SYBR may be a good candidate:
Synergy Brands Issues Guidance For FY 2003; Forecasts Revenue Growth of24% from $31 million in FY 2002 to $41 million in FY 2003
MELVILLE, N.Y., Feb 10, 2003 (BUSINESS WIRE) -- Synergy Brands Inc. (NASDAQ: SYBR) -- The Company submitted its operating projections and Balance Sheet estimates to the Nasdaq qualification panel from December 31, 2002 through September 30, 2003.
In its submission, the company anticipated revenues of $41 million and a profit of $320,000 (estimated at $.20 per share) for fiscal 2003. In addition, the company provided Nasdaq with quarterly Balance sheets extended to September 30, 2003. The purpose for the submission is to show how the company anticipates to be able to qualify for the Nasdaq Small-cap Stockholders Equity requirement, which has been raised to $2.5 million. The Nasdaq panel has responded to the Company's submission and provided the company with an extension. Under the panel's response, the minimum bid price of $1 must be achieved by February 18th, 2003 and the minimum stockholders' equity must be in compliance by March 31st, 2003.
The Schedules below include: -- Operating projections for Fiscal 2003. -- Pro-forma Balance Sheet as of 12/31/2002 and -- Forecasted quarterly Balance Sheets through September 30, 2003. About Synergy Brands:
Synergy Brands is a holding company that distributes groceries, health & beauty aids, fragrances & hair care products and premium cigars through wholesaling operations and proprietary web sites. Including: www.cigargold.com , www.netcigar.com , www.BeautyBuys.com , store.perx.com and www.dealbynet.com. For more information log onto www.sybr.com.
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE AND MUCH OF THE FINANCIAL FIGURES AND OTHER INFORMATION PRESENTED STATE AND REFLECT ASSUMPTIONS, EXPECTATIONS, PROJECTIONS, INTENTIONS AND/OR BELIEFS ABOUT FUTURE EVENTS THAT ARE INTENDED AS "FORWARD LOOKING STATEMENTS" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. YOU CAN IDENTIFY THESE STATEMENTS BY THE FACT THAT THEY DO NOT RELATE TO HISTORICAL OR CURRENT FACTS. THEY USE WORDS SUCH AS "ANTICIPATE", "ESTIMATE", "PROJECT", "FORECAST", "MAY", "WILL", "SHOULD", "EXPECT", "ASSUME", AND OTHER DERIVATIONS THEREOF AND OTHER WORDS OF SIMILAR MEANING. IN PARTICULAR THESE INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS REFLECTING THE PROJECTED EARNINGS, PROFIT AND LOSS OF THE COMPANY AND ASSOCIATED COSTS. ANY OR ALL OF THE COMPANY'S FORWARD-LOOKING STATEMENTS MAY TURN OUT TO BE WRONG.
THEY CAN BE EFFECTED BY INACCURATE ASSUMPTIONS OR BY KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES. FOR A DESCRIPTION OF MANY OF THESE RISK AND UNCERTAINTIES PLEASE REFER TO THE COMPANY'S FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (WWW.SEC.GOV), INCLUDING FORMS 10KSB AND 10QSB. IN PARTICULAR BUT NOT TO THE EXCLUSION OF OTHER RISKS AND UNCERTAINTIES, THE PROJECTIONS IN THIS RELEASE ARE BASED UPON ASSUMPTIONS ON APPLICABILITY OF ACCOUNTING RULES AND REGULATIONS TO CERTAIN HANDLING OF THE EXTINGUISHMENT OF TERMINATED PAYABLES (FAS 140) AND THE IMPLEMENTATION OF FAS 142.
Synergy Brands, Inc. & Subsidiaries
Proforma Unaudited Consolidated Balance Sheet
31-Dec-02
31-Dec-02 31-Dec-02
unaudited Adjustments Proforma
--------- ---------- ----------
Assets
Current Assets
Cash and cash equivalents $179,038 - $179,038
Marketable securities 2,395 2,395
Accounts receivable 2,041,016 - 2,041,016
Inventory 1,034,968 1,034,968
Prepaid assets 347,006 347,006
--------- ---------- ----------
Total Current Assets 3,604,423 - 3,604,423
Property and Equipment, net 475,467 475,467
Other Assets 220,817 220,817
Web Site Development Costs, net 315,202 - 315,202
Trade Names and Customer
List, net 1,241,174 147,212 1,388,386
--------- ---------- ----------
Total Assets $5,857,083 147,212 $6,004,295
========= ========== ==========
Liabilities and Stockholders' Equity
Current Liabilities
Line of credit $1,996,995 $1,996,995
Accounts payable and
accrued expenses 1,394,880 1,394,880
--------- ---------- ----------
Total Current Liabilities 3,391,875 3,391,875
Notes Payable 60,000 60,000
Other Liabilities 295,250 (295,000)
- -
Commitments and Contingencies
Total Stockholders' Equity 2,109,958 442,212 2,552,420
--------- ---------- ----------
Total Liabilities and
Stockholders' Equity $5,857,083 147,212 $6,004,295
========= ========== ==========
The accompanying note is an integral part of this statement.
General assumption:
(A) Assumes the extinguishment of online advertising pursuant to
FAS 140.
(B) Assumes the which result in the cessation of amortization
implementation of FAS based on an independent valuation 142.
of certain intangibles deemed to have an indefinite life.
CONTACT: Martin E. Janis & Company, Inc.
Bev Jedynak, 312/943-1100 ext. 12
b.jedynak-janispr@att.net
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