Clearly Canadian Announces First Quarter Results.Business Editors 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)--May 8, 2003 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 (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCBC CCBC Community College of Baltimore County (Maryland) CCBC Community College of Beaver County (Monaca, Pennsylvania) CCBC Caerphilly County Borough Council (Wales, UK) )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CLV (Constant Linear Velocity) Rotating a disk at varying speeds. By changing speed depending on which track is being accessed, the density of bits in each track can be made uniform. ) today reported financial results for its first fiscal quarter ended March 31, 2003. (ALL FIGURES BELOW AND IN THE ATTACHED SCHEDULES ARE STATED IN U.S. DOLLARS). As previously announced (February February: see month. 27, 2002), the Company's wholly owned U.S. subsidiary, CC Beverage (U.S.) Corporation, sold certain of its business assets. This divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). included the sale of its private label co-pack bottling business, Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Clear brand water business and related production assets (which sale was completed in February 2002). As a result of this divestiture, for reporting purposes, the results and financial position of the Company now reflect the results of the "continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the " for the three months ended March 31st, 2003. Results of Continuing Operations for the first quarter of 2003: Net loss for the three months ended March 31, 2003 was $628,000 (or $0.09 per share) on sales of $3,152,000 compared to net income of $64,000 (or $0.01 per share) on sales of $5,418,000 for the same period in 2002. The Company's first quarter sales were adversely impacted during the transition to certain of our newly appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. distributors in key selling areas. As well, the Company believes that difficult economic conditions existed in the first quarter of 2003, which may have negatively affected sales in some key consumer markets. First quarter sales were also down from the previous year, on a comparative basis, in part due to the sale last year of the Company's Cascade Clear brand (see February 27, 2002 news release). Additionally, in the first quarter of 2002, the Company experienced a significant pipe-line Pipe´-line` v. t. 1. To convey by a pipe line; to furnish with a pipe line or pipe lines. fill for Reebok Ree´bok` n. 1. (Zool.) The peele. fitness water through a national convenience chain. "For 2003 our guiding business strategy is simple: to attempt to increase sales by improving our distribution system, either by entering into new distribution partnerships in key consumer markets or by building on existing relationships. We are working closely with our distribution partners to open and service retail accounts to expand the availability of our brands. We believe that we are making significant progress in strengthening our distributor base, although we anticipate it may take some time before we see all of the potential benefits of these new initiatives with our distribution partners," said 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:
Gross profit for the three months ended March 31, 2003 was $901,000 (28.6%) compared to $1,888,000 (34.8%) for the three months ended March 31, 2002. This decrease in gross profit percent is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk for the most part to an increased proportion of freight and warehousing in the total cost of sales. During the period, a greater proportion of the Company's product orders were delivered to its customers in less than truck load quantities, which translates into higher costs per case. As well, a certain amount of the Company's warehousing costs are fixed, therefore, in this period of lower sales, the per case costs reflect an increase which translates into lower gross profit per cent. Selling, general and administrative expenses were $1,471,000 for the three months ended March 31, 2003 compared to $1,721,000 for the same period in 2002. The 15% decrease in total selling, general and administrative expenses reflects the Company's continuing efforts to reduce expenses in categories that do not contribute directly towards sales growth. Based in Vancouver, B.C., Clearly Canadian markets premium alternative beverages and products, including Clearly Canadian(R) sparkling flavored water, Clearly Canadian O+2(R) and Tre Limone There are communes that have the name Limone (Italian for lemon) in Italy:
Statements in this news release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties. Words such as "expects", "intends", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current expectations and analyses, including the Company's analysis of its current and historical sales trends and its product distribution systems and its expectations regarding the effects of anticipated product distribution changes and the potential benefits of such efforts and activities on the Company's results of operations in future periods. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to, general economic conditions, changing beverage consumption trends of consumers, the Company's ability to generate sufficient cash flows to support capital expansion plans and general operating activities, competition, pricing and availability of raw materials, the Company's ability to maintain the current and future retail listings for its beverage products and to maintain favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. supply, production and distribution arrangements, laws and regulations and changes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. that may affect the way the Company's products are manufactured, distributed and sold and other factors beyond the reasonable control of the Company. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission and with the British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and Ontario Securities Commissions The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . CLEARLY CANADIAN BEVERAGE CORPORATION Stuart R. Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. , Chief Financial Officer CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of various trademarks, including 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. , produce, distribute and market CLEARLY CANADIAN(R), 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. O+2(R), TRE LIMONE(TM) and certain Reebok beverage products. Reebok is the registered trademark of Reebok International Ltd. and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. .
Clearly Canadian Beverage Corporation
Consolidated Balance Sheets
As at March 31, 2003 and December 31, 2002
(in thousands of United States dollars, except where indicated)
Unaudited
---------------------------------------------------------------------
March 31 December 31
2003 2002
$ $
Assets
Current assets
Accounts receivable 1,515 1,191
Inventories 2,278 2,439
Assets held for sale 935 935
Prepaid expenses, deposits and other assets 259 271
--------------------------
4,987 4,836
Long-term investments 99 88
Distribution rights 1,913 1,913
Property, plant and equipment 2,963 3,042
Assets held for sale 462 462
Prepaid contracts 282 306
--------------------------
10,706 10,647
--------------------------
--------------------------
Liabilities
Current liabilities
Bank indebtedness 1,106 702
Accounts payable and accrued liabilities 3,810 3,578
Current portion of long-term debt 123 116
Convertible debenture 418 416
--------------------------
5,457 4,812
Long-term debt 1,223 1,112
--------------------------
6,680 5,924
--------------------------
Shareholders' Equity
Capital stock
Authorized
200,000,000 common shares without par value
10,000,000 preferred shares with a par value
of CA$1 each
Issued
7,168,682 (2002 - 7,043,682) common shares
without par value
Outstanding
6,795,682 (2002 - 6,670,682) common shares
without par value 58,272 58,237
Warrants
1,527,500 (2002 - 1,500,240) 190 415
Equity component of convertible debenture 26 26
Contributed Surplus 256 -
Cumulative translation adjustment (1,523) (1,388)
Deficit (53,195) (52,567)
--------------------------
4,026 4,723
--------------------------
10,706 10,647
--------------------------
--------------------------
Clearly Canadian Beverage Corporation
Consolidated Statements of Operations
For the three months ended March 31, 2003 and 2002
(in thousands of United States dollars, except where indicated)
Unaudited
---------------------------------------------------------------------
March 31 December 31
2003 2002
$ $
Sales 3,152 5,418
Cost of sales 2,251 3,530
--------------------------
Gross profit 901 1,888
Selling, general and administration expenses 1,471 1,721
Amortization 78 112
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Earnings (loss) before the following (648) 55
Other income (expense) - net 21 10
Interest on long-term debt (1) (1)
--------------------------
Earnings (loss) before income taxes (628) 64
Provision for income taxes - -
--------------------------
Earnings (loss) for the period (628) 64
Deficit - Beginning of period (52,567) (48,984)
--------------------------
--------------------------
Deficit - End of period (53,195) (48,920)
--------------------------
--------------------------
Basic and diluted earnings (loss) per share (0.09) 0.01
--------------------------
--------------------------
Weighted average shares outstanding 6,708,182 6,640,682
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