Clearly Canadian Beverages announced on Friday a fall of nearly $8m in sales for the year ending December 2000 ($28,930,000 compared to $36,605,000 for the year ended December 1999).

Reporting on its financial results for the year ended December 2000, Clearly Canadian said its net income was $6,449,000 (or $1.06 per share) compared to $9,945,000 or $1.55 per share for the corresponding year in 1999.

This year's gross profit margins were 35.8%, representing a gross profit of $10,368,000 for the year compared to $11,958,000 for the corresponding period in 1999.

After releasing its financial results for the year the company said in a statement: "In the hyper-competitive alternative beverage market, Clearly Canadian improved its efficiencies in 2000."

President of Clearly Canadian, Douglas Mason said: "Although the company worked diligently on brand building efforts in 2000 and continued to increase listings for Clearly Canadian Sparkling Flavoured Water and Tre Limone, the resulting impact on sales took longer than anticipated due to the comprehensive nature of the Clearly Canadian brand re-launch."

He continued: "This year with the transition complete to our new package for the Clearly Canadian brand and the upcoming launch of our Reebok licensed beverage, we will focus on improving our top line performance."