Dominion Citrus Limited Announces Fiscal 2004 Results.TORONTO -- Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. Citrus Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DMN DMN Dimension DMN Dimethylnitrosamine (carcinogen) DMN Data Multiplexing Network DMN Defective Material Notice DMN Discrete Memoryless Network DMN Document Management Number DMN Dynamic Mesh Network DMN Digital Milti-Network )(TSX:DMN.PR.A) - 2004 Report to Shareholders Fiscal 2004 Highlights - Revenue of $131,619,000 up $11,128,000, or 9.2% over last year. - Income before portfolio and Catanti related income (expense) was $4,267,000, up from $4,189,000 in fiscal 2003. - Incurred a portfolio loss and Catanti related write-down/provision of $1,649,000 versus income of $101,000 last year. Subsequent to year-end the Company sold its remaining portfolio investments, including Humpty Dumpty Humpty Dumpty arbitrarily gives his own meanings to words, and tolerates no objections. [Br. Lit.: Lewis Carroll Through the Looking-Glass] See : Arrogance Humpty Dumpty Snack Foods A list of snack foods is shown below. For more information, see snack foods. List of snack foods Chips (Crisps)
The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $2,582,000 and recorded the pre-tax loss of $1,184,000 in 2004. The Company also recorded a write-down of its Catanti trademarks for $359,000 and an additional Catanti related provision of $116,000. - Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.060 versus $0.131 last year per GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . - On a non-GAAP basis, basic net earnings per share based on net earnings before the portfolio and Catanti related income (loss) were $0.132 versus $0.136 last year. - Generated operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $4,606,000 versus ($1,616,000) last year, an improvement of $6,222,000. -Acquired a 100% interest in Distribution Bo-Fruits Inc, a Quebec City based distributor of fresh produce. - Announced the construction of a 58,000 sq. ft. state-of-the-art processing and refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. warehousing facility in Toronto. - Announced and largely completed the construction of a 5,400 sq. ft. refrigerated addition to its existing 2,700 sq. ft. Quebec City facility. The Company reports revenue of $131,619,000 for fiscal 2004, up 9.2% compared to $120,491,000 last year. This generated earnings, before the portfolio loss and the Catanti related loss, of $4,267,000 versus $4,189,000 in the prior year. As a result of selling its remaining portfolio investments subsequent to year-end, the Corporation recorded a pre-tax loss of $1,184,000 in 2004. The Company also recorded a write-down of its Catanti trademarks for $359,000 and an additional Catanti related provision of $116,000. As a result of these three items and an increase of 8.8% in the average number of shares outstanding, net earnings were $1,324,000 versus $2,687,000 last year, or fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.060 versus $0.131 last year. Net earnings for fiscal 2004 before the portfolio loss and Catanti related expenses were $2,750,000 versus $2,569,000 in 2003. This equates to basic EPS, before the portfolio loss and the Catanti losses, of $0.132 versus $0.136 last year. Jacques Lavergne, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented that "Setting aside the portfolio loss and Catanti charges, revenue and operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before growth was achieved despite the challenges of intense price competition in the Ontario and Quebec retail grocery market, lower commodity pricing and shortages of some commodities due to adverse weather conditions in Florida". He further commented: "The sale of the remaining portfolio investments subsequent to year end provides liquidity to pursue our expansion strategy that to date has had a net positive impact on our earnings. We continue to refine and improve existing operations while maintaining a disciplined approach to pursuing our expansion strategy". "We are looking forward to the opening of our new refrigerated warehouse and processing facility which will provide greater operational flexibility, lower costs and allow the business to expand its core operation and offer new third party services".
Dominion Citrus Limited Year End Results
(Audited)
12 months ended December 31
2004 2003
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Revenue $131,619,000 $120,491,000
Gross Margin % 18.4% 18.6%
Operating Income $4,761,000 $4,692,000
Operating Income % 3.6% 3.9%
Other income (expense) (494,000) (503,000)
Income before portfolio & Catanti
related income (expense) 4,267,000 4,189,000
Portfolio & Catanti related income
(expense) (1,649,000) 101,000
Earnings Before Tax $2,618,000 $4,290,000
Net Earnings $1,324,000 $2,687,000
EPS (Basic) $0.060 $0.143
EPS (Fully diluted) $0.060 $0.131
Non-GAAP Measures
-----------------
Net earnings before the portfolio &
Catanti related income (expense) $2,750,000 $2,569,000
EPS (Basic) before the portfolio &
Catanti related income (expense) $0.132 $0.136
Weighted average common shares
outstanding 19,754,788 17,780,081
Caution Regarding 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. This MD&A contains statements, which, to the extent that they are not recitation rec·i·ta·tion n. 1. a. The act of reciting memorized materials in a public performance. b. The material so presented. 2. a. Oral delivery of prepared lessons by a pupil. b. of historical fact, may constitute "forward looking statements". Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or performance, or our underlying assumptions. The words "estimate", "anticipate", "believe", "expect", "intend" or other similar expressions of future or conditional verbs such as "will", "should", "would" and "could" are intended to identify forward-looking statements. Persons reading this MD&A are cautioned that such statements are only expectations, and that our actual results or performance may be materially different. Forward looking information involves certain risks, assumptions, uncertainties and other factors which may cause actual future results to differ materially from those expressed or implied in any forward-looking statements. Readers should not place undue reliance on these forward-looking statements when making decisions, and should consider the date onto which the statements were made. Except as required by applicable security law, management disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Outlook In the year ahead, we expect the food industry to remain highly competitive. Our strategic priority in 2005 is to build on existing strengths in order to improve productivity and increase market share. Our new refrigerated warehouse, distribution and processing facility in Toronto, Ontario is scheduled to open in October of 2005, which will allow for the consolidation of our Country Fresh division with our wholesale division and provide new revenue opportunities for 2006. A warehouse addition to our Bo-Fruits facility in Quebec City will support the company in leveraging growth opportunities in the Province of Quebec. We will continue to advance our strategy of expanding as a diversified food supplier in the food industry through the pursuit of acquisitions and alliances. The challenge we will face is the availability of attractive acquisition targets for expansion at a reasonable cost. About Dominion Dominion is a diversified food company supplying fresh produce, premium juices, maple syrup maple syrup: see under maple. and Mediterranean food products to a wide variety of customers in retail, foodservice and food distribution businesses. The Company provides procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , processing, repacking, sorting, grading, warehousing and distribution services to over 400 customers, with its major domestic markets being Ontario and Quebec. The Company also supplies products to customers 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 Europe. The website can be accessed at www.dominioncitrus.com. Dominion Citrus Ltd. (TSX:DMN) (TSX:DMN.PR.A) |
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