Clearly Canadian Beverage Corporation Announces Financial Results for the Third Quarter Ended September 30, 1995.1995--Clearly 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. Beverage Corporation (the "Company") today reported financial results for the third quarter ended September September: see month. 30, 1995. All figures are in U.S. dollars. Revenues for the three months ended September 30, 1995 were $12,640,000 compared to $21,565,00 for the same period in 1994 and the net loss for the third quarter ended September 30, 1995 was $489,000 or $0.04 per share compared to the net loss of $13,000 or $0.00 per share for the same period in 1994. Selling, administrative and general expenses for the third quarter ended September 30, 1995 decreased by $1,371,000 ($5,358,000 for the nine month period) due to spending cuts Noun 1. spending cut - the act of reducing spending cut - the act of reducing the amount or number; "the mayor proposed extensive cuts in the city budget" in most expense categories. Revenues for the nine months ended September 30, 1995 were $40,788,000 compared to $59,483,000 for the same period in 1994 and net income for the nine months ended September 30, 1995 was $237,000 or $0.02 per share compared with $443,000 or $0.03 per share for the same period in 1994. The Company's current working capital ratio is 5.8 to 1.0 as of September 30, 1995, as compared with 8.9 to 1.0 as of September 30, 1994. -0-
CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
For the Nine Months Ended September 30, 1995 and 1994
(Stated in U.S. Dollars)
-------------------------------------------------------------
For the Three Months For the Nine Months
Ended September 30 Ended September 30
1995 1994 1995 1994
($000) ($000) ($000) ($000)
-------------------------------------------------------------
SALES $12,640 $21,565 $40,788 $59,483
COST OF SALES 9,815 16,549 29,960 43,768
------- ------- ------- -------
GROSS PROFIT 2,825 5,016 10,828 15,715
SELLING, ADMINISTRATIVE AND GENERAL EXPENSES 3,508 4,879 10,039 15,397 AMORTIZATION 205 87 470 253
OTHER INCOME (170) (57) (373) (960)
------- ------- ------- -------
INCOME (LOSS)FOR THE PERIOD BEFORE INCOME TAXES (718) 107 692 1,025
Income Taxes
Current (229) 120 455 582
----- ----- ------- -------
NET INCOME (LOSS)
FOR THE PERIOD $(489) $(13) $237 $443
------ ----- ------ ------
------ ----- ------ ------
-------------------------------------------------------------
Earnings per
share $0.04 $0.00 $ 0.02 $ 0.03
-------------------------------------------------------------
Weighted Average
Shares
Outstanding
(000's) 13,857,455 14,303,109 13,898,319 14,390,489
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
CONSOLIDATED BALANCE SHEET
As at September 30, 1995 and 1994
(Stated in U.S. Dollars)
-------------------------------------------------------------
1995 1994
($000) ($000)
-------------------------------------------------------------
ASSETS
CURRENT
Cash and short-term deposits $ 4,766 $ 7,916
Short-term investments 73 804
Accounts receivable 7,838 11,569
Inventories 6,826 11,899
Prepaid expenses and deposits 2,915 1,221
Corporate income taxes refundable 3,208 -
------- -------
25,626 33,409
LONG-TERM INVESTMENTS 711 - DISTRIBUTION RIGHTS 2,242 - LONG-TERM RECEIVABLES 2,951 3,342
PROPERTY, PLANT AND EQUIPMENT 5,501 4,908
------- -------
$37,031 $41,659
-------------------------------------------------------------
LIABILITIES
CURRENT
Accts payable & accrued liabilities 3,942 3,365
Corporate income taxes payable 454 370
------- -------
4,396 3,735
DEFERRED LEASE INDUCEMENT 258 312
CAPITAL LEASE OBLIGATION 60 -
------- -------
4,714 4,047
------- -------
SHAREHOLDERS' EQUITY SHARE CAPITAL Issued and outstanding - 13,857,455 common shares without par value 36,035 37,041
RETAINED EARNINGS (DEFICIT) (3,718) 571
------- -------
32,317 37,612
-------------------------------------------------------------
$37,031 $41,659
--------------------------------------------------------------0-
Note to Editors: 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 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. , distribute and market CLEARLY CANADIAN(R), CLEARLY TEA(TM), and CLEARLY 2(TM) flavoured adj. 1. same as flavored; - of foods. and unflavoured water 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(R) 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 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 , 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 other countries worldwide. -0- 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 Corp. D. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Horton Horton, river, c.275 mi (440 km) long, rising in a lake N of Great Bear Lake, Northwest Territories, Canada, and flowing NW to Franklin Bay, a part of the Beaufort Sea. Chief Financial Officer & Director (604) 683-0312 (604) 683-2256 (Fax) Toll Free U.S. 1-800-663-5658 Toll Free Canada 1-800-663-0227 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion