Saputo reports fiscal Q3 net earnings of C$129.8M, up 15.8% from year-ago period; revenues up 17.1% to C$1.796B
February 7, 2012
– Saputo: Financial Results Fiscal 2012 Third Quarter, Ended December 31, 2011
Saputo Inc. (TSX:SAP) (Saputo or the Company) reported today its financial results for the third quarter of fiscal 2012, which ended on December 31, 2011. All amounts in this news release are in Canadian dollars, unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).
* Net earnings for the quarter totalled $129.8 million, an increase of $17.7 million or 15.8% compared to $112.1 million for the same quarter last fiscal year.
* Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $207.3 million, an increase of $16.2 million or 8.5% in comparison to $191.1 million for the same quarter last fiscal year.
* Revenues for the quarter amounted to $1.796 billion, an increase of $261.7 million or 17.1% in comparison to $1.535 billion for the corresponding quarter last fiscal year.
* Basic earnings per share (EPS) and diluted EPS were $0.64 for the quarter, as compared to basic EPS of $0.55 and diluted EPS of $0.54 for the corresponding quarter last fiscal year.
* In the United States (US), an unfavourable relationship between the average block market1 per pound of cheese and the cost of milk as raw material negatively impacted EBITDA as compared to the same quarter last fiscal year.
* The average block market per pound of cheese increased by US$0.16 compared to the same period last fiscal year, increasing revenues and positively affecting EBITDA due to a better absorption of fixed costs.
* A less pronounced decline in the block market per pound of cheese during the third quarter of fiscal 2012 versus the same quarter last fiscal year resulted in a better realization of inventories.
* Inventory was written down by $3.9 million in the US in accordance with the sudden drop of the block price at the end of the quarter.
* The acquisition of DCI Cheese Company, Inc. (DCI Acquisition) on March 25, 2011 in the US contributed to revenues and EBITDA.
* The fluctuation of the Canadian dollar versus the US dollar and the Argentinian peso during the quarter had an insignificant impact on revenues and EBITDA as compared to the same quarter last fiscal year.
* The Board of Directors approved a dividend of $0.19 per share payable on March 16, 2012 to common shareholders of record on March 5, 2012.
For more information on the results of the third quarter of fiscal 2012, reference is made to the condensed interim consolidated financial statements and the notes thereto and to the Management's Discussion and Analysis for the third quarter of fiscal 2012. These documents can be obtained on SEDAR at www.sedar.com and in the "Investors and Media" section of the Company's web site, at www.saputo.com.
A conference call to discuss the third quarter results of fiscal 2012 will be held on Tuesday, February 7, 2012 at 2:30 PM, Eastern Time. To participate in the conference call, dial 1.800.670.1536. To ensure your participation, please dial in approximately five minutes before the call.
To listen to this call on the Web, please enter www.gowebcasting.com/3015 in your web browser.
For those unable to participate, an instant replay will be available until midnight, Tuesday, February 14, 2012. To access the replay dial 1.800.558.5253, ID number 21573551. A replay of the conference call will also be available on the Company's web site at www.saputo.com.
Saputo produces, markets, and distributes a wide array of products of the utmost quality, including cheese, fluid milk, yogurt, dairy ingredients and snack-cakes. Saputo is the 12th largest dairy processor in the world, the largest in Canada, the third largest in Argentina, among the top three cheese producers in the United States and the largest snack-cake manufacturer in Canada. Our products are sold in more than 50 countries under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Danscorella, Dragone, DuVillage 1860, Frigo Cheese Heads, Great Midwest, King's Choice, Kingsey, La Paulina, Neilson, Nutrilait, Ricrem, Salemville, Stella, Treasure Cave, hop & go, Rondeau and Vachon. Saputo is a publicly traded company whose shares are listed on the Toronto Stock Exchange under the symbol SAP.