Canbra Foods Ltd. Announces Increased 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)--May 14, 1996--Canbra Foods Ltd. (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 ) enjoyed net earnings of $2,087,000 or $0.73 per share on sales of $43,901,000 for the second quarter ended March 29, 1996. The totals compare with net earnings of $672,000 or $0.22 per share on sales of $44,873,000 for the same period last year. For six months, net earnings stand at $4,234,000 or $1.47 per share compared to $1,291,000 or $0.43 per share for the prior year. Sales for the six months total $88,396,000 versus $89,145,000 for the same period of fiscal 1995. While sales appear flat when compared with last year's, gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. revenues are directly impacted by lower 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. Oil Futures and a stronger Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Earnings improvement reflects efficiency and process control gains through expansion, together with new market opportunities that support our strategic growth. This has allowed us to maintain favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. cash margins and enhance product values while sales have remained stable. Canola seed supplies appear to be a surplus for the balance of this crop year with 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) stocks estimated at over 1.6 million tonnes versus last year's carryover of 500,000 tonnes. We believe this large carryover, coupled with our forecasted acreage, should provide adequate supplies for both export and crusher crusher, machine used to reduce materials such as ore, coal, stone, and slag to particle sizes that are convenient for their intended uses. Crushers operate by slowly applying a large force to the material to be reduced. needs next year. The Company continues to expand international sales as we introduce specialty product lines to South American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of markets. We recently attended a FOODEX Trade Show in Japan which drew global interest for our various product lines. This newly stimulated demand ties nicely to new production volumes. Packaged Product sales volumes confirm our belief consumers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. products which identify 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 as the key ingredient. Based on this recognition, we plan to enlarge TO ENLARGE. To extend; as, to enlarge a rule to plead, is to extend the time during which a defendant may plead. To enlarge, means also to set at liberty; as, the prisoner was enlarged on giving bail. the scope of our branded product lines across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. and 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. . These products will be introduced as a new premier series of products under the CANOLA HARVEST brand. As mentioned earlier, we look for canola acreage to be reduced this year in view of the stronger barley barley, annual cereal plant (Hordeum vulgare and sometimes other species) of the family Gramineae (grass family), cultivated by humans probably as early as any cereal. and wheat prices available to the producers. This is impacting our farm program as initial 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 are down from last year since the producers have not decided their planting commitments. The weather is a definite factor in the decision process and to date is favoring favoring an animal is said to be favoring a leg when it avoids putting all of its weight on the limb. A part of being lame in a limb. canola. Notwithstanding further reduction in canola acreage, we feel there are adequate seedstock supplies influencing seed prices to levels, which support favorable margins. The strong product base your Company has established between protein, oils and 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. has reduced the swings typically experienced with commodity businesses. Through product innovation and emphasis on advanced technology, we look for sustainable growth and attractive returns. The third quarter will include our scheduled down time for key maintenance and new processing equipment installations. Once completed, we look for strong product demand to test our new capacities as we bring them on line. Canbra's dedicated employees will continue to strive to make this a record year for our shareholders. We appreciate your continued support! -0-
CANBRA FOODS LTD.
STATEMENT OF CHANGES IN CASH POSITION
(UNAUDITED)
(in thousands)
Second Quarter Six Months Twelve Months
Ended Ended Ended
Mar.29 Mar.31 Mar.29 Mar.31 Mar.29 Mar.31
1996 1995 1996 1995 1996 1995
-------------- -------------- --------------
Operating
Activities
Net earnings
for the period $2,087 $ 672 $4,234 $1,291 $7,239 $2,004
Add (deduct)
non-cash items
Depreciation and
amortization 853 814 1,693 1,543 3,546 2,973
Loss (gain) on
sale of capital
assets (307) 0 (253) (35) (165) (40)
Deferred income
taxes 0 (3) 0 (3) (413) (395)
Other (2) 44 (2) 83 176 117
----- ----- ----- ----- ----- -----
Working capital
from operations 2,631 1,527 5,672 2,879 10,383 4,659
Net change in
non-cash
operating working
capital items (5,927) (429) (9,347) 2,926 (862) 1,941
----- ----- ----- ----- ----- -----
Cash from (used
in) operations (3,296) 1,098 (3,675) 5,805 9,521 6,600
----- ----- ----- ----- ----- -----
Investing Activities
Purchase of
capital assets (1,686) (531) (2,091) (967) (4,073) (2,792)
Deferred
expenditures 0 (5) (64) (25) (192) (308)
Proceeds on
disposal of
capital assets 352 0 357 35 392 40
Investments 1 (132) (2) (175) 2 (375)
----- ----- ----- ----- ----- -----
(1,333) (668) (1,800) (1,132)(3,871) (3,435)
------ ----- ----- ----- ----- -----
Financing
Activities
Cash dividends (26) (862) (999) (862) (1,026)(2,395)
Repayment of
long-term debt (139) (121) (278) (246) (668) (565)
Common stock
repurchase 0 0 (675) 0 (922) 0
Warrant purchase (125) 0 (125) 0 (125) 0
Common stock
issue 122 0 122 0 122 0
Other 0 0 0 0 (4) 24
----- ----- ----- ----- ----- ----
(168) (983) (1,955) (1,108) (2,623)(2,936)
----- ----- ----- ----- ----- -----
Increase (decrease)
in Cash (4,797) (553) (7,430) 3,565 3,027 229
Cash (Bank
Indebtedness)
Beginning of
Period 726 (6,545) 3,359 (10,663) (7,098)(7,327)
----- ----- ----- ------ ----- -----
Bank Indebtedness
End of Period $4,071 $7,098 $4,071 $7,098 $4,071 $7,098
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
CANBRA FOODS LTD.
STATEMENT OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
(in thousands except for per share information)
Second Quarter Six Months Twelve Months
Ended Ended Ended
Mar.29 Mar.31 Mar.29 Mar.31 Mar.29 Mar.31
1996 1995 1996 1995 1996 1995
-------------- -------------- --------------
Sales $43,901 $44,873 $88,396 $89,145 $173,771 $172,875
------- ------- ------- ------- -------- --------
------- ------- ------- ------- -------- --------
Earnings Before
the Following 4,273 1,938 8,670 3,718 15,219 6,301
Depreciation
and
Amortization 853 814 1,693 1,543 3,546 2,973
----- ----- ----- ----- ----- -----
Earnings Before
Income Taxes 3,420 1,124 6,977 2,175 11,673 3,328
Income Taxes 1,333 452 2,743 884 4,434 1,324
----- ----- ----- ----- ------ -----
Net Earnings
for the Period 2,087 672 4,234 1,291 7,239 2,004
----- ----- ----- ----- ------ -----
Retained Earnings,
Beginning of
Period 21,240 18,029 20,613 17,410 17,839 18,230
Cash Dividends 26 862 999 862 1,026 2,395
Common Stock
Repurchase 0 0 547 0 751 0
Warrant
Purchase 125 0 125 0 125 0
----- ----- ----- ----- ------ ------
21,089 17,167 18,942 16,548 15,937 15,835
------ ------ ------ ------ ------ ------
Retained
Earnings, End
of Period $23,176 $17,839 $23,176 $17,839 $23,176 $17,839
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Net Earnings
Per Share $0.73 $0.22 $1.47 $0.43 $2.48 $0.67
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
CONTACT: Canbra Foods Ltd. Larry P. McNamara, 403/329-5555 |
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