Rogers Sugar Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended December 28, 2013; Provides Production Guidance for 2014
January 31, 2014 at 02:31 am IST
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Rogers Sugar Inc. reported unaudited consolidated earnings results for the first quarter ended December 28, 2013. For the quarter, the company reported revenues of $136,876,000 compared to $142,376,000 a year ago. EBIT was $19,425,000 against $23,437,000 a year ago. Net earnings of $12,516,000 against $15,940,000 a year ago. Net earnings per share was $0.13 compared to $0.17 a year ago. Adjusted EBIT was $17,901,000 compared to $22,365,000 a year ago. Adjusted net earnings was $11,403,000 compared to $14,694,000 a year ago. Adjusted net earnings per basic share was $0.12 compared to $0.16 a year ago. Cash flow from operations was positive $3,454,000 in the first quarter of 2014, as opposed to negative $5,669,000 in the comparable quarter of fiscal 2013. Capital expenditures were $948,000 compared to $967,000 a year ago. Free cash flow was $13,595,000 compared to $18,116,000 a year ago.
Volume for the first quarter was 162,258 metric tonnes, as opposed to 156,415 metric tonnes in the comparable quarter of last year, an increase of approximately 5,800 metric tonnes. Industrial volume was higher by approximately 4,700 metric tonnes due to the gain of additional volume with existing and new customers.
The company anticipate that consumer volume will be slightly higher in 2014 than it was in 2013, largely as a result of a new multi-year national agreement with a major consumer account taking effect in January 2014. The Company was able to enter approximately 5,600 metric tonnes under the U.S. global quota that opened and closed on October 1, 2013. Total sales volume is expected to be comparable to fiscal 2013. However, adjusted gross margin rate is expected to be lower in fiscal 2014 due to an increasingly competitive environment in all domestic segments.
Rogers Sugar Inc. is a provider of sugar products to the Canadian market. The Company operates through two segments: Sugar, which includes refined sugar and by-products, and Maple, which includes maple syrup and maple derived products. The Company operates through its wholly owned subsidiaries, Lantic Inc. (Lantic) and The Maple Treat Corporation (TMTC). Lantic sugar products include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups. Lantic also operates a distribution center in Toronto, Ontario. Lantic operates cane sugar refineries in Montreal, Quebec and Vancouver, British Columbia, as well as the Canadian sugar beet processing facility in Taber, Alberta. TMTC products include maple syrup and derived maple syrup products supplied under retail private label brands in over 50 countries and are sold under various brand names. TMTC operates bottling plants in Granby, Degelis and St-Honore-de-Shenley, Quebec and in Websterville, Vermont.
Rogers Sugar Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended December 28, 2013; Provides Production Guidance for 2014