Image Credit: CP
May 10, 2013 - 10:03 AM
Sales, net income down in Q1 for Sun-Rype Products
KELOWNA, B.C. - Sun-Rype Products Ltd. (TSX:SRF) says net income in the first quarter was $500,000 or a nickel per share, compared to net income of $1.4 million or 13 cents per share in the same period of 2012.
The Kelowna, B.C.-based company says its net sales were also down in the quarter to $36.6 million compared to $39 million in corresponding period of 2012.
Sun-Rype blames lower net sales, production overhead costs, distribution costs, raw material costs and increased production efficiencies for the declines.
Despite reporting net income in 2012 and the first quarter of 2013 after incurring a net loss in 2011, the company says it continues to face challenges in the juice category, which comprise 60 per cent of its business.
Strong competitive pressures continue but the company says it is trying to mitigate this by launching innovative products and broadening geographic distribution of its products.
News from © The Canadian Press, 2013