Interfoods Releases Financial Results
ENCINO, Calif.--(BUSINESS WIRE)--July 21, 1999--Interfoods
Consolidated Inc. (OTC BB:IFCO) Wednesday released its FY 1999
financial results through April 30, 1999.
The Company also released its unaudited financial results from
FY 1997 and FY 1998.
Interfoods Consolidated Inc., through its operating subsidiaries,
is a manufacturer, distributor and marketer of specialty gourmet and
Mexican food products. Its wholly owned subsidiary, Holland American
International Specialties, is a 56-year old wholesaler and retailer of
specialty gourmet foods. Interfoods also manufactures Mexican food
products through its Sierra Vista Foods Inc. subsidiary.
Certain information and statements included in this release
constitute "forward-looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the results,
performance, or achievements of the company to be materially different
from any future results, performance, or achievements expressed or
implied in such forward-looking statements.
*T
INTERFOODS CONSOLIDATED INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
April Dec. 31
1999 1998 1997
ASSETS
Current Assets
Cash, cash equivalents
and short-term securities $ 21,753 $ 25,766 $ 59,306
Receivables -- net of allowance
for doubtful accounts $ 685,157 $ 202,583 $ 323,367
Receivables -- other $ 824,453 $ 8,595 $ 902
Inventory -- Wholesale $ 923,371 $ 553,781 $ 627,974
Retail $ 119,921 $ 152,069 $ 104,736
Prepaid expenses and other
current assets $ 28,899 $ 15,561 $ 5,024
Total Current Assets $2,603,554 $ 958,355 $1,121,309
Investments in Subsidiary --
net of allowance for
decline in value $ 287,000 $ 125,000 $ --
Property, Plant and Equipment --
net of accumulated depreciation $2,376,468 $ 4,721 $ 2,880
Other Assets -- net $ 96,495 $ 71,217 $ 39,973
5,363,517 $1,159,293 $1,164,162
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Drafts and loans payable $ 913,168 $ 119,500 $ --
Accounts payable and accrued
expenses $1,304,109 $ 364,242 $ 656,419
Income and other taxes payable $ 95,031 $ 6,775 $ 2,317
Commissions and other payables $ 23,361 $ 31,771 $ 13,533
Current maturities of long-term
debt $1,540,000 $ -- $ --
Total Current Liabilities $3,875,669 $ 522,288 $ 672,269
Long-term Debt -- net of current
maturities $ 198,312 $ 200,000 $ --
Non-current Liabilities and
Deferred Credits $ -- $ -- $ --
Minority Interest in
Consolidated Subsidiaries $ 428,499 $ -- $ --
Stockholders' Equity $ 861,036 $ 437,005 $ 491,893
5,363,517 $1,159,293 $1,164,162
INTERFOODS CONSOLIDATED INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
April Dec. 31
1999 1998 1997(a)
SALES $ 3,489,467 $ 2,203,064 $ 1,519,951
COST OF SALES $ 2,362,290 $ 1,379,461 $ 971,350
GROSS PROFIT $ 1,127,177 $ 823,603 $ 548,601
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES $ 1,067,585 $ 826,739 $ 584,058
INCOME FROM OPERATIONS $ 59,592 $ (3,136) $ (35,457)
OTHER INCOME (EXPENSES)
Equity in earnings of
affiliates $ 40,572 $ -- $ --
Financing charges -- net $ (112,458) $ (25,081) $ 303
Minority interest in losses
(earnings) of Subsidiaries $ -- $ -- $ --
Others $ 57,767 $ 8,054 $ (2,288)
INCOME BEFORE INCOME TAX $ 45,473 $ (20,163) $ (37,442)
PROVISION FOR INCOME TAX $ -- $ -- $ --
NET INCOME $ 45,473 $ (20,163) $ (37,442)
EARNINGS PER SHARE
Basic
18,600,036 shares
outstanding $ 0.00 $ (0.00) $ (0.00)
Diluted
18,600,036 shares
outstanding $ 0.00 $ (0.00) $ (0.00)
(a) - FY97 was only a 7-month operation.
CONTACT:
Interfoods Consolidated Inc., Encino
Eric Manlunas, 818/981-8030, ext. 2
KEYWORD: CALIFORNIA INTERNATIONAL LATIN AMERICA
BW0628 JUL 21,1999
19:16 PACIFIC
22:16 EASTERN
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