Source: CNW
Aug 28th
Corby Distilleries Limited ("Corby" or the "Company") (TSX: CDL.A) (TSX: CDL.B) today reported its financial results for the fourth quarter ended June 30, 2012. The Corby Board of Directors today also declared a dividend of $0.15 per share payable on September 30, 2012 on the Voting Class A Common Shares and Non-voting Class B Common Shares of the Company to shareholders of record as at the close of business on September 15, 2012.
Net earnings for the fourth quarter and year ended June 30, 2012 totaled $4.9 million (or $0.17 per share) and $46.0 million ($1.62 per share). Year over year, net earnings increased $17.1 million. Two disposal transactions, the sale of certain non-core brands and the subsidiary that owned the Montreal plant on October 31, 2011 and the sale of the Seagram Coolers brand on March 16, 2011, had a substantial impact on the financial results in both the current and prior years (hereafter the "Disposal Transactions"). The following provides a comparison on a like-for-like basis as it excludes the impact of the aforementioned Disposal Transactions:
- Case good shipments grew 3% on an annual basis; quarterly, shipments grew 1%
- Revenue increased 7% on an annual basis; 3% during the quarter
- Net earnings increased 11% on an annual basis; net earnings decreased 5% during the quarter
Fourth quarter case goods shipments showed modest growth, despite being impacted by the exceptional results experienced in the third quarter where shipment phasing was significantly ahead of consumer trends. Corby's commission business and its continued sale of bulk whisky combined to improve revenue this quarter. Given these shipment phasing impacts, our full year results are a better reflection of actual performance. The growth in net earnings for the year was driven by encouraging volumes and reflected the delivery of strong advertising and promotional ("A&P") programs which drove market share growth in our key focus areas. The Company continues to increase its A&P investment and new product innovation. Net earnings for the year (and fourth quarter) also benefited from increased commissions from the representation of Pernod Ricard brands in Canada, higher interest on cash deposits, and having lower statutory rates of corporate income tax. In addition, bulk inventory sales continue to have a positive impact while we continue to invest in our route to market capabilities.
Without adjustment for the Disposal Transactions, Corby's fourth quarter revenue decreased $7.7 million when compared with the same three month period last year, while on a year over year comparison basis, revenue decreased 8% (or $12.9 million).
"I am pleased to report excellent progress in a year where we have clearly made great strides in implementing our core strategy of focusing our investments on, and leveraging the long-term growth potential of, our key brands. We continue to achieve growth ahead of category in our areas of focus, deliver new products to market on schedule, increase investment behind key brands and re-shape our route to market capabilities. What is particularly pleasing, is achieving all this while delivering strong growth to our bottom-line", noted Patrick O'Driscoll, President and Chief Executive Officer of Corby.
For further details, please refer to Corby's management's discussion and analysis and consolidated financial statements and accompanying notes for the year ended June 30, 2012, prepared in accordance with International Financial Reporting Standards.
About Corby
Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including Wiser's Canadian whisky, Lamb's rum, Polar Ice vodka and McGuinness liqueurs. Through its affiliation with Pernod Ricard S.A., Corby also represents leading international brands such as ABSOLUT vodka, Chivas Regal, The Glenlivet and Ballantine's Scotch whiskies, Jameson Irish whiskey, Beefeater gin, Malibu rum, Kahlúa liqueur, Mumm champagne, and Jacob's Creek, Wyndham Estate, Stoneleigh and Graffigna wines.
The existing Voting Class A Common Shares and Non-voting Class B Common Shares of the Company are traded on the Toronto Stock Exchange under the symbols CDL.A and CDL.B, respectively.
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