CANADA: Clearly Canadian revenues up but drinks suffer
Clearly Canadian has reported its first increases in revenues in ten years, the company has said, as it benefits from acquisitions in the baby food and snack markets. However, its beverages division continued to struggle.
Total revenues for the 12 months ended 31 December 2007 were up 48.9% to $11.1m. Revenue for the two acquisitions it made in the year were up 119.3% for the company's organic baby food products and 15.08% for the company's healthy snack products compared to the same period in 2006.
However, revenues for the company's beverage division decreased 25% for the year compared to the same period in 2006.
Total revenues for the three months ended 31 December 2007 were up 213% year-over-year to $3.34m compared to $1.06m for the same period in 2006. The two acquisitions, acquired in February and May of 2007 respectively, account for this revenue growth.
Bobby Genovese, chairman of the board and CEO said: "We are very pleased to announce that for the first time in 10 plus years we are seeing revenues increase at Clearly Canadian Brands. This is a direct result of properly positioning the company in the rapidly expanding healthy food and beverage industry. We will continue to pursue opportunities to expand our footprint in this market. We now have consolidated all our operations in Toronto and have an infrastructure in place to take us above $30m in revenues with minimal additional overhead costs."
Genovese continued: "Our beverage division has been challenged by the significant cost increases in shipping and delivering our product which has affected many alternative beverage companies. We have spent the last six months addressing this problem and feel confident that with the significant guidance of INOV8 Beverage Company, LLC we are now well positioned to significantly increase revenues in this division in 2008 and beyond."
Clearly Canadian Brands has secured a bottling agreement with Cott Corporation in North America....
Clearly Canadian Brands has appointed Samantha Alfonzo, a mergers and acquisitions specialist to its board of directors....
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