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Andrew Peller Q3 net earnings up sharply at $6.3M; revenue totals $76.6M

By The Canadian Press  | February 08, 2012
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GRIMSBY, Ont. - Wine producing and marketing company Andrew Peller Ltd. (TSX:ADW.A) reported a big increase Wednesday in its third-quarter net earnings, with the company citing increased sales of higher margin products among other reasons for the improvement.

Andrew Peller said net profits in the three months ended Dec. 31 were $6.3 million or 46 cents per share, compared with $4.9 million or 34 cents per share in the same prior-year quarter.

Revenue was $76.6 million, up 2.1 per cent from just under $75 million in the same fiscal 2010 period.

Ongoing initiatives to grow sales of its blended varietal table and premium wines through provincial liquor boards, the successful introduction of new products and solid performance from the company's estate wineries and export sales were credited for the improvement.

Those were partially offset by the impact of the levy introduced back in July 1, 2010, on sales of international and Canadian blended wines sold through the company's retail stores and weaker sales of consumer-made wines, the company said.

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