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La Coop fédérée played its game well

Montreal, Tuesday, February 22, 2005 – Pierre Gauvreau, La Coop fédérée’s Chief Executive Officer, presented the results of the fiscal year ended October 30, 2004, at Fairmont The Queen Elizabeth Hotel this morning. “La Coop fédérée reported operating earnings before patronage refunds and taxes of $35.5 million, compared with $26.1 million last year,” said Mr. Gauvreau.

This $9.4 million increase in earnings was due to Olymel’s strongly higher earnings, primarily for its poultry operations, although this was offset slightly by weaker results for its pork operations. Regarding net earnings for the CO-OP/Sonic Agribusiness Division results were down slightly from last year.

La Coop fédérée’s sales for 2004 were $2.909 billion, up from $2.755 billion the previous year. “This increase stemmed from markedly higher selling prices in the poultry and pork sectors, thereby offsetting Olymel’s reduced sales volumes. Higher volumes and input prices for the CO-OP/Sonic Agribusiness Division also contributed to the sales increase,” said Mr. Gauvreau.

La Coop fédérée’s consolidated balance sheet showed total assets of $808.8 million, up from $762.2 million at the end of fiscal 2003. This increase resulted primarily from higher accounts receivable and, in particular, increased exports.

Founded in 1922 as Québec’s agricultural cooperative federation, La Coop fédérée is owned by nearly one hundred cooperatives representing more than 51,000 members. La Coop fédérée has 9,587 employees at dozens of facilities in Québec, Ontario and Alberta.

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Information : Caroline Morin
Communications Advisor – La Coop fédérée
Telephone : 514-858-2048
Email : [email protected]


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