|By PR Newswire||
|November 9, 2012 11:54 AM EST||
ROUGEMONT, QC, Nov. 9, 2012 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) (Lassonde) posted sales of $255.1 million in the third quarter of 2012, a 21.0% increase year over year. Profit attributable to the Company's shareholders for this period totalled $10.3 million, up $2.1 million from the third quarter of 2011.
(in thousands of dollars)
|Third quarters ended|
|Sales||$ 255,084||$ 210,822|
|Profit before income taxes||14,391||10,631|
|Profit attributable to the Company's shareholders||10,315||8,173|
|Basic and diluted earnings per share (in $)||$ 1.48||$ 1.20|
Note: These are financial highlights only. Management's Discussion and Analysis, the unaudited interim condensed consolidated financial statements and notes thereto for the quarter ended September 29, 2012 will be available on the SEDAR website at www.sedar.com and on the website of Lassonde Industries Inc.
"The third quarter 2012 results reflect markets that continue to be affected by high raw material costs. The Clement Pappas acquisition has helped us sustain our growth but lower volumes are being experienced by the fruit juice and fruit drink industry in both Canada and the U.S.," said Pierre-Paul Lassonde, Chairman of the Board and Chief Executive Officer of Lassonde Industries Inc.
The Company's sales totalled $255.1 million in the third quarter of 2012, up $44.3 million or 21.0% from $210.8 million in the same period of 2011. Sales from Clement Pappas and Company, Inc. (CPC) stood at $108.6 million in the third quarter of 2012. CPC's sales had reached $63.6 million for the period of August 13, 2011 (the date when CPC began operating under the Company's control) to October 1, 2011. Excluding CPC's sales, the Company's third-quarter sales decreased $0.7 million year over year as a result of lower sales volumes in private labels. Sales of national brand products remained unchanged as the impact of a favourable sales mix was offset by higher trade spending. For the first nine months of 2012, sales totalled $744.9 million, up 51.8% from $490.7 million in the first nine months of 2011.
The Company's operating profit for the third quarter of 2012 stood at $22.6 million, up $8.8 million from operating profit of $13.8 million in the same quarter last year. CPC's operating profit was $10.1 million during the quarter ended September 29, 2012. For the period of August 13, 2011 to October 1, 2011, CPC had operating profit of $1.0 million, but this amount included $6.8 million in acquisition-related costs. Excluding the impact of the CPC acquisition, third-quarter operating profit was down $0.3 million year over year mainly due to lower sales. Operating profit for the first nine months of 2012 stood at $56.4 million, up $21.0 million from $35.4 million at the end of the first nine months of 2011.
The Company's financial expenses went from $3.8 million in the third quarter of 2011 to $7.0 million this quarter. This increase was mostly attributable to the interest expense on the total debt incurred to effect the CPC acquisition. "Other (gains) losses" went from a $0.7 million gain in the third quarter of 2011 to a $1.2 million loss in the third quarter of 2012. The 2012 third-quarter loss was primarily due to a $0.9 million loss from a change in the fair value of interest rate swaps and to a $0.3 million foreign exchange loss. The 2011 gain was essentially due to a change in the conversion rate applicable to a US$70 million bank balance held to effect the CPC acquisition. For the first nine months, financial expenses went from $6.0 million in 2011 to $17.4 million this fiscal year, and "Other (gains) losses" was a $3.0 million loss in 2012 compared to a $0.2 million loss in 2011.
Profit before income taxes totalled $14.4 million for the third quarter of 2012, up $3.8 million from $10.6 million in the same quarter last year. For the first nine months of 2012, profit before income taxes stood at $36.0 million, up 23.6% from $29.1 million in the first nine months of 2011.
An income tax expense at an effective rate of 26.5% (25.2% in 2011) brought the 2012 third-quarter profit to $10.6 million, up $2.6 million from $8.0 million in the same quarter of 2011. Profit attributable to the Company's shareholders was $10.3 million, resulting in basic and diluted earnings per share of $1.48 for the third quarter of 2012. This amount includes the allocation of a portion of CPC's profit to a non-controlling interest. In the third quarter of 2011, profit attributable to the Company's shareholders had totalled $8.2 million, resulting in basic and diluted earnings per share of $1.20. For the first nine months of 2012, profit attributable to the Company's shareholders totalled $26.4 million, resulting in basic and diluted earnings per share of $3.78 and, in the same nine-month period of 2011, profit had totalled $21.3 million, resulting in basic and diluted earnings per share of $3.21.
