Maple Leaf Foods posts full year earnings

Maple Leaf Foods reports strong 2009 earnings after fatal bacteria outbreak in 2008

Toronto-based Maple Leaf Foods Inc. today announced [PDF] Q4 2009 and full year fiscal 2009 financial earnings.

The company said sales were CDN $1.324-million in Q4 2009, immaterially down from the same period last year. Net of all expenses and charges, the company reported $21.9-million ($0.19 per share) in profits in the fourth quarter of 2009.

Aggregate sales for 2009 totaled $5.2-billion. Net earnings in 2009 were $57.8-million, compared to $35.4-million in 2008.

 The marginal 2008 earnings were a result of a significant Listeria bacteria outbreak at one of its Toronto-based meat-plants that made many ill and killed dozens of people. It eventually cost the company more than $20-million to decontaminate the infected plant. The company eventually settled a class-action lawsuit. Maple Leaf is continuing to recover from the outbreak to re-build the brand image.

Total asset in 2009 as at December 31 fell materially to $3,057-million from $3,452-million in 2008.

Maple Leaf says the increase in Q4 earnings specifically is attributable to improved performance in its meat business. Mr. McCain, Maple Leaf President and CEO said in a statement today, “The increased earnings in the fourth quarter reflect significantly better performance in our protein business, offset slightly by a softer quarter in the bakery segment,“

Maple Leaf owns three popular brands including Schneiders, Dempster’s, and the Maple Leaf brands.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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