Swiss Water Decaffeinated Coffee Income Fund Reports 2009 First Quarter Results

About this update from Swiss Water Decaffeinated Coffee, Inc.

[{"type":"text","content":"\n\n\n\nTRADING SYMBOL: The Toronto Stock Exchange - SWS.UN\n\n\nVANCOUVER, May 7 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund\n("the Fund") today reported financial results for the three months ended March\n31, 2009. The three-month period represents the first quarter of its 2009\nfiscal year. The Fund holds all of the outstanding securities of Swiss Water\nDecaffeinated Coffee Company, Inc. ("SWDCC" or "the company") and its results\nare dependent on the operating results of SWDCC.\n\n\nOperating Results\n\n(In $000's except per unit amounts) 3 Months Ended\n March 31\n 2009 2008\n ------ ------\nSales 7,304 8,149\nGross profit 1,457 2,247\nEBITDA(1) 578 2,183\nNet (loss) income (69) 1,649\nAdjusted distributable cash(1) 825 2,154\nDistributions Paid 1,502 1,502\nPer Unit Amounts:\n-----------------\nNet (loss) income per unit (0.010) 0.247\nAdjusted distributable cash(1)\n generated per unit 0.124 0.323\nDistributions paid per unit 0.225 0.225\n\n(1) EBITDA, adjusted distributable cash and adjusted distributable cash\n per unit are non-GAAP financial measures that are defined in the\n Management's Discussion and Analysis to be posted on SEDAR on or\n before May 7, 2009.\n\nDuring the first quarter of 2009, SWDCC's revenues totaled $7.3 million, a\ndecrease of $0.8 million, or 10%, from the same period last year. The\ncompany's processing volumes were also down, falling by 25% compared to Q1\n2008. In both cases, the declines were related to several factors, including:\n- unusually strong Q1 2008 revenues and volumes, due to an order\n backlog from Q4 2007;\n- sharp increases in quality differential costs on coffee from certain\n geographic regions. This temporarily delayed ordering activity, as\n SWDCC's customers waited to see if the differential costs would\n revert to normal levels; and\n- a much weaker economic environment, which affected significant\n segments of SWDCC's customer base.\n\n\nMore positively, sales orders from a key regional market were up by 40%\ncompared to the same period last year, following the targeted advertising and\npromotional campaign SWDCC conducted in that market during the latter half of\n2008. Disseminated by radio, in newspapers and online, the campaign was\ncreated to better inform consumers about their ability to choose 100% chemical\nfree SWISS WATER...

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