Friday, November 6th, 2009
Arctic Glacier returns to profitability in Q3 despite a drop in revenue
WINNIPEG - Ice packager Arctic Glacier Income Fund (TSX:AG.UN) returned to profitability in the third quarter despite a slight dip in revenues.
The fund, which reports in U.S. dollars, said Friday it earned US$8.3 million or 21 cents a share for the quarter ended Sept. 30. That reversed a loss of $6.5 million or 17 cents a share in the corresponding period last year.
The Winnipeg-based fund said the eight per cent drop in revenues was mainly attributable to sales reduction in previously serviced markets.
Arctic's revenues slid to $100.8 million from $109.9 million.
"During the third quarter we continued to closely monitor expenses, maximize cash flow and reduce debt," said president and chief executive Keith McMahon.
"This operating strategy minimized the financial effects of reduced sales volumes caused by poor weather and the economic slowdown."
Last month, Arctic's U.S. subsidiary agreed to pay $9 million in a deal with the U.S. Department of Justice to settle antitrust charges related to the packaged ice business in southeastern Michigan and the Detroit area.
Arctic Glacier is a producer, marketer and distributor of packaged ice under the Arctic Glacier Premium Ice banner with 38 production plants and 48 distribution facilities across Canada and the United States.
