N@N

Sun-Rype reports Q1 2009 financial results

^{Published on 2009-05-07 13:40:57, Last Modified on 2009-11-03 07:45:59 - Market Wire}
 

 TSX: SRF KELOWNA, BC, May 7 /CNW/ - Sun-Rype Products Ltd. (TSX:SRF) today released its financial results for the quarter ended March 28, 2009. Financial Highlights Sun-Rype achieved record quarterly net sales in the first quarter of 2009 of $41.0 million. Gross profit in the first quarter of 2009 was $11.7 million. The Company's net earnings for the first quarter of 2009 were $2.8 million or $0.26 per share. "After a financially challenging year in 2008, we are very pleased to report a return to profitability in the first quarter of 2009," says David Lynn, President & CEO. "New product innovations, geographic expansion and promotional activities were the primary drivers of our record quarterly sales. These sales, combined with lower raw materials costs and the effects of various cost savings initiatives, contributed to robust net earnings." Sun-Rype Products Ltd., based in Kelowna, BC, is a manufacturer and marketer of 100% juices and 100% fruit snacks under the Sun-Rype brand. Sun-Rype is a publicly traded Canadian company with its common shares listed on the Toronto Stock Exchange under the symbol SRF. Additional Information The foregoing are financial highlights only. The full first quarter interim management's discussion and analysis, financial statements and accompanying notes of Sun-Rype Products Ltd. for the period ended March 28, 2009, are available on the Canadian Securities Administrator's website at [ www.sedar.com ] and on the Company's website at [ www.sunrype.com ]. Additional information relating to Sun-Rype's operations can be found in the Company's Annual Information Form, filed with all applicable Canadian securities commissions and available for viewing on the Canadian Securities Administrator's website at [ www.sedar.com ] and on the Company's website at[ www.sunrype.com ]. Forward Looking Statements Statements contained in this press release, which are not based on historical fact, including without limitation, statements containing the words "may", "will", "plans", "intends", "expects", "anticipates", "believes", "estimate", "continue" and similar expressions, constitute "forward looking information" within the meaning of applicable Canadian securities laws. Forward looking statements contained in this document may involve, but are not limited to, statements relating to the Company's objectives, priorities, strategies, actions, targets, expectations and outlook. Forward looking statements are necessarily based upon assumptions and predictions with respect to the future, including but not limited to the factors referred to below. As a result, forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied thereby. These risks, uncertainties and other factors include, but are not limited to, changes in the consumer packaged goods industry and external market factors, as well as the factors referred to in the Company's Annual Information Form dated February 26, 2009, and its other filings with the applicable Canadian securities regulatory authorities. In light of these uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward looking statements. Except as required by law, the Company assumes no obligation to update or revise such information to reflect later events or developments. Sun-Rype Products Ltd. Statements of Operations and Comprehensive Income (Unaudited) (in thousands of dollars, except per share amounts) ------------------------------------------------------------------------- For the quarters ended March 28, March 31, 2009 2008 ------------------------------------------------------------------------- Net sales $ 41,040 $ 21,386 Cost of sales 29,347 20,546 ------------------------------------------------------------------------- Gross profit 11,693 840 ------------------------------------------------------------------------- Expenses Selling, general, and administrative 6,771 7,076 Amortization 424 764 Interest 222 57 Foreign exchange loss (gain) 152 (405) ------------------------------------------------------------------------- 7,569 7,492 ------------------------------------------------------------------------- Earnings (loss) before income taxes 4,124 (6,652) Income taxes (recovery) 1,308 (2,456) ------------------------------------------------------------------------- Net earnings (loss) and comprehensive income (loss) $ 2,816 $ (4,196) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Earnings (loss) per share Basic and diluted $ 0.26 $ (0.39) ------------------------------------------------------------------------- ------------------------------------------------------------------------- %SEDAR: 00001572E 

For further information: Don VanderZwaag, Director, Finance & Accounting, [ cfo@sunrype.com ] or David Lynn, Chief Executive Officer, [ ceo@sunrype.com ]; Sun-Rype Products Ltd., 1165 Ethel Street, Kelowna, BC, V1Y 2W4, Tel: (250) 860-7973, Fax: (250) 762-3611, [ www.sunrype.com ]