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Corporate earnings

Saputo 3Q net earnings rise 15.8%

February 7, 2012
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Saputo Inc. reported today its financial results for the third quarter of fiscal 2012, which ended on Dec. 31, 2011. Saputo ranks third on the Dairy 100, Dairy Foods' annual listing of North America’s largest dairy processors.frigo logo Saputo Inc.

-- Net earnings for the quarter totaled $129.8 million (all amounts are in Canadian dollars, unless otherwise indicated), an increase of $17.7 million or 15.8% compared to $112.1 million for the same quarter last fiscal year.
-- Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $207.3 million, an increase of $16.2 million or 8.5% in comparison to $191.1 million for the same quarter last fiscal year.
-- Revenues for the quarter amounted to $1.796 billion, an increase of $261.7 million or 17.1% in comparison to $1.535 billion for the corresponding quarter last fiscal year.
-- Basic earnings per share (EPS) and diluted EPS were $0.64 for the
quarter, as compared to basic EPS of $0.55 and diluted EPS of $0.54 for the corresponding quarter last fiscal year.


OPERATING RESULTS

Consolidated revenues for the quarter ended Dec. 31, 2011 amounted to $1.796 billion, n increase of $261.7 million or 17.1% in comparison to $1.535 billion for the corresponding uarter last fiscal year. This increase was mainly due to the inclusion of revenues derived from the DCI Acquisition, a higher average block market per pound of cheese, increased sales volumes and a more favourable dairy ingredients market in the USA Dairy Products Sector. Higher selling prices in relation to the higher cost of milk in the Canadian and Argentinian Divisions and higher sales volumes in the Argentinian Division of the CEA Dairy Products Sector also increased revenues. The fluctuation of the Canadian dollar compared to the US dollar and Argentinian peso did not have a significant impact on revenues.

For the nine-month period ended Dec. 31, 2011, revenues totaled $5.227 billion, an increase of $705.2 million or 15.6% in comparison to $4.522 billion for the corresponding period last fiscal year. The increase is mainly due to the inclusion of revenues derived from the DCI Acquisition, a higher average block market per pound of cheese, and a more favourable dairy ingredients market in the USA Dairy Products Sector. Higher selling prices in relation to the higher cost of milk in the Canadian and Argentinian Divisions and increased sales volumes in the Argentinian Division of the CEA Dairy Products Sector also increased revenues. The strengthening of the Canadian dollar compared to the US dollar and Argentinian peso negatively affected revenues as compared to the same period last fiscal year.

Consolidated earnings before interest, income taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2012 amounted to $207.3 million, an increase of $16.2 million or 8.5% in comparison to $191.1 million for the same quarter last fiscal year. This increase is explained by improved operational efficiencies and the inclusion of EBITDA derived from the DCI Acquisition, which offset unfavourable market factors and an inventory write-down in the USA Dairy Products Sector. Increased sales volumes in the Argentinian Division, mainly in the export market, and favourable dairy ingredients market conditions in the Dairy Products Division (Canada) also account for the increase. The fluctuation of the Canadian dollar compared to the US dollar and Argentinian peso had an insignificant impact on EBITDA as compared to the same period last fiscal year.
 

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