Clearly Canadian posted a drop in second-quarter revenue today (28 August) as a result of the redevelopment of its beverage division.
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Total revenue for the three months ended 30 June was down 15% year-on-year to US$2.5m compared to $2.9m for the same period in 2007.
However, total revenue for the six months ended 30 June was up 9.7% year-on-year to $4.9m compared to $4.5m in 2007, attributable to growth in the company’s healthy snack and organic baby food divisions.
The company said its second-quarter decline was a result of active redevelopment of its beverage division from reliance on selling its sparkling flavoured waters in single-serve glass format to selling it in PET packages.
Bobby Genovese, CEO of Clearly Canadian Brands, said: “We are very pleased to announce that we continue to grow top-line revenue through the first half of 2008. We are particularly encouraged to have accomplished this growth while undergoing a transformation of our sparkling flavoured water beverage business, which has necessitated a reduction in inventory and sales.”
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By GlobalDataGenovese said he is confident the company is on target to meet annualised revenue projections in the range of $16m for 2008.
