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May 20, 2002

CANADA: Sun-Rype announces Q1 earnings drop

Kelowna, BC-based Sun-Rype Products Ltd, a national manufacturer of apple-based food and beverage products, has announced that its Q1 2002 earnings are C$1.1m (US$0.71m), or C$0.11 per share, on sales of C$27.1m. This compares to earnings of C$1.9m, or C$0.18 per share, on sales of C$26.2m for the Q1 2001.

Kelowna, BC-based Sun-Rype Products Ltd, a national manufacturer of apple-based food and beverage products, has announced that its Q1 2002 earnings are C$1.1m (US$0.71m), or C$0.11 per share, on sales of C$27.1m. This compares to earnings of C$1.9m, or C$0.18 per share, on sales of C$26.2m for the Q1 2001.

President and CEO Lawrence Bates said: “Because of higher manufacturing and raw material costs compared to last year, the Q1 2002 results compare unfavourably with the Q1 2001,” says Bates. “Our gross profit in the Q1 of this year was 39% compared to 44% in the Q1 of last year.”

“Our sales and marketing expenses are up about C$400,000 or 7.5% so far this year compared to last year. Our marketing focus to date has been to support our new 1-litre reclosable beverage package, the new 200ml individual size package and our new Fruit & Veggie bars,” Bates says.

“As an update to our previous announcement, we’ve recently contracted to purchase the equipment for the C$9m project to more than double the capacity of our fruit snack manufacturing and packaging process,” says Bates. “We will be installing this equipment in the Q4 2002 and expect commercial production to commence in January 2003.”

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