Business
Swiss Water Decaffeinated Coffee Income Fund Reports 2009 Third Quarter and Nine-Month Results
Swiss Water Decaffeinated Coffee Income Fund Reports 2009 Third Quarter and Nine-Month Results
About this update from Swiss Water Decaffeinated Coffee, Inc.
[{"type":"text","content":"\n\n\n\nNov. 6, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 6 /CNW/ -- Swiss Water Decaffeinated Coffee Income Fund (\"the Fund\") today reported financial results for the three and nine months ended September 30, 2009. The three-month period represents the third 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 $000s except per-unit amounts3 Months Ended 9 Months EndedSeptember 30 September 302009 2008 2009 2008-------------------------------------------Sales $ 7,529 $ 7,677 $ 22,525 $ 23,611Gross profit 1,282 1,350 4,319 5,236EBITDA(1) 1,026 1,354 2,598 5,016Net income 1,206 1,843 2,344 3,623Adjusted distributable cash(1) 372 934 1,830 5,157Distributions paid 601 1,502 3,605 4,506Per-unit amounts:-----------------Net income per unit 0.181 0.276 0.351 0.543Adjusted distributable cashgenerated per unit(1) 0.056 0.140 0.274 0.773Distributions paid per unit(1) 0.090 0.225 0.540 0.675(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 November 7, 2009.SWDCC's processing volumes decreased during the three and nine months ended September 30, 2009, falling by 9% and 18%, respectively. In both cases, the declines were driven by a much weaker economic environment, which has resulted in some lost business and reduced ordering activity from many customers. In addition, the year-to-date processing volumes were affected by sharp increases in commodity coffee prices during the first half of 2009, which resulted in a delay in sales orders as SWDCC's customers worked to reduce their exposure to the higher cost coffees. At the same time, supply constraints from certain coffee origins reduced SWDCC's toll processing volumes, as customers experienced delays in receiving coffee from exporting countries.While SWDCC's nine-month processing volumes are down from the same period last year, the company has seen a gradual improvement in its business over the year-to-date. Processing volumes were down by 25% in the first quarter, 19% in the second quarter and 9% in the third quarter.Third quarter revenues ...