Ridley Inc. Reports Financial Results for Fiscal 2010 Second Quarter Feb 9, 2010 08:24PM

MANKATO, MINNESOTA and WINNIPEG, MANITOBA--(Marketwire - Feb. 9, 2010) - Ridley Inc. (TSX: RCL) today reported its financial results for the second quarter of fiscal 2010, the three months ended December 31, 2009. All currency amounts are stated in U.S. dollars unless otherwise noted.

For the three months ended December 31, 2009, Ridley earned $5.0 million after income taxes (37 cents per share) compared to $0.7 million (5 cents per share) last year. Earnings before interest, taxes and amortization (EBITA (i)) for the second quarter of fiscal 2010 were $10.2 million compared to $7.3 million last year.

Several factors contributed to Ridley's earnings growth in the second quarter of fiscal 2010. Unit margins improved over last year with an improved product mix and the stabilization of raw material prices this year. Operating cost structures improved as a result of efficiency initiatives undertaken last year. Colder weather with good snow cover throughout much of the trade area was favourable to beef feed volumes.

Ridley Feed Operations (RFO) was the most improved operating segment in the second quarter with an increase in operating income of $5.9 million over last year. U.S. feed operations accounted for most of this increase while Canadian operations recorded a modest profit this year compared to a loss last year. Ridley Nutrition Solutions (RNS) performed as expected, increasing operating income by $0.9 million, aided by favourable weather conditions. Operating income at Ridley Feed Ingredients (RFI) fell $1.1 million from last year due to the absence of raw material pricing gains realized last year.

"Considering the difficult economic environment for livestock and poultry producers, we are satisfied with the results of the second quarter and appreciative of the hard work of our employees in achieving those results, but we remain cautious in our outlook for the remainder of the year", said Steve VanRoekel, President & CEO of Ridley Inc. "There are indications that producer profitability is improving but animal numbers will remain low in many sectors. While that happens, a strong balance sheet puts us on a solid footing to move forward with new business development initiatives that will position Ridley for future growth", added VanRoekel.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following Management Discussion and Analysis as of February 9, 2010 is based on the accompanying financial statements prepared using Canadian Generally Accepted Accounting Principles ("GAAP"). All amounts are in U.S. dollars unless otherwise stated.

Second Quarter Results The following summary data is presented to assist in understanding the fiscal 2010 second quarter results:


----------------------------------------------------------------------
----------------------------------------------------------------------
                                        Three months
                                            ended     Six months ended
Summary of Results                       December 31     December 31
($ million except for EPS)              2009    2008    2009    2008
----------------------------------------------------------------------
----------------------------------------------------------------------
Revenue                                150.0   163.6   285.7   332.9
Gross profit                            23.5    22.1    40.9    45.2
Operating income                         8.1     1.8    10.4     7.0
Net earnings before exceptions           5.0     3.0     6.1     5.7
Exceptions, net of income taxes (noted
 below (ii))                               -    (2.3)      -    (2.1)
Net earnings                             5.0     0.7     6.1     3.6
Diluted earnings per share (EPS)       $0.37   $0.05   $0.45   $0.26
EBITA (i)                               10.2     7.3    14.6    14.4
----------------------------------------------------------------------
----------------------------------------------------------------------
(i)  EBITA - Operating income before amortization and exceptions. EBITA does
     not have a standardized meaning prescribed by Canadian GAAP and,
     therefore, is not readily comparable to similar measures presented by
     other companies. However, management believes that this measure
     provides investors with useful supplemental information.
(ii) Exceptions - In the preceding summary data, net earnings were reported
     before exceptions. Those exceptions, which are mainly unusual or
     non-recurring items, are summarized below, net of income taxes:

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months
                                                  ended     Six months ended
Exceptions (Net of Income Taxes)               December 31     December 31
($ million)                                   2009    2008    2009    2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gain on sale of facilities                       -       -       -     0.2
Asset impairment loss                            -    (0.9)      -    (0.9)
Restructuring charges                            -    (1.5)      -    (1.5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Exceptions                                 -    (2.3)      -    (2.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Second Quarter Results

Revenue of $150.0 million in the second quarter of fiscal 2010 was lower by 8.3% from the same period last year. A comparison of revenue is not necessarily indicative of the strength of Ridley's business because revenue can be influenced by fluctuating commodity prices. The revenue decline in the second quarter of 2010 was due to lower volumes and raw material prices. Total sales volumes, as measured in tons of feed products sold, were 4.8% lower than the prior year. The decline in volume occurred in the Ridley Feed Operations (RFO) segment, particularly in Canadian feed operations where poor producer profitability has led to reduced animal numbers.

Consolidated gross profit in the second quarter of fiscal 2010 was $23.5 million compared to $22.1 million in the same period of fiscal 2009. Gross profits were higher mainly in the U.S. feed operations of RFO, which benefited from more stable raw material prices and a favourable product mix, and in Ridley Nutrition Solutions (RNS), which generated improved volumes.

Operating expenses, which include selling, general and administrative expenses as well as amortization of property, plant and equipment, were $15.5 million in the second quarter of fiscal 2010 compared to $20.4 million last year. In the second quarter last year the Company undertook an initiative to reduce overhead costs and recorded $2.1 million in restructuring expenses. Operating expenses last year also included an asset impairment loss of $1.4 million from the closure of a facility in North Carolina. The efficiency initiatives last year accounted for approximately $1 million in lower overhead costs in the second quarter this year.

EBITA is comprised of operating income before amortization and unusual items which, in the prior year, included a gain on the sale of a facility, an asset impairment loss and restructuring expenses. There were no unusual items of material significance in the second quarter of 2010. As a result of the improvement in operating income, EBITA in the second quarter of fiscal 2010 increased to $10.2 million from $7.3 million in the prior year.

Net earnings after taxes for the second quarter of fiscal 2010 were $5.0 million (earnings per share of $0.37) compared with net earnings after taxes of $0.7 million (earnings per share of $0.05) in the same period of fiscal 2009.

Comprehensive income is the change in net assets that results from transactions, events and circumstances from sources other than investments by and/or distributions to shareholders. Other comprehensive income (OCI) is comprised entirely of unrealized gains and losses on translation of financial statements of related entities with foreign functional currency to U.S. dollar reporting currency. Ridley recorded comprehensive income in the second quarter of fiscal 2010 of $4.5 million, comprised of net income of $5.0 million, as reported above, less unrealized losses of $0.5 million on the translation to U.S. currency of financial statements of Canadian entities.

Consolidated Six Months Results

For the six months ended December 31, 2009, revenues of $285.7 million were 14.2% lower than the same period in the previous year. Lower raw material prices and a 6.4% decrease in volume accounted for most of the decline in revenue. Softer demand for feed products is reflective of the continuing economic difficulties of livestock and poultry producers and declines in the size of cattle and swine herds and poultry flocks. Gross profit for the first half of the year was $40.9 million, a decline of 9.5% from the prior year. The decline in gross profits follows from decreased volume for the year to-date and lower unit margins this year compared to last year when the company held more favourable raw material inventory positions.

Operating expenses of $30.6 million in the first half of fiscal 2010 were $7.7 million lower than the previous year. Included in operating expenses last year were $2.1 million in restructuring expenses and an asset impairment loss of $1.4 million for closure of a redundant facility. Operating expenses last year also included $0.8 million in advisory services related to the strategic review process which concluded following the sale by Ridley Corporation Limited of its 69% interest in Ridley Inc. to Fairfax Financial Holdings Limited. Last year also included a $0.3 million gain on the sale of property at a closed facility.

EBITA in the first six months of fiscal 2010 was $14.6 million compared to $14.4 million for the same period last year. EBITA is comprised of operating income before amortization and unusual items, which last year included a gain on the sale of facilities ($0.3 million), restructuring charges ($2.1 million) and an asset impairment loss ($1.4 million). There were no unusual items of material significance in the first six months of fiscal 2010.

Net earnings after taxes for the six months ended December 31, 2009 were $6.1 million (earnings per share of $0.45) compared with net earnings after taxes of $3.6 million (earnings per share of $0.26) in the same period last year.

Reconciliation of Non-GAAP Financial Measures

The Company reports its financial results according to Canadian GAAP. However, included in this management discussion and analysis are certain non-GAAP financial measures and ratios which the Company's management believes provide useful information in measuring the financial performance and financial condition of the Company. These measures and ratios do not have a standardized meaning prescribed by Canadian GAAP and, therefore, may not be comparable to similar measures presented by other public companies, nor should they be construed as an alternative to other financial measures described by Canadian GAAP. Operating income is defined as net earnings before finance costs, interest income and provision for income taxes. Earnings before interest, taxes and amortization (EBITA) are defined as operating income before amortization, gain on sale of facilities, asset impairment loss and restructuring charges.

