Dover quarterly sales boosted by flour mill acquisition
May 11, 2007
by Eric Schroeder
TORONTO — Dover Industries Ltd., which operates flour mills in Ontario, Nova Scotia and Saskatchewan, said its income after tax from continuing operations for the three months ended March 31 was C$1,563,000, equal to C$0.23 per share on the common stock, up narrowly from C$1,518,000, or C$0.22 per share, for the same period last year. Sales for the quarter were C$47,922,000, up 26% from C$37,979,000 in the first quarter of fiscal 2006, primarily related to the company’s January agreement with Dawn Food Products (Canada) Ltd. to purchase flour mills owned by Dawn in Saskatoon and Humboldt, Sask.
Net income for the continuing and discontinued operations for the first quarter ended March 31 was C$1,523,000, which compared with C$1,408,000 in 2006.
In addition to flour mills, Dover Industries operates a paper products division and ice cream cone and plastics plant in Ontario with sales across Canada and the United States.