Northland
Cranberries, Inc. Reports Record Revenues and Net Operating Income for Fiscal 1999;
Announces Quarterly Cash Dividend
WISCONSIN RAPIDS, Wis., Oct. 21 /PRNewswire/ --
Northland Cranberries, Inc. (Nasdaq: CBRYA), manufacturer of Northland brand 100% juice
cranberry blends and Seneca brand fruit juice products, today reported fiscal 1999
year-end and fourth quarter financial results for the periods ended August 31, 1999. Total
revenues recorded for the fiscal year were $236.8 million, up 110% over fiscal 1998
revenues of $112.8 million. Net income was $5.6 million, up 95% over the previous fiscal
year's net income of $2.9 million. Earnings per share were up 47% to $0.28 per share
versus $0.19 per share in fiscal 1998. CONTINUED
| Easy to print version
Co-ops:
Blue Diamond - a co-op that works
"Against a larger background of
supply gluts in major products, prices miles below the cost of production for most
noncorporate farmers, a three-year-old federal law that has been a complete failure at
both saving money and empowering market-based farm policies, and genuine fear in the small
communities that still depend on family agriculture...."
10/19/99 Boston Globe columnist, Thomas
Oliphant, describes how the 4,000 grower co-op, Blue Diamond, run by CEO Walt Payne from
his "decidedly nonswank office" a mile from the capital complex in Sacramento,
has been "keeping almonds from 'commodity' status and maintaining healthy, rural
communities - two values that are closely linked."
"The people who grow almonds control almonds here at
Blue Diamond, one of the better co-op success stories around (more than 4,000 members in a
state that grows some 540 million pounds annually); they make products with it and spend
money to come up with still more products and marketing methods; they sell almonds
aggressively in this country and all over the world; and they're doing more than OK at
it."
Read entire Thomas Oliphant Column here.
More media links:
10/19/99 Massachusetts'
legislators tour cranberry country from the Patriot Ledger
Sunday Media:
10/17/99: Surplus puts squeeze on region's
cranberry industry: Interviews with Jack Angley, Carol Heinz,
Jeff Lafleur and others in the Boston Globe HERE.
How boards deal with lazy directors: reports
on a study by Korn/Ferry International, the firm conducting the executive search for a new
Ocean Spray CEO in the New York
Times HERE
Potential suitors:
Eye on Quaker Oats
10/18/99 A quote from a press release from the Wall Street Transcript praises the CEO of Quaker
Oats, frequently mentioned as a corporation interested in acquiring Ocean Spray, as
follows:
A buysider singles out Robert S. Morrison,
Chairman, President & CEO of Quaker Oats Company (NYSE: OAT). ``Basically, Quaker Oats
is a company that continues to beat expectations. CEO Robert Morrison has been there since
1997, and since then, he's made a lot of changes at the company. Probably the most visible
change is the fact that they've divested a lot of under performing businesses, they also
got rid of Snapple, which was a big dog, and took a big loss on that. Quaker received a
lot of criticism at the time; Morrison sort of weathered that storm, and they've undergone
a lot of transformation. The company really seems to be delivering.''
General Mills, another possible suitor, is also
mentioned in a positive light along with Quaker on the Wall Street Transcript web site:
It has not been a good 18 months for most of the food stocks.
There are very few companies that have kept pace with the market, Kanter states, "But
the two that have done well on the packaged food front are General Mills (NYSE:GIS) and
Quaker Oats (NYSE:OAT). Mills has pretty much outperformed just by delivering earnings,
unlike a lot of its packaged food peers, and Quaker Oats has delivered simply on the
strength of its Gatorade brand."
Photo Essay
End of a twelve hour day
10/17/99 Thumbnail page HERE. Readers are invited to submit their
own photos for publication.
Ocean Spray:
Directors to "make more clear to
growers structurally where they want to go" after Nov. board meeting
10/16/99 According to Ocean Spray spokesperson,
Chris Phillips, as quoted in the Patriot Ledger, following the November board meeting
directors will "make more clear to growers structurally where they want to go."
Phillips said "no final word is going to be emerging from the November meeting."
According to Phillips, no general meeting of growers has been scheduled, although regional
meetings are anticipated. Read article HERE
Potential suitors:
Eye on Quaker Oats
10/18/99 A quote from a press release from the Wall Street Transcript praises the CEO of Quaker
Oats, frequently mentioned as a corporation interested in acquiring Ocean Spray, as
follows:
A buysider singles out Robert S. Morrison,
Chairman, President & CEO of Quaker Oats Company (NYSE: OAT). ``Basically, Quaker Oats
is a company that continues to beat expectations. CEO Robert Morrison has been there since
1997, and since then, he's made a lot of changes at the company. Probably the most visible
change is the fact that they've divested a lot of under performing businesses, they also
got rid of Snapple, which was a big dog, and took a big loss on that. Quaker received a
lot of criticism at the time; Morrison sort of weathered that storm, and they've undergone
a lot of transformation. The company really seems to be delivering.''
