Lawrence Bates, President and CEO of Sun- Rype Products Ltd., announces 2000 earnings of $4.9 million compared to earnings of $3.9 million in 1999. Excluding a gain of $835,000 on the recent sale of the US Fruit to Go trademark, comparable earnings before income taxes increased 5% over 1999.
“This is our 3rd year in a row of record earnings”, says Bates. “We achieved this despite lower apple juice sales, a consequence of the low volume 1999 apple crop. We continue to diversify our product mix and are increasingly less impacted by commodity cycles. Sales of Fruit to Go and Energy to Go 100% all natural fruit snacks continue to expand successfully across the country.”
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“We’re off to a good start in 2001 with the availability of a much larger and more favourably priced 2000 apple crop,” Bates says. “There has been excellent customer response to our “February is Apple Month” promotion – a long standing program that we’ve now introduced into the eastern and central Canadian markets.”
Sun-Rype Products Ltd., based in Kelowna, B.C., is a national manufacturer of apple-based food and beverage products. The company manufactures and markets a variety of juice and snack foods products including the company’s flagship Blue Label Apple Juice and Fruit to Go 100% all natural fruit snacks. Sun-Rype is a publicly traded company with its common shares listed on The Toronto Stock Exchange under the symbol SRF.
SUN-RYPE PRODUCTS LTD.
CONSOLIDATED STATEMENTS OF EARNINGS
AND RETAINED EARNINGS (DEFICIT)
for the years ended December 31
(in thousands of dollars except per share amounts)
2000 1999
(restated)(x)
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By GlobalData Net sales $ 94,670 $ 96,359
Cost of sales 58,464 59,341
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Gross profit 36,206 37,018
Selling, general & administrative
expenses 25,535 25,981
Amortization 3,526 4,035
Interest expense 433 610
Gain on sale of trademark (835) –
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Earnings before income taxes 7,547 6,392
Income taxes 2,695 2,459
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Net earnings 4,852 3,933
Retained earnings (deficit),
beginning of year as originally
reported 575 (3,109)
Effect of change in accounting policy – (249)
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Retained earnings, end of year $ 5,427 $ 575
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Earnings per share
Basic $0.49 $0.39
Fully diluted $0.47 $0.37
(x) 1999 comparative figures have been restated to retroactively reflect
a change in the method of accounting for income taxes and post employment
benefits as a result of changes in CICA accounting standards.
For further information
Robert McGowan, Chief Financial Officer, Sun-Rype Products Ltd., 1165 Ethel Street, Kelowna, BC, V1Y 2W4, Tel: (250) 470-6419, Fax: (250) 762-3611, rmcgowan@sunrype.com
Lawrence Bates, President and CEO, Sun-Rype Products Ltd, 1165 Ethel Street, Kelowna, BC, V1Y 2W4, Tel: (250) 860-7973, Fax: (250) 762-3611, lbates@sunrype.com
www.sunrype.com To request a free copy of this organization’s annual report, please go to www.newswire.ca and click on reports@cnw.