The following table is a reconciliation of EBITA to net earnings, the most closely comparable GAAP measure to EBITA:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       Three
                                                       months    Six months
Earnings before interest, taxes and amortization       ended       ended
(EBITA)                                             December 31 December 31
($ million)                                          2009  2008  2009  2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings/(loss)                                   5.0   0.7   6.1   3.6
Provision for income taxes                            3.0   0.4   4.0   2.2
Interest income                                      (0.1) (0.1) (0.2) (0.3)
Finance costs                                         0.2   0.8   0.3   1.5
----------------------------------------------------------------------------
Operating income                                      8.1   1.8  10.4   7.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of property, plant and equipment         2.1   2.0   4.2   4.1
Other amortization                                      -     -   0.1   0.1
Gain on sale of facilities                              -     -     -  (0.3)
Asset impairment loss                                   -   1.4     -   1.4
Restructuring charges                                   -   2.1     -   2.1
----------------------------------------------------------------------------
Earnings before interest, taxes and amortization
 (EBITA)                                             10.2   7.3  14.6  14.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SEGMENT RESULTS
---------------
The following is a summary of operating income (loss) of Ridley's
reporting segments.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       Three
                                                       months    Six months
                                                       ended       ended
Operating Income (Loss) (iii)                       December 31 December 31
($ million)                                          2009  2008  2009  2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ridley Feed Operations (RFO)                         $4.2 $(1.7) $3.9 $(0.8)
Ridley Feed Ingredients (RFI)                         0.9   2.0   2.4   4.9
Ridley Nutrition Solutions (RNS)                      3.7   2.8   5.6   6.1
Corporate                                            (0.7) (1.3) (1.5) (3.2)
----------------------------------------------------------------------------
Consolidated Operating Income                        $8.1  $1.8 $10.4  $7.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(iii) Operating income is earnings before interest and taxes.

Ridley Feed Operations (RFO)

The Ridley Feed Operations (RFO) segment consists of full-line feed manufacturing facilities operating in the United States and Canada, producing and marketing products for traditional livestock and poultry markets. RFO's overall volumes were lower by 5.6% in the second quarter of fiscal 2010 compared to last year. The downturn in volumes is reflective of reduced animal numbers, particularly in Canada, and a continuation of the Company's strategic shift in product mix towards lower inclusion, higher value added products. Colder weather conditions in the second quarter were more favourable to RFO's U.S. feed operations which market a higher proportion of its volume to the beef sector. Volume in Canadian feed operations declined by 12.5% for the quarter, while volume in U.S. feed operations declined by 1.7% from last year. For the six months year to-date, volume in Canadian feed operations was lower by 9.9% compared to last year, while volume in U.S. feed operations was lower by 5.0%.

Lower commodity prices this year over last year translated into lower revenue for RFO as feed prices are generally set at a fixed margin above raw material costs. Revenue was 10.2% lower in the second quarter of 2010 compared to last year. About two-thirds of the decline in revenue was due to reduced unit prices while the remainder was due to lower volumes.

RFO gross profits in the second quarter this year were 12.2% higher than the same period last year due to a 20.3% increase in unit margins partly offset by a 5.6% decline in sales volumes. For the six months of fiscal 2010, RFO gross profits were lower by 4.1%, largely due to lower unit margins in the first quarter.

RFO operating expenses in the second quarter were lower by $4.3 million as a result of unusual expenses last year including $1.9 million related to restructuring charges and $1.4 million for closure of a facility. Lower operating expenses this year also the result of efficiency initiatives undertaken last year.

Ridley Feed Ingredients (RFI)

The Ridley Feed Ingredients (RFI) segment consists of feed-grade vitamin and trace mineral premixes, small packaged specialty products, medicated and non-medicated feed additives and micro feed ingredients produced and distributed through a specialized facility in Illinois. Revenue in the second quarter of fiscal 2010 declined by 10.2% from the same period last year, mainly the result of the softening of raw material prices that were abnormally high last year and reduced demand for feed ingredients following from lower animal numbers. The absence of gains from inventory positions this year reduced unit margins, resulting in a 29.8% decrease in gross profit in the second quarter compared to last year. Gross profits for the first six months of fiscal 2010 were 33.8% lower than the same period last year.

Ridley Nutrition Solutions (RNS)

Ridley Nutrition Solutions (RNS) includes Ridley's feed supplement block and equine nutrition businesses. RNS volumes have been impacted negatively by the lower trending cattle population of the last several years. However, colder weather conditions in the second quarter of fiscal 2010 were favourable to sales of feed supplement blocks resulting in an increase in RNS volumes of 8.7% over last year. For the six months of fiscal 2010, volumes were 1.6% lower than last year as a result of reduced volume in the first quarter of this year.

Gross profits in the second quarter this year were 9.0% higher than last year due to improved volume and slightly more favourable unit margins as the RNS product mix improved towards higher value-added products. Gross profits for the year to-date lag behind last year due to lower volume and reduced unit margins in the first quarter, which followed from less favourable inventory positions.

Corporate

Corporate expenses include certain corporate management, board of directors' and other public company expenses, as well as legal expenses related to the BSE class action lawsuits. Corporate expenses in the second quarter this year were $0.6 million lower than last year, mainly the result of unusual expenditures last year related to the strategic review process and restructuring initiatives. For similar reasons, corporate expenses for the six months to-date this year were lower by $1.7 million compared to last year.

Liquidity/Capital Resources/Cash Flow

Ridley's working capital and debt to equity positions are summarized below:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                           December  September   June      March   December
                              31        30        30        31        31
Balances ($000) as of:       2009      2009      2009      2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Working capital (i)       $47,816   $47,022   $45,546   $53,163   $48,969
Net debt (ii)              11,429    11,912     8,652    16,247    18,020
Equity                    153,061   151,478   149,013   155,461   152,788
Net debt to equity ratio      7.5%      7.9%      5.8%     10.5%     11.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)  Working capital is defined as current assets less current liabilities,
     excluding cash and short term deposits.
(ii) Net debt is defined as bank obligations and capital leases, less cash
     and short term deposits.

Net debt of $11.4 million as at December 31, 2009 was comprised of long term debt of $11.2 million and a $1.9 million balance in revolving credit, less $1.6 million of cash and short term deposits. For the six months year-to-date the Company funded all capital expenditures from operating cash flows. The $2.8 million increase in net debt from the start of the current fiscal year reflects the expenditure of $3.7 million on the repurchase of the Company's shares for cancellation.

The following is a summary of cash generated or utilized by business operations, net of capital expenditures on plant and equipment, excluding business acquisitions.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months
                                                  ended     Six months ended
Summary of Changes in Cash Available           December 31     December 31
($ million)                                   2009    2008    2009    2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flow from operating activities            7.7     3.3    10.4     7.6
Net decrease (increase) in non-cash working
 capital balances                             (0.5)    6.0    (5.0)   (9.4)
Decrease in loans receivable, net                -       -     0.1       -
Proceeds on disposal of property, plant and
 equipment                                     0.1     0.1     0.4     0.5
Capital expenditures, excluding business
 acquisitions                                 (2.9)   (2.1)   (5.4)   (4.6)
Business acquisitions                            -       -       -    (0.1)
----------------------------------------------------------------------------
Increase (decrease) in cash available          4.4     7.2     0.4    (6.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

For the second quarter of fiscal 2010, cash flows from operations net of capital expenditures were $4.4 million compared to $7.2 million in the same three-month period last year. Cash flows were significantly increased last year by falling raw material prices which reduced inventory and accounts receivable balances.

Capital Expenditures

Expenditures on plant and equipment in the second quarter of fiscal 2010 were $2.9 million compared to $2.1 million in the same period a year ago. Major capital projects in the quarter included $1.1 million for expansion of the Worthington, MN and Mendota, IL facilities. For the six months to-date, $2.2 million has been invested in the Worthington and Mendota capital projects. The balance of capital expenditures ($1.8 million in the second quarter and $3.2 million for the year-to-date) was made on a variety of smaller projects for the maintenance of equipment and facilities.

Seasonality and Commodity Variability

The Company experiences seasonal variations in revenue. Historically, revenue is strongest in the second and third fiscal quarters when colder weather from October to March increases demand for beef feed. Other product lines are only marginally affected by seasonal conditions.

Commodity-based agricultural raw materials constitute a significant component of the Company's complete feed production. Fluctuating commodity prices can influence revenues and associated cost of sales as selling prices and product costs move in relation to changes in commodity prices.

Selected Quarterly Financial Information


----------------------------------------------------------------------------
----------------------------------------------------------------------------
(US $ millions except per share
 data)                               Fiscal   First  Second   Third  Fourth
                                      Year   Quarter Quarter Quarter Quarter
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                               2010    135.7   150.0
                                      2009    169.3   163.6   140.7   129.8
                                      2008    139.8   167.0   167.3   159.4
Net earnings (loss) (before unusual
 items(i) net of income taxes)        2010      1.1     5.0
                                      2009      2.7     3.0     3.5    (0.2)
                                      2008      2.0     4.5     5.2     0.9
Net earnings (loss)                   2010      1.1     5.0
                                      2009      2.9     0.7     3.5    (8.4)
                                      2008      2.6    (2.8)    5.0     1.2
Net earnings (loss) per share (EPS)   2010     0.08    0.37
                                      2009     0.21    0.05    0.25   (0.60)
                                      2008     0.19   (0.21)   0.37    0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Unusual items include: asset impairment loss, restructuring charges, and
    gain on sale of facilities.

Outstanding Share Data

Ridley's share capital consists of an unlimited number of common shares, with no par value. On December 11, 2009 the Company received approval from the Toronto Stock Exchange (the "TSX") to initiate a normal course issuer bid for the Company's shares through the facilities of the TSX. The share repurchase program permits the Company to purchase for cancellation up to 663,169 of its common shares over the twelve month period ending December 14, 2010. This normal course issuer bid follows a previous share repurchase program which terminated on December 14, 2009. Under the previous share repurchase program, the Company had repurchased for cancellation 595,922 shares at an average price of C$7.48 per share, excluding commissions. As at December 31, 2009, the Company had made no share repurchases under the new normal course issuer bid. The number of shares outstanding as at December 31, 2009 and as at February 9, 2010 was 13,263,378.

