AULT FOODS LIMITED ANNOUNCES FIRST QUARTER RESULTS FOR F'96.ETOBICOKE Etobicoke Former city (pop., 2001: 338,117), southeastern Ontario, Canada. In 1998 it joined the cities of North York, Scarborough, York, and Toronto and the borough of East York to become the City of Toronto. , ONTARIO--(BUSINESS WIRE)--SEPTEMBER 14, 1995--AULT FOODS LIMITED(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: AUL ) Ault Foods Ault Foods Limited was a Toronto-based dairy processor and Canada's largest dairy company acquiring other dairy companies across Canada. Ault sold off parts of their business in the mid-1990s; milk division (Sealtest Dairy and Silverwood Dairy) was sold to Agropur. Limited today announced at the annual meeting of shareholders, its first quarter financial results for the three months ended July July: see month. 31, 1995. OPERATING HIGHLIGHTS Net earnings for the first quarter were $ 8,201,000 or $ 0.45 per common share, compared with $ 10,100,000 or $ 0.55 per share, before an unusual item, in last year's first quarter. This earnings decline is entirely attributable to disappointing results in both the Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. and Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. fluid milk businesses which offset gains in Ault's other businesses. Final reported results for the first quarter of last year at $ 0.27 per share included a $ 5,200,000 after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. provision related to the closure of a cultured products plant in Ontario. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter of $ 367.7 million represent an increase of 5.9 percent over the prior year. REFRIGERATED re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. AND FROZEN PRODUCTS First quarter net sales for the group of $ 212.8 million were 3.8 percent higher than the corresponding quarter in the prior year. Sales volumes were strong in our Frozen Products division due to a strong market share performance, particularly in Ontario, and the impact of good summer weather. Quebec fluid milk volumes increased by 19.1 percent for the quarter, mainly attributable to Lactantia PurFiltre milk sales which continued to show good progress. Ontario volumes declined 5.4 percent from last year due primarily to the loss of the commodity milk business at Miracle Food Mart Miracle Food Mart was a supermarket chain in Ontario, Canada, owned by Steinberg's, a Quebec-based retailer in the 1970s and 1980s. In 1973, the Miracle Food Mart division made a revolutionary move to abolish its general-image advertising and to mount a "give-'em-the-facts" stores effective February February: see month. 1995. Segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $ 11,875,000 for the first quarter, compared with $ 16,234,000 last year. While the Frozen products division reported slightly higher operating income, fluid milk operating income was significantly below last year's level. Severe price competition, particularly in Ontario, and incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. operating and marketing costs to support the launch of Lactantia PurFiltre milk, were the main causes of the decline in operating income. CHEESE AND BUTTER PRODUCTS First quarter net sales of $ 154.9 million were 8.9 percent ahead of last year, with all businesses in the group contributing to this increase. Our Consumer Products division, which includes our branded cheese lines, continued to perform well during the quarter, with market share gains in all cheese categories. Lovell & Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). (Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) Inc., involved in import, export and trading activities, reported strong results for the quarter. Segment operating income in the first quarter of $ 5,219,000 compares with $ 2,829,000 achieved last year, reflecting good performance in all businesses. Continued competitive pressures on margins were more than offset by higher sales revenues, increased volumes of milk available for further processing and plant cost reduction initiatives. ACQUISITION On September September: see month. 14, we announced that a letter of intent, subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , was entered into with Schneider Schnei·der , Vreni Born 1964. Swiss alpine skier. She won the overall World Cup in 1989, 1994, and 1995, was a four-time world champion, and earned five Olympic medals. Corporation, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of Schneider's retail cheese business. This business represents a good fit to Ault's consumer cheese division. We would anticipate completion of this transaction during November November: see month. , 1995. OUTLOOK We presently anticipate that the competitive pressures facing Ault Ault as a personal name can refer to:
At a meeting held on September 14, 1995, the Board of Directors declared a quarterly dividend of $ 0.165 per common share, payable on October October: see month. 15, 1995 to shareholders of record on September 29, 1995.
