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Press Releases 2003
August 7, 2003
Toronto, Ontario
Second Quarter 2003 Report to Shareholders
Three months ended June 27, 2003
DOMINION CITRUS REPORTS A 23% IMPROVEMENT IN 2ND QUARTER NET EARNINGS and DECLARES A COMMON SHARE DIVIDEND OF $0.025 PER SHARE PAYABLE SEPTEMBER 26, 2003
Second Quarter Highlights
- Revenue of $32,399,000 was up 24.6% over last year.
- Net earnings of $741,000 were 22.9% higher than last year.
- Fully diluted earnings per share of $0.036 were 9.1% higher than last year after allowing for the impact of preferred share dividends and higher weighted average shares outstanding.
- The Company began distributing a unique range of food products including olive oil, olives and pasta, under the Catanti brand, in May.
- On May 15th the Company completed the acquisition of Delta Foods International Ltd., North America’s fifth largest processor of maple syrup.
- The Company declared a dividend of $0.077121 per Series A Preference Share, payable July 20, 2003 to shareholders of record June 30, 2003.
- The Company declared a semi-annual dividend of $0.025 per common share payable on September 26, 2003 to shareholders of record at the close of business on September 12, 2003.
TORONTO, June 7, 2003: Dominion Citrus Limited (TSE:DMN) announces a continuation of strong operating results for the second quarter driven mainly by the existing businesses with a contribution from the new acquisitions. Net earnings for the second quarter of $741,000 are up 22.9% over last year and the six month net earnings are up 33.9% over the comparable period last year. Fully diluted earnings per share for the second quarter of $0.036 are up 9.1% compared to the same period last year and up 21.7% to $0.073 for the six months versus last year. Second quarter revenue of $32,399,000 increased by $6,393,000 or 24.6% over last year; $3,874,000 or 14.9% excluding acquisitions.
“The continuing strong performance of the Company in the second quarter of 2003 reflects solid year over year operating performance and the successful start, in May, of integrating the recent acquisitions” said Jacques Lavergne, Dominion Citrus Limited President and CEO. “Revenue increases, excluding acquisitions, were experienced in all divisions.”
“The integration of our recent acquisitions was commenced in May and they have proven accretive to earnings in the quarter. Our outlook for the remainder of fiscal 2003 is positive, and we expect that we will increase revenue and earnings compared to last year”.
Dominion Citrus Limited 2nd Quarter Results
3 months ended June 27, 2003
& June 30, 2002 |
|
2003 |
2002 |
| Revenue |
$32,399,000 |
$26,006,000 |
| Operating Income |
$ 1,342,000 |
$ 1,183,000 |
| Net Income |
$ 741,000 |
$ 603,000 |
| EPS (fully diluted) |
$ 0.036 |
$ 0.033 |
Subsequent Event
On July 18, 2003 the Company completed a brokered private placement of 2,572,727 units of the Company at $1.65 per unit for total gross proceeds of $4,245,000. Each unit consists of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to acquire a Dominion common share at $2.15 for a period of two years. The proceeds will be used to fund future acquisitions and for general corporate purposes.
Investors:
E.A. Atkinson
V.P. Finance, CFO &
Corporate Secretary
416 521-6288
email: t.atkinson@dominioncitrus.com
Media:
J.L. Lavergne
President & CEO
416-521-6289
email: j.lavergne@dominioncitrus.com
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