Toronto - Maple Leaf Foods Inc. announced its 1997 fourth quarter and full year results.
Sales of $3.7 billion in 1997 represented an increase of 15 percent from 1996 sales of $3.2 billion. Operating earnings increased 5 percent to $117.4 million from $112.3 million in 1996. Excluding $11.9 million of costs in the fourth quarter related to labour disputes at four plants, operating earnings increased 15 percent over 1996. The Company reported net earnings of $46.9 million for the year ($0.51 per share), compared to $42.1 million in 1996 ($0.46 per share).
Fourth quarter operating earnings decreased to $27.6 million from $33.3 million in 1996. Excluding $11.9 million of labour dispute-related costs, fourth quarter operating earnings increased 19 percent over fourth quarter operating earnings in 1996. Fourth quarter net earnings decreased to $12.5 million ($0.13 per share) from $15.3 million ($0.17 per share) in 1996.
Archie McLean, Chief Executive Officer of Maple Leaf Foods Inc. said "We made good progress in 1997. Operating earnings, before labour dispute-related costs, increased 15 percent. Highlights for the year included commitments of about $70 million in three new bakery plants, one in Calgary, Alberta which was completed during the year and two others that are now nearing completion in Langley, British Columbia and Roanoke, Virginia, and the announcement of a new $112 million world-class hog processing facility to be built in Brandon, Manitoba. In many ways it was a difficult and challenging year, but we continued to build a solid foundation for continued exciting and profitable growth."
The Directors of the Company have declared a quarterly dividend of $0.04 per share, payable March 31, 1998 to shareholders of record on March 27, 1998.
The Company's Annual Shareholders' Meeting is scheduled for 11:00 a.m. on May 7, 1998 at the Glen Gould Studio, CBC, 250 Front St. W., Toronto.
Maple Leaf Foods Inc. is Canada's largest food processor. The Company reports in the following three segments: Meat Products Group, which includes fresh pork and poultry, prepared meats and rendering; Bakery Products Group, which includes bakery operations in Canada and the U.S., and franchising operations; and Agribusiness Group, which includes animal feed and pet food operations, international food trading and seafood processing.
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