CANADA: Clearly Canadian sales slip but EBITDA up
Clearly Canadian, the Canadian beverage company, saw its sales fall 3.1% in its second quarter. However earnings before interest, taxes, depreciation and amotization (EBITDA) were up from a loss of $439,000, for the same period last year, to a loss of $279,000.
The company said the fall in sales "reflects the sale of the company's home and office division effective 1 May 2001". It said that overall sales for the first six months were up 2.3%.
In a statement the company said: "In the second quarter we also strengthened our distribution system through the addition of distributors who can more effectively move our products to both grocery and single-serve segments of our business."
Though the company's operating profits continued to improve compared to last year, Clearly Canadian did see an increase in some sales and marketing costs in the second quarter, primarily due to increased promotional allowances and slotting expenditures.
These cost were related to the launch of the company's Reebok Fitness Water, which will continue to be rolled-out in US markets throughout the rest of the year.
Gross profit for the quarter was $3,242,000 compared to $3,460,000 for the same period last year, while for the six months it was up to $5,858,000 from $5,731,000.
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