CANADA: Leading Brands announces record Q2 income
Leading Brands has posted its figures for Q2 and H1 of this fiscal year. The North American beverage company announced today (20 September) that net income for the quarter to 31 August set a company record.
During Q2 the company generated net income of US$512,000 or US$0.03 per share, compared to US$301,000 or US$0.02 in the same quarter last year.
Net income before taxes for the quarter was US$1.143m or US$0.08 per share compared to a net loss before taxes of US$361,000 or US$0.02 in Q2 2003.
Revenues for the quarter fell, however, to US$11.073m from US$12.481m in Q2 2003. The company blamed the drop in revenue on lower sales volumes in the US due to the company re-building its sales efforts there.
For the first six months of its 2004 fiscal year ended to 28 February, 2005, the company reported net income of US$909,000 or US$0.06 per share versus US$308,000 or US$0.02 during the same period last year.
Net income before taxes year to date hit US$1.911m or US$0.13 per share compared to a net loss before taxes of US$354,000 or US$0.02 for the first half of fiscal 2003.
Revenues for the period dipped to US$20.413m from US$24.767 a year ago.
In a statement, Leading Brands chairman and CEO Ralph McRae said: "If anyone was looking for further evidence of our operational turnaround, I believe they now have it. Given that we have had to record income tax assets last year and a corresponding income tax expense this year - all the while not paying any cash income taxes - makes the before tax number more representative of the turn in the company's fortunes.
"We are very pleased to have been able to increase our year to date net income before taxes.
"We have seen dramatic cost savings and margin improvements in virtually all areas of our company, but most significantly in our US sales division and bottling plants," McRae added.
"Moving forward, it is critical for us to maintain this focus on profitability while expanding our business."
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