Internal Control Over Financial Reporting

The Chief Executive Officer and Chief Financial Officer have signed form 52-109F2 - Certification of Interim Filings and filed it with the appropriate securities regulators in Canada in compliance with Multilateral Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings issued by the Canadian Securities Administrators. There has been no change in Ridley's internal controls over financial reporting or disclosure controls and procedures that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, Ridley's internal control over financial reporting.

International Financial Reporting Standards

The Canadian Accounting Standards Board (AcSB) requires all public companies to adopt International Financial Reporting Standards (IFRS) for interim and annual financial statements for fiscal years beginning on or after January 1, 2011. Companies will be required to provide IFRS comparative information for the previous fiscal period. The impact of the adoption of IFRS on the consolidated financial statements of the Company may be significant and, as such, the Company has begun developing its convergence plan to transition its financial statement reporting, presentation and disclosure for IFRS to meet its first quarter fiscal 2012 deadline. The Company continues to evaluate the potential impact of IFRS on its consolidated financial statements. The process will be ongoing as new standards and recommendations are issued by the International Accounting Standards Board and AcSB.

BSE Class Action Lawsuits

In April 2005, representative plaintiffs filed proposed class actions in Alberta, Saskatchewan, Ontario and Quebec against the Government of Canada and Ridley Inc. to include all Canadian cattle farmers who allegedly suffered damage as a result of international bans on trade in Canadian beef and cattle following the 2003 diagnosis of Bovine Spongiform Encephalopathy (BSE) in a cow in Alberta. A settlement agreement between Ridley and the representative plaintiffs was finalized in January 2009 when Ridley made payment of C$6.0 million into a plaintiffs' settlement trust fund for the benefit of the plaintiffs in continuation of their litigation against the Government of Canada. In agreeing to the settlement, Ridley made no admission of liability or wrongdoing in the matter. The settlement effectively capped Ridley's exposure to the claims made by the plaintiffs to that amount.

Following the settlement agreement with plaintiffs the Ontario Superior Court granted Ridley's motion for dismissal of the Ontario action as against Ridley on July 28, 2009. The Quebec Superior Court dismissed the Quebec action as against Ridley on November 13, 2009. Ridley will seek to obtain similar court orders in Alberta and Saskatchewan where the plaintiffs commenced identical actions. If the remaining jurisdictions grant dismissal motions, Ridley will cease to be a party to the continuing class action lawsuits.

Forward-Looking Information

This report contains "forward-looking" information. The forward-looking information includes statements concerning Ridley's outlook for the future, as well as other statements of beliefs, plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. Forward- looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, contemplated or implied by, such statements. These risks and uncertainties include the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations, the availability and prices of raw materials and supplies, livestock disease, product pricing, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards and other regulatory requirements affecting Ridley's business, adverse results from ongoing litigation, and actions of domestic and foreign governments. Other risks are outlined in the Risk Management section of the MD&A included in Ridley's Annual Report. Unless otherwise required by applicable securities law, Ridley disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. Ridley cautions readers not to place undue reliance upon forward-looking statements.

OUTLOOK

The external drivers of Ridley's commercial feed business are strongly influenced by the economic dynamics of the North American livestock and poultry production industry. Demand for commercial animal feed in 2010 will be influenced by any improvement in the profit margins of livestock and poultry producers. Longer term commercial feed demand will depend on the eventual reversal of the reduction in animal numbers across most segments in the U.S. and Canada.

The outlook is encouraging for improved profitability amongst most sectors of livestock and poultry production within the next six to twelve months. However, in the near term, many sectors continue to operate below breakeven levels, which negatively affects producer demand for feed supplementation.

Management continues to focus on the needs of Ridley's customers, making customer satisfaction a top priority while helping producers find profitable feeding solutions in a challenging economic environment. Maintaining a balanced presence amongst each of the sectors of livestock and poultry production remains important for diversifying Ridley's earnings across multiple geographies and product categories.

Ridley Inc., headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies. Ridley employs more than 900 people in the United States and Canada in the manufacture and distribution of a full range of animal nutrition products under highly regarded trade names.

Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL).

Additional information, including the notes to the interim financial statements and Ridley's Annual Information Form (AIF), are available at www.sedar.com. Visit our website at www.ridleyinc.com.


RIDLEY Inc.
Consolidated Balance Sheets
(Unaudited)
                                                December            December
(Expressed in thousands of U.S. dollars)              31   June 30        31
                                                    2009      2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
  Cash and short-term deposits                     1,594     1,954     6,087
  Accounts receivable                             36,026    30,697    39,295
  Inventories (Note 8)                            50,708    48,153    58,475
  Income taxes recoverable                            58     1,867     1,516
  Prepaids and other current assets                2,105       721     2,206
  Current portion of loans receivable              1,069     1,013     1,168
  Assets held-for-sale (Note 12)                       -       245         -
  Future income tax asset                          1,602     1,545     1,439
----------------------------------------------------------------------------
Total current assets                              93,162    86,195   110,186

Non-current assets
  Loans receivable                                   472       603       952
  Assets held-for-sale (Note 12)                     598       598       867
  Property, plant and equipment                   91,439    88,604    88,812
  Future income tax asset                          4,256     3,425         -
  Other assets                                     3,980     4,431     2,604
  Other intangibles                                4,642     4,379     4,466
  Goodwill                                        37,982    37,982    48,477
----------------------------------------------------------------------------
Total non-current assets                         143,369   140,022   146,178
----------------------------------------------------------------------------

TOTAL ASSETS                                     236,531   226,217   256,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
  Outstanding cheques in excess of bank
   balances                                        3,920     2,038       408
  Short-term debt                                  1,871       364     1,767
  Accounts payable and accrued liabilities        34,451    34,525    43,588
  Advances from customers                          3,366     1,716     4,397
  Claim settlement provision (Note 14)                 -         -     4,902
  Income taxes payable                                91         -         -
  Current portion of long-term debt                   53        52        68
----------------------------------------------------------------------------
Total current liabilities                         43,752    38,695    55,130

Long-term liabilities
  Long-term debt                                  11,099    10,190    22,272
  Future income tax liability                     24,672    24,427    21,836
  Other accrued liabilities                        3,947     3,892     4,338
----------------------------------------------------------------------------
Total long-term liabilities                       39,718    38,509    48,446

----------------------------------------------------------------------------
Total liabilities                                 83,470    77,204   103,576

Shareholders' equity
Share capital (Note 11)                           55,127    57,315    57,601
Retained earnings                                 86,706    81,285    86,199
Accumulated other comprehensive income (Note
 4)                                               11,228    10,413     8,988
----------------------------------------------------------------------------
                                                  97,934    91,698    95,187
----------------------------------------------------------------------------
Total shareholders' equity                       153,061   149,013   152,788
----------------------------------------------------------------------------

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY         236,531   226,217   256,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------


RIDLEY Inc.
Consolidated Statements of Earnings and Retained
Earnings
(Unaudited)
(Expressed in thousands of               Three Months Ended Six Months Ended
 U.S. dollars)                               December 31       December 31
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revenue                                  149,969  163,562  285,676  332,866
Cost of sales (Note 8)                   126,453  141,413  244,736  287,628
----------------------------------------------------------------------------
Gross profit                              23,516   22,149   40,940   45,238
----------------------------------------------------------------------------

Operating (income) expenses
  Selling, general and administrative     13,095   16,755   25,806   32,481
  Amortization of property, plant and
   equipment                               2,093    2,047    4,185    4,116
  Gain on sale of facility (Note 12)           -        -        -     (316)
  Research and development                   228      140      498      486
  Other amortization                          44       44       87       87
  Asset impairment loss (Note 13)              -    1,407        -    1,407
----------------------------------------------------------------------------
Net operating expenses                    15,460   20,393   30,576   38,261
----------------------------------------------------------------------------

Operating income                           8,056    1,756   10,364    6,977

Finance costs                               (170)    (845)    (348)  (1,450)
Interest income                               87      145      166      262
----------------------------------------------------------------------------
Earnings before income taxes               7,973    1,056   10,182    5,789

Provision for income taxes (Note 9)        2,953      385    4,037    2,184
----------------------------------------------------------------------------
Net earnings for the period                5,020      671    6,145    3,605
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Retained earnings, beginning of period    82,410   85,528   81,285   82,594
Net earnings for the period                5,020      671    6,145    3,605
Excess over stated value of shares
  purchased for cancellation (Note 11)      (724)       -     (724)       -
----------------------------------------------------------------------------
Retained earnings, end of period          86,706   86,199   86,706   86,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings per share, basic and
 diluted                                    0.37     0.05     0.45     0.26

Consolidated Statements of Comprehensive
 Income
(Unaudited)
                                           Three Months
(Expressed in thousands of U.S. dollars)      Ended        Six Months Ended
                                           December 31       December 31
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings for the period                5,020      671    6,145    3,605
Unrealized gains (losses) on translation
 of financial statements of related
 entities with foreign functional
 currency to U.S. dollar reporting
 currency (Note 4)                          (525)  (3,298)     815   (4,317)
----------------------------------------------------------------------------
Other comprehensive income (loss) for
 the period                                 (525)  (3,298)     815   (4,317)
Comprehensive income (loss) for the
 period                                    4,495   (2,627)   6,960     (712)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

