RYMER FOODS INC [RYR] SHORT TERM Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : RYMER FOODS INC [RYR] SHORT TERM

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tom Shutters who wrote (43)	6/10/1997 4:24:00 PM
From: dom	of 60

------------------------------------------------------------------------ Tuesday June 10 9:37 AM EDT Company Press Release Source: Rymer Foods Inc. Rymer Foods Inc. Announces Improved Second Quarter Results CHICAGO, June 10 /PRNewswire/ -- Rymer Foods Inc. (OTC:RYMR) announced its financial results for the second quarter of fiscal 1997. The Company incurred a loss from continuing operations of $.8 million or $.07 per share in the second quarter of 1997, an improvement of $1.7 million or $.16 per share, compared to its loss from continuing operations of $2.5 million or $.23 per share in the second quarter of 1996. Consolidated net sales from continuing operations of $9.4 million were $1.2 million below the second quarter of 1996. The decrease was mainly in the low margin segments which the Company has de-emphasized in 1997. The Company improved its gross profit to $1.1 million in 1997 from a negative $.2 million in 1996. The improvement in gross profit was due primarily to operational efficiencies and improved product mix. Selling, general and administrative expenses remained consistent with 1996. Interest expense in the second quarter decreased by $.3 million or 32% in 1997 as compared to 1996. The decrease was attributable to the reduction in working capital loans from $3.2 million in 1996 to $0. at April 27, 1997 and a reduction in the interest rate on the Senior Notes from the PIK rate of 18% in 1996 to the cash rate of 11% in 1997. Mr. P. Edward Schenk, President and Chief Executive Officer of Rymer made the following comment regarding the Company's operations. ``The Company's improvement in the second quarter in gross profit and operating performance demonstrates the impact of broadening the customer base and product mix.'' Last week Rymer mailed its previously announced restructuring plan to its stockholder and noteholders. The restructuring requires an exchange of 11% Senior Notes for shares of new common stock. The exchange offer is scheduled to expire on July 7, 1997 and the Annual Meeting of stockholders is scheduled for July 8, 1997. The stockholders will vote on the restructuring plan at the Annual Meeting. 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. .

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next