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Press Releases 2003
April 3, 2003
Toronto, Ontario
Dominion Citrus Limited Announces Record Fiscal 2002 Audited Financial Results
Fiscal 2002 Highlights
- Net Income of $2.2 million increased 17.8% versus Fiscal 2001 results.
- Net Earnings Per Share (EPS) of $0.135 compares favourably to the $0.115 reported last year.
- The company generated $5.4 million in Cash from Operations during the year, a 25% improvement over Fiscal 2001 results.
- Gross Margin increased to 17.7%, up from last year's 16.5% rate.
- Subsequent to year end, the company acquired the worldwide rights to the trademark "Catanti" and the company also signed a letter of intent to acquire a 100% interest in Delta Foods International.
TORONTO, April 3, 2003: Dominion Citrus Limited (TSE:DMN) announces record earnings and operating cash flow performance for the year ended December 31, 2002 The company reports revenue of $105.9 million for fiscal 2002, compared to $106.6 million last year. The company's net earnings of $2.2 million or $0.135 EPS, is a 17.4% improvement to the $0.115 EPS reported in 2001. Additionally, the company's operating cash flow improved 25% over last year's results.
Jacques Lavergne commented that, "The focus on steady and profitable growth in our existing lines has resulted in another year of record net income and excellent cash flow growth in our increasingly competitive environment. Management initiatives resulted in each of the five businesses contributing positively to our consolidated financial results."
"We began the implementation of our acquisition strategy aimed at providing us with the opportunity to broaden our product offering and the range of services we offer our customers. Subsequent to year end we announced the acquisition of the worldwide rights to the "Catanti" trademark and the proposed acquisition of Delta Foods International., both of which we expect to be accretive to earnings."
"We expect that 2003 will be another positive year for our company. We have a strong balance sheet coupled with an expanding operating cash flow. We entered 2003 focused on taking the first steps in the execution of our diversification strategy and meeting our long-term growth plan. We are moving forward with caution so as to ensure downside risks are minimized."
Dominion Citrus Limited Year End Results |
(Audited) |
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12 months ended December 31 |
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2002 |
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2001 |
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| Revenue |
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$105,854,000 |
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$106,605,000 |
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| Gross Margin % |
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17.7% |
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16.5% |
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| Operating Income |
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$3,410,000 |
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$3,075,000 |
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| Earnings Before Tax |
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$3,492,000 |
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$3,111,000 |
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| Net Earnings |
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$2,206,000 |
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$1,872,000 |
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| EPS (Basic) |
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$0.135 |
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$0.115 |
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| Cash Flow From Operations |
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$5,364,000 |
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$4,287,000 |
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| Cash & Cash Equivalents |
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$4,906,000 |
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$2,604,000 |
E.A. Atkinson
V.P. Finance & CFO
Corporate Secretary
416 521-6288 |