RIDLEY Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in thousands                  Three Months Ended Six Months Ended
 of U.S. dollars)                             December 31      December 31
                                            2009     2008    2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash flow from operating activities
  Net earnings for the period              5,020      671   6,145     3,605
  Add (deduct) items not affecting cash:
  Amortization of property, plant and
   equipment                               2,093    2,047   4,185     4,116
  Future income taxes                        414   (1,037)   (214)   (1,468)
  Asset impairment loss (Note 13)              -    1,407       -     1,407
  Loss on sale of property, plant and
   equipment                                  75       47     114        49
  Gain on sale of facility (Note 12)           -        -       -      (316)
  Other amortization                          44       44      87        87
  Other items not affecting cash              46      121      94       148
----------------------------------------------------------------------------
                                           7,692    3,300  10,411     7,628
Net change in non-cash working capital
 balances related to operations:
  Accounts receivable                       (329)   1,987  (4,160)   (6,538)
  Inventories                             (1,911)  14,520  (1,677)    8,920
  Prepaids and other current assets          187      343  (1,343)     (361)
  Accounts payable and accrued
   liabilities                            (1,028) (11,219) (1,361)  (12,541)
  Advances from customers                  2,336    3,331   1,626     2,125
  Income taxes payable and recoverable       287   (3,005)  1,883    (1,048)
----------------------------------------------------------------------------
Net cash from (utilized for) operating
 activities                                7,234    9,257   5,379    (1,815)
----------------------------------------------------------------------------

Cash flow from investing activities
  Proceeds on disposal of facilities,
   property, plant and equipment             102       57     368       526
  Purchase of property, plant and
   equipment                              (2,931)  (2,095) (5,098)   (4,632)
  Purchase of intangibles                      -        -    (350)        -
  Decrease in loans receivable, net           43       15      94         -
  Business acquisitions (Note 10)              -        -       -      (137)
----------------------------------------------------------------------------
Net cash utilized for investing
 activities                               (2,786)  (2,023) (4,986)   (4,243)

Cash flow from financing activities
  Repayment of short- and long-term debt  (4,770) (18,699) (6,493)  (26,275)
  Proceeds from short- and long-term
   debt                                    1,852    9,476   7,782    34,484
  Purchases of share capital for
   cancellation (Note 11)                 (3,745)      (3) (3,745)       (3)
----------------------------------------------------------------------------
Net cash from (utilized for) financing
 activities                               (6,663)  (9,226) (2,456)    8,206

Effect of exchange rate changes on cash      (36)      28    (179)       21

Increase (decrease) in cash and cash
 equivalents                              (2,251)  (1,964) (2,242)    2,169
Cash and cash equivalents - beginning of
 period                                      (75)   7,643     (84)    3,510
----------------------------------------------------------------------------
Cash and cash equivalents - end of
 period                                   (2,326)   5,679  (2,326)    5,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash and cash equivalents are comprised
 of:
  Cash and short-term deposits             1,594    6,087   1,594     6,087
  Outstanding cheques in excess of bank
   balances                               (3,920)    (408) (3,920)     (408)
----------------------------------------------------------------------------
                                          (2,326)   5,679  (2,326)    5,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FOR FURTHER INFORMATION PLEASE CONTACT:
        RIDLEY Inc.
        Steve VanRoekel
        President and CEO
        (507) 388-9412

        RIDLEY Inc.
        Gordon Hildebrand
        Chief Financial Officer
        (507) 388-9577

Source: Ridley Inc.


Pioneering Hormone Therapist to Host Free Health Seminar Feb 9, 2010 08:23PM

RANCHO MIRAGE, Calif., Feb. 9 /PRNewswire/ -- Dr. Gino Tutera, an innovative physician who developed cutting-edge techniques in the field of hormone replacement therapy, is hosting a seminar entitled: Your Hormones, Your Health! on Thursday, February 25, from 6-7:30 p.m. at the Agua Caliente Casino Resort Spa, 32250 Bob Hope Drive in Rancho Mirage. The event is free to the public.

"Our hormones control every part of the human body, and therefore every aspect of our lives," says Dr. Tutera. "In this seminar, I will touch upon how to restore good energy and develop a keen mind and a strong, fit body. The only real way to do that is by balancing your hormones, which returns the body to its normal physiological state. I have been treating women with bio-identical hormones for many years, and these patients continue to see remarkable results."

The first 15 people to R.S.V.P. to the event will receive an autographed copy of one of Dr. Tutera's books. All attendees will receive a $30 discount card.

Dr. Tutera has practiced medicine for more than thirty years and is widely recognized as a pioneer and leader in the field of bio-identical hormone replacement therapy. In 1992, he developed his unique SottoPelle® Subdermal Therapy based on the use of subcutaneous pellets—the most effective hormone delivery system available. His efforts continue to change the lives of thousands of women and men across the country suffering from these deficiencies.

For more information about the seminar and to R.S.V.P., call 760-773-2616 ext 160 or email KarenB@sphrt.com. For more about Dr. Gino Tutera, visit www.sottopelletherapy.com.

About Dr. Tutera:

Dr. Tutera is also the author of You Don't Have to Live With It! and Life Regained: The Real Solution to Menopause and Andropause. He opened his first SottoPelle clinic in Rancho Mirage in 1992, which is now located at Monterey Avenue and Country Club Drive. He currently practices medicine in Scottsdale, Arizona.

SOURCE Dr. Tutera


Ridley Inc. Reports Financial Results for Fiscal 2010 Second Quarter Feb 9, 2010 08:23PM

MANKATO, MINNESOTA and WINNIPEG, MANITOBA -- (MARKET WIRE) -- 02/09/10 -- Ridley Inc. (TSX: RCL) today reported its financial results for the second quarter of fiscal 2010, the three months ended December 31, 2009. All currency amounts are stated in U.S. dollars unless otherwise noted.

For the three months ended December 31, 2009, Ridley earned $5.0 million after income taxes (37 cents per share) compared to $0.7 million (5 cents per share) last year. Earnings before interest, taxes and amortization (EBITA (i)) for the second quarter of fiscal 2010 were $10.2 million compared to $7.3 million last year.

Several factors contributed to Ridley's earnings growth in the second quarter of fiscal 2010. Unit margins improved over last year with an improved product mix and the stabilization of raw material prices this year. Operating cost structures improved as a result of efficiency initiatives undertaken last year. Colder weather with good snow cover throughout much of the trade area was favourable to beef feed volumes.

Ridley Feed Operations (RFO) was the most improved operating segment in the second quarter with an increase in operating income of $5.9 million over last year. U.S. feed operations accounted for most of this increase while Canadian operations recorded a modest profit this year compared to a loss last year. Ridley Nutrition Solutions (RNS) performed as expected, increasing operating income by $0.9 million, aided by favourable weather conditions. Operating income at Ridley Feed Ingredients (RFI) fell $1.1 million from last year due to the absence of raw material pricing gains realized last year.

"Considering the difficult economic environment for livestock and poultry producers, we are satisfied with the results of the second quarter and appreciative of the hard work of our employees in achieving those results, but we remain cautious in our outlook for the remainder of the year", said Steve VanRoekel, President & CEO of Ridley Inc. "There are indications that producer profitability is improving but animal numbers will remain low in many sectors. While that happens, a strong balance sheet puts us on a solid footing to move forward with new business development initiatives that will position Ridley for future growth", added VanRoekel.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following Management Discussion and Analysis as of February 9, 2010 is based on the accompanying financial statements prepared using Canadian Generally Accepted Accounting Principles ("GAAP"). All amounts are in U.S. dollars unless otherwise stated.

Second Quarter Results The following summary data is presented to assist in understanding the fiscal 2010 second quarter results:


----------------------------------------------------------------------
----------------------------------------------------------------------
                                        Three months
                                            ended     Six months ended
Summary of Results                       December 31     December 31
($ million except for EPS)              2009    2008    2009    2008
----------------------------------------------------------------------
----------------------------------------------------------------------
Revenue                                150.0   163.6   285.7   332.9
Gross profit                            23.5    22.1    40.9    45.2
Operating income                         8.1     1.8    10.4     7.0
Net earnings before exceptions           5.0     3.0     6.1     5.7
Exceptions, net of income taxes (noted
 below (ii))                               -    (2.3)      -    (2.1)
Net earnings                             5.0     0.7     6.1     3.6
Diluted earnings per share (EPS)       $0.37   $0.05   $0.45   $0.26
EBITA (i)                               10.2     7.3    14.6    14.4
----------------------------------------------------------------------
----------------------------------------------------------------------
(i)  EBITA - Operating income before amortization and exceptions. EBITA does
     not have a standardized meaning prescribed by Canadian GAAP and,
     therefore, is not readily comparable to similar measures presented by
     other companies. However, management believes that this measure
     provides investors with useful supplemental information.
(ii) Exceptions - In the preceding summary data, net earnings were reported
     before exceptions. Those exceptions, which are mainly unusual or
     non-recurring items, are summarized below, net of income taxes:

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months
                                                  ended     Six months ended
Exceptions (Net of Income Taxes)               December 31     December 31
($ million)                                   2009    2008    2009    2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gain on sale of facilities                       -       -       -     0.2
Asset impairment loss                            -    (0.9)      -    (0.9)
Restructuring charges                            -    (1.5)      -    (1.5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Exceptions                                 -    (2.3)      -    (2.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Second Quarter Results

Revenue of $150.0 million in the second quarter of fiscal 2010 was lower by 8.3% from the same period last year. A comparison of revenue is not necessarily indicative of the strength of Ridley's business because revenue can be influenced by fluctuating commodity prices. The revenue decline in the second quarter of 2010 was due to lower volumes and raw material prices. Total sales volumes, as measured in tons of feed products sold, were 4.8% lower than the prior year. The decline in volume occurred in the Ridley Feed Operations (RFO) segment, particularly in Canadian feed operations where poor producer profitability has led to reduced animal numbers.

