Swiss Water Decaffeinated Coffee Income Fund Reports First Quarter 2008 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 12 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund\n("the Fund") today reported financial results for the three months ended March\n31, 2008. The three-month period represents the first quarter of its 2008\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\nIn $000s except per unit amounts 3 months ended\n March 31\n 2008 2007\n ----------------\n\nSales 8,170 7,061\nGross profit 3,219 2,954\nEBITDA(1) 2,183 2,011\nNet income 1,649 1,517\nAdjusted distributable cash(1) 2,154 1,863\nDistributions paid 1,502 1,418\nPer unit amounts:\n-----------------\nNet Income per unit 0.247 0.227\nAdjusted distributable cash generated per unit(1) 0.323 0.279\nDistributions paid per unit(1) 0.225 0.212\n\n\n(1) EBITDA, adjusted distributable cash and adjusted distributable cash\n\n\nper unit are non-GAAP financial measures. Definitions of these terms can\n\n\nbe found in SWDCC's Management's Discussion and Analysis to be posted on\n\n\nSEDAR on or before May 12, 2008.\n\n\nDuring the first quarter of 2008, SWDCC's revenues grew by 15.7% over the\nsame period of 2007. This was related to an 18.4% rise in processing volumes\nduring the quarter, which was partially due to a modest backlog from Q4 2007.\nThe backlog related to a customer's coffee supply issue which has now been\ncorrected. Processing volumes were also driven by increased demand from new\nand existing customers. This growth was partially offset by lower toll volumes\ncompared to Q1 2007.\n\n\nAs the relative value of the Canadian dollar rose throughout 2007, the US\ndollar was significantly weaker during the first quarter of 2008 than it was\nduring the same quarter last year. Due to the lower foreign exchange realized,\nand a shift in product mix to lower revenue business, SWDCC's processing\nrevenue rates decreased by 14% compared to the same period last year.\n\n\nDuring the first quarter of 2008, SWDCC's gross profit increased by 9.0%\nover Q1 2007. The growth was related to the 18.4% year-over-year increase in\nfirst quarter sales volumes, partially offset by lower foreign exchange and...

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