Maple Leaf Foods made record earnings in 1999 despite the costs of shutting its Winnipeg slaughter plant, opening its Brandon plant, buying a major Manitoba hog producer and recovering from a bitter 1998 labor dispute.
“We are exceptionally pleased with the strategic, operational and financial progress achieved in 1999,” said president Michael McCain.
Total sales of $3.6 billion were up eight percent from 1998. Operating earnings were up 42 percent, to $146.5 million.
Net earnings were $77.2 million, compared to a loss of $23.3 million in 1998.
Most of Maple Leaf’s meat division sales and earnings were well up from last year, but its pork sales suffered in comparison to 1998, when live hog prices were low in the fourth quarter. Its operating income was $17.6 million, down 20 percent from the previous year’s $21.9 million.
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Maple Leaf’s meat product market share slumped in 1998, because of a protracted labor dispute, but it has recovered those losses.
Agribusiness sales, which include animal feed and rendering, jumped to $741 million from $653 million last year, due partly to the purchase of major Manitoba hog producer Landmark Group.
Earnings per share were 77 cents for 1999, versus a loss of 25 cents for 1998.
The company has declared a dividend of four cents per share for those owned on March 17, 2000.
– WHITE
