CANADA: Clearly Canadian Q1 rises, but what about drinks?
Clearly Canadian has posted an upbeat set of results for the first three months of 2008.
The company, whose products include Clearly Canadian Sparkling and Clearly Canadian Natural Enhanced water brands, said yesterday (2 June) that revenues for the quarter to the end of March leapt by 70% to C$2.47m (US$2.47m). Losses after non-cash, non-recurring items, interest and penalty expenses and interest income were reined in in the quarter, dropping to C$1.1m from C$1.5m a year ago.
While the company credited the improved performance of its recently-acquired snack food and baby food divisions, no specific details from its drinks stable were immediately available.
"We continue to be on track to meet our revenue projections for existing operations of approximately C$16m for 2008, and are looking at numerous promising acquisition opportunities," said company chairman and CEO Bobby Genovese. "We have yet to launch our beverage initiatives planned for this year, ... expected to begin by the end of the second quarter.
"We will continue to pursue opportunities to expand our footprint into the natural and organic marketplace, in order to capitalise on our existing highly effective distribution and selling agreements into this rapidly expanding sector."
Genovese added that he felt confident that "we are now well-positioned to significantly increase profitability in our beverage division in 2008 and beyond".
When delivering a healthy set of full-year results for 2007 in April, Clearly Canadian said its beverage division saw sales slump by 25% on 2006. The company said its drinks unit had been hit by "significant cost increases" in shipping and delivering in the year.
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