Sepp’s Gourmet Foods Ltd. (TSE-SGO) (“Sepp’s”) announced yesterday that Sales in the fiscal period 2000 were $ 88.5 million, approximately 8% higher than the $82.2 million 1999 (detailed figures below). Sales in the Canadian operations were $36.9 million, up 13% from the $32.8 million in 1999 and UK sales were $51.6 million, up 4% from the $49.4 million in 1999.
Gross profit increased from $12.7 million in 1999 to $13.5 million in 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) including the gain on sale of an investment were $5.2 million, up from the $4.3 million in 1999. Operating EBITDA was $3.85 million, virtually unchanged from the $3.88 million in 1999. Net earnings were $1.5 million, double the $0.7 million in 1999 due to increased sales and gross profit, and the gain on sale of an investment. The Company recorded a pre-tax gain of $1.33 million on sale of its 50% shareholding in Summer Fresh Salads Inc.
Go deeper with GlobalData
Working capital increased from a $0.26 million deficiency in 1999 to a $0.11 million deficiency in 2000. The Canadian operations had a positive working capital position of approximately $2.8 million, more than double the $1.3 million surplus in 1999. The UK operations had a working capital deficiency of $2.9 million, compared to the $1.6 million deficiency in 1999. Approximately $0.75 million of this deficiency in the UK was due to an increase in short-term debt associated with the purchase of the land and buildings in Aberdeen, Scotland.
Short-term bank indebtedness for the Company decreased from $6.7 million in 1999 to $6.1 million in 2000. The Company generated $3.35 million cash from operating activities during the fiscal year, up substantially from the $0.52 million in 1999. This change was due to tighter balance sheet management control as the change in non-cash working capital was $0.87 million in 2000 compared to ($2.1 million) in 1999.
David Kilshaw, President and CEO of Sepp’s (www.seppsfoods.com) stated: “We are very pleased with our 11th year of continued growth. With revenues of $88.5 million (up from $350,000 10 years ago) generated in the US, United Kingdom, Mexico, Japan, Hong Kong, Puerto Rico and Canada, we are proud of our continued ability to grow revenues every year while remaining profitable.” He noted “We fully expect this growth to continue as we are confident that our core business model – the development, production, and distribution of good food – is what consumers need and want. There is real satisfaction in knowing that across two continents we are delivering great tasting meals and specialty prepared food to time-starved consumers.”
Sepp’s Gourmet Foods Ltd. is a producer and marketer of specialty prepared foods for the retail grocery and food service sectors in North America, Southeast Asia, and Europe. Sepp’s is a publicly traded company traded on The Toronto Stock Exchange under the symbol SGO.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSee Also:
SEPP’S GOURMET FOODS LTD: COMPARATIVE FIGURES FOR FISCAL PERIOD 2000 AND 1999
($000's except per share) 2000 1999 Sales $88,472 $82,226 Gross Profit 13,490 12,707 EBITDA 5,176 4,288 Operating EBITDA 3,849 3,878 Net Earnings 1,547 708 Working Capital (110) (259) Total Assets 39,729 35,462 Long-term Debt 4,683 2,997 Shareholders Equity 15,819 14,554 Book value per share $1.20 $1.11 Earnings per share $0.12 $0.05 Weighted ave. shares outstanding 13,192,971 13,152,906
