Financial results for the second quarter of fiscal 2002 and two-for-one stock split
Financial results for the second quarter of fiscal 2002 and two-for-one stock split
11/06/2001 0:00 UTC
Net earnings up 32.6%,
cash flow up 31.4%
and two-for-one stock split
(Montreal, November 6, 2001) – Saputo Inc. revealed today its financial results for the second quarter of fiscal 2002, ended September 30, 2001, for which the Company reported excellent financial performance.
Net earnings up 32.6%
Net earnings rose to $41.5 million or $0.81 (basic) per share, a 32.6% increase over the $31.3 million or $0.61 (basic) per share figures posted for the corresponding quarter the previous fiscal year. This increase in earnings reflected the positive impact of the integration and enhancements initiated at Dairyworld since its acquisition in February 2001. The upward trend in the price per pound of cheese in the United States also positively impacted second quarter net earnings compared with last year. Since the beginning of the fiscal year, net earnings have risen by $19.9 million to reach $81.7 million, a 32.3% increase over the corresponding period in 2001.
EBITDA up 35.8%
Earnings before interest, income taxes, depreciation and amortization (EBITDA) totalled $91 million, a 35.8% increase over the $67 million figure posted in the second quarter of the previous year. Dairyworld, acquired on February 5, 2001, accounted for more than 84% of this $24 million increase in EBITDA.
Cash flow up 31.4%
Since the outset of the 2002 fiscal year, cash generated before changes in non-cash working capital items totalled $122.7 million or $2.39 (basic) per share, a 31.4% increase over the 93.4 million or $1.82 (basic) per share figure posted for the corresponding period the previous year.
Revenues up 78.3%
The Company’s revenues for the quarter ended September 30, 2001 climbed from $503.5 million to $897.7 million, a 78.3% increase over the same period the previous year. Dairyworld contributed nearly $345 million to the Company’s revenues during this period.
Dividends
The Board of Directors of the Company declared today a 100% stock dividend on the common shares which will be paid on November 30, 2001 to common shareholders of record on November 23, 2001. This dividend, which is subject to obtaining all necessary regulatory approvals, has the same effect as a two-for-one stock split and will double the number of common shares outstanding.
Concurrently, the Board of Directors declared a quarterly dividend of $0.055 per share payable on November 30, 2001 to common shareholders of record on November 23, 2001. This dividend represents a dividend of $0.11 per share prior to the stock split, which is the quarterly dividend paid by the Company in accordance with its dividend policy. This dividend relates to the second quarter ended September 30, 2001.
The Company’s common shares, which currently trade on the Toronto Stock Exchange under the symbol “SAP”, will begin trading on a split basis as of November 21, 2001.
Conference call
A conference call to discuss the second quarter of fiscal 2002 results will be held on Wednesday November 7, 2001 at 10:00, Montreal time. To participate in the conference dial (416) 695-5801 or 1-800-478-9326. To ensure your participation, please dial in approximately five minutes before the call.
To listen to this call on the web, please click here.
For those unable to participate, a taped rebroadcast will be available to listeners up until midnight, Wednesday, November 14, 2001. To access the rebroadcast please dial (416) 695-5800 or 1-800-408-3053, pass code 942253.
The conference call will be archived on the Saputo web site at www.saputo.com.
About Saputo
The largest dairy processor in Canada and one of the leading cheese producers in North America, Saputo Inc. is a public company operating in the dairy and grocery products sectors.
Active in international markets, the Company's Dairy Products sector markets and distributes mozzarella, as well as a comprehensive range of Italian, European and North American cheeses, fluid milk, yoghurt, butter, powdered milk, juices and whey by-products such as lactose and whey protein. In Canada, this sector also operates a specialized distribution network that offers clients a vast assortment of imported cheeses and non-dairy products in addition to Company lines. The main brands are Saputo, Stella, Frigo, Dragone, Dairyland, Dairy Producers, Baxter, Armstrong, Caron and Cayer. Dairy Products sector facilities include 36 plants in Canada and 15 in the United States.
Saputo’s Grocery Products sector markets and distributes a broad selection of snack cakes under the Vachon brand name. Facilities include two plants in Canada and a direct-to-store delivery network.
A dynamic, world class company, Saputo Inc. today employs over 7100 individuals. Company shares are listed on the Toronto Stock Exchange under the symbol SAP. For further information, please visit our website at www.saputo.com.
