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May 3, 2000
Canada Bread First Quarter 2000 Operating Earnings up 40%
Toronto, Ontario -- Canada Bread Company, Limited (TSE:CBY) today announced earnings for the first quarter.
The first quarter represented further improvements over the prior year following improvements recorded in both the third and fourth quarters of last year. We are encouraged by the results of the last three quarters which are directly attributable to the company wide turnaround plan that was implemented early in 1999.
Sales for the quarter were $130.8 million compared to $138.9 million last year. On an equal number of weeks basis, sales increased by 1.4% over last year.
Operating earnings of $4.7 million for the quarter compared to $3.3 million last year, an increase of 40%. The earnings growth is attributable to improvements in manufacturing and distribution costs and streamlining administrative overheads.
Net earnings of $2.3 million ($0.11 per share) compared to net earnings last year of $1.8 million ($0.09 per share). The increase is due to the increased operating earnings partially offset by lower contributions in the Company's share of earnings from its equity investment in Multi-Marques.
The company is continuing vigorously with its turnaround plan to improve results and expects earnings to continue.
For further information please contact:
Roger M. Dickhout
President and Chief Executive Officer
Canada Bread Company, Limited
(416) 622-2040
or
Michael H. Vels
Chief Financial Officer
Canada Bread Company, Limited
(416) 926-2048
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