Consolidated gross profit in the second quarter of fiscal 2010 was $23.5 million compared to $22.1 million in the same period of fiscal 2009. Gross profits were higher mainly in the U.S. feed operations of RFO, which benefited from more stable raw material prices and a favourable product mix, and in Ridley Nutrition Solutions (RNS), which generated improved volumes.

Operating expenses, which include selling, general and administrative expenses as well as amortization of property, plant and equipment, were $15.5 million in the second quarter of fiscal 2010 compared to $20.4 million last year. In the second quarter last year the Company undertook an initiative to reduce overhead costs and recorded $2.1 million in restructuring expenses. Operating expenses last year also included an asset impairment loss of $1.4 million from the closure of a facility in North Carolina. The efficiency initiatives last year accounted for approximately $1 million in lower overhead costs in the second quarter this year.

EBITA is comprised of operating income before amortization and unusual items which, in the prior year, included a gain on the sale of a facility, an asset impairment loss and restructuring expenses. There were no unusual items of material significance in the second quarter of 2010. As a result of the improvement in operating income, EBITA in the second quarter of fiscal 2010 increased to $10.2 million from $7.3 million in the prior year.

Net earnings after taxes for the second quarter of fiscal 2010 were $5.0 million (earnings per share of $0.37) compared with net earnings after taxes of $0.7 million (earnings per share of $0.05) in the same period of fiscal 2009.

Comprehensive income is the change in net assets that results from transactions, events and circumstances from sources other than investments by and/or distributions to shareholders. Other comprehensive income (OCI) is comprised entirely of unrealized gains and losses on translation of financial statements of related entities with foreign functional currency to U.S. dollar reporting currency. Ridley recorded comprehensive income in the second quarter of fiscal 2010 of $4.5 million, comprised of net income of $5.0 million, as reported above, less unrealized losses of $0.5 million on the translation to U.S. currency of financial statements of Canadian entities.

Consolidated Six Months Results

For the six months ended December 31, 2009, revenues of $285.7 million were 14.2% lower than the same period in the previous year. Lower raw material prices and a 6.4% decrease in volume accounted for most of the decline in revenue. Softer demand for feed products is reflective of the continuing economic difficulties of livestock and poultry producers and declines in the size of cattle and swine herds and poultry flocks. Gross profit for the first half of the year was $40.9 million, a decline of 9.5% from the prior year. The decline in gross profits follows from decreased volume for the year to-date and lower unit margins this year compared to last year when the company held more favourable raw material inventory positions.

Operating expenses of $30.6 million in the first half of fiscal 2010 were $7.7 million lower than the previous year. Included in operating expenses last year were $2.1 million in restructuring expenses and an asset impairment loss of $1.4 million for closure of a redundant facility. Operating expenses last year also included $0.8 million in advisory services related to the strategic review process which concluded following the sale by Ridley Corporation Limited of its 69% interest in Ridley Inc. to Fairfax Financial Holdings Limited. Last year also included a $0.3 million gain on the sale of property at a closed facility.

EBITA in the first six months of fiscal 2010 was $14.6 million compared to $14.4 million for the same period last year. EBITA is comprised of operating income before amortization and unusual items, which last year included a gain on the sale of facilities ($0.3 million), restructuring charges ($2.1 million) and an asset impairment loss ($1.4 million). There were no unusual items of material significance in the first six months of fiscal 2010.

Net earnings after taxes for the six months ended December 31, 2009 were $6.1 million (earnings per share of $0.45) compared with net earnings after taxes of $3.6 million (earnings per share of $0.26) in the same period last year.

Reconciliation of Non-GAAP Financial Measures

The Company reports its financial results according to Canadian GAAP. However, included in this management discussion and analysis are certain non-GAAP financial measures and ratios which the Company's management believes provide useful information in measuring the financial performance and financial condition of the Company. These measures and ratios do not have a standardized meaning prescribed by Canadian GAAP and, therefore, may not be comparable to similar measures presented by other public companies, nor should they be construed as an alternative to other financial measures described by Canadian GAAP. Operating income is defined as net earnings before finance costs, interest income and provision for income taxes. Earnings before interest, taxes and amortization (EBITA) are defined as operating income before amortization, gain on sale of facilities, asset impairment loss and restructuring charges.

The following table is a reconciliation of EBITA to net earnings, the most closely comparable GAAP measure to EBITA:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       Three
                                                       months    Six months
Earnings before interest, taxes and amortization       ended       ended
(EBITA)                                             December 31 December 31
($ million)                                          2009  2008  2009  2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings/(loss)                                   5.0   0.7   6.1   3.6
Provision for income taxes                            3.0   0.4   4.0   2.2
Interest income                                      (0.1) (0.1) (0.2) (0.3)
Finance costs                                         0.2   0.8   0.3   1.5
----------------------------------------------------------------------------
Operating income                                      8.1   1.8  10.4   7.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of property, plant and equipment         2.1   2.0   4.2   4.1
Other amortization                                      -     -   0.1   0.1
Gain on sale of facilities                              -     -     -  (0.3)
Asset impairment loss                                   -   1.4     -   1.4
Restructuring charges                                   -   2.1     -   2.1
----------------------------------------------------------------------------
Earnings before interest, taxes and amortization
 (EBITA)                                             10.2   7.3  14.6  14.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SEGMENT RESULTS
---------------
The following is a summary of operating income (loss) of Ridley's
reporting segments.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       Three
                                                       months    Six months
                                                       ended       ended
Operating Income (Loss) (iii)                       December 31 December 31
($ million)                                          2009  2008  2009  2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ridley Feed Operations (RFO)                         $4.2 $(1.7) $3.9 $(0.8)
Ridley Feed Ingredients (RFI)                         0.9   2.0   2.4   4.9
Ridley Nutrition Solutions (RNS)                      3.7   2.8   5.6   6.1
Corporate                                            (0.7) (1.3) (1.5) (3.2)
----------------------------------------------------------------------------
Consolidated Operating Income                        $8.1  $1.8 $10.4  $7.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(iii) Operating income is earnings before interest and taxes.

Ridley Feed Operations (RFO)

The Ridley Feed Operations (RFO) segment consists of full-line feed manufacturing facilities operating in the United States and Canada, producing and marketing products for traditional livestock and poultry markets. RFO's overall volumes were lower by 5.6% in the second quarter of fiscal 2010 compared to last year. The downturn in volumes is reflective of reduced animal numbers, particularly in Canada, and a continuation of the Company's strategic shift in product mix towards lower inclusion, higher value added products. Colder weather conditions in the second quarter were more favourable to RFO's U.S. feed operations which market a higher proportion of its volume to the beef sector. Volume in Canadian feed operations declined by 12.5% for the quarter, while volume in U.S. feed operations declined by 1.7% from last year. For the six months year to-date, volume in Canadian feed operations was lower by 9.9% compared to last year, while volume in U.S. feed operations was lower by 5.0%.

Lower commodity prices this year over last year translated into lower revenue for RFO as feed prices are generally set at a fixed margin above raw material costs. Revenue was 10.2% lower in the second quarter of 2010 compared to last year. About two-thirds of the decline in revenue was due to reduced unit prices while the remainder was due to lower volumes.

RFO gross profits in the second quarter this year were 12.2% higher than the same period last year due to a 20.3% increase in unit margins partly offset by a 5.6% decline in sales volumes. For the six months of fiscal 2010, RFO gross profits were lower by 4.1%, largely due to lower unit margins in the first quarter.

RFO operating expenses in the second quarter were lower by $4.3 million as a result of unusual expenses last year including $1.9 million related to restructuring charges and $1.4 million for closure of a facility. Lower operating expenses this year also the result of efficiency initiatives undertaken last year.

Ridley Feed Ingredients (RFI)

The Ridley Feed Ingredients (RFI) segment consists of feed-grade vitamin and trace mineral premixes, small packaged specialty products, medicated and non-medicated feed additives and micro feed ingredients produced and distributed through a specialized facility in Illinois. Revenue in the second quarter of fiscal 2010 declined by 10.2% from the same period last year, mainly the result of the softening of raw material prices that were abnormally high last year and reduced demand for feed ingredients following from lower animal numbers. The absence of gains from inventory positions this year reduced unit margins, resulting in a 29.8% decrease in gross profit in the second quarter compared to last year. Gross profits for the first six months of fiscal 2010 were 33.8% lower than the same period last year.

Ridley Nutrition Solutions (RNS)

Ridley Nutrition Solutions (RNS) includes Ridley's feed supplement block and equine nutrition businesses. RNS volumes have been impacted negatively by the lower trending cattle population of the last several years. However, colder weather conditions in the second quarter of fiscal 2010 were favourable to sales of feed supplement blocks resulting in an increase in RNS volumes of 8.7% over last year. For the six months of fiscal 2010, volumes were 1.6% lower than last year as a result of reduced volume in the first quarter of this year.

