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Swiss Water reports strong first quarter with revenue up 18% YoY to $25.7 million

Swiss Water McKenzie

VANCOUVER, British Columbia, Canada — Swiss Water Decaffeinated Coffee Inc., a leading specialty coffee company and premium green coffee decaffeinator, has reported financial results for the three months ended March 31, 2021. Quarterly revenue was $25.7 million, an increase of 18%, or $3.9 million, when compared to the same period in 2020. Quarterly processing volumes were up by 14% year over year.

The company’s European business recovered strongly with volumes up by 275% compared to Q1 last year. Business in North America and Asia Pacific reported volume growth of 4% and 11% respectively during the quarter.

First quarter EBITDA increased to $2.7 million from $2.6 million last year.

As expected, for the three months ended March 31, 2021, both operating income and net income decreased to $0.7 million and a loss of $0.1 million respectively, when compared to the first quarter of 2020.

The changes were due to additional depreciation, incremental production costs following the commissioning of our new Delta manufacturing facility, and non-cash stock based compensation expenses.

Swiss Water ’s new Delta, B.C. production facility is running 24/7, and commercial shipments from this location continue to increase. The product quality performance from this line is very good.

“We are pleased to report that our volumes continued to prove resilient, despite the ongoing trading challenges resulting from the COVID-19 pandemic, and that all our trading regions reported strong growth during the first quarter of 2021. It was particularly encouraging to see our European business deliver 275 percent growth compared to the first quarter of last year,” said Frank Dennis, Swiss Water’s President and CEO.

“As we look forward into the second quarter we are seeing a strong order book and we are optimistic that as vaccinations continue to roll out around the globe we will see sustained volume strength in the back half of 2021,” said Dennis.