Wednesday May 29, 7:50 am Eastern Time
Press Release
SOURCE: YOCREAM International, Inc.
YOCREAM International Reports Record Second Quarter Results With Sales Up 30% and Earnings Up 141%
PORTLAND, Ore., May 29 /PRNewswire-FirstCall/ -- YOCREAM International, Inc. (Nasdaq: YOCM - News), a manufacturer and wholesaler of frozen desserts and beverages, today reported the financial results for the second quarter and six months ended April 30, 2002.
(Photo: newscom.com )
YOCREAM second quarter sales increased 30% to $4.6 million from $3.5 million in the second quarter of 2001, and net income increased 141% to $224,000, ($0.10 per share) compared to $93,000, ($0.04 per share) in 2001. For the six months ended April 30, sales increased 26.7% to $8 million from $6.3 million in the year ago period, and net income increased 100% to $328,000, ($0.14 per share) compared to $163,000, ($0.07 per share) in 2001.
"For the fourth consecutive quarter, operating results have benefited from an increase in sales volume and related operating efficiencies," said Douglas Caudell, Chief Financial Officer of YOCREAM. "The increase in sales has continued to be broad-based with gains in the sale of frozen yogurt and smoothie products to both club stores and foodservice distributors, as well as an increase in copacking revenues."
Caudell said, "We are now beginning the introduction of the Dannon/YoCream line of soft serve yogurt as part of the alliance between The Dannon Company, Inc. and YoCream International, Inc. This co-branded product rollout, along with the aggressive efforts of our seasoned sales team should make for an outstanding year. "
YoCream International, Inc. makes, markets and sells frozen desserts and beverages throughout the United States and in several foreign countries. It sells primarily to foodservice distributors and wholesale clubs. The Company's products are available in restaurants, convenience stores, schools, hospitals, corporate cafeterias, military installations, government agencies and wholesale clubs. Due to the seasonal nature of the business, frozen yogurt sales are normally slower during the winter months.
This release contains 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 that was filed with the Securities and Exchange Commission on January 29, 2002.
Periods Ended April 30, Second Quarter Six Months
2002 2001 2002 2001
Sales $4,593,568 $3,534,343 $7,955,284 $6,277,530
Net Income 224,242 93,129 327,743 163,087
Per Share .10 .04 .14 .07
YOCREAM INTERNATIONAL, INC.
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
2002 2001 2002 2001
Sales $4,593,568 $3,534,343 $7,955,284 $6,277,530
Cost of goods sold 3,266,356 2,554,020 5,611,061 4,450,595
Gross profit 1,327,212 980,323 2,344,223 1,826,935
Selling, general
and administrative
expenses 953,283 818,508 1,791,948 1,561,826
Income from
operations 373,929 161,815 552,275 265,109
Other expenses, net (9,987) (10,586) (20,232) (322)
Income before
income taxes 363,942 151,229 532,043 264,787
Income tax provision 139,700 58,100 204,300 101,700
Net income $224,242 $93,129 $327,743 $163,087
Earnings per common
share - basic $0.10 $0.04 $0.15 $0.07
Earnings per common
share - diluted $0.10 $0.04 $0.14 $0.07
Shares used in basic
earnings per share 2,255,015 2,262,191 2,257,058 2,262,269
Shares used in
diluted earnings
per share 2,269,279 2,268,045 2,266,780 2,272,598
YOCREAM INTERNATIONAL, INC
BALANCE SHEETS
April 30, October 31,
2002 2001
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $563,404 $1,161,661
Trade accounts receivable, net 1,323,568 1,039,003
Inventories 2,591,230 2,473,538
Other current assets 384,918 256,536
Total current assets 4,863,120 4,930,738
Fixed assets, net 4,487,659 4,344,981
Deferred income taxes -- 5,000
Intangible and other long-term assets, net 311,450 309,050
$9,662,229 $9,589,769
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $317,456 $344,676
Accounts payable 1,153,684 1,142,398
Income taxes payable -- 122,175
Other accrued liabilities 98,819 125,148
Total current liabilities 1,569,959 1,734,397
Long-term debt, less current portion 1,048,842 1,037,024
Deferred income taxes 40,000 --
Total liabilities 2,658,801 2,771,421
Shareholders' equity
Preferred stock, no par value, 5,000,000
shares authorized, none issued or outstanding -- --
Common stock, no par value, 30,000,000
shares authorized 4,654,543 4,797,204
Retained earnings 2,348,885 2,021,144
Total shareholders' equity 7,003,428 6,818,348
$9,662,229 $9,589,769
Tell Us What You Think -- Click Here
SOURCE: YOCREAM International, Inc.
...................................................... |
