Financial results for the second quarter of fiscal 2004
Financial results for the second quarter of fiscal 2004
11/06/2003 0:00 UTC
Net earnings up 38.2%
(Montréal, November 6, 2003) – Saputo Inc. released today its financial results for the second quarter of fiscal 2004, which ended September 30, 2003.
- Net earnings of $58.2 million, or $0.56 (basic) per share, up 38.2% from the same period last year. These results account for a rationalization expense in our Canadian Dairy Products Sector and the appreciation of the Canadian dollar over last year. These two factors created a shortfall in net earnings of approximately $4.7 million.
- Revenues of $915.5 million, up 6.2% over the same period last year. Roughly 43% of this increase is attributable to increased sales volumes in our Cheese Division (USA), and approximately 11% stems from the combination of the positive effect of better average selling prices per pound of cheese on the US market and the negative effect of the appreciation of the Canadian dollar. The remaining increase in revenues comes mainly from our Canadian Dairy Products Sector.
- EBITDA of $110.9 million, up 26.6% over the $87.6 million reported last year. This increase resulted primarily from the performance of our Cheese Division (USA), due to an increase in sales volumes and the average selling price per pound of cheese, which is US$0.38 higher this year.
- EBITDA for the Canadian Dairy Products Sector of $49.9 million, up 4.0% over the corresponding period of the previous year. This amount takes into account rationalization costs of $2.2 million.
- EBITDA for the US Dairy Products Sector of $52.6 million, an increase of 68.1% compared to the $31.3 million of the same period last year. Had it not been for the appreciation of the Canadian dollar, EBITDA would have been $7.2 million higher.
- EBITDA for the Bakery Division of $8.3 million, remaining the same as last year.
- Cash generated before changes in non-cash operating working capital items of $73.3 million, up $6.0 million from the $67.3 million reported for the same period last year.
- Repayment of $74.1 million in bank loans and long-term debt.
- Interest-bearing debt-to-equity ratio of 0.44 as at September 30, 2003, in comparison with 0.53 as at March 31, 2003.
- Dividend of $0.12 per share, payable on December 5, 2003 to shareholders of record on November 21, 2003.
For more information on the results of the second quarter of fiscal 2004, we invite you to read the attached interim report for the quarter ended September 30, 2003, which forms an integral part of this press release.
Conference call
A conference call to discuss the second quarter of fiscal 2004 results will be held on Thursday, November 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/031106sap/staging.htm in your Web browser.
For those unable to participate, an instant replay will be available until midnight, Thursday November 13, 2003. To access the replay, dial (416) 695-5800 or 1 800 408-3053, passcode 1484718. The conference call will also be archived on the Saputo Web site at www.saputo.com.
About Saputo
Every day, in the Company’s 45 plants and its 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.
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Information
Claude Pinard
Vice President, Communications
(514) 328-3381
Interim report for the second quarter of fiscal 2004
(Montréal, November 6, 2003) – Saputo Inc. released today its financial results for the second quarter of fiscal 2004, which ended September 30, 2003.
- Net earnings of $58.2 million, or $0.56 (basic) per share, up 38.2% from the same period last year. These results account for a rationalization expense in our Canadian Dairy Products Sector and the appreciation of the Canadian dollar over last year. These two factors created a shortfall in net earnings of approximately $4.7 million.
- Revenues of $915.5 million, up 6.2% over the same period last year. Roughly 43% of this increase is attributable to increased sales volumes in our Cheese Division (USA), and approximately 11% stems from the combination of the positive effect of better average selling prices per pound of cheese on the US market and the negative effect of the appreciation of the Canadian dollar. The remaining increase in revenues comes mainly from our Canadian Dairy Products Sector.
- EBITDA of $110.9 million, up 26.6% over the $87.6 million reported last year. This increase resulted primarily from the performance of our Cheese Division (USA), due to an increase in sales volumes and the average selling price per pound of cheese, which is US$0.38 higher this year.
- EBITDA for the Canadian Dairy Products Sector of $49.9 million, up 4.0% over the corresponding period of the previous year. This amount takes into account rationalization costs of $2.2 million.
- EBITDA for the US Dairy Products Sector of $52.6 million, an increase of 68.1% compared to the $31.3 million of the same period last year. Had it not been for the appreciation of the Canadian dollar, EBITDA would have been $7.2 million higher.
- EBITDA for the Bakery Division of $8.3 million, remaining the same as last year.
- Cash generated before changes in non-cash operating working capital items of $73.3 million, up $6.0 million from the $67.3 million reported for the same period last year.
- Repayment of $74.1 million in bank loans and long-term debt.
- Interest-bearing debt-to-equity ratio of 0.44 as at September 30, 2003, in comparison with 0.53 as at March 31, 2003.
- Dividend of $0.12 per share, payable on December 5, 2003 to shareholders of record on November 21, 2003.
For more information on the results of the second quarter of fiscal 2004, we invite you to read the attached interim report for the quarter ended September 30, 2003, which forms an integral part of this press release.
Conference call
A conference call to discuss the second quarter of fiscal 2004 results will be held on Thursday, November 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/031106sap/staging.htm in your Web browser.
For those unable to participate, an instant replay will be available until midnight, Thursday November 13, 2003. To access the replay, dial (416) 695-5800 or 1 800 408-3053, passcode 1484718. The conference call will also be archived on the Saputo Web site at www.saputo.com.
About Saputo
Every day, in the Company’s 45 plants and its 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.
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Information
Claude Pinard
Vice President, Communications
(514) 328-3381
Interim report for the second quarter of fiscal 2004
Saputo Group Inc.
Camillo Lisio, Executive Vice-President
(514) 328-3314
