Rymer Foods Inc. Announces 1999 Final Year Results
CHICAGO, Jan. 28 /PRNewswire/ -- Rymer Foods Inc.
(OTC Bulletin Board: RFDS) announced its results for the fiscal year ended
October 30, 1999.
For the fiscal year ended October 30, 1999, the Company reported an income
from continuing operations of $33,000 compared to a loss of $2.0 million or
($0.47) per share in 1998.
The Company increased sales by $8.7 million or 28.8% and gross profit by
$2.4 million or 111.5% as compared to 1998 due to expansion of the customer
base and increased operational efficiencies. Interest expense increased by
$200,000 from 1998 due primarily to increased borrowings needed to accommodate
Company growth. Management believes that continuing the Company's success
will rely on continuing customer expansion, improving operational efficiencies
and maintaining relationships with its lenders and suppliers.
Mr. P. Edward Schenk, Chief Executive Officer of Rymer, stated: "1999 has
been a year full of challenges for the Company. We are committed to continue
to transform the challenges we face into opportunities for improvement for the
Company. We believe that the management team will strive to focus on driving
the business to growth and performance."
Mr. Edward Hebert, President of Rymer had the following comment regarding
the results for 1999, "The Company has come a long way in 1999. Increased
sales, turned a modest profit and received a clean opinion from its outside
auditors. This provides a solid base to continue to grow the Company, thereby
increase shareholder value." |
