CORPORATE FOODS LIMITED REPORTS SECOND QUARTER EARNINGS.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--July 24, 1995--CORPORATE FOODS LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CFL CFL Canadian Football League ) Corporate Foods Limited (TSE:CFL) today announced net earnings for the first six months were $8.8 million ($0.42 per share) up from $8.5 million ($0.40 per share) last year. Earnings from operations for the six months increased 13.5 percent to $13.2 million. Second quarter results of $5.3 million ($0.25 per share) were slightly less than last year's strong second quarter of $5.7 million ($0.27 per share) but still reflected a solid performance. D. H. Lees, President and Chief Executive Officer, stated that, "Recent changes in wheat markets have resulted in the highest wheat prices in two decades and are having a significant impact on flour flour, finely ground, usually sifted, meal of grain, such as wheat, rye, corn, rice, or buckwheat. Flour is also made from potatoes, peas, beans, peanuts, etc. Usually it refers to the finely ground and bolted (i.e. costs. These higher flour costs and continued pricing pressure have offset the full benefit of our effective cost reduction programs. We are implementing price increases for all of our product lines as a result of these higher wheat prices." Sales in the second quarter increased by 4.2 percent to $102.4 million, reflecting volume growth. Equity earnings for the quarter were reduced due to the impact of higher costs and pricing pressure in 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. . The Company declared a quarterly dividend of $0.06 per share, payable October 2, 1995 to shareholders of record, September 15, 1995. -0-
($ Millions except per share amount)
Second Quarter Ended 24 Weeks Ended
June 17 June 11 June 17 June 11
1995 1994 1995 1994
Sales $102.4 $98.3 $197.8 $189.8 Net Earnings $ 5.3 $ 5.7 $ 8.8 $ 8.5 Net Earnings Per Share $ 0.25 $0.27 $ 0.42 $ 0.40 Dr. Lees stated that, "I would like to welcome the new directors to our Board of Directors and I am pleased that Norm Currie cur·rie n. Variant of curry2. , past Chairman, is returning to the Board. I would also like to thank our previous Board for their years of dedicated service." Corporate Foods Limited, which is 68 percent owned by Maple Leaf Foods Maple Leaf Foods TSX: MFI is a major Canadian food processing company. The company was originally known as Maple Leaf. It was founded in 1927 as a merger of several major Toronto meat packers, most prominently William Davies Co. Inc., is Canada's leading manufacturer and distributor of bakery products sold both under the Company's own brands and private label brands to the retail and food service industries. CONTACT: Corporate Foods Limited David H. Lees 416/622-2040 or Kathy A. Welsh 416/622-2040 |
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