CANADA: Leading Brands announces record third quarter
Leading Brands, Canada's largest brand management company, has announced record revenues for its fiscal 2000 third quarter and nine months ending November 30, 2000.
The company has also managed to reduce its losses, recording a net loss of $487,000 or $0.04 per share, compared to a loss (before unusual items) of $663,000 or $0.09 per share, in the same period of last year.
Revenues for the nine months ending November 30, 2000 rose 76% to $41,963,000 from $23,871,900 for the first ten periods of fiscal 1999. Leading Brands realised a dramatic improvement in net income. Net income for the 2000 period was $605,000 or $0.05 per share, compared to a loss (before unusual items) of $1,981,000 or $0.28 per share for the first ten periods of fiscal 1999.
Leading Brands chairman Ralph McRae said: "We have continued to improve our revenues and operating efficiencies through our historically slower than average third quarter."
"Our sales growth remains impressive and we are constantly working to enhance the mix of our counter-seasonal items."
He continued: "Unfortunately our results in the third quarter were adversely impacted by more than $300,000, by a negative swing in the Canadian/US exchange rate, which has now corrected, and increased transportation costs from higher fuel prices. We have taken steps to minimise the impact of both of those factors on our overall operations going forward.
"In Q4 we will start to see the initial benefits of our private label juice venture with Cliffstar Corporation and the impact of the continued streamlining of our operations," he added.
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