-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J0wGXXNwg2OuEgYygt+iiVhA3FZXF7zCH32i1e7P+qi3tWPR6k5haXkCPxKr4XPJ IFSFiXXeCRZmuT/TIlzX0g== 0001062993-07-004522.txt : 20071114 0001062993-07-004522.hdr.sgml : 20071114 20071114163939 ACCESSION NUMBER: 0001062993-07-004522 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20071114 FILED AS OF DATE: 20071114 DATE AS OF CHANGE: 20071114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLEARLY CANADIAN BEVERAGE CORP CENTRAL INDEX KEY: 0000808464 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 911462485 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15276 FILM NUMBER: 071245575 BUSINESS ADDRESS: STREET 1: 2267 10TH AVENUE WEST CITY: VANCOUVER STATE: A1 ZIP: V6K 2J1 BUSINESS PHONE: 604-742-5300 MAIL ADDRESS: STREET 1: 2267 10TH AVENUE WEST CITY: VANCOUVER STATE: A1 ZIP: V6K 2J1 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL BEVERAGE CORP DATE OF NAME CHANGE: 19900802 FORMER COMPANY: FORMER CONFORMED NAME: JOLT BEVERAGE CO LTD DATE OF NAME CHANGE: 19881228 6-K 1 form6k.htm REPORT OF FOREIGN PRIVATE ISSUER Filed by Automated Filing Services Inc. (604) 609-0244 - CLEARLY CANADIAN BEVERAGE CORPORATION - Form 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2007

Commission File Number: 0-15276

CLEARLY CANADIAN BEVERAGE CORPORATION
(Translation of registrant's name into English)

2267 West 10th Avenue, Vancouver, British Columbia, V6K 2J1
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ x ] Form 20-F   [           ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [           ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [           ]

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [           ] No [ x ]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________


SUBMITTED HEREWITH

Exhibits

 99.1 Press Release dated November 14, 2007
 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  CLEARLY CANADIAN BEVERAGE CORPORATION
  (Registrant)
     
Date: November 14, 2007 By: /s/ Brent Lokash
    Brent Lokash
     
  Title: CEO

 


EX-99.1 2 exhibit99-1.htm PRESS RELEASE DATED NOVEMBER 14, 2007 Filed by Automated Filing Services Inc. (604) 609-0244 - Clearly Canadian Beverage Corporation - Exhibit 99.1

CLEARLY CANADIAN ANNOUNCES THIRD QUARTER
FISCAL 2007 FINANCIAL RESULTS

VANCOUVER, B.C., November 14, 2007 — CLEARLY CANADIAN (OTCBB: CCBEF) (the “Company”) today announced results for the third quarter of fiscal 2007.

Total revenues for the three months ended September 30 2007 were $3.3 million compared to $2.0 million for the same period in 2006, up 64% year-over-year. The Company’s recently acquired healthy snack and organic baby food divisions, which were acquired in February and May of 2007 respectively, account for this revenue growth. Total revenues for the nine months ended September 30, 2007 were $7.8 million compared to $6.4 million, up 22% compared to the same period last year. Revenue for the two acquisitions, on a standalone basis, for the nine months ended September 30, 2007 are up 48% for the Company’s healthy snack products and 338% for the Company’s organic baby food products, compared to the same period in 2006. Revenues for the Company’s beverage division decreased 38% for the nine months ended September 30, 2007 compared to the same period in 2006.

Brent Lokash, CEO, stated, “We are very pleased that the Company now has positive revenue growth for the first time in many years. While this growth is derived from our acquisitions, both of these divisions are demonstrating strong internal growth rates. We are addressing the decline in our beverage sales through the introduction of new products, such as our new Natural Enhanced Waters and our new 1 Litre format of our core sparkling flavoured waters. Most importantly, we have also hired INOV8 Beverage Company, led by Mike Weinstein, former CEO of Snapple, and Brian O’Byrne, former CEO of Yoo-Hoo/Orangina, to create, execute and manage a strong growth and economically feasible format for our core sparkling flavoured waters.”

Gross margin for the third quarter of 2007, on a normalized basis (excluding non-recurring inventory items) decreased to 21% versus 30% in the third quarter of the prior year. Total selling, general and administrative expenses (not including non-cash items) as a percentage of sales for the third quarter decreased to 56% from 59% in the corresponding period in the prior year. The loss, on a cash basis, for the three months ended September 30, 2007 was approximately $1.4 million, compared to $600,000 for the three months ended September 30, 2006.