Consolidated Statement of Earnings
thousands of dollars except per share amounts
Period ended July 31 (unaudited)
three months ended
1995 1994
Net sales $ 367,688 $ 347,221 Operating income before the undernoted 17,094 19,063 Less unusual items 8,300
Interest expense , net 3,562 2,506
-------- --------
Earnings before income taxes 13,532 8,257
Income taxes 5,331 3,357
-------- ---------
Net earnings $ 8,201 $ 4,900 (1)
-------- ---------
Net earnings per common share $ 0.45 $ 0.27 (1)
Weighted average number
of common shares (thousands) 18,346 18,298
-------- ---------
Note: (1) After an unusual item of $ 5,200 after tax, or $ 0.28 per common share. Segmented Information thousands of dollars Period ended July 31 (unaudited)
three months ended
1995 1994
Net sales
Refrigerated and Frozen Products $ 212,803 $ 204,984
Cheese and Butter Products 154,885 142,237
--------- ---------
$ 367,688 $ 347,221
--------- ---------
Operating income
Refrigerated and Frozen Products $ 11,875 $ 16,234
Cheese and Butter Products 5,219 2,829
--------- ---------
$ 17,094 $ 19,063
--------- ---------
Identifiable assets
Refrigerated and Frozen Products $ 311,177 $ 282,927
Cheese and Butter Products 320,831 299,456
--------- ---------
$ 632,831 $ 582,383
--------- ---------
Depreciation and amortization
Refrigerated and Frozen Products $ 8,803 $ 7,927
Cheese and Butter Products 3,212 2,778
--------- ---------
$ 12,015 $ 10,705
--------- ---------
Capital expenditures
Refrigerated and Frozen Products $ 2,871 $ 3,172
Cheese and Butter Products 1,608 969
--------- ---------
$ 4,479 $ 4,141
--------- ---------
Consolidated Balance Sheet (Condensed)
thousands of dollars
As at July 31 (unaudited)
1995 1994
----- -----
Assets
------
Current assets $ 255,824 $ 218,928
Investments and other 125,186 135,978
Fixed assets, net 250,998 227,477
---------- ----------
$ 632,008 $ 582,383
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities $ 171,438 $ 152,327
Long term debt 124,670 100,638
Deferred income taxes 45,232 45,320
Shareholders' equity 290,668 284,098
---------- ----------
$ 632,008 $ 582,383
---------- ----------
Consolidated Statement of Changes in Financial Position
thousands of dollars
Period ended July 31 (unaudited)
three months ended
1995 1994
Operating Activities
Net earnings $ 8,201 $ 4,900
Depreciation and amortization 12,015 10,705
Other non-cash items (178) 4,567
Deferred income taxes (1,850)
--------- ---------
20,038 18,322
Used for working capital (9,262) (7,618)
--------- ---------
10,776 10,704
--------- ---------
Investing Activities
--------------------
Additions to fixed assets, net (4,479) (4,141)
Investments 4,000
Increase in accounts
receivable sold 66 7,246
Other (3,130) (1,646)
-------- -------
(7,543) 5,459
Financing Activities
--------------------
Decrease in long term debt (361) (256)
-------- --------
(361) (256)
Dividends paid (3,027) (2,724)
-------- ---------
Increase (decrease) in
cash position (155) 13,183
Cash position, beginning of period (23,883) (21,964)
-------- ---------
Cash position, end of period $ (24,038) $ (8,781)
-------- ---------
Represented by:
Cash $ 749 $ 1,699
Bank indebtedness (24,787) (10,480)
------------ ---------
$ (24,038) $ (8,781)
------------ ---------
CONTACT: Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. G. Shields Sr. Vice President & Chief Financial Officer (416) 620-3016 or Pamela Kempthorne Vice President, Corporate Affairs (416) 620-3115 or Ian Ferguson There are several notable figures named Ian Ferguson.
President Industrial Division Ault Foods (416) 620-3012 |
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