(SYBR) Synergy Reports Nine Months Results
Paula Deen is adding new brands to SYBR this 1st quarter guys!!!
Synergy Brands (OTCQX: SYBR): Revenues increased by 4% to $76.8 million; Net Profit increased to 7c vs. 2c loss Cash Flow increased by 95% to $2.3 million EBITDA increased by 38% to $3.8 million Synergy Brands (OTCQX: SYBR) reported record revenues of $76.8 million for the nine months ended September, 30, 2009 as compared to $73.9 million for the nine month period ended September 30, 2008. The Company accelerated its profit and cash flow growth as its core capital costs did not rise as rapidly as the Company’s operating margins. Cash Flow and profits increased by 95% and 463% respectively, while EBITDA increased by 38% for the nine months ended September 30, 2009
For the three months ended September 30, 2009, the Company’s performance was slightly lower than the comparable period in 2008. However, the difference was solely related to a drop in manufacturer promotions in the current quarter as compared to the prior quarter. The Company believes that on an annualized basis, promotional rebates may be lower in 2009 as compared to 2008, but overall performance by the Company should materially exceed FY 2008 results
Most of the Company’s growth resulted from increased sales from the Company’s Michigan operations. The Company’s brands are in over 100,000 national store outlets as well as over 15 international markets. Management believes that its core-manufactured goods are gaining traction due to strong reorder cycles. In addition, the Company is updating its packaging to accommodate the growing needs of the market place. The Company is now able to offer cased goods, shippers, ready-to-use packaging as well as newly developed plastic packaging. The expanding manufacturing operation has allowed to Company to develop production lines for multiple packaging requirements
Below is a Summary table for results of operations for the nine months and three months ended 9/30/2009 and 9/30/2008
Results of Operation 9 months ended 9 months ended 9/30/2009 9/30/2008 CHANGE Revenue 76,835,183 73,879,868 4.00 % Gross Profit 7,809,227 6,745,877 15.76 % Net Profit (loss) 1,089,281 (300,016 ) 463.07 % Per Share 0.07 (0.02 ) Cash Flow 2,326,531 1,191,355 95.28 % EBITDA 3,840,214 2,792,030 37.54 % 3 months ended 3 month ended 9/30/2009 9/30/2008 CHANGE Revenue 25,998,270 29,344,563 -11.40 % Gross Profit 2,828,394 2,801,800 0.95 % Net Profit (loss) 397,914 557,990 -28.69 % Per Share 0.03 0.05 Cash Flow 779,241 961,983 -19.00 % EBITDA 1,426,073 1,545,973 -7.76 % The Company’s brands are retailed under the “Loretta”, “Country Value”, Gourmet Select”, “Tastee Mac”, Tastee Mash” and soon under the “Paula Deen” label |
