14.08.2017 13:00
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Ten Peaks Coffee Company Reports Results for Second Quarter and YTD 2017

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Ten Peaks Coffee Company Reports Results for Second Quarter and YTD 2017 Ten Peaks Coffee Company Reports Results for Second Quarter and YTD 2017Higher Volumes Boost Revenue, Gross Profit, Operating Income, Net Income and EBITDAVANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 14, 2017) - Ten Peaks Coffee Company Inc. will hold a conference call to discuss its financial results for the three and six months ended June 30, 2017 today, Monday, August 14th at 9:00 am Pacific Time (12:00 pm Eastern Time). To participate, please dial (888) 567-1603 (toll free) or (862) 255-5347 (international) approximately five minutes before the call and provide the company name. A replay will be available through August 28, 2017 at (877) 481-4010 (toll free) or (919) 882-2331 (international) passcode: 19773.Ten Peaks Coffee Company Inc. (TSX:TPK) ("Ten Peaks" or "the company") today reported financial results for the three and six months ended June 30, 2017. The three-month period represents the second quarter of the company's 2017 fiscal year. Ten Peaks is a leading specialty coffee company doing business through two wholly owned subsidiaries: Swiss Water Decaffeinated Coffee Company, Inc. ("SWDCC") and Seaforth Supply Chain Solutions Inc. ("Seaforth"), the company's green coffee handling and storage subsidiary. SWDCC is a premium green coffee decaffeinator located in Burnaby, BC, which employs the proprietary SWISS WATER® Process to decaffeinate green coffee without the use of chemicals. This is the company's primary business, and the results reported here reflect SWDCC's operating performance.During the three and six months ended June 30, 2017, Ten Peaks recorded year-over-year increases in revenue, gross profit, operating income, net income and EBITDA. The gains were related to several factors, including higher shipped volumes and margin expansion."Demand for our SWISS WATER® Process decaffeinated coffees continued to build through the first half of this year," said Frank Dennis, President and CEO of Ten Peaks. "During the second quarter, shipments of our decaffeinated coffees rose by 19% over the same period last year and were up by 10% for the year-to-date. This is the third quarter in a row we have recorded volume growth, with gains coming from across the business. Looking ahead, we expect our volume shipments to continue increasing, but to slow somewhat, as the second half of last year was particularly strong. As a result, we anticipate our annual volumes will be up by between 3% and 7% over 2016."Performance Highlights In $000s except per share amounts (unaudited) 3 months ended June 30 6 months ended June 30 2017 2016 2017 2016 Sales $21,915 $18,074 $41,138 $38,726Gross profit 3,364 2,601 6,399 5,616Operating income 1,470 999 2,739 2,161EBITDA(1) 2,235 1,000 3,914 2,261Net income 1,720 758 3,156 1,946Earnings per share,(2) basic 0.19 0.08 0.35 0.22Earnings per share,(2) diluted 0.17 0.08 0.25 0.22(1)EBITDA is calculated and defined in the section on 'Non-IFRS Financial Measures' below.(2)Per-share calculations are based on the weighted average number of shares outstanding during the period.Looking at six-month volumes by customer type, shipments to coffee importers and coffee roasters grew by 22% and 4%, respectively. SWDCC's large commercial accounts recorded gains of 12%, while shipments to its specialty accounts rose by 6% for the year- to-date.During the first half of this year, the New York 'C' (or NY'C') Arabica coffee futures price averaged US$1.38/lb compared to US$1.24/lb in the first six months of 2016. However, while the NY'C' was higher on average, it has trended downward through 2017. This has had a positive impact on SWDCC's business, contributing to its higher year-over-year volumes. When the NY'C' declines over a sustained period, customers tend to add to their inventories. In 2016, sales orders declined when the NY'C' started rising, as customers chose to consume inventories rather than build them.Higher volumes boosted revenues for both the second quarter and year-to-date. Second quarter sales totaled $21.9 million, an increase of $3.8 million, or 21%, over the same period last year. Process revenue (the amount SWDCC charges its customers for decaffeinating green coffee) increased by 15% due to higher volumes. This was partially offset by lower processing rates due to the sales mix. Green revenue (the amount ...Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga earnings"
Quelle: EN, Benzinga earnings

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