Clearly Canadian Announces Financial Results for the First Quarter Ended March 31, 1996.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--June 10, 1996-- Clearly Canadian This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Beverage Corporation today reported financial results for the first quarter ended March 31,1996 (ALL FIGURES ARE STATED IN U.S. DOLLARS). Revenues for the three months ended March 31, 1996 were $10,265,000 compared to $10,607,000 for the corresponding period in 1995. Net income for the three months ended March 31, 1996 was $121,000 or $0.01 per share compared to $98,000 or $0.01 per share for the corresponding period in 1995. The dollar gross profit on equivalent case sales was $2,969,000 for the three months ended March 31, 1996 compared to $2,729,000 for the corresponding period in 1995. Selling, administrative and general expenses for the three months ended March 31, 1996 increased by $329,000 when compared to the corresponding period in 1995. This increase is related in part to the Company's recent acquisitions from former master distributors of the distribution rights for Clearly Canadian products in certain territories in the U.S. and 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 and the resulting increased costs associated with operating the acquired territories. Acquiring the distribution rights from master distributors in these territories has enabled the Company to deal directly with distributors and to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. revenues into local brand support. -0- CLEARLY CANADIAN BEVERAGE CORPORATION CONSOLIDATED BALANCE SHEET As at March 31, 1996 and 1995 (Stated in thousands of U.S. Dollars)
(UNAUDITED)
1996 1995
($000) ($000)
ASSETS
CURRENT
Cash and short-term deposits $ 2,978 $ 6,502
Funds held in escrow 1,120 -
Short-term investments 76 73
Accounts receivable 6,549 6,419
Inventories 5,251 6,693
Prepaid expenses and deposits 5,750 3,867
Corporate income taxes refundable 3,231 2,892
------- -------
24,955 26,446
LONG-TERM INVESTMENTS 2,040 672 DISTRIBUTION RIGHTS 4,464 800 LONG-TERM RECEIVABLES 3,016 2,948
PROPERTY, PLANT AND EQUIPMENT 5,874 5,368
-------------------
$40,349 $36,234
-------------------
LIABILITIES
CURRENT
Accounts payable and accrued
liabilities $ 6,711 $ 4,137
Corporate income taxes payable - 78
------- -------
6,711 4,215
DEFERRED LEASE INDUCEMENT 234 277
CAPITAL LEASE OBLIGATION 47 71
NOTES PAYABLE 1,713 -
------- -------
8,705 4,563
------- -------
SHAREHOLDERS' EQUITY
SHARE CAPITAL
Issued and outstanding -
16,178,883 common shares
without par value
39,462 35,450
RETAINED EARNINGS (DEFICIT) (7,818) (3,779)
-------- -------
31,644 31,671
--------------------
$40,349 $36,234
--------------------
CLEARLY CANADIAN BEVERAGE CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS For the Three Months Ended March 31, 1996 and 1995 (Stated in thousands of U.S. Dollars)
(UNAUDITED)
1996 1995
($000) ($000)
SALES $10,265 $10,607
COST OF SALES 7,296 7,878
------- -------
GROSS PROFIT 2,969 2,729
SELLING, ADMINISTRATIVE AND GENERAL EXPENSES 3,001 2,672
OTHER INCOME (153) (119)
-------- --------
INCOME FOR THE PERIOD BEFORE INCOME TAXES 121 176
Income Taxes Current - 78
-------- --------
NET INCOME FOR THE PERIOD $121 $98
-------- --------
Earnings per share $0.01 $0.01
-------- --------
Weighted Average Shares
Outstanding 15,532,072 14,079,131
ON BEHALF OF THE BOARD OF DIRECTORS Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. L. Mason A mason is a worker who builds in brick or stone, otherwise known as masonry. Mason may also refer to:
Chief Executive Officer and President CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of the trademark CLEARLY CANADIAN(R). CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , manufacture, distribute and market CLEARLY CANADIAN(R), CLEARLY TEA(TM), CLEARLY 2(TM) CLEARLY CANADIAN QUENCHER quench tr.v. quenched, quench·ing, quench·es 1. To put out (a fire, for example); extinguish. 2. To suppress; squelch: (TM), AND ORBITZ This article is about the online travel agency. For the soft drink, see Orbitz (soft drink). Orbitz, Inc. is an Internet travel company headquartered in Chicago. (TM) flavoured adj. 1. same as flavored; - of foods. and unflavoured beverages. Through distribution and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. licensing agreements, CLEARLY CANADIAN products are sold throughout 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. , Canada, Japan, the United Kingdom, the Republic of Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , the Caribbean and numerous other countries worldwide. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Clearly Canadian Beverage Corporation Douglas L. Mason Chief Executive Officer and President 604/683-0312 604/683-2256 (Fax) 1-800-663-5658 (Toll Free in U.S.A.) 1-800-663-0227 (Toll Free in Canada) |
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