Maple Leaf Foods posts lower thirdquarter profit as it plans price increases

TORONTO – Maple Leaf Foods Inc. said Wednesday that consumers should expect to see higher prices for their meat and bread products starting next year, due to the rising costs of getting those items onto shelves.The Toronto-based meat and bakery company, which also reported weaker third quarter earnings, outlined plans to raise its prices in the first quarter of 2013 due to higher raw materials costs.In the bakery division, “we continue to face higher inflationary costs, as well as projected increases in flour and dairy raw material costs,” said president and CEO Michael McCain.“We expect to pass on (higher) pricing in the first quarter of next year.”McCain said prices will rise seven cents per item on the wholesale market, which would boost prices by about 10 cents on store shelves, starting at the end of January.“That will largely cover the cost of our commodity increases, although probably not the whole value of all of our inflation,” he said.“We still have some work to do to offset that.”Meanwhile, prices will also go up for its meat products sometime in the first quarter, though the magnitude and exact timing of the increase hasn’t been decided.“It will be significant, but we just don’t know exactly how significant or exactly when yet in the protein business in 2013,” he said.Maple Leaf Foods (TSX:MFI) has faced a double whammy of higher prices for raw materials and other inflationary costs, while also booking a lower value for the live animals that eventually become its meat products.On Wednesday, the company reported a drop in net earnings during the third quarter, due to lower revenues and a write down on the value of some assets.Maple Leaf Food’s net earnings fell to $32.6 million, or 22 cents per share. That missed expectations of 28 cents per share, according to a poll by Thomson Reuters, and were below the reported $43 million in the third quarter of 2011.The weaker results were mostly from a $13-million decrease in the fair value of the company’s biological assets.McCain said the adjustment came from new international reporting standards that require the company to recognize the value of its live assets — live pigs, eggs and live chickens — as if they were all going to be sold at a current market value.“We’ve excluded these amounts from our adjusted operating earnings because we don’t consider those effects to be representative of operational results during the period,” he told analysts on the conference call.On an adjusted basis, operating earnings improved to $76.3 million from $73.3 million.Revenue slipped to just under $1.24 billion from just over $1.26 billion.Maple Leaf is Canada’s biggest food processor, making and selling such well-known store brands as Maple Leaf, Burns and Schneiders hot dogs, Dempster’s bread, Olivieri pasta, as well as Shopsy’s deli meats and Mitchell’s Gourmet foods.Last year, Maple Leaf announced a plan to cut 1,550 jobs by closing plants in four provinces and streamlining distribution, part of a three-year, $560-million restructuring plan expected to boost competitiveness and profitability.Maple Leaf has 21,000 employees at its operations across Canada and in the United States, Europe and Asia. Maple Leaf Foods posts lower third-quarter profit as it plans price increases by The Canadian Press Posted Oct 31, 2012 5:41 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

Medieval accounts from Richard IIIs rule found among job lot of 1930s

first_imgA bundle of documents bought in a job lot at a country sale in Devon have been identified as the financial accounts of Richard III from his Duchy of Cornwall estate in 1483, the year he came to the throneCredit:John Williams/SWNS A coffin containing the Plantagenet monarch’s mortal remains was taken to Leicester Cathedral to receive burial after they were discovered beneath a car park in the city in September 2012Credit:Will Johnston/Leicester Cathedral When an antiques dealer bought a box of 1930s royal memorabilia from a country house clearance he must have hoped there would be something of value in it.After all he was an experienced buyer who had made a living from spotting nuggets of gold among people’s discarded possessions.What he cannot have expected is to have unearthed a rare medieval manuscript among the coronation cups, thimbles and royalist magazines throw into the box.It has emerged that the manuscript was in fact a rare set of accounts ordered by Richard III from his lands and properties in the Duchy of Cornwall.The document is now going on sale at auction with an estimated price of between £4,000 and £6,000. A coffin containing the Plantagenet monarch's mortal remains was taken to Leicester Cathedral to receive burial after they were discovered beneath a car park in the city in September 2012 Peter Hammond, president of the Richard III society, said: “It is a very important record and we don’t know how many of these 15th century documents still exist.“It gives us a handle on the kind of income that was coming in to keep the country running. The bureaucracy was alive and well in the 15th century – they kept amazing records. Part of the newly discovered Duchy of Cornwall accounts from 1483Credit:John WIlliams/SWNS Historian hope the document will remain in Britain following the sale and be made available for public research.Mr Hammond said: “It would be good if it was bought by the Cornwall Record office or the National Archives and it would be great if people were then able to see it.”Sam Tuke, a valuer at Bonhams in Exeter, said, “It is always exciting to come acrosssomething so special. The accounts include details of properties in Devon as well as in Cornwall itself. They are of course, written in faded mediaeval Latin, but our specialists were able to decipher the text, and reveal their true value.”There are all kinds of reasons why these accounts have survived over the centuries.”They may have been lent or stolen but it is very rare to find anything like them offered for sale. The seller bought the manuscript a part of a job lot at a house clearance sale, along with royal memorabilia from the 1930s.” Richard died at Bosworth Field on August 22, 1485, in the last significant battle of the War of the Roses.Despite the lack of any concrete evidence, he was blamed for the murder of the Princes in the Tower, his nephews Edward V and brother Richard, after being appointed Protector of the Realm to the 12-year-old Edward. The seller only discovered its potential worth after asking experts at Bonhams in Exeter to take a look at the document.Following a painstaking identification the auction firm’s medieval manuscript specialists identified it as a ledger prepared for the hunchback king, covering some of the most turbulent years in English history following the start of his two year rule 1483.The papers show how much income Richard made in one year from the Duchy estate in Devon and Cornwall – and particularly from the area’s famous tin mines. Part of the newly discovered Duchy of Cornwall accounts from 1483 A bundle of documents bought in a job lot at a country sale in Devon have been identified as the financial accounts of Richard III from his Duchy of Cornwall estate in 1483, the year he came to the throne They reveal profits from the Duchy at this time were worth around £500 a year in contrast to the annual wage of a labourer of about £2.Richard III’s accounts are being put up for auction on March 21, almost three years to the day since he was reburied at Leicester Cathedral following the discovery of the remains of his body beneath a Leicester car park, on the site of the former Greyfriars Friary in Leicester which was lost during its dissolution in 1538 on the orders of Henry V111.The accounts show detailed showing totals for rents, sales and court receipts for manors within the Duchy and in Devon.Also detailed are the names of bailiffs who supervised work on the each manor and would act as a link between the serfs and their feudal lord. The amounts raised from each manorial lord amounted to between £12 and £30 per annum. The Duchy of Cornwall was created by Edward 111 in 1337 to provide income for the heir to the throne.It continues to this day as part of the extensive property holdings of Prince Charles, income from which fund both the Prince and his charitable causes.last_img read more