General Mills, another possible suitor, is also
mentioned in a positive light along with Quaker on the Wall Street Transcript web site:
It has not been a good 18 months for most of the food stocks.
There are very few companies that have kept pace with the market, Kanter states, "But
the two that have done well on the packaged food front are General Mills (NYSE:GIS) and
Quaker Oats (NYSE:OAT). Mills has pretty much outperformed just by delivering earnings,
unlike a lot of its packaged food peers, and Quaker Oats has delivered simply on the
strength of its Gatorade brand."
|
"The truth at last from Don
Hatton"
10/22/99 Ocean Spray grower/owner John
Gibson comments on an interview published in his local newspaper with Ocean Spray
Board Chairman Don Hatton HERE.
Read article from the Daily World Archive HERE.,
if unable to locate please Email
editor.
Letters:
...from David B. Mann
Ocean Spray Cranberry Grower
Buzzards Bay, Massachusetts
Dear Fellow Cranberry Growers:
In my past 29 years of service as your Ocean
Spray Director, this is the most difficult, yet most important, letter I have written to
you regarding Ocean Spray's future. CONTINUED
| Easy to print version
...from Paul Jonjak
Lafayette, Colorado
Wisconsin Growers
Ocean Spray Cranberries
Dear Growers,
Don't sell your marsh yet.
Bain's evaluation of the "juice
company" is that better returns were possible regardless of surplus fruit. Bain says
that the halving of returns has been caused by mistakes in planning and operating the
juice business. Not a surplus. Not competition. Not lack of marketing funds. CONTINUED | Easy to print version
Ed. note: David Mann is a former member of
the Ocean Spray Board of Directors who represented the Massachusetts growing area. Paul
Jonjak is a current member representing Wisconsin area grower/owners.
Posted: 10/19/99
Ocean Spray launches new marketing campaign
10/20/99 Integrated communications efforts to
support next generation of healthful products - Posted
on BevNet
Web sites:
Ocean Spray web site has new look
10/20/99 The Ocean Spray web site has been redesigned with
"Ooh the possibilities. You know it's good" as the opening tag lines on page
one. There is a "cran-health" section which includes pages on urinary tract
infection, general health and nutrition and emerging cran-health news. The later page is
up-to-date with a link to the JAMA web site from Oct. 5, 1999 and the vitamin C and E
study released on Sept. 24, 1999.
Northland:
Swendrowski predicts
"phenomenal" harvest
“I don’t know how the hell it
can be another bumper crop,” Swendrowski said. “In a 10-year cycle, you expect
two good crops, two bad, and six average. Two great ones in a row is really strange, and
we’re looking at our third great one in a row."
10/19/99 From an article in the Nantucket
Inquirer and Mirror: Northland is harvesting its second bumper crop in a row, according to
CEO John Swendrowski. While he notes that Northland "needs all the berries it is
producing plus more to meet demand under its current business plan", he adds
"the rest of the industry’s impact, though, is that the earnings potential of
that fruit will decrease. Our competitor’s (referring to Ocean Spray) very aggressive
marketing campaign forces us to add more marketing dollars to our campaign, thereby
reducing the profitability of that fruit. While I expect us to be profitable, it’s is
not what I would like.” Read entire article in The Inquirer and Mirror, Nantucket
Press release
Ocean Spray Narrows CEO Search; Half
Dozen Candidates Remain in the Running
LAKEVILLE-MIDDLEBORO, Mass.--(BUSINESS
WIRE)--Oct. 15, 1999--Ocean Spray Cranberries Inc., North America's number-one brand of
canned and bottled juice drinks, has narrowed its search for a new chief executive officer
to about six candidates from a field of more than 25 leading men and women executives. CONTINUED
Photo Essay
End of a twelve hour day
10/17/99 Thumbnail page HERE. Readers are invited to submit their
own photos for publication.
Ocean Spray:
Directors to "make more clear to
growers structurally where they want to go" after Nov. board meeting
10/16/99 According to Ocean Spray spokesperson,
Chris Phillips, as quoted in the Patriot Ledger, following the November board meeting
directors will "make more clear to growers structurally where they want to go."
Phillips said "no final word is going to be emerging from the November meeting."
According to Phillips, no general meeting of growers has been scheduled, although regional
meetings are anticipated. Read article HERE
Ocean Spray:
Directors to "make more clear to
growers structurally where they want to go" after Nov. board meeting
10/16/99 According to Ocean Spray spokesperson,
Chris Phillips, as quoted in the Patriot Ledger, following the November board meeting
directors will "make more clear to growers structurally where they want to go."
Phillips said "no final word is going to be emerging from the November meeting."
According to Phillips, no general meeting of growers has been scheduled, although regional
meetings are anticipated. Read article HERE |