Diversified Stellarton, Nova Scotia-based firm Empire Company Ltd has reported record operating results for the year ended 30 April 2002.
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Empire recorded operating earnings of C$132.2m (C$4.01 per share), up 49% on last year’s C$88.5m (C$2.66 per share). Operating earnings are after goodwill amortisation of C$9.5m (C$0.29 per share) versus C$9.3m (C$0.28 per share) last year. Included are earnings from discontinued operations of C$8.7m versus C$10m last year, reflecting the sale by 62% owned Sobeys of substantially all of the net assets of SERCA Foodservice operations on 30 March 2002. Excluding these, operating earnings were C$123.5m up 57% on C$78.5m last year.
For its Q4 2002, Empire reported operating earnings of C$35.2m (C$1.06 per share) versus C$24.5m (C$0.73 per share) in the Q4 last year; all after goodwill amortisation of C$2.3m (C$0.07 per share) versus C$2.2m (C$0.06 per share) last year. All operating companies recorded improved earnings over the Q4 last year. Included in Q4 earnings were earnings from discontinued operations of C$1.8m versus C$3.7m last year.
Paul D. Sobey, president and CEO, stated: “FY 2002 was a very good year for Empire. I am pleased with our growth in operating earnings per share, as well as our improved financial position.
“Empire’s fundamentals have strengthened due to our strategy of focusing our energies and capital on growing the long-term sustainable value in each of our core businesses. We will work diligently towards continued growth in our fundamentals in FY 2003.”
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By GlobalDataShare split
The board of directors have proposed for consideration of the shareholders a 2 for 1 share split on both the Class A and Class B common shares. This item will be tabled for vote and is subject to approval by all classes of shareholders at the Annual General Meeting on 12 September 2002.
Dividend declaration
Empire’s board also declared a quarterly dividend of 16.5 cents per share on both the Class A and Class B common shares, an increase of 5.25 cents per share, payable on 31 July 2002, to shareholders of record on 15 July 2002.
