Ault Foods Limited announces fourth quarter/year end results.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)--June 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) today announced its financial results for the fourth quarter and fiscal year ended April 29, 1995. Financial results for fiscal years reported are audited, while results for the fourth quarter periods included therein are unaudited. The company will be mailing its annual report to shareholders in early August 1995. Fiscal 1995 Operating Highlights For the 1995 fiscal year, net earnings before unusual items were $ 25,059,000 or $1.37 per common share, compared with a level of $ 24,646,000 or $1.35 per share for the previous fiscal year. Charges for unusual items in an 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. amount of $10,450,000 or $0.57 per share reduced final net earnings for the year to $14,609,000 or $0.80 per share. The pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta amounts pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to these unusual charges included (1) severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other costs associated with a corporate reorganization of $4,500,000; (2) $3,000,000 provided against contingent liabilities Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Ault's investment in a Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum dairy; and (3) an asset write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. and other costs relating to the closure of a cultured products plant of $8,300,000 during the first quarter. Full year 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 of $ 1,292.7 million exceeded the $ 1,238.7 million achieved last year, an increase of 4.4 percent. Excluding the impact of a strike at a major customer during the third and fourth quarters of fiscal 1994, net sales increased by 3.8 percent, a large part of which was attributable to the full year impact of the acquisition of Lovell and 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). , a dairy products dairy products dairy npl → produits laitier dairy products dairy npl → Milchprodukte pl, Molkereiprodukte pl trading operation, late in that year. Fourth Quarter Operating Highlights Net earnings before unusual items for the fourth quarter were $ 5,772,000 or $0.32 per share, compared with $7,795,000 or $0.43 per share last year. Fourth quarter earnings include a pre-tax gain of $2,813,000 with regard to a distribution on termination of a defined-benefit pension plan defined-benefit pension plan A pension plan in which retirement benefits rather than contributions into the plan are specified. Thus, a retired employee who has reached a certain age with a given number of years of service and has earned a certain income is which is described in the following paragraph. Fourth quarter net earnings after unusual items were $522,000 or $0.03 per share. These unusual items included the provisions for corporate reorganization costs and the Mexican dairy, described above. Net sales for the fourth quarter of $326.3 million represent an increase of 0.3 percent over the prior year. The decline in net earnings in the quarter resulted primarily from net pricing pressure in the commodity fluid milk and cheese businesses, the loss of fluid milk volume 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" and Lactantia PurFiltre launch costs. During the quarter, the Pension Commission of 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. approved a proposal made jointly by the Company and members of the union to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. membership in a pension plan for certain employees at the Mitchell, Ontario Mitchell is a community in Perth County, Ontario, Canada. Mitchell is located at the intersection of Highways 8 and 23, 20 km northwest of Stratford, and 60 km northeast of location. As a result, certain pension plan assets will be distributed to the employees and to Ault Ault as a personal name can refer to:
It should be also noted that the current quarter includes 13 weeks of operations, compared with 14 weeks in fiscal 1994. 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 Fourth quarter net sales for the group of $ 167.4 million were 2.1 percent less than the corresponding quarter in the prior year. Full year net sales of $ 700.3 million were 2.5 percent ahead of last year. 