Tomato prices boost Village Farms Q1

Strong selling prices and yields for its hothouse tomatoes have improved the first-quarter ledger for Vancouver greenhouse firm Village Farms.

The income trust on Tuesday reported net income of $3.87 million (all figures US$) on $28.5 million in revenues during its Q1 ending March 31, up from $2.91 million on $24.4 million in the year-earlier period.

“Although we anticipate that certain cost challenges for
commodities and distribution will continue, we believe this positive momentum
will continue throughout the remainder of 2008,” CEO Michael DeGiglio said in a release Tuesday.

The company said its increased revenue was “due to strong production and selling prices
for tomatoes, partially offset by a decrease in revenues related to product
sold on behalf of our exclusive partners.”

The company bills itself as the largest producer, marketer and distributor of greenhouse-grown tomatoes, bell peppers and cucumbers in
North America, with greenhouse operations in B.C., Texas and Pennsylvania and seven distribution centres in Canada and the U.S. The company said it sells and distributes product throughout the U.S., Canada, Mexico and Japan.

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