Northland Cranberries, Inc. Reports First Quarter Earnings; Conducts Annual Shareholder Meeting; Announces Quarterly Cash Dividend
WISCONSIN RAPIDS, Wis., Jan. 5 /PRNewswire/ -- Northland Cranberries, Inc. (Nasdaq: CBRYA - news), manufacturer and marketer of Northland brand 100% juice cranberry blends and Seneca brand fruit juice products, today reported fiscal 2000 first quarter financial results for the period ended November 30, 1999. Total revenues recorded for the three-month period were $75.0 million, up 119% over last year's first quarter revenues of $34.2 million. Net income for the quarter was $321,000, or $0.02 per share, compared to fiscal 1999 first quarter net income of $120,000, or $0.01 per share. John Swendrowski, Northland Chairman and CEO, stated, ``The results for the quarter are in line with our internal expectations, as well as the recent published estimates of market research analysts. The dramatic increase in revenues over the first quarter of last year was primarily a result of increased sales of our branded products, which includes Northland 100% juice products and Seneca juice and drink products. Also, substantial revenue gains were generated through co-packing operations, compared to last year. ``The Northland 100% juice brand and the Seneca cranberry drinks brand continue to perform well in supermarkets despite heavy promotional spending by the competition. Our total corporate market share of the cranberry category for the 12-weeks ended November 7, 1999 was 12.6%, compared to 12.2% for the same period last year. ``Our unit shipments of cranberry based beverages to the trade were up 45% compared to the same period last year. The launch of the calcium-fortified Seneca cranberry drinks line has now reached distribution in 50% of the market and is continuing to expand. ``Northland's co-packing operations, which involves processing and packaging products for other companies, contributed approximately 27% of the increase in revenues. ``Overall, we believe that we have the personnel, the systems and the manufacturing capabilities to meet our fiscal 2000 objectives and to sustain our growth over the long term. Profitability, however, is still being hampered by the current surplus of cranberries in the marketplace and the spending strategy of our competition. While this trend is likely to continue, we hope that the forces of supply and demand will eventually even out and affect earnings in a positive manner.'' The company held its Annual Meeting of Shareholders today at the Northland Conference Center in Wisconsin Rapids. Re-elected to the Board of Directors for a one-year term were John Swendrowski, Leroy J. Miles, Robert E. Hawk, Patrick F. Brennan, Jeffrey J. Jones, John C. Seramur and Pat Richter. Separately, Northland's Board of Directors approved payment of its quarterly cash dividend to shareholders. The cash dividend of $0.04 per share of Class A stock and $0.03636 per share of Class B stock is payable on February 11, 2000 to all shareholders of record as of the close of business on January 21, 2000. Northland is a vertically integrated grower, handler, processor and marketer of
cranberries and value-added cranberry products. The company processes and sells Northland
brand 100% juice cranberry blends, Seneca brand juice products, Northland brand fresh
cranberries and other cranberry products through retail supermarkets and other
distribution channels. Northland also sells cranberry concentrate to industrial customers
who manufacture cranberry-based products. With 25 growing properties in Wisconsin and
Massachusetts, Northland is the world's largest cranberry grower. It is the only
publicly-owned, regularly-traded cranberry company in the United States, with shares
traded on the Nasdaq Stock Market under the listing symbol CBRYA.
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