Use of Non-GAAP and Non-Audited Financial Measures

All figures referred to herein are stated in US dollars unless otherwise indicated. Included above are non-GAAP financial measures such as revenues for each division, selling, general and administrative expenses, loss and gross margin and non-audited financial measures for prior year revenues from the Company’s recent acquisitions. Management believes that the presentation of these non-GAAP financial and non-audited measures provide useful information to investors and a consistent basis for comparison between quarters and of growth rates on a year-over-year basis that are not influenced by certain non-cash charges. These measures are some of the primary measures the Company’s management uses for planning and forecasting. These measures are not in accordance with, or an alternative to, Canadian GAAP and these measures may not be comparable to information provided by other companies. Canadian GAAP results are presented at the end of this press release. 2007 Q3 financials statements including notes to the financial statements and MD&A will be filed at the end of November.


2

Conference Call

The Company will hold a conference call to discuss its financial results for the third quarter of 2007 on November 14, 2007. The call will begin at 4:30 0.m. EST. The live phone call-in number is 800-949-8476. The conference will also be webcast live and can be accessed on the Company's website at www.clearly.ca. A replay of the webcast will be available on the site after the end of the live call.

About Clearly Canadian

Based in Vancouver, B.C., Clearly Canadian Brands markets premium alternative beverages, including Clearly Canadian® sparkling flavoured waters and Clearly Canadian dailyEnergy, dailyVitamin and dailyHydration Natural Enhanced Waters which are distributed in the United States, Canada and various other countries. Clearly Canadian’s recent acquisition of DMR Food Corporation and My Organic Baby Inc. marks the Company’s debut into organic and natural products with a full line of organic baby and toddler foods under the brand names My Organic Baby and My Organic Toddler and a wide range of dried fruit and nut snacks offerings from SunRidge Farms, Naturalife, Sweet Selections, Simply by Nature and Glengrove Organics brands. Additional information about Clearly Canadian may be obtained at www.clearly.ca.

Forward Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipates”, “likely”, “believes”, “estimates”, “potential”, “predicts”, “continue” and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including but not limited to, the belief in the opportunities which can exist for our products and the revenue growth for the Company. These assumptions are subject to many risks, and actual results may differ materially from those currently anticipated. These risks include, by way of example and not in limitation, general economic conditions, changing beverage consumption trends of consumers, the Company’s ability to generate sufficient cash flows to support general operating activities and capital expansion plans, competition, pricing and availability of raw materials, the Company’s ability to maintain the current and future retail listings for its beverage products and to maintain favorable supply, production and distribution arrangements, laws and regulations and changes thereto that may affect the way the Company’s products are manufactured, distributed and sold and other factors beyond the reasonable control of the Company. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission and with the British Columbia and Ontario Securities Commissions.

For further information please contact:

Shareholder Relations/Steve Cook
E-mail: investor@clearly.ca
Tel: 1 (800) 983-0993

Marketing/ Carolyn Corcoran
Email: >ccorcoran@clearly.ca
Tel: 1 (604) 742-5318


3

CLEARLY CANADIAN BEVERAGE CORPORATION
Consolidated Balance Sheets
(Expressed in thousands of United States dollars, except for share and per share amounts)

    September 30, 2007     December 31, 2006  
             
    (Unaudited)     (Audited)  
             
Assets            
             
Current assets:            
       Cash and cash equivalents $  5,061   $  5,267  
       Cash held in trust – debenture financing   5,019     -  
       Accounts receivable   1,047     634  
       Inventories   1,897     427  
       Prepaid expenses and other current assets   1,329     533  
    14,353     6,861  
             
Property, plant and equipment   1,669     1,153  
Prepaid contracts   -     1,079  
Goodwill   7,493     -  
             
  $  23,515   $  9,093  
             
Liabilities and Shareholders’ Equity            
             
             
       Bank indebtedness $  266   $  -  
       Accounts payable and accrued liabilities   2,633     1,608  
       Capital lease obligation, current portion   58     8  
             
    2,957     1,616  
             
Convertible note payable   11,637     -  
Discount on convertible note payable   (6,035 )   -  
Derivative convertible note payable   (2 )   -  
Capital lease obligation, net of current portion   164     13  
Long-term debt   17     -  
    8,738     1,629  
Shareholders’ equity:            
       Capital stock:            
             Authorized:            
             Unlimited common share without par value            
             Unlimited variable multiple voting shares without par value            
             2,000,000 class A preferred shares            
             2,000,000 class B preferred shares            
             Outstanding –600,000 (2006 – 1,600,000) class B preferred shares   600     1,600  
             Issued – 21,172,068 (2006 – 13,917,153) common shares without par            
value            
             Outstanding – 21,134,768 (2005 – 13,879,853) common shares            
                   without par value   83,438     75,730  
             Variable multiple voting shares – 1,120,000 (2006 – 320,000)            
       Contributed surplus   17,871     8,290  
       Accumulated other comprehensive loss   288     (1,101 )
       Deficit   (87,420 )   (77,055 )
    14,777     7,464  
             
