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SWISS WATER PROCESS Swiss Water Decaffeinated Coffee Inc. 7750 Beedie Way | Delta | British Columbia | Canada V4G 0A5 NEWS RELEASE : via The Canadian Select Disclosure Network and SEDAR For release : November 4 , 2021 at 2:00 pm Pacific ( 5:00 pm Eastern ) Swiss Water Reports Record Quarterly Volume and Adjusted EBITDA VANCOUVER , BC , November 4 , 2021 / GLOBE NEWSWIRE / Swiss Water Decaffeinated Coffee Inc. ( TSX - SWP ) ( " Swiss Water " or " the company " ) , a leading specialty coffee company and premium green coffee decaffeinator , today reported financial results for the three and nine months ended September 30 , 2021 . ● Three and Nine Months ended September 30 , 2021 Financial and Operational Highlights Third quarter revenue was $ 35.5 million , an increase of 43 % or $ 10.6 million when compared to the same period in 2020. Year - to - date revenue grew strongly and was $ 89.9 million , an increase of 23 % or $ 16.9 million . Quarterly and year - to - date volumes increased by 29 % and 15 % , respectively , compared to the same periods last year reflecting new customer acquisition and organic growth with existing customers as the food service economy continues to recover . European business grew very strongly with volumes up by 84 % compared to the first nine months of last year . Year - to - date volumes in the Asia Pacific and North American regions grew strongly at 23 % and 10 % respectively . Production volumes hit record highs during the third quarter and capacity utilization across the company's three production lines exceeded 85 percent . Third quarter Adjusted EBITDA was $ 4.0 million , compared to $ 1.3 million in the same quarter last year , representing an increase of 198 % . Year - to - date Adjusted EBITDA grew strongly to $ 8.4 million compared to $ 5.9 million last year , an increase of 44 % . Third quarter net income was up only slightly despite the significant increase in Adjusted EBITDA due to increased depreciation , the non - cash loss on the debt extinguishment , and an increase in finance expense . Year - to - date net income also fell to $ 0.3 million from $ 3.3 million in the same period last year for primarily the same reasons . Financing and permitting have been secured for the construction of the company's second production line in Delta , BC . Swiss Water formally initiated on site construction in July 2021 and the foundation is complete . The project is currently on time and on budget . Inflationary pressure increased within the company's variable cost structure during the third quarter and will likely drive an increase in processing prices to enable maintenance of margins . 1 | Page of the Press Release