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 volumes were up 2.5 percent over last year, while Ontario fluid volumes decreased by 9.2 percent compared to last year's levels, having been affected by the loss of the Miracle Food Mart commodity fluid milk business at the beginning of March. This factor was partially offset by a strike at Miracle Food Mart which extended into the fourth quarter of last year. Frozen products division volume for the quarter increased 3.2 percent versus the prior year assisted by higher promotional activity, particularly in Quebec. This volume was skewed skewed curve of a usually unimodal distribution with one tail drawn out more than the other and the median will lie above or below the mean. skewed Epidemiology adjective Referring to an asymmetrical distribution of a population or of data to lower margin product lines. At the end of March, Lactantia PurFiltre milk was launched in the Quebec marketplace, supported by an extensive television and newspaper advertising campaign and other promotional support. A 90 percent distribution factor among larger retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → has been achieved in this market and performance to date has been extremely positive. 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. (before unusual items, interest and income taxes) was $3,420,000 for the fourth quarter, compared with $ 6,384,000 last year. This decline from last year was attributable to costs associated with the launch of the Lactantia PurFiltre fluid milk brand in both Ontario and Quebec, lower Ontario fluid milk volumes to comparable customers and a highly competitive environment which affected net pricing in both Ontario and Quebec. Fourth quarter segment operating income for the Refrigerated and Frozen Products group last year was negatively affected by an estimated $1,200,000 as a result of the Miracle Food Mart strike. Segment operating income for the year was $28,566,000 compared with $28,279,000 achieved last year, an increase of 1.0 percent. Cheese and Butter Products Fourth quarter net sales of $ 158.9 million increased by 2.9 percent over last year, while full year net sales of $ 592.4 million were ahead of the previous year by 6.7 percent. A large portion of the net sales increase was attributable to the acquisition of Lovell and Christmas. The group's total cheese volume increased modestly in the face of heightened competitive activity. Industrial milk used for further processing declined by 5.3 percent during the quarter from the level of the prior year. For the full year, however, industrial milk availability increased by 6.5 percent compared to fiscal 1994, resulting in a substantially increased working capital requirement. Segment operating income for the fourth quarter was $9,092,000, compared with $8,518,000 achieved last year. This higher income level primarily resulted from the gain arising from the Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. pension plan termination Plan termination for ERISA defined benefit pension plans, is either the voluntary act of a pension plan sponsor who no longer believes that the costs of providing the pension outweighs its benefits, or the involuntary termination by the PBGC when the federal pension agency believes together with operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before from Lovell and Christmas, offset by the impact on net prices from increasingly severe competition in the group's consumer businesses. For the fiscal year, segment operating income was $22,382,000 compared with the $ 20,075,000 achieved last year. During the quarter, an agreement was reached with Golden Vale The Golden Vale is an area of undulating green pastures, woodlands, hills and mountains, Situated in the Southwest region of Ireland, on the borders of counties Limerick, Tipperary and Cork. PLC, an Irish dairy processor, regarding the licensing of technology to produce stringable cheese for the western European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market. Dividend At a meeting held on June June: see month. 14, 1995, the Board of Directors declared a quarterly dividend of $ 0.165 per common share, payable on July July: see month. 15, 1995 to shareholders of record on June 30, 1995.
CONSOLIDATED STATEMENT OF EARNINGS
thousands of dollars except per share amounts
Periods ended April 29, 1995 and April 30, 1994
(unaudited) (audited)
three months ended full year ended
1995 1994 1995 1994
------ ------ ----- ------
Net sales $ 326,306 $325,372 $1,292,706 $1,238,692
-------- -------- ---------- ---------
Operating income before the undernoted 12,512 14,902 50,948 48,354 Less unusual items 7,500 15,800
Interest expense, net 3,374 1,839 10,233 7,629
-------- -------- ---------- ---------
Earnings before
income taxes 1,638 13,063 24,915 40,725
Income taxes 1,116 5,268 10,306 16,079
-------- -------- ---------- ---------
Net earnings $ 522(1) $ 7,795 $ 14,609(1) $24,646
-------- -------- ---------- ---------
-------- -------- ---------- ---------
Net earnings per
common share $ 0.03(1) $ 0.43 $ 0.80 (1) $ 1.35
-------- -------- ---------- ---------
-------- -------- ---------- ---------
Weighted average number
of common shares
(thousands) 18,346 18,298 18,326 18,298
-------- -------- ---------- ---------
Note: (1) After unusual items of $5,250 after tax, or $ 0.29 per common share in the current quarter and $10,450 after tax, or $ 0.57 per common share in the current fiscal year.
