Canbra Foods Announces Financial Results to June 28, 1996.LETHBRIDGE Lethbridge (lĕth`brĭj), city (1991 pop. 60,974), S Alta., Canada, on the Oldman River. Formerly a coal-mining center, Lethbridge is now a commercial and service center for an irrigated farming and ranching district. , Alberta--(BUSINESS WIRE)--Aug. 1, 1996--CANBRA 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). : CBF CBF Chesapeake Bay Foundation CBF Cerebral Blood Flow CBF Cooperative Baptist Fellowship CBF Confederação Brasileira de Futebol CBF Core Binding Factor CBF Chicagoland Bicycle Federation CBF Coronary Blood Flow CBF cubic feet ) is pleased to report net earnings of $1,876,000 or $0.65 per share on sales of $52,182,000 for the third quarter ended June June: see month. 28, 1996. The totals compare with net earnings of $1,189,000 or $0.40 per share on sales of $43,550,000 for the same period last year. For the nine months, net earnings were $6,110,000 or $2.14 per share compared to $2,480,000 or $0.83 per share for the prior year. Sales for the nine months total $140,577,000 versus $132,695,000 for the same period of fiscal 1995. As mentioned in previous third quarter reviews, we experience strong sales for this period due to our seedstock Seedstock are trees left after clearfelling to provide seed for natural regeneration. Often proponents of clearfelling would overstate the ability of these trees to rectify the damage wrought from the clearfelling operation. and chemical sales for canola canola see brassicanapus. plantings. While canola acreage is down thirty percent from last year's plantings, our contracting program secured adequate acres to meet our increased crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. requirements. We are pleased with these commitments in view of the anticipated export demand for seed out of Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. resulting from the elimination of the Western Grain Transportation Act. The carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) from this year will provide an adequate seed supply when added with new crop production. Recognizing the lateness in planting, reduced planted acres and the strong influence from U.S. grain prices, it appears we will be faced with strong seed prices throughout the year. Management recognizes this threat and is actively developing fiscal 1997 business strategies accordingly. Sales volumes were strong throughout the period for all products. The introduction of our premier series CANOLA HARVEST product line in the eastern Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. markets is receiving favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. acceptance. Initial marketing and distribution networks have been established to support our launch into the midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and 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. market this fall. Here too, CANOLA HARVEST products are receiving excellent acceptance for grocery space. To further support this product line, we are presently introducing a new canola/olive oil blend made with first-pressed canola oil Noun 1. canola oil - vegetable oil made from rapeseed; it is high in monounsaturated fatty acids canola vegetable oil, oil - any of a group of liquid edible fats that are obtained from plants and extra-virgin olive oil olive oil, pale yellow to greenish oil obtained from the pulp of olives by separating the liquids from solids. Olive oil was used in the ancient world for lighting, in the preparation of food, and as an anointing oil for both ritual and cosmetic purposes. . We will report on market acceptance in our year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. report. During this quarter, additional gains were made in crushing to bring us closer to expansion completion for this area of production. Our engineering, maintenance and operation teams did an outstanding job in bringing these new systems on line as well as turning up the balance of the plant during our annual spring maintenance schedule. The strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. that went into this downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. paid off with our ability to increase sales in a period where production was curtailed for almost three weeks in some areas. Our international markets, lubricant Lubricant A gas, liquid, or solid used to prevent contact of parts in relative motion, and thereby reduce friction and wear. In many machines, cooling by the lubricant is equally important. business and new retail marketing appear to be strengthening our trend towards value-added canola products. The recent surge in corn prices in the United