Gross profits in the second quarter this year were 9.0% higher than last year due to improved volume and slightly more favourable unit margins as the RNS product mix improved towards higher value-added products. Gross profits for the year to-date lag behind last year due to lower volume and reduced unit margins in the first quarter, which followed from less favourable inventory positions.

Corporate

Corporate expenses include certain corporate management, board of directors' and other public company expenses, as well as legal expenses related to the BSE class action lawsuits. Corporate expenses in the second quarter this year were $0.6 million lower than last year, mainly the result of unusual expenditures last year related to the strategic review process and restructuring initiatives. For similar reasons, corporate expenses for the six months to-date this year were lower by $1.7 million compared to last year.

Liquidity/Capital Resources/Cash Flow

Ridley's working capital and debt to equity positions are summarized below:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                           December  September   June      March   December
                              31        30        30        31        31
Balances ($000) as of:       2009      2009      2009      2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Working capital (i)       $47,816   $47,022   $45,546   $53,163   $48,969
Net debt (ii)              11,429    11,912     8,652    16,247    18,020
Equity                    153,061   151,478   149,013   155,461   152,788
Net debt to equity ratio      7.5%      7.9%      5.8%     10.5%     11.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)  Working capital is defined as current assets less current liabilities,
     excluding cash and short term deposits.
(ii) Net debt is defined as bank obligations and capital leases, less cash
     and short term deposits.

Net debt of $11.4 million as at December 31, 2009 was comprised of long term debt of $11.2 million and a $1.9 million balance in revolving credit, less $1.6 million of cash and short term deposits. For the six months year-to-date the Company funded all capital expenditures from operating cash flows. The $2.8 million increase in net debt from the start of the current fiscal year reflects the expenditure of $3.7 million on the repurchase of the Company's shares for cancellation.

The following is a summary of cash generated or utilized by business operations, net of capital expenditures on plant and equipment, excluding business acquisitions.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months
                                                  ended     Six months ended
Summary of Changes in Cash Available           December 31     December 31
($ million)                                   2009    2008    2009    2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flow from operating activities            7.7     3.3    10.4     7.6
Net decrease (increase) in non-cash working
 capital balances                             (0.5)    6.0    (5.0)   (9.4)
Decrease in loans receivable, net                -       -     0.1       -
Proceeds on disposal of property, plant and
 equipment                                     0.1     0.1     0.4     0.5
Capital expenditures, excluding business
 acquisitions                                 (2.9)   (2.1)   (5.4)   (4.6)
Business acquisitions                            -       -       -    (0.1)
----------------------------------------------------------------------------
Increase (decrease) in cash available          4.4     7.2     0.4    (6.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

For the second quarter of fiscal 2010, cash flows from operations net of capital expenditures were $4.4 million compared to $7.2 million in the same three-month period last year. Cash flows were significantly increased last year by falling raw material prices which reduced inventory and accounts receivable balances.

Capital Expenditures

Expenditures on plant and equipment in the second quarter of fiscal 2010 were $2.9 million compared to $2.1 million in the same period a year ago. Major capital projects in the quarter included $1.1 million for expansion of the Worthington, MN and Mendota, IL facilities. For the six months to-date, $2.2 million has been invested in the Worthington and Mendota capital projects. The balance of capital expenditures ($1.8 million in the second quarter and $3.2 million for the year-to-date) was made on a variety of smaller projects for the maintenance of equipment and facilities.

Seasonality and Commodity Variability

The Company experiences seasonal variations in revenue. Historically, revenue is strongest in the second and third fiscal quarters when colder weather from October to March increases demand for beef feed. Other product lines are only marginally affected by seasonal conditions.

Commodity-based agricultural raw materials constitute a significant component of the Company's complete feed production. Fluctuating commodity prices can influence revenues and associated cost of sales as selling prices and product costs move in relation to changes in commodity prices.

Selected Quarterly Financial Information


----------------------------------------------------------------------------
----------------------------------------------------------------------------
(US $ millions except per share
 data)                               Fiscal   First  Second   Third  Fourth
                                      Year   Quarter Quarter Quarter Quarter
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                               2010    135.7   150.0
                                      2009    169.3   163.6   140.7   129.8
                                      2008    139.8   167.0   167.3   159.4
Net earnings (loss) (before unusual
 items(i) net of income taxes)        2010      1.1     5.0
                                      2009      2.7     3.0     3.5    (0.2)
                                      2008      2.0     4.5     5.2     0.9
Net earnings (loss)                   2010      1.1     5.0
                                      2009      2.9     0.7     3.5    (8.4)
                                      2008      2.6    (2.8)    5.0     1.2
Net earnings (loss) per share (EPS)   2010     0.08    0.37
                                      2009     0.21    0.05    0.25   (0.60)
                                      2008     0.19   (0.21)   0.37    0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Unusual items include: asset impairment loss, restructuring charges, and
    gain on sale of facilities.

Outstanding Share Data

Ridley's share capital consists of an unlimited number of common shares, with no par value. On December 11, 2009 the Company received approval from the Toronto Stock Exchange (the "TSX") to initiate a normal course issuer bid for the Company's shares through the facilities of the TSX. The share repurchase program permits the Company to purchase for cancellation up to 663,169 of its common shares over the twelve month period ending December 14, 2010. This normal course issuer bid follows a previous share repurchase program which terminated on December 14, 2009. Under the previous share repurchase program, the Company had repurchased for cancellation 595,922 shares at an average price of C$7.48 per share, excluding commissions. As at December 31, 2009, the Company had made no share repurchases under the new normal course issuer bid. The number of shares outstanding as at December 31, 2009 and as at February 9, 2010 was 13,263,378.

Internal Control Over Financial Reporting

The Chief Executive Officer and Chief Financial Officer have signed form 52-109F2 - Certification of Interim Filings and filed it with the appropriate securities regulators in Canada in compliance with Multilateral Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings issued by the Canadian Securities Administrators. There has been no change in Ridley's internal controls over financial reporting or disclosure controls and procedures that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, Ridley's internal control over financial reporting.

International Financial Reporting Standards

The Canadian Accounting Standards Board (AcSB) requires all public companies to adopt International Financial Reporting Standards (IFRS) for interim and annual financial statements for fiscal years beginning on or after January 1, 2011. Companies will be required to provide IFRS comparative information for the previous fiscal period. The impact of the adoption of IFRS on the consolidated financial statements of the Company may be significant and, as such, the Company has begun developing its convergence plan to transition its financial statement reporting, presentation and disclosure for IFRS to meet its first quarter fiscal 2012 deadline. The Company continues to evaluate the potential impact of IFRS on its consolidated financial statements. The process will be ongoing as new standards and recommendations are issued by the International Accounting Standards Board and AcSB.

BSE Class Action Lawsuits

In April 2005, representative plaintiffs filed proposed class actions in Alberta, Saskatchewan, Ontario and Quebec against the Government of Canada and Ridley Inc. to include all Canadian cattle farmers who allegedly suffered damage as a result of international bans on trade in Canadian beef and cattle following the 2003 diagnosis of Bovine Spongiform Encephalopathy (BSE) in a cow in Alberta. A settlement agreement between Ridley and the representative plaintiffs was finalized in January 2009 when Ridley made payment of C$6.0 million into a plaintiffs' settlement trust fund for the benefit of the plaintiffs in continuation of their litigation against the Government of Canada. In agreeing to the settlement, Ridley made no admission of liability or wrongdoing in the matter. The settlement effectively capped Ridley's exposure to the claims made by the plaintiffs to that amount.

Following the settlement agreement with plaintiffs the Ontario Superior Court granted Ridley's motion for dismissal of the Ontario action as against Ridley on July 28, 2009. The Quebec Superior Court dismissed the Quebec action as against Ridley on November 13, 2009. Ridley will seek to obtain similar court orders in Alberta and Saskatchewan where the plaintiffs commenced identical actions. If the remaining jurisdictions grant dismissal motions, Ridley will cease to be a party to the continuing class action lawsuits.

Forward-Looking Information

This report contains "forward-looking" information. The forward-looking information includes statements concerning Ridley's outlook for the future, as well as other statements of beliefs, plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. Forward- looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, contemplated or implied by, such statements. These risks and uncertainties include the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations, the availability and prices of raw materials and supplies, livestock disease, product pricing, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards and other regulatory requirements affecting Ridley's business, adverse results from ongoing litigation, and actions of domestic and foreign governments. Other risks are outlined in the Risk Management section of the MD&A included in Ridley's Annual Report. Unless otherwise required by applicable securities law, Ridley disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. Ridley cautions readers not to place undue reliance upon forward-looking statements.

OUTLOOK

The external drivers of Ridley's commercial feed business are strongly influenced by the economic dynamics of the North American livestock and poultry production industry. Demand for commercial animal feed in 2010 will be influenced by any improvement in the profit margins of livestock and poultry producers. Longer term commercial feed demand will depend on the eventual reversal of the reduction in animal numbers across most segments in the U.S. and Canada.

The outlook is encouraging for improved profitability amongst most sectors of livestock and poultry production within the next six to twelve months. However, in the near term, many sectors continue to operate below breakeven levels, which negatively affects producer demand for feed supplementation.

