Montreal-based MRRM (formerly Mount Royal Rice Mills Limited) told its shareholders this week that consolidated net earnings for the three months to 31 May were C$241,000 (US$158,948) (C$0.95 per share).

Gross revenue for this period was C$9.99m compared to C$11.06m year on year. Sales and income from operating activities amounted to C$9.74m (down from C$10.92m) being 97.5% (98.7%) of gross revenue. Revenue from corporate investments totalled C$249,000 (C$140,000 in 2001).

EBIT totalled C$135,000 (C$295,000 in 2001) from operating activities and C$173,000 (C$56,000 in 2001) from corporate investments.

Working capital decreased in the quarter by $1,406,000 to $1,395,000 at the end of the period ($3,776,000) and the cash position amounted to $289,000. The decrease resulted mainly from investments in ongoing projects in the Dainty production facility.

Dividends paid during the period amounted to C$127,000 (C$127,000). The regular per share dividend on common shares was 50 cents for the quarter.

MRRM's board of directors declared a regular dividend of C$0.50 per share payable on 30 August 2002 to common shareholders of record 9 August 2002.