Ten Peaks Coffee Co. Reports Results For Second Quarter, YTD 2017
Source Ten Peaks Coffee Company
Ten Peaks Coffee Company Inc. (TSX:TPK) ("Ten Peaks" or "the company") today reported financial results for the three and six months ended June 30, 2017. The three-month period represents the second quarter of the company's 2017 fiscal year. Ten Peaks is a leading specialty coffee company doing business through two wholly owned subsidiaries: Swiss Water Decaffeinated Coffee Company, Inc. ("SWDCC") and Seaforth Supply Chain Solutions Inc. ("Seaforth"), the company's green coffee handling and storage subsidiary. SWDCC is a premium green coffee decaffeinator located in Burnaby, BC, which employs the proprietary SWISS WATER® Process to decaffeinate green coffee without the use of chemicals. This is the company's primary business, and the results reported here reflect SWDCC's operating performance.
During the three and six months ended June 30, 2017, Ten Peaks recorded year-over-year increases in revenue, gross profit, operating income, net income and EBITDA. The gains were related to several factors, including higher shipped volumes and margin expansion.
"Demand for our SWISS WATER® Process decaffeinated coffees continued to build through the first half of this year," said Frank Dennis, President and CEO of Ten Peaks. "During the second quarter, shipments of our decaffeinated coffees rose by 19% over the same period last year and were up by 10% for the year-to-date. This is the third quarter in a row we have recorded volume growth, with gains coming from across the business. Looking ahead, we expect our volume shipments to continue increasing, but to slow somewhat, as the second half of last year was particularly strong. As a result, we anticipate our annual volumes will be up by between 3% and 7% over 2016."
