TORONTO, Feb. 24 /PRNewswire-FirstCall/ - Maple Leaf Foods Inc. (TSX: MFI) today reported its financial results for the fourth quarter and the year ended December 31, 2010. Fourth quarter and full year highlights follow:
- Adjusted Operating Earnings increased 24% to $71.4 million in the fourth quarter and 13% to $222.0 million for the year - Fourth quarter adjusted Earnings per Share increased 42% to $0.27 and by 33% to $0.76 for the year - Net earnings in the quarter were $30.2 million compared to $21.9 million last year; net earnings for the full year, which included $71.3 million of non-cash pre-tax charges, were $25.8 million compared to $52.1 million last year
Note: Adjusted Operating Earnings measures are defined as earnings from operations before restructuring and other related costs, other income and the impact of the change in fair value of non-designated interest rate swaps. Adjusted Earnings per Share ("Adjusted EPS") measures are defined as basic earnings per share adjusted for the impact of restructuring and other related costs and the impact of the change in fair value of non-designated interest rate swaps, net of tax and non-controlling interest. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures at the end of this news release.
"Maple Leaf Foods delivered strong earnings growth in the fourth quarter, despite a sharp increase in raw material prices" said
Michael H. McCain, President and CEO. "These results reflect the benefits of cost reductions and price increases intended to help us keep pace with global food inflation, and some early benefits from the initial execution of our strategic plan. We expect the progress we are making in reducing our cost structure, simplifying our product lines, and streamlining our operations will contribute to earnings throughout 2011."