ETOBICOKE, Ontario -- Fiscal year 1998 saw Oshawa Group engage in a series of acquisitions, divestitures and internal changes -- most notably the convergence of all retail/wholesale operations under the new name Agora Food Merchants.
m continuing operations before interest, income taxes and unusual items, such as restructuring charges and real estate gains.
On that basis, the company said fourth-quarter earnings from continuing operations advanced 11.4% to $20.6 million ($29.3 million Canadian). For the year, earnings improved 5.3% to $66.8 million.
Sales from continuing operations increased 13.8% to $4.78 billion in the fiscal year and 11.1% to $1.1 billion in the quarter.
Acquisition of food-service companies by Oshawa's food-service division, Serca, fueled about three-quarters of the fiscal year's sales growth, and two-thirds of the company's fourth-quarter growth, officials said.