Corby Distilleries Limited announces that its net earnings for the fiscal year ended August 31, 2000 amounted to $20.4 million or $2.91 per share compared to $22.8 million or $3.25 per share for the corresponding period last year.
Gross operating revenue, comprised of sales and commission income, amounted to $93.4 million for fiscal 2000 compared with $101.1 million for fiscal 1999, a decrease of over 7%. As announced in April 2000, this is a direct result of the Corporation's decision to reduce inventory levels at the liquor boards in order to streamline and improve efficiencies within the product-to-customer supply chain network. The underlying performance of the brands at the consumer level remains strong. Consumer purchases of Corby's spirits and wines brands were up 3% on a volume basis for the fiscal year compared to last year as the Corporation continues to invest in its core brands in the form of advertising and promotion and new product development.
Excluding restructuring activities and the impact of the disposal of the former Corbyville production site, earnings from operations were $30.5 million for fiscal 2000 compared with $35.3 for fiscal 1999.
Equity earnings in the Tia Maria Group were down $2.0 million for the fiscal year compared to last year. Overall, volumes were up 2% over last year but revenues were down over 5% after the impact of currency exchange on European denominated sales of Tia Maria. Excluding the effects of currency exchange, Tia Maria revenues were up 2% over the same period last year. Advertising and promotion investment was also up 9% for the year, as the Tia Maria Group continues to invest heavily behind the brand.
On October 11, 2000, the Board of Directors of the Corporation declared a dividend of $0.50 per share payable on November 1, 2000 on Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation to shareholders of record as at the close of business on October 20, 2000.
Corby, through its affiliation with Allied Domecq PLC, the international spirits group, represents some of the most renowned and respected brands in the industry, including Canadian Club, Wiser's and Lamb's, as well as leading international marques such as Ballantine's, Beefeater, Kahlua and Tia Maria.
The existing Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation are traded on Canadian Stock Exchanges under the symbols CDL.A and CDL.B.
Gross operating revenue, comprised of sales and commission income, amounted to $93.4 million for fiscal 2000 compared with $101.1 million for fiscal 1999, a decrease of over 7%. As announced in April 2000, this is a direct result of the Corporation's decision to reduce inventory levels at the liquor boards in order to streamline and improve efficiencies within the product-to-customer supply chain network. The underlying performance of the brands at the consumer level remains strong. Consumer purchases of Corby's spirits and wines brands were up 3% on a volume basis for the fiscal year compared to last year as the Corporation continues to invest in its core brands in the form of advertising and promotion and new product development.
Excluding restructuring activities and the impact of the disposal of the former Corbyville production site, earnings from operations were $30.5 million for fiscal 2000 compared with $35.3 for fiscal 1999.
Equity earnings in the Tia Maria Group were down $2.0 million for the fiscal year compared to last year. Overall, volumes were up 2% over last year but revenues were down over 5% after the impact of currency exchange on European denominated sales of Tia Maria. Excluding the effects of currency exchange, Tia Maria revenues were up 2% over the same period last year. Advertising and promotion investment was also up 9% for the year, as the Tia Maria Group continues to invest heavily behind the brand.
On October 11, 2000, the Board of Directors of the Corporation declared a dividend of $0.50 per share payable on November 1, 2000 on Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation to shareholders of record as at the close of business on October 20, 2000.
Corby, through its affiliation with Allied Domecq PLC, the international spirits group, represents some of the most renowned and respected brands in the industry, including Canadian Club, Wiser's and Lamb's, as well as leading international marques such as Ballantine's, Beefeater, Kahlua and Tia Maria.
The existing Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation are traded on Canadian Stock Exchanges under the symbols CDL.A and CDL.B.
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(unaudited)
CORBY DISTILLERIES LIMITED
Consolidated Financial Information
For the Three Months ended August 31, 2000 and August 31, 1999
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Three Months Three Months
(in thousands, except Ended Ended
per share amounts) August 31, 2000 August 31, 1999
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CONSOLIDATED STATEMENTS OF EARNINGS
Operating revenue
Sales $23,687 $23,838
Commissions 4,470 5,814
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Gross operating revenue $28,157 $29,652
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Earnings from operations $6,903 $6,173
Equity earnings 2,000 2,740
Interest expense (825) (378)
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Earnings before income taxes 8,078 8,535
Income taxes 2,247 2,440
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Net earnings $5,831 $6,095
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Net earnings per share $0.83 $0.87
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CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from (used in) operating activities
Operations
Net earnings $5,831 $6,095
Amortization 308 332
Future income taxes 101 (2,151)
Equity earnings in excess
of dividends received (1,913) (2,806)
Employee future benefits 348 486
Loss on disposal / writedown of
properties held for resale 206 2,341
Change in operating working
capital - net of cash 2,942 (2,168)
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Cash flows from operating activities 7,823 2,129
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Cash flows from (used in) investment activities
Additions to capital assets (354) (296)
Proceeds on disposal of capital
assets, net 896 -
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Cash flows from (used in) investment
activities 542 (296)
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Cash flows from (used in) financing activities
Dividends paid (3,512) (3,500)
Payment of long-term debt (4,000) (2,000)
Proceeds on issuance of capital stock 60 144
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Cash flows used in financing activities (7,452) (5,356)
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NET INCREASE / (DECREASE) IN CASH
EQUIVALENTS 913 (3,523)
CASH EQUIVALENTS(x) - BEGINNING OF PERIOD (955) 1,109
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CASH EQUIVALENTS(x) - END OF PERIOD ($42) ($2,414)
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(x) (Cash equivalents comprise of outstanding cheques in excess of
bank balances.)
CORBY DISTILLERIES LIMITED
Consolidated Financial Information
For the Year ended August 31, 2000 and August 31, 1999
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Year Year
(in thousands, except Ended Ended
per share amounts) August 31, 2000 August 31, 1999
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CONSOLIDATED STATEMENTS OF EARNINGS
Operating revenue
Sales $77,751 $84,752
Commissions 15,637 16,303
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Gross operating revenue $93,388 $101,055
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Earnings from operations $29,132 $30,079
Equity earnings 4,965 6,972
Interest expense (2,238) (1,942)
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Earnings before income taxes 31,859 35,109
Income taxes 11,437 12,353
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Net earnings $20,422 $22,756
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Net earnings per share $2.91 $3.25
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CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from (used in) operating activities
Operations
Net earnings $20,422 $22,756
Amortization 1,122 926
Future income taxes 960 (2,051)
Equity earnings in excess
of dividends received (2,697) (5,153)
Employee future benefits 519 649
Loss on disposal / writedown of
properties held for resale 206 2,341
Change in operating working
capital - net of cash 3,549 (2,314)
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Cash flows from operating activities 24,081 17,154
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Cash flows from (used in) investment activities
Additions to capital assets (1,056) (1,542)
Proceeds on disposal of capital
assets, net 896 -
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Cash flows used in investment activities (160) (1,542)
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Cash flows from (used in) financing activities
Dividends paid (14,038) (13,992)
Payment of long-term debt (8,000) (4,000)
Proceeds on issuance of capital stock 489 413
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Cash flows used in financing activities (21,549) (17,579)
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NET INCREASE / (DECREASE) IN CASH
EQUIVALENTS 2,372 (1,967)
CASH EQUIVALENTS(x) - BEGINNING OF PERIOD (2,414) (447)
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CASH EQUIVALENTS(x) - END OF PERIOD $(42) $(2,414)
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(x) (Cash equivalents comprise of outstanding cheques in excess of
bank balances.)
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