CANADA: Clearly Canadian losses double
Clearly Canadian Beverage Corporation has seen third-quarter losses more than double.
The company posted a loss of C$1.46m (US$1.25m) for the third quarter of 2005, against a loss of C$0.65m last year.
The Canadian water producer said today (29 November) that the third quarter loss included a number of one-off expenses. "These one-time expenses are part of the company's restructuring plan and will further our goal of obtaining profitability," said Clearly Canadian president Brent Lokash.
Sales for the quarter reached C$2.9m, down 11% from the third quarter last year. The company attributed the decline in sales to reduced marketing investment in recent years. It said it hoped a refinancing of the company, undertaken by BG Capital Group, would boost future marketing investment.
However, Clearly Canadian said it saw an increase in sales in key selling regions, which was due to the appointment of new distributors and new account initiatives in the South Central, Northern California and Nevada regions of the US.
Sales for the nine-month period fell by 23% to C$7.19m.
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