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Author Topic: Menu Foods Income Fund Announces $20.5 Million Increase in Net Income  (Read 1480 times)
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menusux
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« on: February 17, 2010, 02:26:46 PM »

http://www.benzinga.com/pressreleases/m131189/menu-foods-income-fund-announces-20-5-million-increase-in-net-income-for-the-y

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2010) -

NOT FOR RELEASE OVER US NEWSWIRE SERVICES

Attention Business/Financial Editors:

"Menu Foods Income Fund today reported net income for the year ended December 31, 2009(1) of $13.7 million, a substantial improvement compared to a loss of $6.8 million in 2008.

""Our strong performance in 2009 marks the first time since 2006 that the Fund has been profitable in each quarter of the year and results in 2009 being the third most profitable year since the Fund went public in 2002," stated Paul Henderson, President and Chief Executive Officer, Menu Foods GenPar Limited. "During 2009, we benefited from the effective execution of our operating plans as well as a 7.2% growth in volume by our continuing private-label business, which together contributed significantly to the year's results."

"During 2009, the Fund generated more than $24 million in cash from operations which was used to reduce bank indebtedness by almost $20 million and finance more than $4 million of capital expenditures. The improved earnings and debt reduction, combined with favourable foreign exchange resulted in a net debt to EBITDA ratio of 2.9 times, as at December 31, 2009 - a significant improvement compared to the ratio of 5.5 times as at December 31, 2008.

"Looking ahead, the Fund expects modestly lower volume in 2010, as compared to 2009, principally as a result of the previously announced loss of customers. Significant progress has been made to mitigate the effect of these losses through new business attainment and increased sales of products, including the Fund's new cup format, to existing customers. Management believes that some portion of the 7.2% growth in volume sold to continuing private-label customers in 2009 reflects the shift by consumers to private-label during these difficult economic times. During 2009 private-label accounted for approximately 75% of the Fund's business, so a continuation of the shift in consumer demand for private-label is likely to translate into additional volume to existing customers during 2010. From the perspective of overall operating performance, management believes that the current economic climate should keep costs in 2010 in line with 2009. Should these expectations with respect to cost containment, new business and increased sales to existing customers materialize, management believes that the Fund is well-positioned to continue its recent strong performance."
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Carol
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« Reply #1 on: February 17, 2010, 02:34:52 PM »

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JJ
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« Reply #2 on: February 17, 2010, 04:35:31 PM »

They lost customers, hmmmm, wasn't that to be expected after all that happened?
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3catkidneyfailure
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« Reply #3 on: February 18, 2010, 08:06:33 AM »

The b#sst@rds that should be rotting in hell for their negligence are producing ever cheaper
private label products. Sounds like a sure-fire recipe for another disaster.
« Last Edit: February 18, 2010, 09:40:14 AM by 3catkidneyfailure » Logged
Sandi K
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« Reply #4 on: February 18, 2010, 09:37:07 AM »

I second that vomit emoticon and raise you one: 
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