Winston Diamond Corporation's common shares at the end of the period and on the probability of vesting. This expense is recognized on a straight-line basis over the term of vesting. NOTE 9: Commitments and Guarantees (a) Environmental Agreement Through negotiations of environmental and other agreements, the Joint Venture must provide funding for the Environmental Monitoring Advisory Board. The Company's share of this funding requirement was $0.2 million for calendar 2008. Further funding will be required in future years; however, specific amounts have not yet been determined. These agreements also state the Joint Venture must provide security deposits for the performance by the Joint Venture of its reclamation and abandonment obligations under all environmental laws and regulations. The Company's share of the Joint Venture's letters of credit outstanding with respect to the environmental agreements as at April 30, 2008 was $74.8 million. The agreement specifically provides that these funding requirements will be reduced by amounts incurred by the Joint Venture on reclamation and abandonment activities. (b) Participation Agreements The Joint Venture has signed participation agreements with various native groups. These agreements are expected to contribute to the social, economic and cultural well-being of the Aboriginal bands. The agreements are each for an initial term of twelve years and shall be automatically renewed on terms to be agreed for successive periods of six years thereafter until termination. The agreements terminate in the event the mine permanently ceases to operate. (c) Commitments Commitments include the cumulative maximum funding commitments secured by letters of credit of the Joint Venture's environmental and participation agreements at the Company's 40% share, before any reduction of future reclamation activities, and future minimum annual rentals under non-cancellable operating and capital leases for retail salons and corporate office space, and are as follows: 2009 $ 93,816 2010 95,028 2011 92,991 2012 91,055 2013 90,650 Thereafter 155,064 --------------------------------------------------------------------- NOTE 10: Employee Benefit Plans Three Three Months Months Ended Ended April 30, April 30, Expense for the period: 2008 2007 ------------------------------------------------------------------------- Defined benefit pension plan - Harry Winston retail segment $ 411 $ 6 Defined contribution plan - Harry Winston retail segment 234 210 Defined contribution plan - Diavik Diamond Mine 212 163 ------------------------------------------------------------------------- $ 857 $ 379 ----------------------- ----------------------- NOTE 11: Related Parties Transactions with related parties for the three months ended April 30, 2008 include $0.4 million payable of rent ($0.4 million for the three months ended April 30, 2007) relating to the New York salon, payable to a Harry Winston Inc. employee. NOTE 12: Capital Management The Company's capital includes cash and cash equivalents, short-term debt, long-term debt and equity, which includes issued common shares, contributed surplus and retained earnings. The Company's primary objective with respect to its capital management is to ensure that it has sufficient cash resources to maintain its ongoing operations, to provide returns to shareholders and benefits for other stakeholders, and to pursue growth opportunities. To meet these needs, the Company may from time to time raise additional funds through borrowing and/or the issuance of equity or debt or by securing strategic partners upon approval by the Board of Directors. The Board of Directors reviews and approves any material transactions out of the ordinary course of business, including proposals on acquisitions or other major investments or divestitures, as well as annual capital and operating budgets. The Company is subject to externally imposed capital requirements related to its senior secured term and revolving credit facilities, whereby it is required to maintain a consolidated tangible net worth in excess of $250 million, and there has been no change with respect to the Company's overall capital risk management strategy. At April 30, 2008, the Company is in compliance with this covenant. NOTE 13: Financial Instruments The Company has various financial instruments comprised of cash and cash equivalents, cash collateral and cash reserves, accounts receivable, accounts payable and accrued liabilities, bank advances and long-term debt. Cash and cash equivalents consist of cash on hand and balances with banks and short-term investments held in overnight deposits with a maturity on acquisition of less than 90 days. Cash and cash equivalents are designated as held-for-trading and are carried at fair value. The fair value of accounts receivable is determined by the amount of cash anticipated to be received in the normal course of business from the financial asset. The carrying values of these financial instruments are as follows: April 30, 2008 January 31, 2008 ------------------------------------------------------------------------- Estimated Carrying Estimated Carrying Fair Value Value Fair Value Value ------------------------------------------------------------------------- Financial Assets: Cash and cash equivalents $ 61,776 $ 61,776 $ 49,628 $ 49,628 Cash collateral and cash reserves 33,938 33,938 25,615 25,615 