Saputo Inc.: Financial Results Fiscal 2013 Third Quarter Ended December 31, 2012

- Net earnings at $130.0 million, up 0.2% for the quarter - Net earnings at $381.5 million, down 0.5% since the beginning of the fiscal year

MONTREAL, QUEBEC, Feb 13, 2013 (MARKETWIRE via COMTEX) -- Saputo Inc. CA:SAP -1.05% (Saputo or the Company) reported today its financial results for the third quarter of fiscal 2013, which ended on December 31, 2012. All amounts in this news release are in Canadian dollars, unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).

        
        --  Net earnings totalled $130.0 million, an increase of $0.2 million or
            0.2%.
        --  Earnings before interest, income taxes, depreciation and amortization
            (EBITDA) amounted to $212.5 million, an increase of $5.2 million or
            2.5%.
        --  Revenues for the quarter amounted to $1.801 billion, an increase of $4.1
            million or 0.2%.
        --  Basic earnings per share (EPS) was $0.66 and diluted EPS was $0.65 for
            the quarter, as compared to basic and diluted EPS of $0.64 for the
            corresponding quarter last fiscal year.
        (in millions of Canadian (CDN) dollars, except per share amounts)
        (unaudited)
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                                                   For the three-month periods ended
                                          December 31,   December 31,  September 30,
                                                  2012           2011           2012
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        Revenues                               1,800.6        1,796.5        1,745.4
        EBITDA                                   212.5          207.3          215.6
        Net earnings                             130.0          129.8          129.7
        EPS
          Basic                                   0.66           0.64           0.66
          Diluted                                 0.65           0.64           0.65
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        --  In the United States (US), the average block market(1) per pound of
            cheese increased by US$0.20 compared to the same period last fiscal
            year, increasing revenues.
        --  In the US, market factors positively impacted EBITDA by approximately $8
            million.
        --  Dairy Products Division (Canada) EBITDA increased due to a better
            product mix.
        --  Dairy Products Division (Argentina) EBITDA decreased due to lower sales
            volumes and selling prices, mainly in the export market.
        --  The strengthening of the Canadian dollar versus the US dollar during the
            quarter had a negative impact on revenues and EBITDA as compared to the
            same quarter last fiscal year.
        --  The Board of Directors approved a dividend of $0.21 per share payable on
            March 15, 2013 to common shareholders of record on March 4, 2013.
        --  On December 3, 2012, the Company announced that it had entered into an
            agreement to purchase Morningstar Foods, LLC ("Morningstar"), a
            subsidiary of Dean Foods Company, to complement the activities of the
            Dairy Products Division (USA). This acquisition was completed on January
            3, 2013. See Note 12 to the condensed interim consolidated financial
            statements.
        

Original source: Saputo