Vancouver, British Columbia - Fletcher's Fine Foods Ltd. reported its sales for the first quarter of 1998 rose 15% to $93.0 million from $80.6 million one year ago, driven by the continued growth of its Prepared Foods Division. For the quarter ended March 21, 1998, the sales from the Prepared Foods Division grew 43% to $45.6 million, compared to $31.9 million in the first quarter of 1997, primarily due to the acquisitions of Harvest Meats, Stone Mill Foods and McSweeney's at the beginning of the year.
Net earnings for the first quarter were $1.3 million, or $0.20 per share as compared to a loss of $1.0 million, or $0.18 per share for the like quarter a year ago. “I am very pleased with the progress we have made in positioning Fletcher's as the leading pork processor in Western Canada and the Pacific Northwest,” said Fred Knoedler, President and CEO. “Our strategic focus on building a branded consumer products business is beginning to translate into sustainable profit margins.”
“Although our Prepared Foods Division continues to play the major role in our improving margins, the Fresh Pork Division also showed a significant increase in its margins for the first quarter of 1998,” added George Paleologou, Vice President and CFO. “Overall, our 1998 first quarter results represent the fourth consecutive quarter-to-quarter increase in our earnings.”
Fletcher's has been in the food processing business since 1917, and has manufacturing facilities in Alberta, British Columbia, Saskatchewan, Washington and Oregon. On Monday, April 27, 1998, FLCHF shares closed in trading on Nasdaq at US$17.00; in Toronto, FFF shares closed at C$24.50.
Actual results may differ materially from those projected in any forward-looking information. Specifically, a number of important factors could cause actual results to differ materially from those anticipated. Those factors include, but are not limited to: commodity market fluctuations; relations with suppliers; pricing of competing products; ability to control costs and expenses; product acceptance; competition in the fresh food industry; penetration of distribution channels; and international trade relations.
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