Toronto / CA. (ml) Maple Leaf Foods Inc. reported its financial results for the fourth quarter and year ended December 31, 2007. Financial and operational highlights include:
- Earnings from operations increased eleven percent in the quarter; 15 percent for the year.
- Earnings per share increased 54 percent to 0,20 CAD in the quarter; 0,51 CAD for the year.
- Protein Group operating earnings up 15 percent in the quarter; 14 percent for the year.
- Bakery Products Group operating earnings up five percent for the quarter; 16 percent for the year.
- Successfully double shifted front end processing at the Brandon pork plant.
- Completed the sale of non-core hog production operations in early 2008.
Note: All earnings measures are defined as earnings from continuing operations before restructuring and other related costs. All earnings per share measures are defined as earnings per share from continuing operations before restructuring and other related costs and certain non- recurring tax adjustments.
«The global food industry has been impacted by the ripple effect of an unprecedented rise in commodity grain costs over the past year. Our steady performance in 2007 reflects our efforts to manage this impact through reducing costs and raising prices», said Michael H. McCain, President and CEO. «While we are well positioned to offset a continued rise in input costs over time, heading into 2008 we may face some short-term volatility depending on the precise timing of matching price action with cost increases, given the magnitude of the changes. However, we are making excellent progress in implementing structural changes in our protein operations that will substantially increase profitability and reduce currency and commodity exposure for the long term. This includes the recent sale of our Ontario and Alberta hog operations that will significantly reduce our losses in this business» (news release).
