August 22, 2006

Canadian feed company Ridley reports doubling of earnings this quarter
 

Ridley Inc, one of North America's leading livestock feed manufacturers reported an impressive fourth quarter Monday (Aug 21), with net earnings doubling to US$2.1 million from US$1 million last year.

Sales during the period ended Jun 30 climbed 6 percent, reaching US$115.7 million, compared with US$109.1 million a year ago. This is the company's third consecutive year of growth.

The company was able to improve its product mix and cut down operating expenses this year despite weather conditions and higher energy costs hitting the feed supplement blocks business hard, president and CEO Steve VanRoekel said in a press release.

For the full year, the firm reported net earnings of US$13.2 million, up from last year's US$10.7 million. Full-year sales rose 5.6 percent to US$505.6 million, up from US$478.5 million.