Canada Bread reports results for Q4, fiscal 2008

Feb. 24, 2009, TORONTO – Canada Bread Company Ltd. today reported its financial results for the fourth quarter and year ended Dec. 31, 2008.

Feb. 24, 2009, TORONTO – Canada Bread Company Ltd. today reported its financial results for the fourth quarter and year ended Dec. 31, 2008.

Adjusted operating earnings increased 7.8 per cent compared to the prior year. Fourth quarter and adjusted operating earnings per share increased by 28 per cent to $1.13. Net earnings per share of $1.04 compared to $0.93 last year. Margins were partially restored in the fourth quarter due to earlier price increases and lower wheat costs, although adjusted operating earnings for the year declined 24.6 per cent.

"Despite a challenging first half of 2008, we ended the year with a return to stability and improved earnings," said president and CEO Richard Lan. "The recent decline in commodity prices, combined with price increases helped to restore margins in the fourth quarter. Across our businesses, we remain focused on building volume through a steadfast commitment to our customers, innovation and new category expansion." | READ MORE