Business
Swiss Water Decaffeinated Coffee Income Fund Reports 2009 Fourth Quarter and Annual Results
Swiss Water Decaffeinated Coffee Income Fund Reports 2009 Fourth Quarter and Annual Results
About this update from Swiss Water Decaffeinated Coffee, Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Mar. 24, 2010 (Canada NewsWire Group) -- /CNW/ -- Swiss Water Decaffeinated Coffee Income Fund (\"the Fund\") today reported financial results for the three months and year ended December 31, 2009. The three-month period represents the fourth quarter of its 2009 fiscal year. The Fund holds all of the outstanding securities of Swiss Water Decaffeinated Coffee Company, Inc. (\"SWDCC\" or \"the company\") and its results are dependent on the operating results of SWDCC.Operating ResultsIn $000's except perunit amounts 3 Months Ended Year EndedDecember 31 December 312009 2008 2009 2008-------------------------------------------Sales $ 8,635 $ 8,994 $ 31,160 $ 32,606Gross profit 1,201 2,029 5,520 7,265EBITDA(1) 790 1,995 3,388 7,011Net income (loss) 324 (19,635) 2,668 (16,011)Adjusted distributable cash(1) 1,085 1,370 2,962 6,516Distributions paid 601 1,501 4,206 6,007Per unit amounts:-----------------Net income (loss) per unit 0.049 (2.941) 0.400 (2.399)Adjusted distributable cashgenerated per unit(1) 0.163 0.205 0.444 0.976Distributions paid per unit(1) 0.090 0.225 0.630 0.900-------------------------------------------------------------------------(1) EBITDA, adjusted distributable cash and adjusted distributable cashper unit are non-GAAP financial measures that are defined in theManagement's Discussion and Analysis to be posted on SEDAR on orbefore March 25, 2010.SWDCC's coffee processing volumes decreased during both the three and 12 months ended December 31, 2009, falling by 8% in the fourth quarter and by 15% for the full year. In both periods, the declines were related to challenges faced by the coffee industry as a whole, including: weak economic conditions, reduced demand for higher-priced drinks in the away-from-home coffee market, tight commercial credit, reduced availability of premium-grade coffees from key coffee origins, and higher prices for premium Arabica coffees.On the positive side, SWDCC continued to see strength in the geographic markets where it has invested in building consumer awareness of the SWISS WATER(R) Process and its benefits. Business with commercial roasters also grew during 2009, reflecting the company's efforts to increase its exposure to the important at-home (grocery) market. This market is a key sales channel, representing approximately 80% of total coffee consumption. In addit...