Management continues to focus on the needs of Ridley's customers, making customer satisfaction a top priority while helping producers find profitable feeding solutions in a challenging economic environment. Maintaining a balanced presence amongst each of the sectors of livestock and poultry production remains important for diversifying Ridley's earnings across multiple geographies and product categories.

Ridley Inc., headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies. Ridley employs more than 900 people in the United States and Canada in the manufacture and distribution of a full range of animal nutrition products under highly regarded trade names.

Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL).

Additional information, including the notes to the interim financial statements and Ridley's Annual Information Form (AIF), are available at www.sedar.com. Visit our website at www.ridleyinc.com.


RIDLEY Inc.
Consolidated Balance Sheets
(Unaudited)
                                                December            December
(Expressed in thousands of U.S. dollars)              31   June 30        31
                                                    2009      2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
  Cash and short-term deposits                     1,594     1,954     6,087
  Accounts receivable                             36,026    30,697    39,295
  Inventories (Note 8)                            50,708    48,153    58,475
  Income taxes recoverable                            58     1,867     1,516
  Prepaids and other current assets                2,105       721     2,206
  Current portion of loans receivable              1,069     1,013     1,168
  Assets held-for-sale (Note 12)                       -       245         -
  Future income tax asset                          1,602     1,545     1,439
----------------------------------------------------------------------------
Total current assets                              93,162    86,195   110,186

Non-current assets
  Loans receivable                                   472       603       952
  Assets held-for-sale (Note 12)                     598       598       867
  Property, plant and equipment                   91,439    88,604    88,812
  Future income tax asset                          4,256     3,425         -
  Other assets                                     3,980     4,431     2,604
  Other intangibles                                4,642     4,379     4,466
  Goodwill                                        37,982    37,982    48,477
----------------------------------------------------------------------------
Total non-current assets                         143,369   140,022   146,178
----------------------------------------------------------------------------

TOTAL ASSETS                                     236,531   226,217   256,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
  Outstanding cheques in excess of bank
   balances                                        3,920     2,038       408
  Short-term debt                                  1,871       364     1,767
  Accounts payable and accrued liabilities        34,451    34,525    43,588
  Advances from customers                          3,366     1,716     4,397
  Claim settlement provision (Note 14)                 -         -     4,902
  Income taxes payable                                91         -         -
  Current portion of long-term debt                   53        52        68
----------------------------------------------------------------------------
Total current liabilities                         43,752    38,695    55,130

Long-term liabilities
  Long-term debt                                  11,099    10,190    22,272
  Future income tax liability                     24,672    24,427    21,836
  Other accrued liabilities                        3,947     3,892     4,338
----------------------------------------------------------------------------
Total long-term liabilities                       39,718    38,509    48,446

----------------------------------------------------------------------------
Total liabilities                                 83,470    77,204   103,576

Shareholders' equity
Share capital (Note 11)                           55,127    57,315    57,601
Retained earnings                                 86,706    81,285    86,199
Accumulated other comprehensive income (Note
 4)                                               11,228    10,413     8,988
----------------------------------------------------------------------------
                                                  97,934    91,698    95,187
----------------------------------------------------------------------------
Total shareholders' equity                       153,061   149,013   152,788
----------------------------------------------------------------------------

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY         236,531   226,217   256,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------


RIDLEY Inc.
Consolidated Statements of Earnings and Retained
Earnings
(Unaudited)
(Expressed in thousands of               Three Months Ended Six Months Ended
 U.S. dollars)                               December 31       December 31
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revenue                                  149,969  163,562  285,676  332,866
Cost of sales (Note 8)                   126,453  141,413  244,736  287,628
----------------------------------------------------------------------------
Gross profit                              23,516   22,149   40,940   45,238
----------------------------------------------------------------------------

Operating (income) expenses
  Selling, general and administrative     13,095   16,755   25,806   32,481
  Amortization of property, plant and
   equipment                               2,093    2,047    4,185    4,116
  Gain on sale of facility (Note 12)           -        -        -     (316)
  Research and development                   228      140      498      486
  Other amortization                          44       44       87       87
  Asset impairment loss (Note 13)              -    1,407        -    1,407
----------------------------------------------------------------------------
Net operating expenses                    15,460   20,393   30,576   38,261
----------------------------------------------------------------------------

Operating income                           8,056    1,756   10,364    6,977

Finance costs                               (170)    (845)    (348)  (1,450)
Interest income                               87      145      166      262
----------------------------------------------------------------------------
Earnings before income taxes               7,973    1,056   10,182    5,789

Provision for income taxes (Note 9)        2,953      385    4,037    2,184
----------------------------------------------------------------------------
Net earnings for the period                5,020      671    6,145    3,605
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Retained earnings, beginning of period    82,410   85,528   81,285   82,594
Net earnings for the period                5,020      671    6,145    3,605
Excess over stated value of shares
  purchased for cancellation (Note 11)      (724)       -     (724)       -
----------------------------------------------------------------------------
Retained earnings, end of period          86,706   86,199   86,706   86,199
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings per share, basic and
 diluted                                    0.37     0.05     0.45     0.26

Consolidated Statements of Comprehensive
 Income
(Unaudited)
                                           Three Months
(Expressed in thousands of U.S. dollars)      Ended        Six Months Ended
                                           December 31       December 31
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings for the period                5,020      671    6,145    3,605
Unrealized gains (losses) on translation
 of financial statements of related
 entities with foreign functional
 currency to U.S. dollar reporting
 currency (Note 4)                          (525)  (3,298)     815   (4,317)
----------------------------------------------------------------------------
Other comprehensive income (loss) for
 the period                                 (525)  (3,298)     815   (4,317)
Comprehensive income (loss) for the
 period                                    4,495   (2,627)   6,960     (712)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

RIDLEY Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in thousands                  Three Months Ended Six Months Ended
 of U.S. dollars)                             December 31      December 31
                                            2009     2008    2009      2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash flow from operating activities
  Net earnings for the period              5,020      671   6,145     3,605
  Add (deduct) items not affecting cash:
  Amortization of property, plant and
   equipment                               2,093    2,047   4,185     4,116
  Future income taxes                        414   (1,037)   (214)   (1,468)
  Asset impairment loss (Note 13)              -    1,407       -     1,407
  Loss on sale of property, plant and
   equipment                                  75       47     114        49
  Gain on sale of facility (Note 12)           -        -       -      (316)
  Other amortization                          44       44      87        87
  Other items not affecting cash              46      121      94       148
----------------------------------------------------------------------------
                                           7,692    3,300  10,411     7,628
Net change in non-cash working capital
 balances related to operations:
  Accounts receivable                       (329)   1,987  (4,160)   (6,538)
  Inventories                             (1,911)  14,520  (1,677)    8,920
  Prepaids and other current assets          187      343  (1,343)     (361)
  Accounts payable and accrued
   liabilities                            (1,028) (11,219) (1,361)  (12,541)
  Advances from customers                  2,336    3,331   1,626     2,125
  Income taxes payable and recoverable       287   (3,005)  1,883    (1,048)
----------------------------------------------------------------------------
Net cash from (utilized for) operating
 activities                                7,234    9,257   5,379    (1,815)
----------------------------------------------------------------------------

Cash flow from investing activities
  Proceeds on disposal of facilities,
   property, plant and equipment             102       57     368       526
  Purchase of property, plant and
   equipment                              (2,931)  (2,095) (5,098)   (4,632)
  Purchase of intangibles                      -        -    (350)        -
  Decrease in loans receivable, net           43       15      94         -
  Business acquisitions (Note 10)              -        -       -      (137)
----------------------------------------------------------------------------
Net cash utilized for investing
 activities                               (2,786)  (2,023) (4,986)   (4,243)

Cash flow from financing activities
  Repayment of short- and long-term debt  (4,770) (18,699) (6,493)  (26,275)
  Proceeds from short- and long-term
   debt                                    1,852    9,476   7,782    34,484
  Purchases of share capital for
   cancellation (Note 11)                 (3,745)      (3) (3,745)       (3)
----------------------------------------------------------------------------
Net cash from (utilized for) financing
 activities                               (6,663)  (9,226) (2,456)    8,206

Effect of exchange rate changes on cash      (36)      28    (179)       21

Increase (decrease) in cash and cash
 equivalents                              (2,251)  (1,964) (2,242)    2,169
Cash and cash equivalents - beginning of
 period                                      (75)   7,643     (84)    3,510
----------------------------------------------------------------------------
Cash and cash equivalents - end of
 period                                   (2,326)   5,679  (2,326)    5,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash and cash equivalents are comprised
 of:
  Cash and short-term deposits             1,594    6,087   1,594     6,087
  Outstanding cheques in excess of bank
   balances                               (3,920)    (408) (3,920)     (408)
----------------------------------------------------------------------------
                                          (2,326)   5,679  (2,326)    5,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
RIDLEY Inc.
Steve VanRoekel
President and CEO
(507) 388-9412

RIDLEY Inc.
Gordon Hildebrand
Chief Financial Officer
(507) 388-9577


Godfather of Tattoo; Don Ed Hardy Makes First Appearance at MAGIC Convention in Las Vegas Feb 9, 2010 08:18PM

LOS ANGELES, Feb. 9 /PRNewswire/ -- Don Ed Hardy, the legendary godfather of tattoo will make his first appearance at the MAGIC Convention in the Ed Hardy® Booth #20366 on February 16th & 17th.

