Rogers Sugar Inc. Declares Quarterly Dividend, Payable on or Before October 21, 2014
Jul 30 14
Rogers Sugar Inc. announced that its Board of Directors has authorized a declaration of a quarterly dividend of $0.09 per share to be paid to shareholders of record on September 30, 2014, payable on or before October 21, 2014. This is an eligible dividend for income tax purposes.
Rogers Sugar Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 28, 2014; Provides Financial Guidance for Fiscal 2014
Jul 30 14
Rogers Sugar Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 28, 2014. For the quarter, the company reported revenue of $128,432,0000 against $138,403,000 a year ago. EBIT was $1,477,000 against $7,558,000 a year ago. Net loss was $886,000 or $0.01 per diluted share against net earnings of $3,802,000 or $0.04 per diluted share a year ago. Adjusted EBIT of $9.9 million was approximately $1.2 million higher than the same quarter last year of $8.7 million due to the variation in adjusted gross margin. Free cash flow was $1.6 million lower than the comparable quarter in fiscal 2013, mainly explained by higher capital expenditure spending, due to timing, somewhat offset by lower deferred financing charges of $0.5 million. Adjusted net earnings were $5,456,000 or $0.06 per diluted share against $4,179,000 or $0.04 per diluted share a year ago. Cash flow from operations was $20.0 million for the quarter, versus $22.0 million in the comparable quarter of fiscal 2013, a decrease of $2.0 million. The main reason for the decrease is due to a decrease in net earnings of $4.7 million (before any mark-to-market adjustment) offset by lower interest paid and pension contributions of $1.0 million and $0.5 million, respectively, both due to timing. Capital expenditures were $3,464,000 against $1,307,000 a year ago.
For the nine months, the company reported revenue of $392,607,0000 against $412,598,000 a year ago. EBIT was $46,128,000 against $46,755,000 a year ago. Net earnings were $28,355,000 or $0.30 per basic share against net earnings of $29,983,000 or $0.32 per basic share a year ago. Year-to-date adjusted EBIT of $36.2 million was approximately $7.7 million lower than last year of $43.9 million due mainly to lower adjusted gross margins of $6.6 million, higher distribution expenses of $0.7 million, due to one-time demurrage costs as well as additional storage costs incurred in the second quarter as a result to the large carryover of beet sugar inventories at the end of last fiscal year, and higher administration and selling expenses of approximately $0.3 million due to timing of expenses. Year-to-date, free cash flow was $21.9 million compared to $32.5 million for fiscal 2013. The decrease is mainly due to lower adjusted EBIT of $8.5 million, excluding the additional pension charges of both fiscal years, additional capital expenditure spending due to timing and additional cash pension contributions of $1.6 million. Adjusted net earnings were $21,385,000 or $0.23 per basic share against $26,232,000 or $0.28 per basic share a year ago. Year-to-date cash flow from operations is positive $20.5 million as opposed to $7.0 million for the comparable period of last year, an improvement of $13.5 million. The improvement is due mainly to a decrease in total working capital variance of $12.8 million versus last year's year-to-date variance, due mainly to a lower increase in inventories as well as a positive variation in accounts payable versus a negative variation in fiscal 2013. Capital expenditures were $5,881,000 against $4,916,000 a year ago. Capital expenditures, net of investment capital, were higher than last year by approximately $2.0 million for the quarter and by approximately $0.7 million year-to-date due mainly to timing of capital projects.
Adjusted gross margin rate is expected to be lower in fiscal 2014 due to an unfavourable sales mix as well as additional operating costs incurred in the current year.