In a release on
-Gross Profit for the quarter improved 0.9 percent to
-Selling general and administrative expenses decreased 10.0 percent to
-Total debt less cash decreased
"For the nine months, full service volumes increased 4.8 million kilos versus last year to 324.5 million kilos; as well as, a 5.5 percent improvement in average selling prices to
"South American new crop marketing is beginning now and along with other markets is following a delayed purchasing trend versus the prior year due to moving into slight global oversupply. These conditions place less pressure on purchasing activities that reflect the largest proportion of our cost. Our balance sheet is well positioned to meet current global supply conditions with
Sikkel, concluded, "Instrumental to our global plan, we will continue rolling out our integrated production system to further improve our dedicated worldwide supplier base, uniquely positioning our company to meet customer requirements that encompass their increasing demand for higher quality. Our success in these areas, combined with attention to our customer's evolving requirements and our ability to address their longer term needs cost effectively, should improve our results and enhance long-term shareholder value."
Performance Summary for the Third Fiscal Quarter Ended
Total sales and other operating revenues decreased 6.4 percent to
Selling, general and administrative expenses ("SG&A") decreased 10.0 percent to
Our interest costs were consistent with the prior year as lower average borrowings were offset by higher average rates while our effective tax rate was 42.7 percent this year compared to 9.3 percent last year. The variance in the effective tax rate between this year and last year is primarily related to losses for which no tax benefit has been recorded and the effect of exchange gains and losses.
Earnings Per Share
For the third quarter ended
Liquidity and Capital Resources
Additionally, from time to time in the future, we may elect to redeem, repay, make open market purchases, retire or cancel indebtedness prior to stated maturity under our various global bank facilities and outstanding public notes, as they may permit.
((Comments on this story may be sent to firstname.lastname@example.org))
In a release on