Vita Foods Reports Third Quarter 2006 Results
2006年11月15日 - 9:11AM
PRニュース・ワイアー (英語)
CHICAGO, Nov. 14 /PRNewswire-FirstCall/ -- For the third quarter
ended September 30, 2006, Vita Food Products, Inc. (AMEX:VSF) today
announced a consolidated net loss of $(725,000) or $(0.15) per
share, compared to a net loss of $(257,000) or $(0.07) per share in
the third quarter of 2005. The Vita Seafood segment, which is
primarily engaged in the processing and sale of herring products
and cured and smoked salmon products, experienced a net loss of
$(291,000) compared to net loss of $(320,000) in 2005. This
improvement for the Vita Seafood segment arose primarily as a
result of reduced employment-related selling and administrative
expenses, partially offset by a decline in gross profit. The
Company's other business segment, Vita Specialty Foods ("VSF"),
which is engaged in the processing and sale of salad dressings,
marinara sauces, cooking sauces, honey and other specialty food
products, experienced a net loss of $(434,000) in the third quarter
of 2006 compared to net income of $63,000 in the third quarter of
2005. The decline for VSF was attributable to a reduction in gross
profit (driven by start-up costs associated with items produced
under a new licensing agreement, and by an increase in reserves for
potential returns of unsaleable product) and to increased selling
and distribution expenses, partially offset by a tax benefit
resulting from the pretax loss. Consolidated net sales for the
third quarter of 2006 were $12.5 million, compared with $11.4
million in the third quarter of 2005. Vita Seafood's net sales for
the third quarter of 2006 were $6.5 million compared to $5.8
million from the prior year quarter, representing a 12.4% increase.
Growth in salmon sales to major grocery and mass merchandise
customers drove the increase. VSF's net sales for the third quarter
were $5.9 million compared to $5.6 million in 2005, representing a
6.5% increase. The growth in VSF sales was led by brand name
licensed products, partially offset by a decline in sales of its
own branded products and by the increase in reserves noted above.
Consolidated gross margin for the quarter decreased to 19.6% from
28.0% in the same quarter of 2005, with declines in both segments.
Unfavorable manufacturing variances (including the start-up costs
noted above), rising material costs and increased sales deductions
(including the aforementioned increase in reserves) were the
primary reasons for the year-over-year decline in margin. "We are
pleased with the continued growth in sales this year for both
segments and the improved results from the Seafood segment, but the
significant start-up costs associated with items produced under a
new licensing agreement, together with a material increase in
reserves for potential product returns incurred by the VSF segment
have removed any profit expectations for 2006. However, the company
believes these costs were largely of a one-time nature and
therefore are not expected to impact future results. Accordingly,
we are significantly lowering our full-year earnings guidance and
expect to report a loss," said Cliff Bolen, the Company's President
and CEO. Nine-Month Results For the nine months ended September 30,
2006, the Company had a consolidated net loss of $(653,000) or
$(0.14) per share, compared to a net loss of $(463,000), or $(0.12)
per share for the same period in 2005, a decline of $189,000 or
$0.02 per share. The Vita Seafood segment had a net loss of
$(481,000) compared to a net loss of $(891,000) in 2005, an
improvement of $411,000. VSF's net loss was $172,000 compared to
net income of $428,000 in 2005, a decline of $600,000. Consolidated
net sales for the nine months were $37.1 million, compared with
$32.4 million for the nine months ended September 30, 2005,
representing an increase of $4.6 million or 14.3%. Vita Seafood's
net sales were $19.8 million for the nine months, compared with
$16.5 million for the same period in 2005, representing an increase
of $3.3 million or 19.7% for the nine-month period, largely a
reflection of retail salmon volume. VSF's net sales were $17.3
million for the nine months, compared with $15.9 million for the
same period in 2005, representing an increase of $1.4 million or
8.7%. The largest contributing factor to this increase was sales of
brand named licensed products. The impact of the Company's net loss
resulted in non-compliance with two of the Company's debt covenants
as of September 30, 2006. However, the Company received a permanent
waiver from its lender relating to such non- compliance. The
Company's Vita Seafood division is a U.S. leader in the herring and
retail packaged salmon markets, and is engaged in several other
food segments, including cream cheese, cocktail sauce, tartar sauce
and horseradish. The Company markets and sells these items under
the Vita(R), Elf(R) and Grand Isle(R) brands. More than 95% of Vita
Seafood's sales are in kosher foods. Vita Specialty Foods, Inc.,
the Company's wholly owned subsidiary, markets and sells honey,
salad dressings, meat enhancements and salsas. The Company markets
and sells these items under the Virginia Brand(R), Oak Hill
Farms(R), Scorned Woman(R), Jim Beam(R) and Budweiser(R) brands.
For more information visit http://www.vitafoodproducts.com/ . The
common stock of Vita Food Products, Inc. is currently traded on the
American Stock Exchange and Chicago Stock Exchange under the ticker
symbol VSF. This release contains forward-looking statements about
the Company's future growth, profitability, introduction of new
products, and competitive position. Any such statements are subject
to risks and uncertainties, including changes in economic and
market conditions, industry competition, raw material prices, the
success of new product introductions, management of growth and
other risks noted in the Company's filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management's
analysis only as of the date hereof. - - TABLES FOLLOW - - VITA
FOOD PRODUCTS, INC. Condensed Consolidated Statement of Operations
(in thousands, except per share data) (unaudited) Three Months Nine
Months Ended Ended Sep 30, Sep 30, Sep 30, Sep 30, 2006 2005 Change
2006 2005 Change Net sales $12,451 $11,370 10% $37,068 $32,425 14%
Cost of goods sold 10,011 8,191 22% 27,359 22,566 21% Gross margin
2,440 3,179 (23%) 9,709 9,859 (2%) Selling and administrative
expenses Selling, marketing & distribution 2,395 2,302 4% 6,818
6,568 4% Administrative 923 1,014 (9%) 3,008 3,322 (9%) Total 3,318
3,316 0% 9,826 9,890 (1%) Operating profit (878) (137) 541% (117)
(31) 277% Interest expense 331 292 13% 971 741 31% Income (loss)
before income taxes (1,209) (429) 182% (1,088) (772) (41%) Income
tax expense (benefit) (484) (172) 181% (435) (309) (41%) Net income
(loss) $(725) $(257) 182% $(653) $(463) (41%) Earnings (loss) per
common share: Basic $(0.15) $(0.07) 114% $(0.14) $(0.12) (17%)
Diluted $(0.15) $(0.07) 114% $(0.14) $(0.12) (17%) Weighted average
shares outstanding: Basic 4,904 3,866 4,598 3,861 Diluted 4,904
3,866 4,598 3,861 DATASOURCE: Vita Food Products, Inc. CONTACT:
William J. Kenealy, Chief Financial Officer, Vita Food Products,
Inc., +1-312-738-4500, or Web site:
http://www.vitafoodproducts.com/
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