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Premium Brands announces third-quarter results
By Shaun Weston
03 November 2010
Categories
Business
Financial
Food
Highlights
Revenue for the quarter increased by $20.3m or 16.4% to a record $143.7m as compared to $123.4m in the third quarter of 2009.
Adjusted Ebitda for the quarter was $13.0m vs $13.2m in the third quarter of 2009. The company’s lower adjusted Ebitda was primarily due to its premium processed meats operations generating below average selling margins as a result of record high costs for certain input commodities.
The company’s foodservice segment continued to show solid improvement, posting record revenue and adjusted Ebitda for the third quarter of $81.9m and $6.1m, respectively as compared to $65.1m and $4.6m, respectively in 2009.
Year-to-date revenue and adjusted Ebitda increased by $27.7m and $0.4m, respectively.
Free cash flow for the rolling four quarters ended 25 September 2010 was $30.6m as compared to declared dividends of $20.8m resulting in a payout ratio of 68.0%.
Earnings before taxes for the quarter were $6.5m or $0.36 per share as compared to $6.5m or $0.37 per share in the third quarter of 2009.
During the quarter, the company completed the acquisition of a 76% interest in Toronto-based Maximum Seafood. Maximum is a leading distributor of a variety of fresh and live seafood products.
Subsequent to the quarter, the company completed the acquisition of Seattle-based SK Food Group Inc. SK Food Group is a leading manufacturer of artisan breakfast sandwiches and wraps.
Source: Premium Brands Holdings Corporation
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