Canada Bread Company, Limited Reports Second Quarter Earnings.TORONTO--(BUSINESS WIRE)--July 16, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CBY CBY Central Bank of Yemen CBY Camp Burn Yourself (Swedish alternative arts festival) CBY Suvorov Military School (Russian acronym) .) 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 Bread Company, Limited today announced earnings for the second quarter. Net earnings for the second quarter were $6 million ($0.28 per share) compared with $5.3 million ($0.25 per share) for the same period last year. Net earnings for the first half were $13.1 million ($0.62 per share) compared with $8.9 million ($0.42 per share) for the same period last year. Net earnings in the first quarter included a $4 million after tax gain on the sale of Brooklyn Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. Bagel Boys, Inc.After adjusting for the sale of Brooklyn Bagel Boys, Inc. sales in the second quarter increased by 9 percent over the previous year. All of our operations experienced satisfactory growth in the quarter. Our New Calgary baking baking: see cooking. baking Process of cooking by dry heat, especially in an oven. Baked products include bread, cookies, pies, and pastries. facility is nearing completion and is on target for its scheduled start-up Start-up The earliest stage of a new business venture. this month. Dr. David H. Lees, President and Chief Executive Officer, said, "I am very pleased and excited by this new $26 million manufacturing facility, which will set a new quality standard for fresh and frozen bakeries. It will allow us to significantly accelerate our growth and will supply customers in Western Canada
Western Canada, commonly referred to as the West , 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. and other export markets." Earnings from operations for the period, of $8.5 million are higher by 11.5 percent than last year, after adjusting for the sale of Brooklyn Bagel Boys, Inc. Significantly lower debt and the related interest savings from the sale of Brooklyn Bagel Boys, Inc. also contributed to improved net earnings. -0-
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($ Millions, except per share amounts)
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12 Weeks Ended 24 Weeks Ended
June 14, 1997 June 14, 1997
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Sales 122.0 120.8 233.6 229.7
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Net Earnings 6.0 5.3 13.1 8.9
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Net Earnings
Per Share 0.28 0.25 0.62 0.42
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The Company declared a quarterly dividend of $0.06 per share, payable October 1, 1997, to shareholders of record, September 15, 1997. Canada Bread Company, Limited, which is 69 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: Canada Bread Company, Limited Michael H. Vels, 416/926-2048 or Canada Bread Company, Limited Larry J. Palko, 416/622-2040 |
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