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Net revenues grew by 1% as core volumes increased 7% driven by double digit gains in the Eastern Canadian markets. Nationally, premium brand volumes fell slightly due to the timing of the Easter holiday season this year, while value brand volumes grew in the high-teens.
Cost of Goods Sold were consistent with the prior year as the beneficial impacts of plant efficiency projects and favourable exchange rates on US dollar purchases offset the inflationary impacts of various input cost increases. SG&A expenses, declined by $3.4 million year-over-year, as the Company continued to reduce these costs consistent with its plans for the year.
"In setting the course for the future after a very challenging 2005, Sleeman implemented strategies to achieve strong core volume growth, contain costs of goods sold and significantly reduce SG&A expenses," said John Sleeman, Chairman & CEO. "I am proud to say our employees delivered on all of these fronts during the current quarter."
First Six Month Financial Review had net revenue increased 1% to $98 million.
EBITDA was $12 million compared to $14 million in the first six months of 2005. Normalized EBITDA was consistent in both periods at $14.4 million.
Normalized earnings per share were $0.25 compared to $0.26 last year. Net earnings were $2.7 million or $0.16 per share on a diluted basis compared to $4.1 million or $0.26 per share in the same period in 2005.
Operational Highlights in August 2006, the Company introduced new Sleeman Light, a smooth easy-drinking beer created to provide a premium alternative for those who like to drink light beer.
The Western segment launched Sleeman Summer Selections and OSB Summer Collections packs to give consumers opportunities to sample the Company's distinct premium beers.
The Company upgraded the can line, at its Vernon facility, to meet the continuing growth in 473ml can sales in Western Canada.
Southern Pacific Resource Corp. is pleased to report that it has signed a binding letter of intent, dated August 7, 2006, with Bounty Developments Ltd. an Alberta based private company, to acquire 80% of Bounty's interest in its Leismer South Oil Sands Assets.
Bounty and Southern Pacific will become joint venture partners for the development of the Leismer South Oil Sands Assets. Southern Pacific will acquire the interest in the project for total consideration of $7,500,000. The consideration to be paid includes a cash payment of $4,500,000 and the issuance of 6,000,000 Southern Pacific shares with a deemed value of $3,000,000 ("The Proposed Transaction"). Southern Pacific and Bounty deal at arm's length with each other.
The Leismer South Project consists of 11 contiguous sections of 100% owned lands in Townships 75 - 76, which is approximately 120 kms south of Fort McMurray, representing 7,040 acres the leases on these lands are valid for 15 years. The productive zone is the McMurray Formation, comprised primarily of fluvial and estuarine channel sandstones which form the main reservoir deposits. The Leismer region is active with "SAGD" (steam assisted gravity drainage) projects in various stages of development.
The first stage of the project is to offset existing oil sand pay on the land by drilling a number of vertical test wells, and shooting seismic (3D and 2D ). The objective is to delineate the size and number of oil sands for future SAGD development.
Degolyer and MacNaughton has been engaged to prepare to provide a NI 51-101 compliant report on the prospects, additional information will be released related to the prospects upon completion of the report.
