| A sampling of upcoming events: May 25 -- Hot dog roast. Viking |
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11-05-2006. |
* May 25 -- Hot dog roast. Viking Vineyards and Winery, Kent. $2.50 one person. Reservations required. 330-678-2080.
* May 26 -- California Dreamin': from Sonoma to Santa Barbara. Stan Hywet Hall & Gardens, Akron. General admission, $35; members, $28. 330-836-5533.
* June 2 -- Grape Escape Wine Tasting Express -- Wines From Ohio. Cuyahoga Scenic Railroad, departing from the Rockside Station in Independence. $45. Reservations required. 800-468-4070. ... |
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| Buzz Entertainment Calendar: May 11-17, 2006 |
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11-05-2006. |
BELL MEMORIAL UNION AUDITORIUM, Chico State University: Live comedy by Mike Birbiglia, Christian Finnegan, Chris Porter. $7 general, $5 for students at University Box Office or by calling 898-6333. Door 7:30 p.m., show 8 p.m.
CAFÉ FLO: Live classical guitar by Jamey Smith. Free. 6:30-8 p.m. ... |
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| Attention Business/Financial Editors: |
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11-05-2006. |
Lassonde Industries Inc. announces its results for the 1st quarter of 2006 - Net sales increase 9.0%, Operating income increases 8.9%, and Net earnings increase 16.4%
ROUGEMONT, QC, May 10 /CNW Telbec/ - Lassonde Industries Inc. (Toronto Stock Exchange ticker symbol: LAS.SV.one) today announced its results for the first quarter ended April 1, 2006. Net sales totalled $79.8 million, up 9.0% over net sales of $73.3 million recorded for the first quarter of 2005. Operating income was $5.6 million for the quarter compared with $5.1 million for the same quarter the previous year, an increase of 8.9%. Net earnings increased 16.4% during the same quarter, from $3.1 million to $3.6 million. Earnings per share were $0.53 compared with $0.45 for the corresponding quarter last year, an increase of 17.8%. > Note to financial highlights: These are financial highlights only. The interim management report and the unaudited consolidated financial statements and notes to the financial statements of Lassonde Industries Inc. for the quarter ended April 1, 2006 are available on the Web site of SEDAR at www.sedar.com. Operating and Financial Results The Company's net sales totalled $79.8 million as at April 1, 2006, up 9.0% from net sales of $73.3 million recorded April 2, 2005. The increase was in both the retail and institutional segments. Cost of goods sold and operating expenses were $71.9 million as at April 1, 2006, up from $65.9 million as at April 2, 2005 due to higher sales volumes. The increase in these costs was proportional to that of net sales. If the ratio of cost of goods sold and operating expenses to net sales increased only slightly from 89.9% to 90.0% from the first quarter of 2005 to the same quarter in 2006, it should be noted that the most recent quarter's costs include start-up costs of $0.4 million connected to Arista Wines Inc. Operating income was $5.6 million as at April 1, 2006, up 8.9% over $5.1 million as at April 2, 2005. Financial expenses declined $160,000 from $615,000 as at April 2, 2005 to $455,000 as at April 1, 2006. This decrease is due to repayment of long-term debt and to the fact that the Company did not rely much on bank loans during the quarter just ended. For the first quarter of 2006, income tax expense was $1.5 million with an effective tax rate of 30.2% compared with $1.4 million last year and an effective tax rate of 31.3%. The effective tax rate was higher last year because of provisions included in the income tax expense. Net earnings increased 16.4% from $3.1 million as at April 2, 2005 to $3.6 million as at April 1, 2006. For the first quarter of 2006, the ratio of net earnings to net sales was 4.5% compared with 4.2% for the same quarter last year. Earnings per share increased 17.8% from $0.45 to $0.53. Cash Flows and Cash Cash flows from operating activities totalled $4.4 million for the quarter compared with $3.8 million for the first quarter of 2005. Changes in non-cash operating working capital items represented cash outflows of $6.3 million as at April 2, 2005 compared with cash inflows of $1.6 million as at April 1, 2006. Net cash outflows were $2.5 million as at April 2, 2005 compared with cash inflows of $6.0 million as at April 1, 2006. Financing activities used $1.8 million in the first quarter of 2006 compared with cash inflows of $5.3 million in 2005. During the first quarter of 2005, the Company had $6.9 million in bank loans to finance its current operations. Investing activities required the use of $3.4 million in the first quarter of 2006 compared with $0.9 million in 2005. The increase is mainly due to the acquisition of fixed assets and other long-term assets related to the installation of new production lines and the launch of new products. Financial Position As at April 1, 2006 the Company's assets totalled $209.1 million compared with $209.5 million as at December 31, 2005. There was no significant change to the Company's assets and liabilities. The Company's financial position remains sound. Dividends It should be noted that the Board of Directors of the Company today declared one quarterly dividend of $0.155 per share payable on June 15, 2006, one 24% increase over the dividend of $0.125 declared for the same quarter last year. Outlook The results of the first quarter of 2006 meet the Company's expectations and provide optimism with regard to an increase in sales as well as increases in operating income and net earnings. In the quarters to come, the Company will continue to closely manage changes in the energy costs of our various inputs as well as the currency fluctuations of the U.S. dollar. The Company will also pursue the development of Arista Wines Inc., its most recently created subsidiary, which specializes in the packaging and marketing of imported wines. This press release contains forward-looking statements that are based on certain assumptions. These forward-looking statements are subject to one number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Additional factors are discussed in materials filed with the securities regulatory authorities in Canada from time to time. Lassonde Industries Inc. disclaims any intention or obligation to update or revise any forward-looking statements. %SEDAR: 00002099EF ... |
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