|By PR Newswire||
|August 8, 2014 11:43 AM EDT||
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 $0.2 million from the second quarter of 2013.
(in thousands of dollars)
|Second quarters ended|
|Sales||$ 272,403||$ 258,550|
|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.
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.
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.
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
Mar. 4, 2015 09:00 PM EST Reads: 3,674
The cloud is now a fact of life but generating recurring revenues that are driven by solutions and services on a consumption model have been hard to implement, until now. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, will discuss how a top European telco has leveraged the innovative recurring revenue generating capability of the consumption cloud to enable a unique cloud monetization model to drive results.
Mar. 4, 2015 08:00 PM EST Reads: 1,904
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Mar. 4, 2015 07:00 PM EST Reads: 1,045
Analytics is the foundation of smart data and now, with the ability to run Hadoop directly on smart storage systems like Cloudian HyperStore, enterprises will gain huge business advantages in terms of scalability, efficiency and cost savings as they move closer to realizing the potential of the Internet of Things. In his session at 16th Cloud Expo, Paul Turner, technology evangelist and CMO at Cloudian, Inc., will discuss the revolutionary notion that the storage world is transitioning from mere Big Data to smart data. He will argue that today’s hybrid cloud storage solutions, with commodity...
Mar. 4, 2015 06:00 PM EST Reads: 2,013
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Mar. 4, 2015 04:15 PM EST Reads: 447
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Mar. 4, 2015 04:15 PM EST Reads: 995
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
Mar. 4, 2015 04:00 PM EST Reads: 1,512
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Mar. 4, 2015 03:15 PM EST Reads: 1,554
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Mar. 4, 2015 02:30 PM EST Reads: 3,088
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
Mar. 4, 2015 02:00 PM EST Reads: 1,530
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Mar. 4, 2015 01:45 PM EST Reads: 3,335
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 4, 2015 01:45 PM EST Reads: 1,400
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Mar. 4, 2015 01:00 PM EST Reads: 998
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Mar. 4, 2015 01:00 PM EST Reads: 1,086
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
Mar. 4, 2015 12:45 PM EST Reads: 652
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Mar. 4, 2015 12:30 PM EST Reads: 3,343
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Mar. 4, 2015 12:00 PM EST Reads: 3,635
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Mar. 4, 2015 12:00 PM EST Reads: 1,485
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Mar. 4, 2015 11:45 AM EST Reads: 4,536
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Mar. 4, 2015 11:30 AM EST Reads: 4,485