CANADA: Leading Brands celebrates FY turnaround
Leading Brands has announced its results for the 2004 fiscal year to 28 February. The Canadian beverage company said yesterday (25 May) that net income for the period was US$626,000, compared to a net loss of US$1.8m or US$0.12 per share in the prior fiscal year. The turnaround is an improvement of almost US$2.5m.
Gross revenue for the year was US$34.4m versus US$41.7m in the prior year. The company blamed the fall in year-on-year revenues on the discontinuance of the marginally profitable Little Debbie's snack cake distribution business, a change in mix of co-pack products sold that include the company supplying raw materials, and lower sales volumes in the US due to the company re-building its sales efforts there.
In a statement, Leading Brands chairman and CEO, Ralph McRae, said: "We are pleased with the turnaround that we were able to engineer this past year. Our plants are running very well, our Canadian margins have improved markedly and our US distribution business is back on its feet and growing strong.
"Our negative revenue trend has all but reversed itself now," McRae added. "The company's US sales volume is growing dramatically once again, but this time at sustainable margins."
Sectors: Soft drinks
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