Clearly Canadian announces financial results for the third quarter ended Sept. 30, 1996.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 12, 1996--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. Bev (VSE See DOS/VSE. VSE - Virtual Storage Extended : 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. ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLCDF.) 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 third quarter ended Sept. 30, 1996 (ALL FIGURES IN THE ATTACHED SCHEDULE ARE STATED IN U.S. DOLLARS). "This third quarter, combined with our previous two earning statements, represent the best performance by Clearly Canadian in 12 quarters. These latest quarterly numbers reconfirm re·con·firm tr.v. re·con·firmed, re·con·firm·ing, re·con·firms To confirm again, especially to establish or support more firmly: reconfirmed the reservations. that Clearly Canadian's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). efforts and our new corporate strategies are paying off," said Douglas Mason
Sales revenues of $14,074,000 for the three months ended Sept. 30, 1996 have increased from $12,640,000 for the three months ended Sept. 30, 1995 - an increase of 11.3 percent. Sales revenues for the nine months ended Sept. 30, 1996 were $40,079,000 compared to $40,788,000 for the comparable nine months of 1995. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. have increased to 33.4 percent for the three months ended Sept. 30, 1996 compared with 22.3 percent for the same period in 1995. Gross profit, however, increased for the nine months ended Sept. 30, 1996 to 32.9 percent compared with 26.5 percent for the same period in 1995. Net income for the 1996 third quarter was $378,000 compared to a loss of ($489,000) for the 1995 third quarter. Net income before income tax provisions are $1,190,000 for the nine months ended Sept. 30, 1996 which have increased from $692,000 for the nine months ended Sept. 30, 1995. Mason cited two primary reasons for Clearly Canadian's continued profitability: "Clearly Canadian's biggest sales gain resulted from the effective diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our product lines. The Company has been further strengthened by our on-going acquisition of the distribution rights for Clearly Canadian products in additional territories in the U.S., which has significantly improved Clearly Canadian's relationships with distributors and retailers." Selling, administrative and general expenses have increased to 4,606,000 for the three months ended Sept. 30, 1996 from 3,713,000 for the three months ended Sept. 30, 1995. Selling, administrative and general expenses have increased from $10,509,000 for the nine months ended Sept. 30, 1996 to $12,527,000 for the comparable period for 1995. This increase was directly attributable to the costs of operating the newly acquired territories in 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. and Canada as well as increased spending on marketing and promotion generally and advertising the launch of the Company's new product lines 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(TM). Clearly Canadian Beverage Corporation is a publicly held company which trades on both NASDAQ and 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). . Based in Vancouver, 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 , the Company currently produces four different product lines, including its "Core Brand" Clearly Canadian sparkling flavored water, which is distributed extensively in the United States and Canada and numerous countries world-wide. ON BEHALF OF THE BOARD OF DIRECTORS 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, CHIEF FINANCIAL OFFICER AND DIRECTOR -0-
CLEARLY CANADIAN BEVERAGE CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For the Nine Month Period Ended Sept. 30, 1996 and 1995
(Stated in U.S. Dollars)
(unaudited)
For Three Months For Nine Months
Ended Sept. 30 Ended Sept. 30
1996 1995 1996 1995
($000) ($000) ($000) ($000)
SALES $14,074 $12,640 $40,079 $40,788
COST OF SALES 9,371 9,815 26,877 29,960
-----------------------------------------
GROSS PROFIT 4,703 2,825 13,202 10,828
SELLING, ADMINISTRATIVE
AND GENERAL EXPENSES 4,606 3,713 12,527 10,509
OTHER INCOME (281) (170) (515) (373)
-----------------------------------------
INCOME (LOSS) FOR THE PERIOD
BEFORE INCOME TAXES 378 (718) 1,190 692
Income Taxes Current
(Note 1) - (229) - 455
-----------------------------------------
NET INCOME (LOSS)
FOR THE PERIOD $378 ($489) $1,190 $237
-----------------------------------------
--------------------------------------------------------------
Basic Earnings (Loss)
per Share $0.02 ($0.04) $0.07 $0.02
Weighted Average Shares
Outstanding 18,625,575 13,857,455 16,602,034 13,898,319
--------------------------------------------------------------
Note 1. INCOME TAXES No current income taxes were provided on
the income for the period ended Sept. 30, 1996 due to the
utilization of income tax losses carried forward from prior
years.
CLEARLY CANADIAN BEVERAGE CORPORATION
CONSOLIDATED BALANCE SHEET
As at Sept. 30, 1996 and 1995
(Stated in U.S. Dollars)
(unaudited)
1996 1995
($000) ($000)
ASSETS
CURRENT
Cash and short-term deposits $8,568 $4,766
Funds held in escrow 751 1,250
Short-term investments 78 73
Accounts receivable 9,086 7,838
Inventories 6,711 6,826
Prepaid expenses and deposits 5,124 2,915
Corporate income taxes refundable 1,550 3,208
----------------------
31,868 26,876
LONG-TERM INVESTMENTS 4,344 711
DISTRIBUTION RIGHTS 4,674 2,242
LONG-TERM RECEIVABLES 2,886 2,951
PROPERTY, PLANT AND EQUIPMENT 9,177 5,501
----------------------
$52,949 $38,281
---------------------------------------------------------
LIABILITIES
CURRENT
Accounts payable and accrued
liablities 4,240 3,875
Corporate income taxes payable - 454
Current portion of long-term
debt and deferred lease
inducement 1,909 567
----------------------
6,149 4,896
DEFERRED LEASE INDUCEMENT 209 258
LONG-TERM DEBT 2,215 810
----------------------
8,573 5,964
SHAREHOLDERS' EQUITY
SHARE CAPITAL 46,469 36,035
SPECIAL WARRANTS 4,665 -
RETAINED EARNINGS (DEFICIT) (6,758) (3,718)
----------------------
44,376 32,317
---------------------------------------------------------
$52,949 $38,281
---------------------------------------------------------
CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of the trademark CLEARLY CANADIAN. 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, CLEARLY TEA, CLEARLY 2, CLEARLY CANADIAN QUENCHER and ORBITZ flavoured adj. 1. same as flavored; - of foods. and unflavoured beverages. -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Clearly Canadian Beverage Corporation Kelly Lendvoy, 604/683-0312 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.clearly.ca Internet: http://www.orbitz.com |
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