|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.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 01:30 PM EDT Reads: 864
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Oct. 1, 2016 01:00 PM EDT Reads: 5,188
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Oct. 1, 2016 12:30 PM EDT Reads: 644
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 12:30 PM EDT Reads: 639
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Oct. 1, 2016 12:30 PM EDT Reads: 3,107
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 12:30 PM EDT Reads: 5,539
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Oct. 1, 2016 12:30 PM EDT Reads: 3,272
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 12:30 PM EDT Reads: 2,339
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Oct. 1, 2016 11:45 AM EDT Reads: 2,813
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
Oct. 1, 2016 11:45 AM EDT Reads: 319
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Oct. 1, 2016 11:30 AM EDT Reads: 1,336
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Oct. 1, 2016 11:15 AM EDT Reads: 888
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 10:45 AM EDT Reads: 641
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 10:30 AM EDT Reads: 729
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Oct. 1, 2016 10:30 AM EDT Reads: 1,734
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Oct. 1, 2016 10:00 AM EDT Reads: 535
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Oct. 1, 2016 10:00 AM EDT Reads: 3,217
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 1, 2016 10:00 AM EDT Reads: 3,333
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Oct. 1, 2016 09:15 AM EDT Reads: 1,690
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Oct. 1, 2016 08:30 AM EDT Reads: 3,451