CANADA: Magnotta reports full year profits up
The Ontario winemaker Magnotta Winery Corporation said yesterday that net sales for its full year increased 4.5% to $21,037,940. This led to net earnings up 7.7% to $2,227,254 from $2,067,194.
The company said that the overall growth in net sales for the year resulted from greater volumes due to an expanded customer base from relatively recent new location openings and a winery relocation.
However, gross profit margin for the year decreased 2.6% to 47.4% from 50% in fiscal 2003.
Earnings before interest, income taxes and amortization increased 7.3% to $5,872,430 from $5,470,653 in January 31, 2003
Gabe Magnotta, Chairman and Chief Executive Officer of Magnotta stated, "The Company has positioned itself financially and through its successes in marketing and branding to continue its healthy growth and take advantage of opportunities as they arise".
Looking forward, the company said in a statement that its future success is linked to the Canadian, and more specifically, the Ontario wine markets.
"These markets are expected to grow as the demographic landscape changes and consumer preference shifts to table wines, and more specifically, premium table wines. The company through its new product developments as well as its changes in its branding and marketing initiatives in the last few years is determined to capitalize on this trend," it said.
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