Dominion Citrus Limited Announces Second Quarter Net Earnings.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 ) - Second Quarter Highlights - Revenue of $32,814,000 down $1,600,000, or 4.6%, from last year. - Net earnings of $701,000 up from net earnings of $605,000 reported last year. - 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 $0.030, up $0.004 per share from last year. - The Company declared a semi-annual dividend of $0.070313 per preference share, which was paid in July. - 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. before changes in working capital of $973,000. - The Company continues to pursue the conversion to an income trust. - The new 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. warehouse facility in Toronto is scheduled to open in Q-3, 2005. - Subsequent to quarter end, the Company declared a semi-annual dividend of $0.025 per common share, payable September 29, 2005 to shareholders of record on September 12, 2005. - Hired an experienced sales and marketing executive with food industry experience for Delta. Dominion Citrus Limited (TSX:DMN) announced revenues of $32,814,000 for the second quarter, a decrease of 4.6% from the same period last year and net earnings of $701,000 ($0.030 per share 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. versus net earnings of $605,000 ($0.026 per share fully diluted) reported last year. "Poor growing conditions in key U.S. production areas, lower commodity pricing on products processed by the Company and reduced orders for maple syrup maple syrup: see under maple. impacted our second quarter performance," said 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. . "The 2005 results also include a $400,000, pre tax, favourable settlement of a lawsuit whereas the 2004 results included $128,000, pre tax, proceeds and reserve adjustments related primarily to an insurance settlement." Lavergne continued, "We believe that we have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. revenues at Delta and continue to pursue other initiatives such as the new warehouse that should position us for future growth".
Dominion Citrus Limited 2ND Quarter Results
3 months ended June 25, 2005 & June 26, 2004
2005 2004
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Revenue $32,814,000 $34,414,000
Operating Income $622,000 $1,024,000
Other Income (Expense) $279,000 $(172,000)
Income Before Portfolio Income $901,000 $852,000
Portfolio Income - $1,000
Net Earnings $701,000 $605,000
Basic EPS $0.032 $0.027
Fully Diluted EPS $0.030 $0.026
6 months ended June 25, 2005 & June 26, 2004
2005 2004
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Revenue $61,558,000 $64,451,000
Operating Income $1,553,000 $2,317,000
Other Income (Expense) $239,000 $(164,000)
Income Before Portfolio Income $1,792,000 $2,153,000
Portfolio Income $21,000 $3,000
Net Earnings $1,304,000 $1,432,000
Basic EPS $0.062 $0.069
Fully Diluted EPS $0.059 $0.064
Fiscal 2005 Outlook The segments of the food industry in which the Company participates will remain highly competitive resulting in continuing volume and margin pressures while the impact of weather, which has had a negative impact on the first half, is difficult to forecast. Consolidation of participants in the business segments in which we compete remains the single largest opportunity for future margin and cost improvement. About Dominion Dominion is a diversified diversified (di·verˑ·s food company supplying fresh produce, premium juices and maple syrup 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. 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 release contains statements, which, to the extent that they are not a 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 press release 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. Dominion Citrus Limited (TSX:DMN) |
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