Accounts receivable 23,726 23,726 25,505 25,505 ------------------------------------------------------------------------- $ 119,440 $ 119,440 $ 100,748 $ 100,748 ------------------------------------------------- ------------------------------------------------- Financial Liabilities: Accounts payable and accrued liabilities $ 141,871 $ 141,871 $ 124,426 $ 124,426 Bank advances 24,228 24,228 34,928 34,928 Long term debt 303,625 303,625 309,349 309,349 ------------------------------------------------------------------------- $ 469,724 $ 469,724 $ 468,703 $ 468,703 ------------------------------------------------- ------------------------------------------------- NOTE 14: Financial Risk Exposure and Risk Management The Company is exposed in varying degrees to a variety of financial instrument related risks by virtue of its activities. The Company's overall financial risk management program focuses on the preservation of capital and protecting current and future Company assets and cash flows by minimizing exposure to risks posed by the uncertainties and volatilities of financial markets. The Company's Audit Committee has responsibility to review and discuss significant financial risks or exposures and assess the steps management has taken to monitor, control, report and mitigate such risks to the Company. Financial risk management is carried out by the Finance department, which identifies and evaluates financial risks and establishes controls and procedures to ensure financial risks are mitigated. The types of risk exposure and the way in which such exposures are managed are as follows: i) Currency Risk The Company's sales are predominately denominated in US dollars. As the Company operates in an international environment, some of the Company's financial instruments and transactions are denominated in currencies other than the US dollar. The results of the Company's operations are subject to currency transaction risk and currency translation risk. From time to time, the Company may use a limited number of derivative financial instruments to manage its foreign currency exposure. The operating results and financial position of the Company are reported in US dollars in the Company's consolidated financial statements. The Company's primary foreign exchange exposure impacting pre-tax earnings arises from the following sources: - Net Canadian dollar-denominated monetary assets and liabilities. The most significant exposure relates to its Canadian dollar future income tax liability. The Company's functional and reporting currency is US dollars; however, the calculation of income tax expense is based on income in the currency of the country of origin. As such, the Company is continually subject to foreign exchange fluctuations, particularly as the Canadian dollar moves against the US dollar. The weakening/strengthening of the Canadian dollar versus the US dollar results in an unrealized foreign exchange gain/loss on the revaluation of the Canadian dollar denominated future income tax liability. Committed or anticipated foreign currency denominated transactions, primarily Canadian dollar costs at the Diavik Diamond Mine. Based on the Company's net exposure to Canadian dollar monetary assets and liabilities at April 30, 2008, a one cent change in the exchange rate would have impacted pre-tax net earnings for the quarter by $2.8 million. ii) Interest Rate Risk Interest rate risk is the risk borne by an interest-bearing asset or liability as a result of fluctuations in interest rates. Financial assets and financial liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company's most significant interest rate risk arises from its various credit facilities which bear variable interest based on LIBOR. iii) Concentration of Credit Risk Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation. Financial instruments that potentially subject the company to credit risk consist of trade receivables from retail segment clients. While economic factors can affect credit risk, the Company manages risk by providing credit terms on a case-by-case basis only after a review of the client's financial position and past credit history. The Company has not experienced significant losses in the past from its customers. The Company's exposure to credit risk in the mining segment is minimized by its ongoing review of customer credit-worthiness. The Company manages credit risk, in respect of short-term investments, by maintaining bank accounts with Tier 1 banks and investing only in term deposits or banker's acceptances with highly- rated financial institutions that are capable of prompt liquidation. The Company monitors and manages its concentration of counterparty credit risk on an ongoing basis. At April 30, 2008, the Company's maximum counterparty credit exposure consists of the carrying amount of cash and cash equivalents and accounts receivable, which approximates fair value. iv) Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity by ensuring that there is sufficient capital to meet short and long-term business requirements, after taking into account cash flows from operations and the Company's holdings of cash and cash equivalents. The Company also strives to maintain sufficient financial liquidity at all times in order to participate in investment opportunities as they arise, as well as to withstand sudden adverse changes in economic