Business
Swiss Water Decaffeinated Coffee Income Fund Reports Second Quarter 2008 Results
Processing Volumes and Revenues Both Up Over 2007 TRADING SYMBOL: The Toronto Stock Exchange - SW...
About this update from Swiss Water Decaffeinated Coffee, Inc.
[{"type":"text","content":"\n\n\n\nProcessing Volumes and Revenues Both Up Over 2007\n\n\nTRADING SYMBOL: The Toronto Stock Exchange - SWS.UN\n\n\nVANCOUVER, Aug. 11 /CNW/ - Swiss Water Decaffeinated Coffee Income Fund\n("the Fund") today reported financial results for the three and six months\nended June 30, 2008. The three-month period represents the second quarter of\nits 2008 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 3 months ended 6 months ended\n per unit amounts June 30 June 30\n 2008 2007 2008 2007\n ----------------------------------------\nSales 7,764 7,618 15,934 14,679\nGross profit 2,756 2,445 5,975 5,399\nEBITDA(1) 1,479 1,410 3,662 3,421\nNet income 131 1,586 1,780 3,103\nAdjusted distributable cash(1) 2,067 1,284 4,224 3,108\nDistributions paid 1,502 1,502 3,004 2,920\nPer unit amounts:\n-----------------\nNet Income per unit 0.020 0.238 0.267 0.465\nAdjusted distributable cash\n generated per unit(1) 0.310 0.192 0.633 0.466\nDistributions paid per unit(1) 0.225 0.225 0.450 0.437\n\n\n\n(1) EBITDA, adjusted distributable cash and adjusted distributable cash\n per unit are non-GAAP financial measures. Definitions of these terms\n can be found in SWDCC's Management's Discussion and Analysis to be\n posted on SEDAR on or before August 11, 2008.\n\n\nDuring the second quarter and the first half of 2008, SWDCC's processing\nvolumes grew by 9.4% and 13.8% respectively, over the same periods of 2007.\nThe higher sales volumes were due to several factors including:\n\n- a modest order backlog from the fourth quarter of 2007 which was\n related to a customer supply issue. Volume from this customer grew by\n 57% in the second quarter and by 35% in the first half of 2008.\n\n- the addition of a significant new customer in late 2007 which\n increased year-over-year demand throughout the first half of 2008.\n\n- strong demand from existing customers, which offset a volume\n reduction related to a customer's decision to discontinue a long-\n standing in-store promotion program that drove significant volume\n last year\n\n\nRevenues increased by 1.9% in Q2 2008 and by 8.5% in the first half of\n2008 compared to the same pe...