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YOCREAM International, Inc. Sales in Third Quarter Expected to Climb 50 Percent
PR Newswire - July 29, 1999 09:15
PORTLAND, Ore., July 29 /PRNewswire/ -- YOCREAM International, Inc. (Nasdaq: YOCM), a manufacturer and wholesaler of frozen desserts and smoothies, announced today that the company estimates sales for the third quarter ended July 31, 1999 will reach approximately $4.9 million, a 50 percent increase from $3.2 million in the same quarter a year ago. The quarterly sales, 48 percent of total sales in fiscal 1998, set a new record for the company.
Sales for the nine months ended July 31, 1999, are expected to be approximately $10.7 million, 51 percent higher than the $7.1 million reported in the 1998 same period. The 1999 nine months sales exceed total sales in fiscal 1998 of $10.2 million. The company anticipates releasing full quarterly financial information by August 31, 1999.
"Sales have been expanding at a significant pace in the last five quarters," said John Hanna, chief executive officer of YOCREAM. "In the third quarter, our sales will surpass the $3.7 million in the second quarter of 1999 by 32 percent." He attributed the higher sales to increasing demand for its smoothie products and to a growing market share in soft-serve frozen yogurt.
"With fuller utilization of our manufacturing facilities, our operating income performance will be significantly higher for both the 1999 third quarter and nine months than in comparable 1998 periods," Hanna noted.
YOCREAM International, Inc. (formerly International Yogurt Company) makes, markets and sells frozen desserts, snacks and smoothies throughout the United States and in several foreign countries. For the fiscal year ended October 31, 1998, the company reported sales of $10.2 million, up 18 percent from the prior year. Sales for the six months ended April 30, 1999 increased 52 percent to $5.8 million, operating income rose 179 percent to $542,583 and net income improved 92 percent to $357,666 or $0.15 per share (basic and diluted).
This release may contain certain forward-looking statements, which are based on management's current expectations. Factors that could cause future results to vary materially from these expectations include, but are not limited to, change in distribution abilities, level of customer acceptance of new products, change in co-packing relationships and strategic alliances, and other economic, competitive, governmental, regulatory and factors affecting the company's operations, pricing, products and service. For a more complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the company's Form 10-K filed with the Securities and Exchange Commission on February 1, 1999.
SOURCE YOCREAM International, Inc.
/CONTACT: Terry Lusetti, Investor Relations of YOCREAM International,
Inc., 503-256-3754; or Dolores Chenoweth of in.ves'com, 503-469-0338, for
YOCREAM International, Inc./
(YOCM)
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