FPI Limited Report on Fourth Quarter Results (Public Holding Company of Fishery Products International Limited) (Part 2 of 2).ST. JOHN'S, Newfoundland--(BUSINESS WIRE)--Feb. 27, 1996--FPI LIMITED(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: FPL FPL feline panleukopenia. ) -0-
FPI Limited
Consolidated Balance Sheet
(audited) December 31, December 31,
(thousands of dollars) 1995 1994
----------- -----------
ASSETS
Current assets 202,083 195,163
Property, plant and equipment 66,140 74,585
Other assets Other assets 14,839 12,985
----------- -----------
283,062 282,733
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 109,591 103,255
Long-term debt 30,314 32,244
Shareholders' equity (note 2) 143,157 147,234
----------- -----------
283,062 282,733
----------- -----------
Consolidated Operations
Thirteen Weeks Ended
(unaudited)
December 31, December 31,
(thousands of dollars) 1995 1994
----------- -----------
SALES 172,786 173,731
Cost of goods sold 165,467 155,501
----------- -----------
Gross profit 7,319 18,230
Commission income 786 946
----------- -----------
8,105 19,176
Administrative and
marketing expenses 9,501 10,637
Depreciation and amortization 1,846 2,429
Interest on bank indebtedness 1,415 649
Interest on long-term debt 869 991
Loss (gain) on translation
of accounts of integrated
foreign operations (note 2) (13) (56)
Gain on disposal of property,
plant and equipment (356) 106
Provision for profit sharing (238) 453
----------- -----------
13,024 15,209
----------- -----------
(Loss) income before income taxes (4,919) 3,967
Income taxes 225 309
----------- -----------
NET (LOSS) INCOME (5,144) 3,658
----------- -----------
PER COMMON SHARE Net (loss) income (0.31) 0.22 Average common shares outstanding (thousands) 16,430 16,415
Consolidated Operations
Fifty-Two Weeks Ended
(audited)
December 31, December 31,
(thousands of dollars) 1995 1994
----------- -----------
SALES 643,009 665,596
Cost of goods sold 593,096 598,250
----------- -----------
Gross profit 49,913 67,346
Commission income 3,394 4,645
----------- -----------
53,307 71,991
(Loss) income before income taxes
Administrative and
marketing expenses 39,711 40,718
Depreciation and amortization 8,484 8,380
Interest on bank indebtedness 4,915 2,826
Interest on long-term debt 3,327 3,960
Loss (gain) on translation
of accounts of integrated
foreign operations (note 2) - (715)
Gain on disposal of property,
plant and equipment (438) (182)
Provision for profit sharing - 1,684
----------- -----------
55,999 56,671
----------- -----------
(Loss) income before income taxes (2,692) 15,320
Income taxes 587 1,439
----------- -----------
NET (LOSS) INCOME (3,279) 13,881
----------- -----------
PER COMMON SHARE Net (loss) income (0.20) 0.85 Average common shares outstanding (thousands) 16,426 16,418 Changes in Consolidated Financial Position
Thirteen Weeks Ended
(unaudited)
December 31, December 31,
(thousands of dollars) 1995 1994
----------- -----------
Operating activities:
Net (loss) income (5,144) 3,658
Add (deduct) items not affecting
working capital:
Depreciation and amortization 1,846 2,429
Gain on disposal of property,
plant and equipment (356) 106
Other (10) (296)
----------- -----------
Cash generated from operations
before the undernoted (3,664) 5,897
Changes in non-cash working
capital balances related
to operations:
Accounts receivable 3,155 (758)
Inventory 22,331 (3,306)
Prepaid expenses 231 133
Accounts payable and
accrued liabilities 5,008 2,588
----------- -----------
Cash provided by (applied to)
operations 27,061 4,554
Investing activities:
Additions to property, plant
and equipment (2,942) (3,036)
Proceeds on disposal of
property, plant and equipment 3,859 (110)
Notes receivable on sale of
property, plant and equipment (2,920) 564
Net change in other assets 651 547
----------- -----------
Cash applied to investing
activities (1,352) (2,035)
----------- -----------
Financing activities:
Issue of long-term debt - -
Repayment of long-term debt (753) (488)
Net proceeds from issue of
common shares 15 9
----------- -----------
Cash applied to financing
activities (738) (479)
Increase (decrease) in cash position
during the period 24,971 2,040
Cash position, beginning of period (87,941) (51,791)
----------- -----------
CASH POSITION, END OF PERIOD (62,970) (49,751)
----------- -----------
Changes in Consolidated Financial Position
Fifty-Two Weeks Ended
(audited)
December 31, December 31,
(thousands of dollars) 1995 1994
----------- -----------
Operating activities:
Net (loss) income (3,279) 13,881
Add (deduct) items not affecting
working capital:
Depreciation and amortization 8,484 8,380
Gain on disposal of property,
plant and equipment (438) (182)
Other (463) 183
----------- -----------
Cash generated from operations
before the undernoted 4,304 22,262
Changes in non-cash working
capital balances related
to operations:
Accounts receivable (1,516) (7,833)
Inventory 2,149 (11,017)
Prepaid expenses (1,042) (145)
Accounts payable and
accrued liabilities (10,404) (3,802)
----------- -----------
Cash provided by (applied to)
operations (6,509) (535)
----------- -----------
Investing activities:
Additions to property, plant
and equipment (11,232) (6,962)
Proceeds on disposal of
property, plant and equipment 14,117 7,868
Notes receivable on sale of
property, plant and equipment (7,345) (1,966)
Net change in other assets (1,020) 227
----------- -----------
Cash applied to investing
activities (5,480) (833)
----------- -----------
Financing activities:
Issue of long-term debt 5,000 -
Repayment of long-term debt (6,280) (5,936)
Net proceeds from issue
of common shares 50 31
----------- -----------
Cash applied to financing
activities (1,230) (5,905)
----------- -----------
Increase (decrease) in cash position
during the period (13,219) (7,273)
Cash position, beginning of period (49,751) (42,478)
----------- -----------
CASH POSITION, END OF PERIOD (62,970) (49,751)
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1) Effective January January: see month. 1, 1995, the Company changed its method, as required by the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. , of accounting for its investment in a joint venture from the equity method to the proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. consolidation method. The change has been applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin and accordingly, comparative figures have been restated to conform with the new method. As a result, the previously reported balances for Joint Venture Obligations and Equity in Loss of Joint Venture have been reclassified, with no change to previously reported retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. or net income. 2) On October October: see month. 2, 1994 the Company changed its method used to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. its US operations from that used to translate integrated operations to that used for self-sustaining self-sus·tain·ing adj. Able to sustain oneself or itself independently. self  -sus·tain operations. The change was
given effect in the fourth quarter- 1994 and has been accounted for
prospectively.CONTACT: Victor L. Young Chairman & Chief Executive Officer, 709/570-0000 709/570-0209 (Fax) |
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