Lassonde Industries Q3 Operating Income Increases 19.8%
Published:09-November-2009
By Staff Reporter
Net sales increase to $127.5m
Lassonde Industries, a developer, manufacturer and marketer of fruit and vegetable juices and drinks and certain specialty food products, has reported net sales for the third quarter of 2009 of $127.5m, up 2.5% from net sales of $124.4m for the same period of 2008. The growth in net sales mainly reflects increased market share, partly offset by higher trade spending.
For the first nine months of 2009, net sales totaled $384.8m, up 3.3% from $372.3m posted at the end of the first nine months of the prior year.
For the quarter, operating income was $11.5m, an increase of 19.8% compared to $9.6m posted in the same quarter prior year. The increase in operating income resulted primarily from growth in net sales and the positive combined impact of a stronger Canadian dollar and lower cost of concentrates. For the first nine months of 2009, operating income was $31.9m, an increase of 2.7% from $31.1m in the year ago period.
Net earnings for the third quarter was $7.3m, or $1.1 per share compared to $6m, or $0.9 per share for the third quarter of 2008. Net earnings for the first nine months was $20.4m, or $3.08 per share compared to $21.6m, or $3.08 per share for same period in the previous year.
Pierre-Paul Lassonde, chairman and chief executive officer of Lassonde Industries, said: "We feel that we will be able to keep net sales in the last quarter of 2009 at a comparable level to that of the last three months of 2008."
