Saputo Inc. revealed today its financial results for the fiscal year ending March 31, 2001.

NET EARNINGS UP 10.1 %

The Company's net earnings for fiscal 2001 stood at $110.2 million ($2.15 per share), up 10.1% over last year's earnings of $100.1 million ($2.00 per share). However, certain factors beyond the Company's control - such as the fact that the price per pound of cheese on the American market dropped to its lowest point of the last twenty years, the reality of rising energy costs and difficult conditions in the export market that have hampered the expansion of our international customer base - have had a negative impact and slowed the progress of net earnings for fiscal 2001.

EBITDA up 14.4%

Saputo's net earnings before interest, taxes, depreciation and amortization (EBITDA) for fiscal 2001 totaled $271.0 million, an increase of 14.4% over the 2000 figure of $236.9 million. The EBITDA increase is largely due to the Grocery Products sector, which contributed throughout all of fiscal 2001, whereas in 2000 it contributed for just 28 weeks.

CASH FLOW UP 8.0%

Cash generated before changes in non-cash working capital items, amounted to $190.1 million ($3.71 per share) for fiscal 2001, an increase of $14.1 million over the $176.0 million ($3.52 per share) reported last year.

REVENUES UP 16.2%

The Company's revenues for the fiscal year ending March 31, 2001 totaled $2.162 billion, in comparison to $1.861 billion for the preceding year. The increase is largely due to the contributions of Dairyworld, acquired on February 5, 2001, and to the full contribution of Saputo's Grocery Products sector during fiscal 2001.

DIVIDENDS

The Company's Board of Directors has declared a dividend of $0.09 per common share payable on July 6, 2001 to shareholders of record at June 22, 2001. This dividend relates to the fourth quarter beginning January 1, 2001 and ended March 31, 2001.

ABOUT SAPUTO

Foremost dairy producer in Canada and one of the leading cheese producers in North America, Saputo Inc. is a public company operating in the dairy and grocery products sectors.

Active in international markets, the Company's Dairy Products sector markets and distributes mozzarella, as well as a comprehensive range of Italian, European and North American cheeses, fluid milk, yoghurt, butter, powdered milk, juices and whey by-products such as lactose and whey protein. In Canada, this sector also operates a specialized distribution network that offers clients a vast assortment of imported cheeses and non-dairy products in addition to Company lines. The main brands are "Saputo, Stella, Frigo, Dragone, Dairyland, Dairy Producers, Baxter, Armstrong, Caron and Cayer". Dairy Products sector facilities include 15 plants in the United States, as well as 35 plants and a distribution network in Canada.

Operating nationwide in Canada, Saputo's Grocery Products sector markets and distributes a broad selection of snack cakes, cookies, fine breads and soups, under such well-known brand names as "Vachon, Viau-McCormicks, Grissol and Loney's". Facilities include five plants and a direct-to-store delivery network.

A dynamic, world class company, Saputo Inc. today employs over 7800 individuals. Company shares are listed on the Toronto Stock Exchange under the symbol SAP. For further information, please visit our website at www.saputo.com.

    FINANCIAL HIGHLIGHTS
    (In millions of dollars, except per share amounts)
                                                      For the years
                                                      ended March 31

                                               2001        2000
                                                  $           $      Change
    _________________________________________________________________________
    Revenues
      Dairy Products sector
        Canada                                804.0       528.5        52.1%
        United States                       1,106.0     1,186.1        (6.8%)
    _________________________________________________________________________
                                            1,910.0     1,714.6        11.4%

      Grocery Products sector                 251.7       146.3        72.0%
    _________________________________________________________________________

                                            2,161.7     1,860.9        16.2%
    _________________________________________________________________________
    _________________________________________________________________________

    Earnings before interest, depreciation,
      amortization and income taxes
       Dairy Products sector
         Canada                                96.9        81.5        18.9%
         United States                        131.6       134.2        (1.9%)
    _________________________________________________________________________
                                              228.5       215.7         5.9%

       Grocery Products sector                 42.5        21.2       100.5%
    _________________________________________________________________________
                                              271.0       236.9        14.4%
    _________________________________________________________________________
    _________________________________________________________________________

    Depreciation of fixed assets               51.8        37.8
    Interest                                   39.5        37.6
    Income taxes                               55.6        51.3
    _________________________________________________________________________
    _________________________________________________________________________

    Earnings before amortization of goodwill  124.1       110.2        12.6%
    _________________________________________________________________________
    _________________________________________________________________________

    Amortization of goodwill                   13.9        10.1
    _________________________________________________________________________
    _________________________________________________________________________

    Net earnings                              110.2       100.1        10.1%
    _________________________________________________________________________
    _________________________________________________________________________

    Net inflow of cash related to operations
     before changes in non-cash operating
     working capital items                    190.1       176.0         8.0%
    _________________________________________________________________________

    PER SHARE

    Earnings before amortization of goodwill
      Basic                                    2.42        2.20        10.0%
      Fully diluted                            2.41        2.19        10.0%
    Net Earnings
      Basic                                    2.15        2.00         7.5%
      Fully diluted                            2.14        1.99         7.5%

    Net inflow of cash related to operations
     before changes in non-cash operating
     working capital items
      Basic                                    3.71        3.52         5.4%
      Fully diluted                            3.69        3.50         5.4%
    _________________________________________________________________________

    BALANCE SHEET ITEMS
                                                As at March 31
                                               2001        2000

    Working capital                           242.9       171.2

    Bank loans and overdraft                   10.6        17.6
    Current portion of long-term debt          95.1        40.2
    Long-term debt                            700.8       461.4
    _________________________________________________________________________
    Total debt                                806.5       519.2

    Shareholders' equity                      747.9       628.9

    Debt/capital ratio                         0.52        0.45
    _________________________________________________________________________
    _________________________________________________________________________
    June 6, 2001