Cash flows from operating activities generated $16.7 million during the third quarter of 2012, while they had generated $23.4 million during the same period last year. In the third quarters of 2012 and 2011, CPC's operating activities generated $3.2 million and $1.5 million, respectively, leaving a difference of $8.4 million on a comparative basis with Canadian operations. Financing activities used $5.4 million in cash in the third quarter of 2012 while they had generated cash flows of $307.4 million in the same period last year. During the third quarter of 2012, CPC's financing activities used $2.7 million in cash but had generated $260.9 million during the third quarter of 2011, leaving a difference of $49.2 million on a comparative basis with Canadian operations, almost entirely attributable to the funds raised for the CPC acquisition. Investing activities used $5.1 million in cash during the third quarter of 2012, while they had used $398.9 million during the same quarter last year. During the third quarters of 2012 and 2011, CPC used $1.7 million and $393.4 million, respectively, in cash flows, leaving a difference of $2.1 million on a comparative basis with Canadian operations. At the end of the third quarter of 2012, cash and cash equivalents totalled $7.1 million compared to a bank overdraft of $9.2 million at the end of the third quarter of 2011.
During the third quarter of 2012, the Company noted that sales volumes of fruit juice and fruit drink producers in North America remained lower than in prior years. In the Canadian market, the Company is also seeing an increase in trade spending driven by intense competition.
Fiscal 2012 will include an entire year of CPC's financial results. To better understand the impact of this acquisition, it is important to note that CPC recorded, for the 12 months ended October 1, 2011, sales of approximately US$400 million and adjusted EBITDA of approximately US$58 million. The Company believes that CPC's 2012 sales will be slightly higher when compared to the twelve-month period ended October 1, 2011 while its EBITDA may decline between US$4-to-6 million. For its Canadian entities, Lassonde Industries Inc. anticipates slightly higher sales than those of 2011.
For 2012, the Company is maintaining its focus on integrating CPC and therefore does not plan on making major changes to its business model.
About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development, manufacture and sale of a wide range of fruit and vegetable juices and drinks marketed under brands such as Everfresh, Fairlee, Flavür, Fruité, Graves, Oasis and Rougemont.
Lassonde is also the second largest producer of store brand ready-to-drink fruit juices and drinks in the United States and a major producer of cranberry juices, drinks and sauces.
Lassonde also develops, manufactures and markets specialty food products under brands such as Antico and Canton. The Company imports and markets selected wines from various countries and manufactures apple ciders and wine-based beverages.
The Company produces superior quality products through the efforts of some 2,000 people working in 14 plants across Canada and the United States. To learn more, visit www.lassonde.com.
SEDAR registration number: 00002099
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements that are based on certain assumptions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Additional factors are discussed in materials filed from time to time with the securities regulatory authorities in Canada. Lassonde Industries Inc. disclaims any intention or obligation to update or revise any forward-looking statements except as required by law.
SOURCE LASSONDE INDUSTRIES INC.
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
Oct. 3, 2015 09:00 PM EDT Reads: 340
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
Oct. 3, 2015 05:00 PM EDT Reads: 314
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Oct. 3, 2015 01:15 PM EDT Reads: 560
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Oct. 3, 2015 01:00 PM EDT Reads: 598
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
Oct. 3, 2015 01:00 PM EDT Reads: 363
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 3, 2015 12:00 PM EDT Reads: 360
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
Oct. 3, 2015 12:00 PM EDT Reads: 133
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless Thingies, will discuss and demonstrate how devices and humans can be integrated from a simple clust...
Oct. 3, 2015 11:00 AM EDT Reads: 582
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
Oct. 3, 2015 11:00 AM EDT Reads: 390
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 3, 2015 09:45 AM EDT Reads: 310
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Oct. 3, 2015 09:00 AM EDT Reads: 489
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, focusing on how to help solve the problems that developers are continuously battling.
Oct. 3, 2015 04:00 AM EDT Reads: 284
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingly turn towards data source discovery tools to find the right data, in context, for business users, d...
Oct. 3, 2015 04:00 AM EDT Reads: 305
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 150 developers, designers, quality assurance engineers, project manage...
Oct. 3, 2015 03:00 AM EDT Reads: 636
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect and correlate data from control systems, sensors, mobile devices and IT systems for a variety of Ind...
Oct. 3, 2015 02:00 AM EDT Reads: 534
SYS-CON Events announced today that Solgeniakhela will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgeniakhela is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve productivity, reduce collaboration costs, and increase the overall enterprise value by bringing ...
Oct. 2, 2015 10:00 PM EDT Reads: 531
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, will show how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He will use a Raspberry Pi to connect sensors to web services, and cloud integration to connect accounting and data, providing a Bluetooth...
Oct. 2, 2015 03:30 PM EDT Reads: 305
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Oct. 2, 2015 07:00 AM EDT Reads: 552
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 1, 2015 02:30 PM EDT Reads: 394
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Oct. 1, 2015 06:00 AM EDT Reads: 7,341