Dover income climbs 23% in second quarter
August 07, 2008
by Eric Schroeder
BURLINGTON, ONT. — Dover Industries Ltd., which operates flour mills in Ontario, Nova Scotia and Saskatchewan, said income from continuing operations for the second quarter ended June 30 was C$1,720,000 ($1,638,000), equal to C$0.25 per share on the common stock, up from C$1,403,000, or C$0.20 per share, for the same period last year. Sales for the quarter were C$85,374,000 ($81,339,000), up 54% from C$55,362,000 in the second quarter of fiscal 2007, primarily related to the increase in wheat prices.
Earlier this month, Dover Industries finalized the purchase of the Cereal Foods Canada, Inc. flour milling assets of Cereal Food Processors, Inc. in Montreal. The transaction was first announced in early July.