CANADA: Clearly Canadian losses increase
The soft drink producer Clearly Canadian saw its net loss from continuing operations for the three months ended September 30, increase to US$781,000, compared to US$520,000 for the same period last year.
Sales revenues also fell in the period to US$3,849,000 compared to US$5,889,000 last year.
"While overall sales for the company's beverage lines were down on a year over year basis, the Company is encouraged that sales of its Clearly Canadian brand in particular are showing a positive change in those regions where we are now established with dedicated distributors," said Douglas Mason, President and CEO of Clearly Canadian Beverage Corporation.
"Even though we are seeing some positive results from these changes, the company still requires additional working capital to establish sustained profitability and operations going forward. To assist us in our efforts, we have engaged the services of certain parties to identify and evaluate strategic partnerships in an effort to enhance the Company's financial position," said Mason.
Gross profit for the quarter was US$918,000 compared to US$1,722,000 for the same period in 2002.
The decrease of the company's gross profit was primarily attributed to the write down of inventories related to required label changes and discontinued packaging in the quarter.
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