circumstances. Management forecasts cash flows for its current and subsequent fiscal years to predict future financing requirements. Future requirements are met through a combination of committed credit facilities and access to capital markets. At April 30, 2008, the Company had $61.8 million of cash and cash equivalents and $47.2 million available under credit facilities. The following table summarizes the aggregate amount of contractual future cash outflows for the Company's financial liabilities: Less than Year Year After Total 1 year 2-3 4-5 5 years ------------------------------------------------------------------------- Accounts payable and accrued liabilities $141,871 $141,871 $ - $ - $ - Income taxes payable 57,684 57,684 - - - Bank advances 24,228 24,228 - - - Long-term debt(a) 370,557 78,090 84,326 23,281 184,860 Environmental and participation agreements incremental commitments 97,037 76,245 3,972 1,985 14,835 Operating lease obligations 121,030 16,642 28,332 18,029 58,027 Capital lease obligations 2,234 929 1,239 66 - ------------------------------------------------------------------------- (a) Includes projected interest payments on the current debt outstanding based on interest rates in effect at April 30, 2008. NOTE 15: Segmented Information The Company operates in two segments within the diamond industry, mining and retail, for the three months ended April 30, 2008. The mining segment consists of the Company's rough diamond business. This business includes the 40% interest in the Diavik group of mineral claims and the sale of rough diamonds in the market-place. The retail segment consists of the Company's ownership in Harry Winston Inc. This segment consists of the marketing of fine jewelry and watches on a worldwide basis. For the three months ended April 30, 2008 Mining Retail Total ------------------------------------------------------------------------- Revenue Canada $ 81,393 $ - $ 81,393 United States - 24,926 24,926 Europe - 31,630 31,630 Asia - 18,130 18,130 Cost of sales 32,150 40,999 73,149 ------------------------------------------------------------------------- Gross margin 49,243 33,687 82,930 Gross margin (%) 60.5% 45.1% 53.1% Selling, general and administrative expenses 7,208 36,077 43,285 ------------------------------------------------------------------------- Earnings (loss) from operations 42,035 (2,390) 39,645 ------------------------------------------------------------------------- Interest and financing expenses (2,479) (2,974) (5,453) Other income (expense) 632 (386) 246 Foreign exchange gain 74 81 155 ------------------------------------------------------------------------- Segmented earnings (loss) before income taxes $ 40,262 $ (5,669) $ 34,593 -------------------------------------- -------------------------------------- Segmented assets as at April 30, 2008 Canada $ 944,842 $ - $ 944,842 United States - 461,519 461,519 Other foreign countries 18,049 166,321 184,370 ------------------------------------------------------------------------- $ 962,891 $ 627,840 $1,590,731 ------------------------------------------------------------------------- Goodwill as at April 30, 2008 $ - $ 93,780 $ 93,780 Capital expenditures $ 64,896 $ 3,243 $ 68,139 Other significant non-cash items: Income tax recovery $ (6,628) $ (1,537) $ (8,165) Amortization and accretion $ 10,739 $ 3,216 $ 13,955 ------------------------------------------------------------------------- For the three months ended April 30, 2007 Mining Retail Total ------------------------------------------------------------------------- Revenue Canada $ 82,752 $ - $ 82,752 United States - 24,341 24,341 Europe - 22,347 22,347 Asia - 11,925 11,925 Cost of sales 40,516 30,616 71,132 ------------------------------------------------------------------------- Gross margin 42,236 27,997 70,233 Gross margin (%) 51.0% 47.8% 49.7% Selling, general and administrative expenses 5,087 29,124 34,211 ------------------------------------------------------------------------- Earnings (loss) from operations 37,149 (1,127) 36,022 ------------------------------------------------------------------------- Interest and financing expenses (3,675) (2,457) (6,132) Other income 766 147 913 Foreign exchange gain (loss) (13,311) 19 (13,292) ------------------------------------------------------------------------- Segmented earnings (loss) before income taxes $ 20,929 $ (3,418) $ 17,511 --------------------------------------- --------------------------------------- Segmented assets as at April 30, 2007 Canada $ 735,349 $ - $ 735,349 United States - 464,003 464,003 Other foreign countries 5,542 110,459 116,001 ------------------------------------------------------------------------- $ 740,891 $ 574,462 $1,315,353 ------------------------------------------------------------------------- Goodwill as at April 30, 2007 $ - $ 97,207 $ 97,207 Capital expenditures $ 29,010 $ 8,556 $ 37,566 Other significant non-cash items: Income tax recovery $ (2,683) $ (639) $ (3,322) Amortization and accretion $ 17,690 $ 1,913 $ 19,603 ------------------------------------------------------------------------- Sales to one customer in the mining segment totalled $3.6 million for the three months ended April 30, 2008 ($4.6 million for the three months ended April 30, 2007). DATASOURCE: Harry Winston Diamond Corporation CONTACT: PRNewswire - - 06/04/2008

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