The company has reported a net income of $7.3m, or $1.10 per diluted share, for the third quarter 2009, compared to a net income of $6.02m, or $0.90 per diluted share, for the comparable period in 2008. Operating income of $11.5m for the third quarter 2009, compared to $9.6m for the comparable period in 2008.
The company has observed that the decline in the cost of certain commodities has resulted in downward pressure on the net selling price of many of its products. In terms of raw material sourcing, prices have stabilized at levels lower than in 2008 except for the price of metal containers, which continues to be higher.
The strengthening of the Canadian dollar has continued throughout the quarter. It should be noted however that the positive impact of a strong Canadian dollar on Lassonde Industries' results will be largely offset by forward exchange contracts held by the company to hedge the currency exposure, during the last quarter of 2009, said the company.
Pierre-Paul Lassonde, chairman of the board and CEO of Lassonde Industries, said: “We feel that we will be able to keep net sales in the last quarter of 2009 at a comparable level to that of the last three months of 2008.”
Will Lassonde continue increased net income in Q4?
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