WINNIPEG - Arctic Glacier Income Fund (TSX:AG.UN) said Tuesday that its first-quarter net losses deepened to $12.5 million as sales dropped by eight per cent.
The company, which supplies packaged ice and bottled water, said the loss was equal to 32 cents per unit, compared to a loss of $10.9 million, or 30 cent a unit, in the same period last year.
Sales in the quarter declined to $24.2 million, down from $26.4 million, as the stronger Canadian dollar ate into results by an estimated $3.3 million.
The company said that the first quarter is a seasonally slow period for ice sales.
Meanwhile, the company also acknowledged in its earnings that the company is co-operating with the investigation by the Antitrust Division of the U.S. Department of Justice into the packaged ice industry, which is focusing on certain competitors in the U.S.
The investigation has led to a number of class-action civil lawsuits against packaged ice companies, including Arctic Glacier.
"It is expected that a number of class-action suits will be consolidated by the civil courts into a single, or limited number, of actions that will be defended," the company said in a release.
"The final outcome with respect this investigation and related litigation cannot be predicted at the present time."
Arctic Glacier units slid a nickel to $8.40 on the Toronto Stock Exchange.
PREVIOUS
