Click here to close now.




















Welcome!

Wearables Authors: Carmen Gonzalez, Elizabeth White, Pat Romanski, Kaazing Blog, Liz McMillan

News Feed Item

Lassonde Industries Inc. announces its Q2 2014 results

ROUGEMONT, QC, Aug. 8, 2014 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) ("Lassonde") posted sales of $272.4 million in the second quarter of 2014, a 5.4% increase year over year. Profit attributable to the Company's shareholders for this period totalled $11.2 million, down $0.2 million from the second quarter of 2013.

Financial highlights
(in thousands of dollars)
Second quarters ended
  June 28,
2014
June 29,
2013
Sales $  272,403 $  258,550
Operating profit 21,851 19,490
Profit before income taxes 16,877 15,646
Profit attributable to the Company's shareholders 11,228 11,385
Basic and diluted earnings per share (in $) $        1.61 $        1.63

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 June 28, 2014 will be available on the SEDAR website at www.sedar.com and on the website of Lassonde Industries Inc.

"The 2014 second quarter results reflect a combined impact of solid performance by our U.S. subsidiary and difficult market conditions in Canada. In addition, I'm pleased to announce the closing of the Apple & Eve acquisition, which marks another major step in the realization of our North American growth strategy," said Pierre-Paul Lassonde, Chairman of the Board and Chief Executive Officer of Lassonde Industries Inc.

Financial results
The Company's sales totalled $272.4 million in the second quarter of 2014, up $13.8 million or 5.4% from $258.6 million in sales during the same period of 2013. This increase was primarily driven by an increase in the sales of private labels and by a favourable foreign exchange impact, partly offset by a decrease in the sales volume of national brands. For the first six months of 2014, sales totalled $516.6 million, up 3.5% from $499.1 million in the first six months of 2013.

The Company's operating profit for the second quarter of 2014 stood at $21.9 million, up $2.4 million from operating profit of $19.5 million in the same quarter last year. This increase was mostly due to an improvement in the profitability of Clement Pappas and Company, Inc. ("CPC") private label products and to a decrease in selling and administrative expenses, partly offset by an unfavourable impact on the Company's cost of sales of lower production volumes in Canada. Operating profit for the first six months of 2014 stood at $36.2 million, up $2.9 million from $33.3 million at the end of the first six months of 2013.

The Company's financial expenses went from $4.6 million in the second quarter of 2013 to $4.1 million this quarter. This decrease was mostly attributable to a $1.6 million decrease in interest expense arising from a change in the interest rates applicable to CPC's term loan as of July 2013 and a reduction in indebtedness. This decrease was partly offset by a less favourable change in the fair value of the financial liability related to retractable financial instruments. A $0.4 million decrease in this liability was recognized in the second quarter of 2014 whereas a $1.6 million decrease had been reported in the second quarter of 2013. For the first six months, financial expenses went from $11.0 million in 2013 to $9.4 million this fiscal year.

"Other (gains) losses" went from a $0.8 million gain in the second quarter of 2013 to a $0.9 million loss in 2014. The 2013 second-quarter gain was mainly due to $0.5 million in foreign exchange gains and to a $0.2 million gain related to a change in the fair value of interest rate swaps. The $0.9 million loss in the second quarter of 2014 was mainly due to $0.4 million in foreign exchange losses and to a $0.4 million loss related to a settlement at fair value of a derivative financial instrument. For the first six months, the "Other (gains) losses" item was a $0.3 million gain in 2014 compared to a $1.0 million gain in 2013.

Profit before income taxes totalled $16.9 million for the second quarter of 2014, up $1.3 million from $15.6 million in the same quarter of 2013. For the first six months of 2014, profit before income taxes stood at $27.1 million, up $3.7 million from $23.4 million in the first six months of 2013.

An income tax expense at an effective rate of 28.6% (23.7% in 2013) brought the 2014 second-quarter profit to $12.0 million, up $0.1 million from $11.9 million in the same quarter last year. Profit attributable to the Company's shareholders was $11.2 million, resulting in basic and diluted earnings per share of $1.61 for the second quarter of 2014. In the second quarter of 2013, profit attributable to the Company's shareholders had totalled $11.4 million, resulting in basic and diluted earnings per share of $1.63. For the first six months of 2014, profit attributable to the Company's shareholders totalled $18.3 million, resulting in basic and diluted earnings per share of $2.62 and, in the same six-month period of 2013, profit had totalled $17.2 million, resulting in basic and diluted earnings per share of $2.47.

Cash flows from operating activities generated $1.6 million in cash during the second quarter of 2014, while they had generated $38.1 million in cash during the same period last year. Financing and investing activities used $16.4 million and $4.2 million, respectively, in cash during the second quarter of 2014, whereas they had used $34.4 million and $9.3 million for the same period of fiscal 2013. At the end of the second quarter of 2014, the Company reported a cash and cash equivalents balance of $17.4 million and a bank overdraft of $12.2 million compared to a cash and cash equivalents balance of $1.3 million and a bank overdraft of $4.6 million at the end of the second quarter of 2013.

Outlook
Sluggish growth in demand for juice and fruit beverages is continuing to impact the sales volumes of North American producers in this sector. Increased competition in the Canadian market has an impact on prices as well as on sales volumes of the Company's national brands. Moreover, Lassonde Industries Inc. is not seeing any signs that competitive activity will diminish over the next two quarters. However, the Company believes that it will be able to maintain slight sales growth due to the strong performance of its private label products as well as to the favourable exchange impact from its U.S. dollar sales.

Lassonde Industries Inc. adjusted its method of operation and its level of spending to maintain its competitive position and to safeguard its profitability. It also acquired Apple & Eve, LLC to increase its North American market presence for national brands. The Company expects this acquisition to have significant impact on its activities. To help measure this impact, it should be remembered that Apple & Eve, LLC recorded sales of approximately US$180 million for the 12-month period ending May 31, 2014 and an adjusted EBITDA of approximately US$15 million.

Barring any major external shocks and excluding future sales from Apple & Eve, LLC, the Company remains optimistic about its ability to slightly increase its consolidated sales in 2014 compared to those of 2013.

About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development, manufacture and sale of a wide range of ready-to-drink 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 fruit juices and drinks in the United States and a major producer of cranberry 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 over 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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the data to create additional revenue streams, such as improved warranties or premium features. Or slash...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
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.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be.
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
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,...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
SYS-CON Events announced today that IceWarp 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. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small, but are focused on specific tasks. The ability for developers to deploy multiple containers – thous...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 an...