SWP Reports $8.3 Million Loss

REGINA - Jun 9/06 - SNS -- The Saskatchewan Wheat SWP Inc. (SWP) reported a net loss of CDN $8.252 million on sales and revenues of $336.498 million during the third quarter ending April 30, compared to a net loss of $916,000 on sales of $288.016 million during the same three month period of the previous fiscal year.

This brought the company's net loss of the current fiscal year to $12.961 on sales of $978.18 million, compared to a loss of $17.439 on sales of $839.005 million during the same nine-month period of the previous fiscal year.

Spinning the third quarter results, SWP President and CEO Mayo Schmidt said, "The Pool's third quarter results illustrate our ability to deliver strong performance through the grain pipeline especially when solid industry fundamentals exist. We increased shipments, improved margins, and maximized our export and logistics expertise; all key business drivers in this highly competitive industry."

The primary factor during the increase in third quarter sales was increased grain handling volume. Grains shipments were 2.0 million metric tons (MT) in the third quarter of 2006 versus 1.6 million MT for the same period last year. Non-Board shipments were 59% higher quarter-over-quarter, while CWB shipments were up slightly at 2%.

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