July 28, 2011
Ridley narrows 4Q loss by 75%
Ridley Inc. reported a reduction of its fiscal 2011 fourth-quarter loss by over 75% compared with the same 2010 quarter, crediting an improvement in operating performance in all segments.
The Winnipeg-based animal feed products company posted a net loss of US$900,000 for the three months ended June 30 this year, compared with a net loss of US$3.9 million in the same 2010 period, in preliminary unaudited financial information.
Ridley said in a release that manufacturing costs and overhead expenses in the fourth quarter of fiscal 2011 were lower this year "due to improved operating efficiencies resulting from restructuring initiatives in prior years".
For the full year, Ridley reported net profits of US$8.7 million on revenue of US$587.5 million, compared to profits of US$4.7 million on revenue of US$547.6 million in fiscal 2010.
Revenue in the 2011 fourth quarter rose to US$146.5 million from US$120.3 million.
"The key drivers of earnings growth in fiscal 2011 were expanded sales of block supplements and a significant improvement over last year in the operating performance of Canadian feed operations, which had been adversely affected in prior years by poor economic conditions for livestock and poultry producers," said the release. "However, exceptionally high feed costs and low animal numbers will continue to weigh on feed markets."