             
  $  23,515   $  9,093  


4

CLEARLY CANADIAN BEVERAGE CORPORATION
Consolidated Statement of Operation and Comprehensive loss
(Unaudited)
(Expressed in thousands of United States dollars, except for share and per share amounts)

    Unaudited     Unaudited  
    For the 3 months ended     For the 9 months ended  
                         
                         
    September 30     September 30     September 30     September 30  
    2007     2006     2007     2006  
    $     $     $     $  
Sales   3,312     2,022     7,775     6,397  
                         
Cost of sales   2,778     1,402     6,311     4,654  
                         
Gross profit   534     620     1,464     1,743  
                         
Selling, general and administration expenses   2,444     2,072     10,629     7,755  
Amortization of property, plant and equipment   38     18     50     78  
Royalty revenue   -     -     -     (125 )
Interest income   (64 )   (64 )   (211 )   (70 )
Other income expense   (3 )   3     (16 )   (10 )
Financing cost   -     -     -     132  
Interest on short-term debt   (5 )   -     5     125  
Interest on long-term debt   20     1     23     25  
Interest on acquisition debt   95     -     220     -  
Interest on convertible note   5     -     5     -  
Gain on sale of investments   -     -     -     (201 )
Foreign exchange loss   412     -     1,061     -  
Loss on settlement of debt   -     798     -     798  
Restructuring expense   -     -     -     112  
                         
    2,942     2,828     11,766     8,619  
                         
Net loss earnings and comprehensive                        
loss for the period   (2,408 )   (2,208 )   (10,302 )   (6,876 )
                         
Loss per share, basic and diluted   (0.12 )   (0.19 )   (0.53 )   (0.74 )
                         
Weighted average number of shares outstanding   20,809,731     11,754,491     19,485,482     9,331,203  


5

CLEARLY CANADIAN BEVERAGE CORPORATION
Consolidated Statement of Cash Flows
(Unaudited)
(Expressed in thousands of United States dollars, except where indicated)
For the nine months ended September 30, 2007 and 2006

    Unaudited     Unaudited  
    For the 3 months ended     For the 9 months ended  
    September 30     September 30     September 30     September 30  
    2007     2006     2007     2006  
                         
Cash flows from operating activities                        
Loss for the period   (2,408 )   (2,208 )   (10,303 )   (6,876 )
Items not involving cash   581     1,676     4,224     4,412  
Changes in non-cash working capital balances                        
         related to operations   (5,058 )   78     (4,262 )   61  
    (6,885 )   (454 )   (10,341 )   (2,403 )
Cash flows from financing activities                        
Subscription payable (receivable)   -     -     -     -  
Proceeds from issuance of capital stock and                        
         warrants   261     3,179     4,690     7,728  
Proceed from convertible notes payable   9,000     -     9,000     -  
Increase (decrease) in bank indebtedness   30     (50 )   96     (361 )
Dividend paid on class B preferred shares   -     -     (61 )   -  
Repayment of long-term debt   (12 )   -     (32 )   -  
    9,279     3,129     13,693     7,367  
                         
Cash flows from investing activities                        
Proceeds from sale of property, plant and                        
         equipment   -     -     -     358  
Proceeds from sale of long-term investment   -     -     -     230  
Cash used in acquisition of DMR Food                        
         Corporation   (1,356 )   -     (1,698 )   -  
Cash used in acquisition of My Organic Baby                        
         Inc.   (2,659 )   -     (3,007 )      
Purchase of property, plant and equipment   (7 )   -     (34 )   (24 )
    (4,022 )   -     (4,739 )   564  
                         
Effect of exchange rates on cash and cash                        
         equivalents   539     (102 )   1,181     92  
                         
Increase (decrease) in cash and cash                        
         equivalents   (1,089 )   2,573     (206 )   5,620  
                         
Cash and cash equivalents - Beginning of                        
         period   6,150     3,567     5,267     520  
                         
Cash and cash equivalents - End of period   5,061     6,140     5,061     6,140  
                         
Interest paid   15     1     13     150  
                         
Income taxes paid   -     -     -     36  


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