Dominion Citrus Limited Announces Third 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 ) - Third Quarter 2005 Report to Shareholders Nine months ended September 24, 2005 and September 25, 2004 Third Quarter Highlights - Revenue of $30,620,000 down $1,917,000, or 5.9%, from last year. - Net earnings of $448,000 down from net earnings of $676,000 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 $0.022, down $0.010 per share from 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 $3,000, an improvement of $900,000 over the same period last year. - Hired an experienced sales and marketing executive with food industry experience for Delta. - The Company continues to be actively engaged in a process in contemplation Contemplation Compleat Angler, The Izaak Walton’s classic treatise on the Contemplative Man’s Recreation. [Br. Lit.: The Compleat Angler] Thinker, The sculpture by Rodin, depicting contemplative man. of a possible conversion to an income fund structure and the Board hopes to be in a position shortly to announce its determinations and recommendations in this regard. - The new 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 opened in October 2005. - Subsequent to quarter end, the Company declared a dividend of $0.070313 per Series A preference share, payable January 20, 2006 to shareholders of record on December 31, 2005. Dominion Citrus Limited (TSX:DMN) announced revenues of $30,620,000 for the third quarter, a decrease of 5.9% from the same period last year and net earnings of $448,000 ($0.022 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 $676,000 ($0.032 per share fully diluted) reported last year. "An unprecedented competitive environment for our maple and juice products negatively impacted our third quarter results," 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. . "New market development activities at both Delta and Apple Valley have been initiated." Lavergne continued, "These are expected to improve results in 2006". At today's board meeting, the Directors declared a preference share dividend of $0.070313 per Series A preference share payable January 20, 2006, to shareholders of record at the close of business on December 31, 2005.
Dominion Citrus Limited 3rd Quarter Results
3 months ended September 24, 2005 & September 25, 2004
2005
2004
------------
------------
Revenue $30,620,000
$32,537,000
Operating Income $783,000
$1,170,000
Other Income (Expense) $(96,000)
$(160,000)
Income Before Portfolio Income $687,000
$1,010,000
Portfolio Income -
$5,000
Net Earnings $448,000
$676,000
Basic EPS $0.023
$0.034
Fully Diluted EPS $0.022
$0.032
9 months ended September 24, 2005 & September 25, 2004
2005
2004
------------
------------
Revenue $92,178,000
$96,988,000
Operating Income $2,336,000
$3,487,000
Other Income (Expense) $143,000
$(324,000)
Income Before Portfolio Income $2,479,000
$3,163,000
Portfolio Income $21,000
$8,000
Net Earnings $1,752,000
$2,108,000
Basic EPS $0.085
$0.103
Fully Diluted EPS $0.081
$0.096
Fiscal 2005 Outlook Weather conditions, which are difficult to forecast, have adversely impacted the first nine months of 2005 and management believes the segments of the food industry in which the Company participates will remain highly competitive and result in continuing volume and margin pressures. 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 maple syrup: see under maple. 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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