Financial results for the second quarter of fiscal 2001
Financial results for the second quarter of fiscal 2001
11/15/2000 0:00 UTC
NET EARNINGS UP 18.5% AND CASH FLOW UP 22.1%
(Saint-Léonard - November 15, 2000) - Saputo Inc announced today its financial results for the second quarter of 2001, ended September 30, 2000.
Net earnings up 18.5%
For the quarter ended, net earnings were 18.5% higher than in the same quarter last year and attained $28.1 million or $0.55 (basic) per share, compared with $23.7 million or $0.49 (basic) per share a year earlier.
EBITDA up 20.6%
Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $67 million, $11.4 million (20.6%) more than for the same period last year. Nearly 83% of this increase is attributable to the new Grocery Products sector, which contributed to the whole second quarter 2001 as opposed to only two weeks of the same period last year. The EBITDA margin increased to 13.3%, compared with 11.2% for the same quarter 2000.
Revenues up 1.7%
Revenues totalled $503.5 million for the three months ended September 30, 2000, an increase of 1.7% compared with $495 million in 1999. Two major factors affected sales: additional revenues from the acquisition of Culinar Inc. and Cayer-JCB Group Inc., and a decrease in the average selling price of cheese on the American market, which fell 27% lower than in the same quarter last year.
Cash flow up 22.1%
Since the beginning of fiscal 2001, net cash flow generated from operations before changes in non-cash working capital items was approximately $93.4 million or $1.82 (basic) per share. This was 22.1% higher than the $76.5 million or $1.57 (basic) per share recorded for the same period in the previous fiscal year. These substantial cash inflows were mainly used to repay $81.1 million of the long-term debt, $61.1 million more than the Company's current commitments.
Dividends
The Board of Directors of the Company has declared a dividend of $0.09 per common share payable on December 15, 2000 to shareholders of record at December 1, 2000. This dividend relates to the second quarter beginning July 1, 2000 and ended September 30, 2000.
About Saputo
Saputo Inc. is a North American manufacturer of dairy and grocery products. From its dairy processing operations, Saputo manufactures predominantly Mozzarella, with expertise extending to other Italian cheeses, European cheeses and North American cheeses, as well as value-added whey by-products such as lactose and whey protein. The Dairy Products sector's leading brands are Saputo, Stella, Frigo, Dragone, Caron and Cayer. In Canada, Saputo also operates a distribution network through which the Company markets a broad assortment of imported cheeses and non-dairy products to complement its cheese offerings. Through its Grocery Products sector, Saputo produces and distributes snack cakes, cookies, fine breads and soups, under recognized brand names such as Vachon, Viau-McCormicks, Grissol and Loney's.
Saputo employs approximately 5,400 people. Within the Dairy Products sector, it operates 17 plants in the United States, as well as 11 plants and a network of 17 distribution centres in Canada. In the Grocery Products sector, Saputo operates five plants in Canada and a direct store delivery network of 53 warehouses and five distribution centres. The Company's shares are listed on The Toronto Stock Exchange under the symbol SAP. For more information, visit our web site at www.saputo.com.
For further information: Lynda Leith
Communication and Investor Relations
(514) 328-3381.
(Saint-Léonard - November 15, 2000) - Saputo Inc announced today its financial results for the second quarter of 2001, ended September 30, 2000.
Net earnings up 18.5%
For the quarter ended, net earnings were 18.5% higher than in the same quarter last year and attained $28.1 million or $0.55 (basic) per share, compared with $23.7 million or $0.49 (basic) per share a year earlier.
EBITDA up 20.6%
Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $67 million, $11.4 million (20.6%) more than for the same period last year. Nearly 83% of this increase is attributable to the new Grocery Products sector, which contributed to the whole second quarter 2001 as opposed to only two weeks of the same period last year. The EBITDA margin increased to 13.3%, compared with 11.2% for the same quarter 2000.
Revenues up 1.7%
Revenues totalled $503.5 million for the three months ended September 30, 2000, an increase of 1.7% compared with $495 million in 1999. Two major factors affected sales: additional revenues from the acquisition of Culinar Inc. and Cayer-JCB Group Inc., and a decrease in the average selling price of cheese on the American market, which fell 27% lower than in the same quarter last year.
Cash flow up 22.1%
Since the beginning of fiscal 2001, net cash flow generated from operations before changes in non-cash working capital items was approximately $93.4 million or $1.82 (basic) per share. This was 22.1% higher than the $76.5 million or $1.57 (basic) per share recorded for the same period in the previous fiscal year. These substantial cash inflows were mainly used to repay $81.1 million of the long-term debt, $61.1 million more than the Company's current commitments.
Dividends
The Board of Directors of the Company has declared a dividend of $0.09 per common share payable on December 15, 2000 to shareholders of record at December 1, 2000. This dividend relates to the second quarter beginning July 1, 2000 and ended September 30, 2000.
About Saputo
Saputo Inc. is a North American manufacturer of dairy and grocery products. From its dairy processing operations, Saputo manufactures predominantly Mozzarella, with expertise extending to other Italian cheeses, European cheeses and North American cheeses, as well as value-added whey by-products such as lactose and whey protein. The Dairy Products sector's leading brands are Saputo, Stella, Frigo, Dragone, Caron and Cayer. In Canada, Saputo also operates a distribution network through which the Company markets a broad assortment of imported cheeses and non-dairy products to complement its cheese offerings. Through its Grocery Products sector, Saputo produces and distributes snack cakes, cookies, fine breads and soups, under recognized brand names such as Vachon, Viau-McCormicks, Grissol and Loney's.
Saputo employs approximately 5,400 people. Within the Dairy Products sector, it operates 17 plants in the United States, as well as 11 plants and a network of 17 distribution centres in Canada. In the Grocery Products sector, Saputo operates five plants in Canada and a direct store delivery network of 53 warehouses and five distribution centres. The Company's shares are listed on The Toronto Stock Exchange under the symbol SAP. For more information, visit our web site at www.saputo.com.
For further information: Lynda Leith
Communication and Investor Relations
(514) 328-3381.
Lynda Leith | ||
Service des communications | ||
(514) 328-3381 |