Business
Empire Company Posts Q2 Results - Net Earnings before Capital Gains (Losses) and Other Items of $72.1 Million (up 14.3 percent) and Net Earnings of $70.4 Million (up 7.3 percent)
Empire Company Posts Q2 Results - Net Earnings before Capital Gains (Losses) and Other Items of $...
About this update from Wajax Corporation
[{"type":"text","content":"\n\n\n\nDec. 10, 2009 (Canada NewsWire Group) -- STELLARTON, NS, Dec. 10 /CNW/ -- Empire Company Limited (TSX: EMP.A) today announced financial results for its second quarter ended October 31, 2009. For the second quarter, the Company recorded earnings before capital gains (losses) and other items of $72.1 million ($1.06 per share) compared to $63.1 million ($0.96 per share) in the second quarter last year, a $9.0 million or 14.3 percent increase.Second Quarter Highlights- Revenue of $3.87 billion, up $146.8 million or 3.9 percent.- Sobeys Inc. (\"Sobeys\") same-store sales increased 2.7 percent.- Earnings before capital gains (losses) and other items of $72.1 million($1.06 per share) compared to $63.1 million ($0.96 per share) lastyear.- Capital gains (losses) and other items, net of tax, of ($1.7) millionversus $2.5 million last year.- Net earnings of $70.4 million ($1.03 per share) compared to $65.6million ($1.00 per share) last year.- Net debt to total capital of 27.5 percent, down from 28.6 percent atthe end of the last fiscal year and 34.5 percent at the end of Q2 lastyear.-------------Note: As a result of the equity issue completed on April 24, 2009, Empirehad a diluted weighted average number of shares outstanding of 68.5million in the second quarter ended October 31, 2009 compared to 65.7million in the second quarter last year.Commenting on the results, Paul Sobey, President and CEO stated, \"Empire's consolidated earnings and financial condition continued to strengthen in the second quarter of fiscal 2010 compared to the second quarter last year. The key driver of Empire's growth continues to be Sobeys which recorded a 20.4 percent increase in operating earnings. The positive trend in earnings reflects ongoing growth in Sobeys' same-store sales, the impact of merchandising innovations and the disciplined implementation of supply chain and other productivity initiatives.\"CONSOLIDATED FINANCIAL OVERVIEWRevenueConsolidated revenue for the second quarter equalled $3.87 billion compared to $3.73 billion last year, an increase of $146.8 million or 3.9 percent. Sobeys' revenue equalled $3.81 billion, an increase of $146.9 million or 4.0 percent compared to the second quarter last year. Sobeys' second quarter same-store sales increased 2.7 percent.Real estate division revenue in the second quarter was $18.7 million, an increa...