Record Results Again For Frutarom For Third Quarter:
HAIFA, Israel, November 27, 2012 /PRNewswire/ --
16.2% growth in sales - US$157.1 m; 24% growth in sales net of currency effects; 21.8% growth in gross profit - US$58.1 m; 51.5% growth in operating profit - US$19.5 m; 41.7% growth in EBITDA - US 26.3 m; Highest net profit in company history - US$14.4 m; Leap in cash flow - US$22.7 m Record results also for first 9 months of 2012: Sales grew by 22.3 % to US$473 M Gross profit grew by 23 .2 % to US$175 M Operating profit grew by 2 7 .1 % to US$ 59 M EBITDA increased by 28 .1 % to US$ 8 0 M Net profit grew by 21.5% to US$41 M; Earnings per share reached US$0.72 93% leap in cash flow to US$ 62.6 M
Frutarom Industries Ltd., (LSE: FRUT, TASE: FRUT, FRUTF.PK) a top-ten company in the Flavors and Fine Ingredients markets, reports continued rapid growth and record results again for Q3 2012 and for the first nine months of 2012 in terms of sales, gross profit, operating profit, EBITDA, net profit and earnings per share, presenting substantial increase in cash flow.
Frutarom's organic growth, reflected also in its accelerated expansion into target markets in emerging markets where growth rates are high, the continued rapid growth of the Company's Flavors sector in North America, the largest flavor market, alongside the successful integration and utilization of the synergies and cross selling opportunities resulting from the eight acquisitions Frutarom made since 2011, have brought about record results for the third quarter, despite challenging market conditions in the global economy in general and in Western Europe in particular and despite the strengthening of the dollar versus the main currencies in which the Company operates, which detracted from sales and dollar profits.The process of integration of sales, marketing, research and development, purchasing, supply chain and production activities of the eight acquisitions are progressing successfully as planned. Over Q3 these acquisitions continued to contribute not only to a growth in sales but also to improved profit. As integration progresses and the many synergies achieved from the acquisitions are realized, their contribution to profits will increase, the greater part of which will come to fruition in 2013.
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