 May 14, 2008, Vancouver (CNW) – Village Farms Income Fund has recorded the strongest first quarter in its history. The first quarter ended March 31, 2008. (Note: amounts are in U.S. dollars, unless otherwise noted). Among first quarter highlights:
• Revenues increased 17 per cent to $28.5 million, compared to the first quarter of 2007.
• Net earnings increased 33 per cent to $3.9 million, from $2.9 million for the first quarter of 2007.
• EBITDA (earnings before interest, taxes, depreciation and amortization) increased 60 per cent to $10 million.
“We are very pleased to report 60 per cent EBITDA growth and the strongest first quarter in Village Farms’ history,” said Michael DeGiglio, chief executive officer of the Fund’s operating subsidiaries.
“Our gross margins were further strengthened through our continued focus and solid execution in achieving improved efficiencies in our production facilities through technological upgrades and other process improvements,” said DeGiglio. “Although we anticipate that certain cost challenges for commodities and distribution will continue, we believe this positive momentum will continue throughout the remainder of 2008.”
Village Farms is the largest producer, marketer and distributor of premium-quality, greenhouse-grown tomatoes, bell peppers and cucumbers in North America. Facilities are located in British Columbia, Texas and Pennsylvania. Products are marketed and distributed under its Village Farms® brand name.
Village Farms markets and distributes throughout the United States, Canada, Mexico and Japan, and currently operates seven distribution centres across the U.S. and Canada.
Since its inception, Village Farms has been guided by a sustainable agriculture policy that integrates three main goals – environmental health, economic profitability and social and economic equality.
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