Visitors to the Ed Hardy® booth at MAGIC can watch Don Ed Hardy, one of the most famous tattoo artists in the world, create original works on canvas. He will be painting a tiger in honor of the Chinese New Year, which will subsequently be auctioned off to charity.

The Ed Hardy® booth will occupy one of the largest booths at MAGIC, with over 20,000 square feet.

About Ed Hardy®

Ed Hardy® is a globally recognized fashion brand known for its iconic tattoo art. The brand rose to exceptional popularity in record time and set a precedent in the fashion world. As a pop culture mainstay, Ed Hardy® continues to evolve and remains at the cutting edge of definitive tastemaker style.  

SOURCE Ed Hardy


This Valentine's Day, Give the Gift of Gasm Feb 9, 2010 08:12PM

LOS ANGELES, Feb. 9 /PRNewswire/ -- Oysters. Chocolate. Even…asparagus? For years, folks have been trying anything to get the passion going. This Valentine's Day, Neuro delivers the passion -- as well as health benefits -- so you can give the gift of well-being to that special someone.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100209/LA52626)

A refreshing, flavorful and nutritious beverage in a heart-friendly, sexy, red package, NeuroGasm is not only delicious, but packed with the key ingredients of L-Arginine and L-Citrulline -- amino acids with numerous health benefits. They improve the production of nitric oxide that leads to better blood flow. When blood is circulating well, the heart does not have to work as hard to do its job. When the heart is not stressed, energy and stamina are increased.  And we all know what that leads to!

Improved blood flow allows for the body's natural defenses to do their jobs more efficiently -- fighting off infections and helping our bodies heal faster. These super ingredients even lower cholesterol levels!

Celebrity fans of Neuro Drinks include Hayden Panettiere, Justin Timberlake, Cindy Crawford, Paris Hilton and Kellan Lutz, to name a few.

Neuro is a groundbreaking collection of great-tasting functional beverages that provides nutraceutical blends formulated to promote health and well-being.  Neuro Drinks contain natural, exotic tropical flavors and essential vitamins, minerals, amino acids and botanicals to enhance and support a demanding round-the-clock lifestyle. The line features seven blends: NeuroGasm, NeuroSonic, NeuroBliss, NeuroSport, NeuroTrim, NeuroSleep and NeuroAqua, all individually crafted to provide beneficial elements that help you stay well and live the best life possible.

Founder and president Diana Jenkins said, "Neuro gives consumers an easy and affordable delivery system of essential nutrients that enhance health and well-being for their demanding lifestyles.  From a sustainable perspective, Neuro's packaging is fully recyclable, and the beneficial ingredients aim to help counter our society's growing health issues."

So this Valentine's Day, ladies and gentlemen, start your engines with NeuroGasm.

Drink smart. Drink Neuro.

Good health is a turn-on.

Available individually ($2.49/14.5 fl oz.) or by the case ($36.99/12 14.5 fl oz.)

www.drinkneuro.com.

SOURCE Neuro Drinks


More Press Releases

View Older Stories

Feb 9, 2010 08:11PM Jargon-laden Throne Speech Hints at Mass Privatization
Feb 9, 2010 08:10PM STMicroelectronics Announces an Agreement for the Combination of Numonyx into Micron Technology, Inc.
Feb 9, 2010 08:05PM Douglas Emmett, Inc. Announces 2009 Fourth Quarter and Year-End Earnings Results
Feb 9, 2010 08:03PM Pepper Rock Resources Announces Appointment of Senior Executive
Feb 9, 2010 08:00PM Research and Markets: Top Chinese Information Technology Outsourcing Vendors, Black Book Survey 2009 Results
Feb 9, 2010 08:00PM Savoury City Catering Company: Small Vancouver Caterer Goes Big for Olympic Opening Reception Soiree
Feb 9, 2010 08:00PM The Conference Board(R)Japan Business Cycle Indicators(SM)
Feb 9, 2010 07:57PM Media Advisory: Release of Wine Grape Crush Report Reveals Trends Impacting the Future of California Wine, Expert Explains
Feb 9, 2010 07:55PM Juniper Networks Announces the Date and Webcast Information for 2010 Financial Analyst Meeting and Other Upcoming Investor Conferences and Events
Feb 9, 2010 07:53PM Carney Shegerian Addresses Safety in the Workplace
Feb 9, 2010 07:53PM The West Clinic Joins Cancer Clinics of Excellence (CCE)
Feb 9, 2010 07:53PM Media Advisory: Minister Moore Takes Part in Flag-Raising Ceremony at Athletes' Village
Feb 9, 2010 07:51PM Catherines Plus Sizes Issues Statement Regarding Jewelry Product Containing Cadmium
Feb 9, 2010 07:48PM Celine Dion Surprises The Canadian Tenors on The Oprah Winfrey Show; Upcoming Special Performance Airs Wednesday, February 10th
Feb 9, 2010 07:47PM Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Kohlberg Capital Corporation, Announces Class Action Lawsuit and Seeks to Recover Losses
Feb 9, 2010 07:46PM Governor Gary Johnson, Honorary Chairman of OUR America Initiative, Releases His 'Three Point Plan for Economic Prosperity' at National Press Event
Feb 9, 2010 07:46PM Angelina Jolie Visits SOS Children's Villages in Haiti
Feb 9, 2010 07:45PM AutoStar(R) Dealer Network Goes International
Feb 9, 2010 07:40PM Glancy Binkow & Goldberg LLP, Representing Shareholders of Rentech, Inc., Announces There are 20 Days Remaining to Move for Appointment as Lead Plaintiff -- RTK
Feb 9, 2010 07:39PM ActionCOACH Ranks 16th on the 2010 FBR 50
Feb 9, 2010 07:32PM Micron Announces Agreement to Acquire Numonyx
Feb 9, 2010 07:25PM Keller Rohrback Announces Class Action Cases to Proceed Against Johnson & Johnson and Wal-Mart for Selling Baby Shampoo and Bath Wash Containing Methylene Chloride -- JNJ, WMT
Feb 9, 2010 07:24PM Green Technology and Design Innovators Join Greener Gadgets 2010 Program
Feb 9, 2010 07:23PM Intertek Accredited by the Government of the Philippines as a Bulk and Break Bulk Cargo Surveyor
Feb 9, 2010 07:23PM Pizza Inn, Inc. Reports Results for Second Quarter Fiscal Year 2010
Feb 9, 2010 07:21PM Volt Information Sciences Announces Amendments to Credit Agreements
Feb 9, 2010 07:20PM Atlanta Firm and the Original Shaolin Temple to Introduce Edutainment to Students Worldwide
Feb 9, 2010 07:19PM First Metals Inc. Announces Asset Sales and CFO Resignation
Feb 9, 2010 07:19PM First Metals Inc. Announces Asset Sales and CFO Resignation
Feb 9, 2010 07:18PM American Publishers Provides Fuel-Efficient Cook Stoves to Haiti and Central America as Part of Their Tree-Planting Promotion
Feb 9, 2010 07:18PM How Did Your Idaho Representative Vote on the Idaho Health Freedom Act?
Feb 9, 2010 07:17PM Canadian Flag-Bearer and Right to Play Ambassador Clara Hughes Announces Medal Challenge: Every Medal Won for Canada Raises Funds for Children in Developing Countries
Feb 9, 2010 07:15PM Waiwera Artesian Water Announces Multi-Million Dollar U.S. Expansion Plan
Feb 9, 2010 07:15PM Texas Governor Candidates File Lawsuit, Citing Exclusion from TV Debates
Feb 9, 2010 07:11PM Sonoco Board Declares Regular Quarterly Common Stock Dividend
Feb 9, 2010 07:11PM Stater Bros. Holdings Inc. Announces First Quarter 2010 Results
Feb 9, 2010 07:09PM Blue Ribbon Committee Named to Provide Metropolitan with Insight, Changes Needed to Meet Future Demands
Feb 9, 2010 07:09PM Encore Energy Partners LP Sets Date for Fourth Quarter 2009 Earnings Release
Feb 9, 2010 07:08PM Ametherm Announces New Partnership With Rhopoint Components
Feb 9, 2010 07:08PM Tortoise Capital Resources Corp. Announces Closing of Timberline Energy, LLC Sale
Feb 9, 2010 07:07PM Encore Acquisition Company Sets Date for Full Year and Fourth Quarter 2009 Earnings Release
Feb 9, 2010 07:04PM Energy Transfer Partners Announces Expansion of Tiger Pipeline
Feb 9, 2010 07:03PM Unlimited Priorities and NFAIS Collaborate To Grow Membership
Feb 9, 2010 07:03PM Anthony Fellow Returns to Metropolitan Board
Feb 9, 2010 07:02PM Nelson Marchioli, Denny's CEO, Comments on Denny's Free Grand Slam Giveaway
Feb 9, 2010 07:00PM Impark expands operations into Louisiana
Feb 9, 2010 07:00PM MGP Ingredients, Inc. Announces FY 2010 Second Quarter Results
Feb 9, 2010 07:00PM Caravanners Reveal Their Perfect Celebrity Companion
Feb 9, 2010 07:00PM Samson Oil & Gas Advises on the Gene #1-22H Well Progress
Feb 9, 2010 06:58PM Metropolitan Board Approves Support for November 2010 Water Bond
View Older Stories