Cryopak results

- Last updated on GMT

Related tags: Fiscal year

Cryopak Industries, the Canadian-based food packaging provider, has
announced improved financial results for the fiscal year ended 31
March, 2002.

Cryopak Industries, the Canadian-based food packaging provider, has announced improved financial results for the fiscal year ended 31 March, 2002.

Sales rose 59 per cent on the previous year, up to C$8.5 million (€5.53m) from C$5.3 million. The sales figures meant that the net loss for the year was cut to C$273,759, compared to C$1.39 million the previous year.

"We are extremely pleased with the progress we have made to date towards achieving our corporate objectives,"​ said CEO Jeffrey Morgan. "The past year was characterised by growth in all segments of our business and we put in place the pieces that will allow us to efficiently execute our growth plan. We fell short of our guidance as a result of an unusually slow fourth quarter, as well as unplanned marketing expenses for the Simply Cozy and Flexible Ice Blanket retail launches."

"Our first quarter results confirm that we are on track. Significant progress was made in developing both our industrial and retail business bases, and we anticipate a return on our marketing investment in the next two fiscal years as we move towards full advertising support for our products."

Morgan went on to outline the company's targets for the year ahead:"Our main objective for 2003 is to accelerate growth while demonstrating significant profit growth - early indications are very positive. We had sales increases in nearly all segments of our business in Q1. Progress with respect to planned acquisitions is being made and we anticipate that the company will complete an acquisition in the next quarter that is accretive to earnings and whose products and services are of strategic significance for our mission and our vision. Further, we fully expect to be operating in Europe and other parts of the world by the end of this current fiscal year."

Cryopak Industries develops, manufactures and markets temperature-controlling products such as the premium patented Cryopak Flexible Ice Blanket, as well as flexible hot and cold compresses, gel packs, and instant hot and cold packs. Cryopak products are used during transport to ensure critical temperature maintenance for food and beverages, seafood and all other perishable items.

Related topics: Processing & Packaging

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