April 17, 2009, Rougemont, Que. – Lassonde Industries Inc. boosted its
annual sales above the half-billion mark in 2008, thanks to two
acquisitions.
April 17, 2009, Rougemont, Que. – Lassonde Industries Inc. boosted its annual sales above the half-billion mark in 2008, thanks to two acquisitions.
Lassonde’s sales increased to $505.1 million, including $133 million in the fourth quarter. That’s up from 2007 annual sales of $401.0 million, including $112.7 million in the fourth quarter of that year.
Operating income grew more slowly than net sales, however, as a result of higher operating costs and a bigger amortization charge resulting mainly from the acquisitions.
For the full year, 2008 annual net income was $29.1 million, or $4.36 per share, an increase of $5.8 million from $23.3 million or $3.49 per share in 2007.
However, net income for the three months ended Dec. 31, 2008, fell to $7.6 million or $1.14 per share, down from $9.3 million or $1.40 in the fourth quarter of 2007, when Lassonde recorded a tax credit. Without that item, the fourth quarter 2007 profit was $8.1 million.
“The current conditions should not significantly affect Lassonde Industries’ business model or management approach,” said Pierre-Paul Lassonde, chairman of the board and chief executive officer.
“Barring a more drastic deterioration in the economic environment, the company remains optimistic about its ability to maintain its level of net sales.”
Its A. Lassonde Inc. subsidiary recently agreed to buy the Apple Valley wholesale juice business from Toronto-based fruit wholesale Dominion Citrus Income Fund for $1.35 million.
Lassonde announced recently that it has promoted Jean Gattuso, currently president and chief executive officer of A. Lassonde Inc., to chief operating officer of the whole group.
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