States has stimulated a strong demand for our proteins as feeders search for alternate rations to reduce their costs. From experience we have found once feeders have switched to canola formulations, they find performance very favorable for the animal's diet and remain with canola. These advances, coupled with our base business, should enhance sales to help offset the higher seed prices we are experiencing. We look for these factors, linked with our increased efficiency gains, to support favorable results throughout the fourth quarter. We look forward to reporting our year-end results to you. Our accomplishments have been made possible not only through shareholder support but also by the many contributions of our employees. To both groups, I express gratitude Gratitude agrimony traditional symbol for gratitude. [Flower Symbolism: Flora Symbolica, 172] Androcles because he had once extracted a thorn from its paw, the lion refrained from attacking Androcles in the arena. [Rom. Lit. on behalf of Canbra's Board of Directors and Management. -0- CANBRA FOODS LTD. STATEMENT OF INCOME AND RETAINED EARNINGS (UNAUDITED) (in thousands except per share information)
Third Quarter Nine Months Twelve Months
--Ended-- --Ended-- --Ended--
June 28 June 29 June 28 June 29 June 28 June 29
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
Sales $52,182 $43,550 $140,577 $132,695 $182,403 $175,149
------- ------- -------- -------- -------- --------
------- ------- -------- -------- -------- --------
Earnings Before the
Following 3,700 2,905 12,370 6,623 16,014 7,504
Depreciation and Amort-
ization 851 883 2,544 2,426 3,514 3,091
----- ---- ------ ----- ------ -----
Earnings Before Income
Taxes 2,849 2,022 9,826 4,197 12,500 4,413
Income Taxes 973 833 3,716 1,717 4,574 1,782
----- ----- ----- ----- ------ -----
Net Earnings for the
Period 1,876 1,189 6,110 2,480 7,926 2,631
----- ----- ----- ----- ----- -----
Retained Earnings, Beginning of
Period 23,176 17,839 20,613 17,410 18,824 18,792
Cash
Dividends 0 27 999 889 999 2,422
Common Share
Repurchase 0 177 547 177 574 177
Warrant
Purchase 0 0 125 0 125 0
------ ------ ------ ------ ------ -----
$23,176 $17,635 $18,942 $16,344 $17,126 $16,193
------- ------- ------- ------- ------- -------
Retained Earnings,
End of
Period $25,052 $18,824 $25,052 $18,824 $25,052 $18,824
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Net Earnings Per
Share $ 0.65 $ 0.40 $ 2.14 $ 0.83 $ 2.76 $ 0.88
------- ------ ------- ------- ------- -------
------- ------ ------- ------- ------- -------
CANBRA FOODS LTD. STATEMENT OF CHANGES IN CASH POSITION (UNAUDITED) (in thousands)
Third Quarter Nine Months Twelve Months
--Ended-- --Ended-- --Ended--
June 28 June 29 June 28 June 29 June 28 June 29
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
Operating Activities
Net Earnings
for the
Period $1,876 $1,189 $6,110 $2,480 $7,926 $2,631
Add (deduct) Non-Cash Items
Depreciation
and Amort-
ization 851 883 2,544 2,426 3,514 3,091
Loss (gain) on
Sale of Capital
Assets 22 29 (231) (6) (172) (11)
Deferred Income
Taxes 0 0 0 (3) (413) (395)
Other 0 70 (2) 96 106 152
------ ------ ------ ------ ------ ------
Working Capital from
Operations
2,749 2,171 8,420 4,993 10,961 5,468
Net Change in Non-Cash
Operating Working
Capital
Items (3,873) (102) (13,220) 2,825 (4,633) 5,281
------ ------ ------ ------ ------ ------
Cash From (used in)
Operations
(1,124) 2,069 (4,800) 7,818 6,327 10,749
------ ------ ------ ------ ------ ------
Investing Activities
Purchase of Capital
Assets
(933) (870) (3,024) (1,837) (4,136) (3,034)
Deferred
Expenditures
46 15 (18) (10) (161) (293)
Proceeds on
Disposal of
Capital Assets
0 0 357 35 392 40
Investments (43) (24) (45) (143) (17) (206)
------ ------ ------ ------ ------ ------
(930) (879) (2,730) (1,955) (3,922) (3,493)
------ ------ ------ ------ ------ ------
Financing Activities
Cash Dividend
0 (27) (999) (889) (999) (2,422)
Repayment of
Long-Term Debt
(147) (134) (425) (380) (681) (606)
Share Repurchase/
Redemption
(23) (213) (698) (213) (732) (213)
Common Stock
Issue 0 0 122 0 122 0
Warrant
Purchase 0 0 (125) 0 (125) 0
Other 0 0 0 0 (4) 3
------ ------ ------ ------ ------ ------
(170) (374) (2,125) (1,482) (2,419) (3,238)
------ ------ ------ ------ ------ ------
Increase (decrease)
in Cash
(2,224) 816 (9,654) 4,381 (13) 4,018
Cash (bank indebtedness),
Beginning of Period
(4,071) (7,098) 3,359 (10,663) (6,282) (10,300)
------ ------ ------ ------ ------ ------
Bank Indebtedness,
End of Period
$6,295 $6,282 $6,295 $6,282 $6,295 $6,282
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
CONTACT: Canbra Foods Ltd. Larry P. McNamara, (403) 329-5555 |
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