Information:
Claude Pinard
Vice President, Communications
(514) 328-3381
cash flow up 31.4%
and two-for-one stock split
(Montreal, November 6, 2001) – Saputo Inc. revealed today its financial results for the second quarter of fiscal 2002, ended September 30, 2001, for which the Company reported excellent financial performance.
Net earnings up 32.6%
Net earnings rose to $41.5 million or $0.81 (basic) per share, a 32.6% increase over the $31.3 million or $0.61 (basic) per share figures posted for the corresponding quarter the previous fiscal year. This increase in earnings reflected the positive impact of the integration and enhancements initiated at Dairyworld since its acquisition in February 2001. The upward trend in the price per pound of cheese in the United States also positively impacted second quarter net earnings compared with last year. Since the beginning of the fiscal year, net earnings have risen by $19.9 million to reach $81.7 million, a 32.3% increase over the corresponding period in 2001.
EBITDA up 35.8%
Earnings before interest, income taxes, depreciation and amortization (EBITDA) totalled $91 million, a 35.8% increase over the $67 million figure posted in the second quarter of the previous year. Dairyworld, acquired on February 5, 2001, accounted for more than 84% of this $24 million increase in EBITDA.
Cash flow up 31.4%
Since the outset of the 2002 fiscal year, cash generated before changes in non-cash working capital items totalled $122.7 million or $2.39 (basic) per share, a 31.4% increase over the 93.4 million or $1.82 (basic) per share figure posted for the corresponding period the previous year.
Revenues up 78.3%
The Company’s revenues for the quarter ended September 30, 2001 climbed from $503.5 million to $897.7 million, a 78.3% increase over the same period the previous year. Dairyworld contributed nearly $345 million to the Company’s revenues during this period.
Dividends
The Board of Directors of the Company declared today a 100% stock dividend on the common shares which will be paid on November 30, 2001 to common shareholders of record on November 23, 2001. This dividend, which is subject to obtaining all necessary regulatory approvals, has the same effect as a two-for-one stock split and will double the number of common shares outstanding.
Concurrently, the Board of Directors declared a quarterly dividend of $0.055 per share payable on November 30, 2001 to common shareholders of record on November 23, 2001. This dividend represents a dividend of $0.11 per share prior to the stock split, which is the quarterly dividend paid by the Company in accordance with its dividend policy. This dividend relates to the second quarter ended September 30, 2001.
The Company’s common shares, which currently trade on the Toronto Stock Exchange under the symbol “SAP”, will begin trading on a split basis as of November 21, 2001.
Conference call
A conference call to discuss the second quarter of fiscal 2002 results will be held on Wednesday November 7, 2001 at 10:00, Montreal time. To participate in the conference dial (416) 695-5801 or 1-800-478-9326. To ensure your participation, please dial in approximately five minutes before the call.
To listen to this call on the web, please click here.
For those unable to participate, a taped rebroadcast will be available to listeners up until midnight, Wednesday, November 14, 2001. To access the rebroadcast please dial (416) 695-5800 or 1-800-408-3053, pass code 942253.
The conference call will be archived on the Saputo web site at www.saputo.com.
About Saputo
The largest dairy processor in Canada and one of the leading cheese producers in North America, Saputo Inc. is a public company operating in the dairy and grocery products sectors.
Active in international markets, the Company's Dairy Products sector markets and distributes mozzarella, as well as a comprehensive range of Italian, European and North American cheeses, fluid milk, yoghurt, butter, powdered milk, juices and whey by-products such as lactose and whey protein. In Canada, this sector also operates a specialized distribution network that offers clients a vast assortment of imported cheeses and non-dairy products in addition to Company lines. The main brands are Saputo, Stella, Frigo, Dragone, Dairyland, Dairy Producers, Baxter, Armstrong, Caron and Cayer. Dairy Products sector facilities include 36 plants in Canada and 15 in the United States.
Saputo’s Grocery Products sector markets and distributes a broad selection of snack cakes under the Vachon brand name. Facilities include two plants in Canada and a direct-to-store delivery network.
A dynamic, world class company, Saputo Inc. today employs over 7100 individuals. Company shares are listed on the Toronto Stock Exchange under the symbol SAP. For further information, please visit our website at www.saputo.com.
Information:
Claude Pinard
Vice President, Communications
(514) 328-3381
Saputo Group Inc.
Camillo Lisio, Executive Vice-President
(514) 328-3314
