CLEARLY CANADIAN BEVERAGE CORPORATION announces financial results for the first quarter ended March 31, 1995.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 30, 1995-- Clearly Canadian This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Beverage Corporation Tuesday Tuesday: see week. reported financial results for the first quarter ended March 31, 1995. All figures are in U.S. dollars. Revenues for the three months ended March 31, 1995 were $10,607,000 compared to $10,935,000 for the same period last year. Net income for the first quarter was $98,000 equal to $0.01 per share, compared to $175,000 or $0.01 per share for the corresponding period last year. Selling, administrative and general expenses for the quarter were $1,004,000 lower than the same period last year due to spending cuts Noun 1. spending cut - the act of reducing spending cut - the act of reducing the amount or number; "the mayor proposed extensive cuts in the city budget" in most expense categories, particularly in advertising and promotion as well as consulting and professional fees. The balance sheet continues to remain strong with a current working capital ratio of 6.4 to 1. ON BEHALF OF THE BOARD OF DIRECTORS D. BRUCE Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. HORTON Horton, river, c.275 mi (440 km) long, rising in a lake N of Great Bear Lake, Northwest Territories, Canada, and flowing NW to Franklin Bay, a part of the Beaufort Sea. , DIRECTOR -0-
CONSOLIDATED BALANCE SHEET
As at March 31, 1995 and 1994 (Stated in U.S. Dollars)
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1995 1994
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ASSETS
Current
Cash and short-term deposits $ 6,502 $ -
Short-term investments 73 10,555
Accounts receivable 6,419 12,175
Inventories 6,693 12,309
Prepaid expenses and deposits 3,867 5,842
Corporate income taxes refundable 2,892 -
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26,446 40,881
Long-Term Investments 672 - Distribution Rights 800 - Long-term Receivables 2,948 3,510
Property, Plant and Equipment 5,368 3,907
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$36,234 $48,298
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LIABILITIES
Current
Bank loan and overdraft $ - $ 2,487
Accts payable & accrued liabilities 4,137 6,445
Corporate income taxes payable 78 223
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4,215 9,155
Deferred Lease Inducement 277 343
Capital Lease Obligation 71 -
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4,563 9,498
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SHAREHOLDERS' EQUITY Share Capital Issued and outstanding - 13,929,755 common shares without par value 35,450 38,494
Retained Earnings (Deficit) (3,779) 306
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31,671 38,800
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$36,234 $48,298
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CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED
EARNINGS (DEFICIT)
For the Three Month Period Ended March 31, 1995 and 1994
(Stated in U.S. Dollars)
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1995 1994
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($000) ($000)
SALES $10,607 $10,935
COST OF SALES 7,878 7,636
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GROSS PROFIT 2,729 3,299
SELLING, ADMINISTRATIVE AND GENERAL EXPENSES 2,672 3,676
OTHER INCOME (119) (673)
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INCOME FOR THE PERIOD
BEFORE INCOME TAXES 176 296
Income Taxes Current 78 121
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NET INCOME FOR THE PERIOD $ 98 $ 175
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Earnings per share $ 0.01 $ 0.01
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Weighted Average Shares Outstanding (000's) 14,079,131 14,441,055 NOTE TO EDITORS: CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of the trademark "Clearly Canadian(R)." CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned international subsidiary, Clearly Canadian Beverage (International) Corporation, produce, distribute, and market CLEARLY CANADIAN(R), CLEARLY TEA(TM), and CLEARLY 2(TM), a line of flavoured adj. 1. same as flavored; - of foods. and unflavoured bottled sparkling water beverages. Through distribution and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. licensing agreements, CLEARLY CANADIAN(R) is sold throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 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 , Japan and the United Kingdom, the Republic of Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , the Caribbean and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This new release was prepared by management who accept full responsibility for its content. CONTACT: D. Bruce Horton, 604/683-0312 604/683-2256 (Fax) |
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