ROUGEMONT, QC, Aug. 9, 2013 /CNW Telbec/ - Lassonde Industries Inc.
(TSX: LAS.A) ("Lassonde") posted sales of $258.6 million in the second
quarter of 2013, a 0.8% increase year over year. Profit attributable to
the Company's shareholders for this period totalled $11.4 million, up
$0.8 million from the second quarter of 2012.
Financial highlights
(in thousands of dollars)
|
Second quarters ended
|
|
|
June 29,
2013
|
June 30,
2012
(restated)(1) |
|
Sales
|
$
|
258,550
|
$
|
256,403
|
|
Operating Profit
|
|
19,490
|
|
20,739
|
|
Profit before income taxes
|
|
15,646
|
|
13,784
|
|
Profit attributable to the Company's shareholders
|
|
11,385
|
|
10,552
|
|
Basic and diluted earnings per share (in $)
|
$
|
1.63
|
$
|
1.51
|
|
(1)
|
Figures restated following the adoption, on January 1, 2013, of the
amended version of IAS 19. For more information about the restatement,
see Note 16 to the unaudited interim condensed consolidated financial
statements for the quarter ended June 29, 2013.
|
|
|
|
|
Note: These are financial highlights only. Management's Discussion and
Analysis, the unaudited interim condensed consolidated financial
statements and notes thereto for the quarter ended June 29, 2013 will
be available on the SEDAR website at www.sedar.com and on the website of Lassonde Industries Inc.
|
"We are pleased to report a slight increase in sales despite the
unfavourable impact of adverse weather conditions on our markets in the
second quarter of 2013," said Pierre-Paul Lassonde, Chairman of the
Board and Chief Executive Officer of Lassonde Industries Inc.
Financial results
The Company's sales totalled $258.6 million in the second quarter of
2013, up $2.2 million or 0.8% from $256.4 million in the same period of
2012. This increase was primarily driven by higher private label sales
partly offset by lower sales volumes for national brands. For the first
six months of 2013, sales totalled $499.1 million, up 1.9% from $489.8
million in the first six months of 2012.
The Company's operating profit for the second quarter of 2013 stood at
$19.5 million, down $1.2 million or 6.0% from operating profit of
$20.7 million in the same quarter last year. Excluding the recognition
in 2012 of a $1.5 million gain on the disposal of property, plant and
equipment, operating profit would be up $0.3 million or 1.1% from the
second quarter of 2012. Operating profit for the first six months of
2013 stood at $33.3 million, down $0.7 million from $34.0 million at
the end of the first six months of 2012.
The Company's financial expenses went from $6.0 million in the second
quarter of 2012 to $4.6 million this quarter. This decrease was mostly
attributable to the change in fair value of the financial liability
related to retractable financial instruments. No change in value had
been recognized in the second quarter of 2012, whereas a $1.6 million
decrease in this liability, mainly related to the settlement of
retractable financial instruments, was recognized in the second quarter
of 2013. For the first six months, financial expenses went from
$10.4 million in 2012 to $11.0 million this fiscal year.
"Other (gains) losses" went from a $1.0 million loss in the second
quarter of 2012 to a $0.8 million gain in the second quarter of 2013.
The 2012 second-quarter loss was mainly due to a $1.1 million loss from
a change in the fair value of interest rate swaps. For the second
quarter of 2013, we recognized a $0.5 million foreign exchange gain and
a $0.2 million gain from a change in the fair value of interest rate
swaps. For the first six months, "Other (gains) losses" was a
$1.0 million gain in 2013 compared to a $1.8 million loss in 2012.
Profit before income taxes stood at $15.6 million for the second quarter
of 2013, up $1.8 million from $13.8 million in the same quarter last
year. For the first six months of 2013, profit before income taxes
stood at $23.4 million, up 7.3% from $21.8 million in the first six
months of 2012.
An income tax expense at an effective rate of 23.7% (22.5% in 2012)
brought the 2013 second-quarter profit to $11.9 million, up
$1.2 million from $10.7 million in the same quarter of 2012. Profit
attributable to the Company's shareholders was $11.4 million, resulting
in basic and diluted earnings per share of $1.63 for the second quarter
of 2013. In the second quarter of 2012, profit attributable to the
Company's shareholders had totalled $10.6 million, resulting in basic
and diluted earnings per share of $1.51. For the first six months of
2013, profit attributable to the Company's shareholders totalled
$17.2 million, resulting in basic and diluted earnings per share of
$2.47 and, in the same six-month period of 2012, profit had totalled
$16.2 million, resulting in basic and diluted earnings per share of
$2.32.
Cash flows from operating activities generated $38.1 million in cash
during the second quarter of 2013, while they had generated
$32.8 million during the same period last year. Financing and investing
activities used $34.4 million and $9.3 million, respectively, in cash
in the second quarter of 2013, whereas they had used $20.6 million and
$5.4 million in the same period last year. At the end of the second
quarter of 2013, the Company reported a cash and cash equivalents
balance of $1.3 million and a bank overdraft of $4.6 million compared
to a cash and cash equivalents balance of $0.7 million at the end of
the second quarter of 2012.
Outlook
Market data indicates that there is downward pressure on the sales
volumes of North American fruit juice and fruit drink producers. While
greater stability in industry volumes has been observed in the last
nine months, the downward pressure on volumes combined with
unfavourable weather conditions in June have intensified competitive
strategies, which are affecting the Company's national brands. Given
this situation, trade spending levels continue to remain high. The
Company is responding to the changing competitive landscape and
improving the strategic market positioning of its national brands
through innovation.
Lassonde Industries Inc. plans on maintaining its business model and
management approach for the coming year. Barring any major external
shocks, the Company remains optimistic about its ability to slightly
increase its consolidated sales in 2013 compared to 2012.
About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development,
manufacture and sale of a wide range of fruit and vegetable juices and
drinks marketed under brands such as Everfresh, Fairlee, Flavür,
Fruité, Graves, Oasis and Rougemont.
Lassonde is also the second largest producer of store brand
ready-to-drink fruit juices and drinks in the United States and a major
producer of cranberry juices, drinks and sauces.
Lassonde also develops, manufactures and markets specialty food products
under brands such as Antico and Canton. The Company imports and markets
selected wines from various countries and manufactures apple ciders and
wine-based beverages.
The Company produces superior quality products through the efforts of
some 2,000 people working in 14 plants across Canada and the United
States. To learn more, visit www.lassonde.com.
SEDAR registration number: 00002099
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements that are based on
certain assumptions. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results or
events to differ materially from current expectations. Additional
factors are discussed in materials filed from time to time with the
securities regulatory authorities in Canada. Lassonde Industries Inc.
disclaims any intention or obligation to update or revise any
forward-looking statements except as required by law.
SOURCE: Lassonde Industries Inc.
