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Canada Bread Doubles Earnings
TORONTO - May 1/02 - SNS -- Canada Bread Company, Limited (TSE:CBY) doubled its net earnings to $6.4 million during the company's opening quarter, while sales soared 69% to $231.5 million during the January to March period.
The increase in sales was principally due to the consolidation of results for Multi-Marques, wholly owned since October 2001. Excluding the Multi-Marques contribution, sales for the quarter increased by 8%, reflecting business growth across all principal product lines.
Earnings from operations for the quarter were $10.9 million, compared to $5.9 million last year ($6.6 million last year before goodwill amortization), an increase of 65%. In addition to the contribution from Multi-Marques, the Company continues to benefit from operational improvements that have been achieved over the past two years, and from increased sales both in Canada and to Maple Leaf Bakery in the United States.
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