SEGMENTED INFORMATION
thousands of dollars
Periods ended April 29, 1995 and April 30, 1994
(unaudited) (audited)
three months ended full year ended
1995 1994 1995 1994
------ ------ ------ ------
Net sales
Refrigerated and
Frozen Products $ 167,438 $ 171,025 $ 700,282 $ 683,519
Cheese and
Butter Products 158,868 154,347 592,424 555,173
------- ------- ------- --------
$ 326,306 $ 325,372 $1,292,706 $1,238,692
------- ------- --------- ---------
------- ------- --------- ---------
Operating income
Refrigerated and
Frozen Products $ 3,420 $ 6,384 $ 28,566 $ 28,279
Cheese and
Butter Products 9,092 8,518 22,382 20,075
------- ------- ------- -------
$ 12,512 $ 14,902 $ 50,948 $ 48,354
------- ------- ------- -------
------- ------- ------- -------
Identifiable assets
Refrigerated and
Frozen Products $ 309,878 $ 291,037 $ 309,878 $ 291,037
Cheese and
Butter Products 329,376 305,484 329,376 305,484
------- ------- ------- -------
$ 639,254 $ 596,521 $ 639,254 $ 596,521
------- ------- ------- -------
------- ------- ------- -------
Depreciation and amortization
Refrigerated and
Frozen Products $ 6,992 $ 7,116 $ 29,587 $ 28,311
Cheese and
Butter Products 2,810 2,764 11,857 10,766
------- ------- ------- -------
$ 9,802 $ 9,880 $ 41,444 $ 39,077
------- ------- ------- -------
------- ------- ------- -------
Capital expenditures
Refrigerated and
Frozen Products $ 13,174 $ 9,297 $ 32,993 $ 26,419
Cheese and Butter
Products 2,861 8,675 12,547 13,446
------- ------- ------- -------
$ 16,035 $ 17,972 $ 45,540 $ 39,865
------- ------- ------- -------
------- ------- ------- -------
CONSOLIDATED BALANCE SHEET (CONDENSED)
thousands of dollars
As at April 29, 1995 and April 30, 1994
(audited)
1995 1994
------ ------
Assets
-------
Current assets $ 258,649 $ 219,581
Investments and other 126,200 142,104
Fixed assets, net 254,405 234,836
-------- -------
$ 639,254 $ 596,521
-------- -------
-------- -------
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities $ 183,497 $ 166,535
Long term debt 125,031 100,894
Deferred income taxes 45,231 47,170
Shareholders' equity 285,495 281,922
-------- -------
$ 639,254 $ 596,521
-------- -------
-------- -------
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
thousands of dollars
Periods ended April 29, 1995 and April 30, 1994
(unaudited) (audited)
three months ended full year ended
1995 1994 1995 1994
------ ------ ------ ------
Operating Activities
--------------------
Net earnings $ 522 $ 7,795 $ 14,609 $ 24,646
Depreciation and
amortization 9,802 9,880 41,444 39,077
Other non-cash
items 2,125 500 7,091 1,583
Deferred
income taxes (89) 1,264 (1,939) 800
------- -------- -------- -------
12,360 19,439 61,205 66,106
Used for working
capital (5,555) (4,112) (31,959) (18,964)
------- -------- -------- -------
6,805 15,327 29,246 47,142
------- -------- -------- -------
Investing Activities
--------------------
Additions to fixed
assets, net (16,035) (17,972) (45,540) (39,865)
Business
acquisitions (654) (14,755) (5,984) (16,725)
Investments in partly
owned businesses (250) (483) 8,756 (750)
Increase (decrease)
in accounts receivable
sold 1,179 152 7,347 (9,056)
Other (3,195) (423) (8,845) (8,569)
-------- -------- -------- --------
(18,955) (33,481) (44,266) (74,965)
-------- -------- -------- --------
Financing Activities --------------------
Change in Labatt
Net Investment (374,177)
Issue of debt to Labatt 108,667
Repayment of debt to Labatt (108,667)
Increase in
long term debt 14,661 10,230 24,137 100,134
Issue of
share capital 1 790 265,510
------- -------- -------- -------
14,662 10,230 24,927 (8,533)
------- -------- -------- -------
Dividends paid (3,027) (2,745) (11,826) (8,234)
------- -------- -------- -------
Decrease in
cash position (515) (10,669) (1,919) (44,590)
Cash position, beginning
of period (23,368) (11,295) (21,964) 22,626
------- -------- -------- -------
Cash position, end
of period $(23,883) $(21,964) $(23,883) $(21,964)
------- -------- -------- -------
------- -------- -------- -------
Represented by:
Cash $ 1,927 $ 872 $ 1,927 $ 872
Bank indebtedness (25,810) (22,836) (25,810) (22,836)
------- -------- -------- -------
$(23,883) $(21,964) $(23,883) (21,964)
------- -------- -------- -------
------- -------- -------- -------
CONTACT: 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 Pamela Pamela sweet maidservant who chastely repels disgraceful advances, marries her aristocratic pursuer, and attempts to reform him. [Br. Lit.: Richardson Pamela] See : Virtuousness Kempthorne Kempthorne is a surname, and may refer to:
This page or section lists people with the surname Kempthorne. , 416/620-3115 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. Shields, 416/620-3016 |
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