CANADA: Saputo Inc. - financial results for fiscal 2001 - net earnings up 10.1% - cash flow up 8.0%
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.
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.
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
Dairy company Saputo has announced three new appointments among its senior management, following the decision of Randy Williamson, currently president and chief operating officer of the Dairy Products...
Canadian cheese maker Saputo has said earnings slid 1.3% for the second quarter, despite higher sales....
Canadian dairy products company Saputo has announced the closure of its cheese manufacturing plant in Harrowsmith, Ontario, Canada....
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Canadian dairy company Saputo has completed the acquisition of the activities of Schneider Cheese, a US company that manufactures and sells string cheeses and cheese sticks under the Schneider brand n...
Canadian dairy products company Saputo has announced the closure of the cheese manufacturing plant in Saint Boniface, Quebec....
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