BRANTFORD, Ontario – The Nu-Gro Corporation has announced its results for its fourth quarter and the fiscal year ended Sept. 30, 2000.
Earnings for the year were $10.46 million, up 14 percent compared to fiscal year 1999 that had $9.17 million. Additionally, sales for the year totaled $142.71 million, which is about 9 percent greater than the 1999 sales of $131.15 million.
The overall numbers for 2000 were greatly fueled by a strong fourth quarter increase in sales and net earnings compared to 1999. Fourth quarter 2000 sales were $28.04 million compared to $24.58 million for the same period in 1999, an increase of 14 percent. Earnings for the fourth quarter 2000 were $1.29 million, up 13 percent from the same period in 1999 that totaled $1.14 million.
Commenting on the strong year-end result, Nu-Gro President and CEO John Hill said, "Sales in the fourth quarter benefited from the acquisition of Scotts ProTurf® business, which closed effective May 31, 2000. Fiscal 2001 will also benefit from the Pursell acquisition, which closed effective November 1, 2000."
Nu-Gro is a Canadian manufacturer and seller of packaged commercial and consumer lawn and garden products. Popular brand names include CIL®, Wilson®, Vigoro®, So-Green® and Green Earth®. Through its subsidiaries in Canada and the United States, the company produces and distributes controlled release nitrogen raw material to the fertilizer industry worldwide.