Canada Bread Company Ltd., symbol CBY on Toronto, is Canada’s second-largest producer of baked goods after Weston Bakery. It also makes specialty pastas and sauces. The company’s main brands include Dempster’s, New York Bakery, Tenderflake, and Olivieri.
Earnings fell 21.3% to $61.0 million, or $2.40 a share, in the fiscal year ended December 31, 2010. In 2009, it earned $77.5 million or $3.05 a share. If you exclude one-time items, such as restructuring expenses and costs to build a new bakery in Hamilton, Ontario, earnings per share fell 10.9% to $2.85 from $3.20. The new facility is expected to begin operating by July 1, 2011.
Sales fell 6.9% to $1.6 billion from $1.7 billion. The strength of the Canadian dollar against the British pound and the U.S. dollar lowered the contribution of the company’s operations in the U.K. and the U.S. Prices of its ingredients, especially wheat, are also rising. However, the company is increasing its selling prices to offset rising costs.
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