Financial results for the first quarter of fiscal 2004
Financial results for the first quarter of fiscal 2004
08/06/2003 0:00 UTC
Net earnings up 11.6%
(Montréal, August 6, 2003) – Saputo Inc. released today its financial results for the first quarter of fiscal 2004, which ended June 30, 2003.
- Net earnings of $46.1 million or $0.45 (basic) per share, up 11.6% as compared to the first quarter last fiscal year. These results take into account rationalization costs incurred in our Cheese Division (Canada) and the appreciation of the Canadian dollar as compared to last year. Combined, these two factors represent a shortfall of approximately $1.6 million in net earnings.
- Company’s consolidated revenues for the quarter reached $816.8 million, a decrease of close to $57 million as compared to the same period last year. The appreciation of the Canadian dollar, the average selling price per pound of cheese on the US market and a slight decrease in sales volumes in the United States explain the decrease in revenues.
- EBITDA amounted to $90.7 million, up $2.2 million. During the quarter, we spent
$1.5 million on previously announced plant closures. The appreciation of the Canadian dollar created a shortfall of $3.1 million in EBITDA.
- EBITDA in the Canadian Dairy Products Sector reached $52.3 million, up $3.4 million as compared to the first quarter last year. EBITDA margin stands at 10.2% as compared to 9.6% for the same quarter last year.
- EBITDA in the US Dairy Products Sector of $29.9 million, down $0.9 million as compared to the first quarter of fiscal 2003, mainly due to the appreciation of the Canadian dollar, an average selling price per pound of cheese US$0.08 lower for the same period and a slight decrease in sales volumes compared to last year.
- EBITDA for the Grocery Products Sector amounted to $8.5 million, compared to $8.8 million for the corresponding quarter of fiscal 2003. EBITDA margin remains stable at 20.6%.
- Cash generated before changes in non-cash operating working capital items totalled
$67.8 million, up 5.6% compared to the same quarter last year.
- Repayment of $27.5 million in long term debt. Bank loans increased by $56.9 million, partially to cover the disbursements related to business acquisitions made during the quarter.
- Quarterly dividend of $0.12 per share, up 20% over last year.
For more information on the results of the first quarter of fiscal 2004, we invite you to read the attached interim report for the quarter ended June 30, 2003, which forms an integral part of this press release.
Conference call
A conference call to discuss the first quarter of fiscal 2004 results will be held on Wednesday, August 6, 2003 at 4:15 PM, Eastern time. To participate in the conference dial (416) 695-5806 or 1 800 273-9672. To ensure your participation, please dial in approximately five minutes before the call.
To listen to this call on the Web, please enter http://web1.to.fastvibe.com/CWS/sap/030806sap/staging.htm in your Web browser.
For those unable to participate, an instant replay will be available until midnight, Wednesday August 13, 2003. To access the replay dial (416) 695-5800 or 1 800 408-3053, passcode 1465142. The conference call will also be archived on the Saputo Web site at www.saputo.com.
About Saputo
Every day, in 46 plants and in our distribution centres, Saputo’s 7,000 employees proudly manufacture, market and distribute a wide range of products that find their way daily on store shelves, in restaurants and in prepared meals. Active in the dairy and grocery product sectors, the Company markets its products under such brand names as Saputo, Stella, Frigo, Dragone, Armstrong, Caron, Cayer, Treasure Cave, Dairyland, Baxter, Nutrilait and Vachon. A dynamic world-class company, Saputo Inc. is the largest dairy processor in Canada and one of the leading cheese manufacturers in North America. Saputo Inc. is a public company and its shares are listed on the Toronto Stock Exchange under the symbol SAP. Visit www.saputo.com for further information.
- 30 -
Information
Claude Pinard
Vice President, Communications
(514) 328-3381
Interim report for the first quarter of fiscal 2004
(Montréal, August 6, 2003) – Saputo Inc. released today its financial results for the first quarter of fiscal 2004, which ended June 30, 2003.
- Net earnings of $46.1 million or $0.45 (basic) per share, up 11.6% as compared to the first quarter last fiscal year. These results take into account rationalization costs incurred in our Cheese Division (Canada) and the appreciation of the Canadian dollar as compared to last year. Combined, these two factors represent a shortfall of approximately $1.6 million in net earnings.
- Company’s consolidated revenues for the quarter reached $816.8 million, a decrease of close to $57 million as compared to the same period last year. The appreciation of the Canadian dollar, the average selling price per pound of cheese on the US market and a slight decrease in sales volumes in the United States explain the decrease in revenues.
- EBITDA amounted to $90.7 million, up $2.2 million. During the quarter, we spent
$1.5 million on previously announced plant closures. The appreciation of the Canadian dollar created a shortfall of $3.1 million in EBITDA.
- EBITDA in the Canadian Dairy Products Sector reached $52.3 million, up $3.4 million as compared to the first quarter last year. EBITDA margin stands at 10.2% as compared to 9.6% for the same quarter last year.
- EBITDA in the US Dairy Products Sector of $29.9 million, down $0.9 million as compared to the first quarter of fiscal 2003, mainly due to the appreciation of the Canadian dollar, an average selling price per pound of cheese US$0.08 lower for the same period and a slight decrease in sales volumes compared to last year.
- EBITDA for the Grocery Products Sector amounted to $8.5 million, compared to $8.8 million for the corresponding quarter of fiscal 2003. EBITDA margin remains stable at 20.6%.
- Cash generated before changes in non-cash operating working capital items totalled
$67.8 million, up 5.6% compared to the same quarter last year.
- Repayment of $27.5 million in long term debt. Bank loans increased by $56.9 million, partially to cover the disbursements related to business acquisitions made during the quarter.
- Quarterly dividend of $0.12 per share, up 20% over last year.
For more information on the results of the first quarter of fiscal 2004, we invite you to read the attached interim report for the quarter ended June 30, 2003, which forms an integral part of this press release.
Conference call
A conference call to discuss the first quarter of fiscal 2004 results will be held on Wednesday, August 6, 2003 at 4:15 PM, Eastern time. To participate in the conference dial (416) 695-5806 or 1 800 273-9672. To ensure your participation, please dial in approximately five minutes before the call.
To listen to this call on the Web, please enter http://web1.to.fastvibe.com/CWS/sap/030806sap/staging.htm in your Web browser.
For those unable to participate, an instant replay will be available until midnight, Wednesday August 13, 2003. To access the replay dial (416) 695-5800 or 1 800 408-3053, passcode 1465142. The conference call will also be archived on the Saputo Web site at www.saputo.com.
About Saputo
Every day, in 46 plants and in our distribution centres, Saputo’s 7,000 employees proudly manufacture, market and distribute a wide range of products that find their way daily on store shelves, in restaurants and in prepared meals. Active in the dairy and grocery product sectors, the Company markets its products under such brand names as Saputo, Stella, Frigo, Dragone, Armstrong, Caron, Cayer, Treasure Cave, Dairyland, Baxter, Nutrilait and Vachon. A dynamic world-class company, Saputo Inc. is the largest dairy processor in Canada and one of the leading cheese manufacturers in North America. Saputo Inc. is a public company and its shares are listed on the Toronto Stock Exchange under the symbol SAP. Visit www.saputo.com for further information.
- 30 -
Information
Claude Pinard
Vice President, Communications
(514) 328-3381
Interim report for the first quarter of fiscal 2004
Saputo Group Inc.
Camillo Lisio, Executive Vice-President
(514) 328-3314
