A combination of factors, including last year's sale of its drink-cup business, have taken a bite out of the bottom line for plastic-packaging manufacturer Winpak Ltd.
President and CEO Bruce Berry told the Winnipeg-based company's annual shareholders meeting in Toronto on Wednesday revenues fell by 1.1 per cent, or $1.9 million, to $169.9 million in the first three months of this year.
Net earnings were down 3.4 per cent to $16 million, or 25 cents per share, from $16.6 million.
Berry blamed the lower revenues and earnings on the loss of the drink-cup division's revenues and the fact there was one less week in this year's first quarter.
He said the drink-cup business contributed $1.9 million to last year's Q1 revenues and the extra week added another $9 million.
If this year's sales were adjusted to take into account those two factors, they would have been $8.9 million higher, he added.
Berry also reminded shareholders 2012 was a good year for the company, with net earnings up 13.5 per cent to a record $72.4 million.
Winpak operates nine production plants in Canada and the United States, including two in Winnipeg. It manufactures and distributes machines and materials used primarily for the packaging of perishable foods and beverages, and in health-care applications.
The company's shares (TSX:WPK) closed down 13 cents to $19.17 on Wednesday.