Swiss Water Decaffeinated Coffee Income Fund Reports 2009 Second Quarter and First Half 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, Aug. 6 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund\n("the Fund") today reported financial results for the three and six months\nended June 30, 2009. The three-month period represents the second quarter of\nits 2009 fiscal year. The Fund holds all of the outstanding securities of\nSwiss Water Decaffeinated Coffee Company, Inc. ("SWDCC" or "the company") and\nits results are dependent on the operating results of SWDCC.\n\n\nOperating Results\nIn $000's except per unit amounts\n\n 3 Months Ended 6 Months Ended\n June 30 June 30\n 2009 2008 2009 2008\n -------------------------------------------\nSales $ 7,692 $ 7,785 $ 14,996 $ 15,934\nGross profit 1,500 1,822 2,957 4,069\nEBITDA(1) 994 1,479 1,572 3,662\nNet income 1,207 131 1,138 1,780\nAdjusted distributable cash(1) 633 2,069 1,458 4,223\nDistributions paid 1,502 1,502 3,004 3,004\nPer unit amounts:\n-----------------\nNet income per unit 0.181 0.020 0.170 0.267\nAdjusted distributable cash\n generated per unit(1) 0.095 0.310 0.218 0.633\nDistributions paid per unit(1) 0.225 0.225 0.450 0.450\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 August 7, 2009.\n\n\nSWDCC's processing volumes decreased during the three and six months\nended June 30, 2009, falling by 19% and 22%, respectively. In both cases, the\ndeclines were related to several factors, including:\n\n\n- sharp increases in commodity coffee prices which resulted in a\n temporary delay in sales orders, as SWDCC's customers worked to\n reduce their exposure to the higher cost coffees;\n- delays in receiving coffee from Colombia, which reduced SWDCC's toll\n processing volumes; and\n- a much weaker economic environment, which affected significant\n segments of SWDCC's customer base.\n\n\nSecond quarter revenues totaled $7.7 million, a decrease of $0.1 million,\nor 1%, from the same period last year. Revenues for the year-to-date totaled\n$15.0 million, a decline of $0.9 million, or 6% from the first half of 2008.\nWhile the decreases are primarily related to lower processing volumes, SWDCC's\nrevenues did not decline at the same rate as its v...

More updates from Swiss Water Decaffeinated Coffee, Inc.