May 13, 2008

Ridley Inc. reports 62-percent earnings growth in Q3

Canadian feed maker, Ridley Inc., reported that its earnings rise to US$11 million from US$6.8 million, rising by 62 percent in the third quarter ended March 31, 2008.

Ridley reported net earnings of US$5 million after income taxes in the third quarter of fiscal 2008 compared to net earnings of US$3.1 million for the same period last year.

Steve VanRoekel, president and CEO, said that the increase was a product of generally strong earnings across all divisions.

VanRoekel added that gross profits improved by 25 percent over the same period last year, largely as a result of strong volumes in US businesses, which benefited from an exceptionally cold winter season in contrast to last year, good margins and well managed operating costs.

In March of this year Ridley acquired the feed supplement block manufacturing business of Ultralyx and 4 Seasons Marketing, LLC located in Flemingsburg, Kentucky.

The acquisition expanded RNS's block product lines into a new category featuring the use of ethanol co-products, and enabled the company to consolidate production from their Syracuse, Indiana plant to generate cost synergies. The Syracuse facility was subsequently closed in early April.

Headquartered in Mankato, Minnesota and Winnipeg, Manitoba Ridley Inc. is a publicly traded company on the Toronto Stock Exchange.