Swiss Water Decaffeinated Coffee Income Fund Reports Fourth Quarter and Annual 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, March 11 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund\n("the Fund") today reported financial results for the three and 12 months\nended December 31, 2007. The three-month period represents the fourth quarter\nof its 2007 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\n\nIn $000s except per unit amounts 3 months ended 12 months ended\n December 31 December 31\n 2007 2006 2007 2006\n --------------------------------------\n\nSales 8,680 7,640 31,064 31,353\nGross profit 2,860 2,920 10,800 12,079\nEBITDA(1) 1,869 1,955 6,808 7,745\nNet income 837 571 5,180 4,606\nAdjusted distributable cash(1) 2,155 1,745 7,109 7,141\nDistributions paid 1,502 1,417 5,924 5,671\nPer unit amounts:\n-----------------\nNet Income per unit 0.125 0.086 0.776 0.690\nAdjusted distributable cash\n generated per unit(1) 0.323 0.261 1.065 1.070\nDistributions paid per unit(1) 0.225 0.212 0.887 0.850\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 March 11, 2008.\n\n\nDuring the fourth quarter of 2007, SWDCC's revenues grew by 13.6% over\nthe same period of 2006. Processing volumes declined by 10.8% during the\nquarter, primarily due to the inability of a major customer to deliver its\nColombian coffees on schedule. This was partially offset by growing specialty\ncoffee and mainstream coffee volumes, which were up by 30% compared to the\nsame quarter in 2006.\n\n\nSWDCC's annual and quarterly revenue performance was affected by the\ncontinued strengthening of the Canadian dollar relative to the US dollar.\nSales generated in US dollars represented approximately 87% of the company's\nfourth quarter revenues and 83% of its 2007 revenues. While SWDCC enters into\nforeign exchange contracts to reduce its estimated net exposure to currency\nfluctuations on a 12-month rolling basis, these contracts only manage to\ndampen, not eliminate, the negative effect of a continually strengthening\nCanadian dollar. As t...

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