Business
Swiss Water Decaffeinated Coffee Income Fund Reports 2010 Second Quarter and First Half Results
Swiss Water Decaffeinated Coffee Income Fund Reports 2010 Second Quarter and First Half Results
About this update from Swiss Water Decaffeinated Coffee, Inc.
[{"type":"text","content":"\n\n\n\n Aug. 5, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nProcessing Volumes, Revenues, EBITDA and Adjusted Distributable Cash Up over 2009\n\nTRADING SYMBOL: The Toronto Stock Exchange - SWS.UN\n\nVANCOUVER, Aug. 5 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund ("the Fund") today reported financial results for the three and six months ended June 30, 2010. The three-month period represents the second quarter of its 2010 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.\n\nOperating Results\n\n\n >\n\n\nDuring the second quarter of 2010, SWDCC's business continued to strengthen, due largely to the gradual recovery of the global economy. Gains were recorded in all areas of SWDCC's business, and across all geographic markets, with processing volumes for the three and six months ended June 30, 2010 increasing by 19% and 13%, respectively, and sales revenues up by 4% for the second quarter and 5% for the year-to-date. EBITDA and adjusted distributable cash for the second quarter and first half of 2010 also grew on a year-over-year basis, due in part to lower consumer promotion and advertising expenses.\nRevenues did not grow at the same rate as processing volumes due to the relative strength of the Canadian dollar. During the first half of 2010, approximately 77% of the company's sales were generated in US dollars, up slightly from 75% in the same period last year. As the US dollar averaged $1.03 Canadian during the first six months of this year, compared to $1.21 for the same period last year, SWDCC's US sales were translated into Canadian dollars at a lower rate.\nSecond quarter gross profit totaled $1.4 million, compared to $1.6 million in Q2 2009. Gross profit for the year-to-date was $2.7 million, down from $3.0 million for the first half of...