CANADA: Saputo reports second quarter earnings increase
Saputo has posted consolidated revenues for the second quarter of CAD$994.1m (US$880.5m), a $36.7m decrease compared to $1.031bn for the same period last year.
The reduction was attributed to the US Dairy Products Sector, whose revenues decreased by $66.5m compared to the same period last year, partly as a result of a lower average block market per pound of cheese.
Saputo's Canadian and Other Dairy Products Sector revenues increased by $29.3m compared to the same period last year. Net earnings at the group were US$58.3m, up $3.1m for the period.
Consolidated EBITDA for the quarter stood at $106.8m, an increase of $5.3m compared to the $101.5m for the corresponding quarter last year, Saputo said.
During the second quarter, Saputo used $12.2m for the acquisition of the activities of Rondeau, a fresh tarts and fresh cookies manufacturer and distributor operating mainly in the province of Quebec, which was completed in July 2006.
The board of directors declared a dividend of $0.20 per share to shareholders of record on 11 December 2006.
The company also said it has the intention to purchase some of its common shares through the facilities of the Toronto Stock Exchange from 13 November. It may repurchase for cancellation up to 5,179,304 common shares, representing 5% of its 103,586,089 issued.
Land O'Lakes has completed the sale of its Cheese & Protein International business to a US subsidiary of Saputo....
Saputo is closing its cookie factory in Laval, Quebec and transferring production to its Sainte-Marie-de-Beauce, Quebec, facility....
Quebec's consumer protection office has accused Saputo of up to 30 violations of advertising regulations through its promotion of gorilla-shaped muffins to children....
Canada's largest dairy processor Saputo has announced it will close two plants and cuts 144 jobs to consolidate its Canadian manufacturing operations....
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