Agricore Records Q3 Profit

WINNIPEG - Sep 8/05 - SNS -- Agricore United reported net income of CDN $47.218 million on revenue of $1,021.285 million during the third quarter ending July 31, compared to a net of $41.78 million on sales of $1,146.619 million during the same three month period last year.

This lifted the company's net earnings into positive territory for the first nine months of the current fiscal year. Agricore reported earnings of $22.305 million on sales of $2,209.385 million, compared to a net of $10.49 million on sales of $2.534.727 million during the first three quarters previous fiscal year.

Agricore said its gross profit and net revenue from services for the nine months increased over last year due to higher sales of crop inputs, increased livestock feed sales volume and margins and higher profit from livestock sales.

On the other hand, seed inventories increased due to unfavorable weather in Manitoba which limited seeding there and contributed to a higher carryout of canola seed. Crop nutrition inventories decreased as higher seasonal sales contributed to lower end-of-season inventory carryout coupled with delayed timing of purchases for fall 2005 sales compared to last year. Non-CWB grain inventories increased as higher grain receipts exceeded grain shipments compared to the same period last year.

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