USA: Snapple sales rise 10%
US-based Triarc has announced its subsidiary Snapple Beverage Group is heading for an IPO and its first quarter sales show a 10% increase, fuelling a 26% EBITDA increase to US$14m.This reflects continued brand strength at Snapple, Stewart's, Royal Crown and Arbys, compared to the first quarter 1999, with total adjusted EBITDA increasing 14% to US$29.6m.Excluding unusual and non-recurring items, first quarter 2000 net income was US$2.7m compared with first quarter 1999 net loss of US$13.3m.The improvement in earnings per share (EPS) reflects the strong operating trends as well as increased investment income.Commenting on the results, Nelson Peltz, chairman and CEO of Triarc said: "Snapple and Stewart's continue to post excellent volume gains. Our beverage distribution operations posted strong results and we are optimistic about the potential for improvement at both Mistic and Royal Crown."Royal Crown's first quarter EBITDA increased 4% to US$5.4m, reflecting improving domestic and international trends as well as tight cost controls while Arby's increased 6% to US$10.2m.Growth in core products, new products and line extensions are expected to result in continued case sales growth for Snapple this year.
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