OREANDA-NEWS. On June 05, 2007 Wimm-Bill-Dann Foods OJSC [NYSE: WBD]  announced its financial results for the quarter ended March 31, 2007, reported the press-centre of  Wimm-Bill-Dann Foods OJSC.

Downloard press release (pdf):
http://www.wbd.com/files/downloads/521/Press%20release%20on%20financial%20results%20for%20the%201Q2007.pdf

“I’m very pleased with the excellent results we achieved during the first quarter of this year,” commented Tony Maher, chief executive officer of Wimm-Bill-Dann Foods OJSC. “Our group revenue increased an unprecedented 40,1% over prior year period, driven by an excellent quarter for all of our businesses. Organic growth remained the key driver, delivering 29,7% of our revenue growth, with acquisitions contributing 10,4%. In just one year we doubled the rate at which our revenue is growing. Despite continued cost pressure from raw milk, juice concentrate and sugar, we continued to improve gross margins from 29,3% in the first quarter of 2006 to 32% the first quarter of 2007.

“During the quarter sales in our Dairy division increased 43,9% to US$414,2 million, significantly exceeding industry growth rates, with gross margins reaching 29,2% compared to 27,4% a year ago. Our Beverage division turnaround strategy continued to make progress, resulting in a revenue increase of 26,4% to US$92,9 million, with gross margins improving to 39,9% compared to 33,9% in the prior year period. Our Baby Food sales grew 36,8% to US$35,7 million, with gross margins expanding to 44,8% from 37,3% in the prior year period. EBITDA for the group increased 58,8% in the quarter to $70,4 million.

During the quarter we continued to make good progress on the consolidation of legal entities and the simplification of our corporate structure. As of the end of May, we have legally consolidated 16, well ahead of our internal deadlines. Our effective tax rate is down significantly to 28,7% from 34,8% in the prior year period”.