Strong sales helped Premium Brands Income Fund (PBI.UN) post record sales and profits in its third quarter ending September 29.
The Richmond-based food manufacturer's sales jumped 85% to $108.6 million compared with $58.8 million in the same quarter a year ago. Sales from the company's acquisition of Centennial Foodservice in early July and an 80% interest in a specialty baked goods business contributed to the fund's quarterly sales growth.
Net earnings rose 104% to $7.2 million in the third quarter compared with $3.6 million in the same period a year ago.
For the year, the fund reaffirmed its sales guidance for 2008 in the $430 million to $440 million range and EBITDA of approximately $42 million. It also projects between $2.5 million and $3 million in capital maintenance expenses next year.
Premium Brand's unit price range during the past week: between $14.20 and $14.58; 52-week high: $14.74; 52-week low: $9.05.