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(UPDATE: Adds closing share price)
Jump to full article: Reuters, 2002-02-22
Author: Rajiv Sekhri
Intro: Rothmans Inc. (Toronto:ROC.TO), trumped in last year's bidding war for a small U.S. tobacco firm, said on Friday it is still in the market, and is targeting deals in Western Europe and North America within the next 12 months.
``Our eyes are open and our hands are on our wallets,'' Chief Executive John Barnett told a conference call for analysts, asked about the firm's acquisition plans.
Rothmans said third-quarter profits rose 30 percent because of cost reductions and higher prices. But sales volumes fell again, suffering from those same higher prices and from a growing anti-smoking movement.
Rothmans said it earned C$24.6 million ($15.5 million), or 74 Canadian cents a share, in the quarter ended Dec. 31, up from a profit of C$18.9 million, or 57 Canadian cents a share, in the year-ago quarter.
Sales were C$150.7 million, up from C$135.5 million in the third quarter of the previous fiscal year.
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