Rymer Foods Inc. Announces First Quarter Results
CHICAGO, March 13 /PRNewswire/ -- Rymer Foods Inc.
(OTC Bulletin Board: RFDS) announced its financial results for the first
quarter of 2000.
The Company incurred a loss from continuing operations of $153,000 or
$.04 per share (basic) in the first quarter of 2000 compared to a loss from
continuing operations of $296,000 in the first quarter of 1999.
Consolidated net sales from continuing operations of $9.2 million were
$2.1 million higher than first quarter of 1999 primarily due to the Company's
expansion of its customer base. The increase in gross profit was primarily
attributable to the efficiencies associated with the higher volume. Selling,
general and administrative expense increased by 45,000 due primarily to higher
revenue related expenses.
Interest expense increased by $39,000 in 2000 as compared to 1999 due to
higher bank borrowings.
Mr. P. Edward Schenk, Chief Executive Officer of Rymer, made the following
comments regarding the Company's operations. "The first quarter of 2000
continues the growth in the Company's customer base. Continuing customer
expansion while emphasizing customer service are keys for success in 2000."
Mr. Edward M. Hebert, President of Rymer, stated, "Operational efficiency
along with product quality are important ingredients to improving Company
profitability."
Rymer Foods is the holding company for Rymer Meat, a Chicago-based
portion-control meat company which provides frozen, pre-seasoned meat and
tailored programs to national mid-scale family restaurant chains and
institutional foodservice providers. |
