Canbra Foods Ltd. Announces Fourth Quarter Earnings.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)--Nov. 14, 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 $1,577,000 or $0.56 per share on sales of $50,665,000 for the fourth quarter ended September September: see month. 30, 1996. The totals compare with net earnings of $1,816,000 or $0.64 per share on sales of $41,825,000 for the same period last year. These results are unaudited and issued to assist our valued shareholders in evaluating the proposed amalgamation amalgamation /amal·ga·ma·tion/ (ah-mal´gah-ma´shun) trituration (3). amalgamation ( of Canbra Foods Ltd. Fourth-quarter earnings were negatively impacted as cash margins fell sharply due to unfavorable relationships between Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options. soybean oil Soy´bean oil n. 1. an oil obtained from the soybean (Glycine max), rich in protein, fats, sterols, and phospholipids, used as a food and in paints and varnishes and in various industrial applications; - and meal future options and high canola canola see brassicanapus. seed prices. Product sales volumes were supported by positive acceptance of our branded retail products in eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
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. . Our account base continues to broaden as we open these new markets and through our international sales efforts. Expansion projects for this period were completed within budget and will be operational to meet the Fiscal 1997 production requirements. We continue to explore the marketing of environmentally-friendly lubricants lubricants preparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. through the efforts of Greenland Greenland, Green. Kalaallit Nunaat, Dan. Grønland, the largest island in the world (2005 est. pop. 56,000), 836,109 sq mi (2,166,086 sq km), self-governing overseas administrative division of Denmark, lying largely within the Arctic Circle. Corporation and their Greenplus line of products. While sales are behind plan at this time, expectations remain high. In this period, we have been forced to reduce operations, as our competitors have, due to unfavorable 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. margins. It appears we will have to deal with these negative impacts in the first quarter of Fiscal 1997 and until favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. supply/demand relationships return. We value the continued support of you and our employees. -0-
CANBRA FOODS LTD.
STATEMENT OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
(in thousands except for per share information)
Fourth Quarter Twelve Months
Ended Ended
----------------------------------
Sep 30 Sep 30 Sep 30 Sep 30
1996 1995 1996 1995
-------- ------- ------- -------
Sales $ 50,665 $41,825 $191,242 $174,520
------- ------- ------- --------
------- ------- ------- --------
Earnings Before the Following 3,534 3,644 15,904 10,267
Depreciation and Amortization 1,095 970 3,639 3,396
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Earnings Before Income Taxes 2,439 2,674 12,265 6,871
Income Taxes 862 858 4,578 2,575
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Net Earnings for the Period 1,577 1,816 7,687 4,296
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Retained Earnings, Beginning of
Period 25,052 18,824 20,613 17,410
Cash Dividends 1 0 1,000 889
Common Stock Repurchase 0 27 547 204
Warrant Purchase 0 0 125 0
------- ------ ------ ------
25,051 18,797 18,941 16,317
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Retained Earnings, End of
Period $26,628 $20,613 $26,628 $20,613
------- ------- ------- -------
------- ------- ------- -------
Net Earnings Per Share
Basic $ 0.56 $ 0.64 $ 2.73 $ 1.49
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------- ------- ------- -------
Fully Diluted $ 0.55 $ 0.61 $ 2.69 $ 1.44
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CANBRA FOODS LTD.
STATEMENT OF CHANGES IN CASH POSITION
(UNAUDITED)
(in thousands)
Twelve-Month
Fourth Quarter Period
Ended Ended
----------------- --------------
Sep 30 Sep 30 Sep 30 Sep 30
1996 1995 1996 1995
-------- ------- ------ -----
Operating Activities
Net Earnings for the
period $ 1,577 $ 1,816 $ 7,687 $ 4,296
Add (deduct) Non-Cash
Items
Depreciation and
Amortization 1,095 970 3,639 3,396
Loss (gain) on Sale of
Capital Assets 37 59 ( 194) 53
Deferred Income Taxes ( 109) (413) ( 109) ( 416)
Other 0 108 ( 2) 204
------ ----- ----- ------
Working Capital from
Operations 2,600 2,540 11,021 7,533
Net Change in Non-Cash
Operating
Working Capital Items 9,927 8,587 ( 3,294) 11,412
------- ----- ------ ------
Cash From (used in)
Operations 12,527 11,127 7,727 18,945
-------- ------ ------ ------
Investing Activities
Purchase of Capital Assets ( 3,654) ( 1,112) ( 6,678) ( 2,949)
Deferred Expenditures ( 159) ( 143) ( 177) ( 153)
Proceeds on Disposal
of Capital Assets 19 35 376 70
Investments ( 0) 28 ( 45) ( 115)
-------- ------ -------- -------
( 3,795) ( 1,192) ( 6,524) (3,147)
------- ------ ------ ------
Financing Activities
Cash Dividends ( 1) 0 ( 1,000) ( 889)
Repayment of Long-Term
Debt ( 282) ( 256) ( 707) ( 636)
Share Redemption/
Repurchase ( 102) ( 38) ( 800) ( 251)
Common Stock Issue 0 0 122 0
Warrant Purchase 0 0 ( 125) 0
------- ------ ------- -------
( 385) ( 294) ( 2,510) (1,776)
------- ------ -------- -------
Increase (decrease) in
Cash 8,347 9,641 ( 1,307) (14,022)
Cash (Bank Indebtedness)
Beginning of Period ( 6,295) (6,282) 3,359 (10,663)
------- ------ ------ --------
Cash, End of Period $ 2,052 $ 3,359 $ 2,052 $ 3,359
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------- ------ ------ ------
CONTACT: Canbra Foods Ltd. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. P. McNamara, 403/329-5500 403/328-7933 (FAX) |
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