Araldica Releases Financial Information
NEW ROCHELLE, N.Y.--(BUSINESS WIRE)--March 12, 1998--Dominick J. Zaccoli, Sr., Vice President and Chief Financial Officer of Araldica Wineries Ltd., today released the company's unaudited financial information on the results of the last twelve months of operations.
Araldica Wineries Ltd. (OTC/BB symbol ''AWLT'') is a public company engaged (since 1993) in the marketing of premium Italian wines, olive oils and specialty foods.
The attached two pages were released today:
1. The unaudited, consolidated balance sheets of the company and its seven subsidiaries as at Jan. 31, 1998; and
2. The unaudited, consolidated Statements of Operations of the company and its seven subsidiaries for the twelve months
through Jan. 31, 1998.
The company expects to publish audited financial statements within the next 30 days, based upon the latest information which it has received from its auditors, Goldenberg, Rosenthal, Friedlander, of Jenkintown, Pa.
Araldica Wineries Ltd. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
January 31, 1998
Assets
Current Assets:
Cash $ 124,449
Accounts receivable (net) 876,727
Inventories 477,045
Total current assets 1,478,221
Fixed Assets (net):
Land & Buildings 2,745,000
Truck Fleet 456,921
Machinery & Equipment/
Furniture & Fixtures 750,535
Total fixed assets 3,952,456
Other Assets:
Patents & Trademarks 500,000
Prepaid television time 5,000,000
Goodwill 382,700
Total other assets 5,882,700
$ 11,313,377
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 925,962
Current portion, long-
term debt 180,000
Other 85,394
Total current liabilities 1,191,356
Long-term debt:
Mortgages payable 1,672,047
Notes payable 551,298
Acquisition notes 1,420,000
Notes payable, investors 504,799
4,148,144
Stockholders' Equity:
Common stock, par value $.001
Authorized shares 50,000,000
Issued/outstanding shares
16,635,072 16,635
Additional paid-in capital 6,585,290
Retained earnings (628,048)
Total stockholders' equity 5,973,877
$ 11,313,377
-0-
Araldica Wineries Ltd. and Subsidiaries
Consolidated Statements of Earnings
(unaudited)
Twelve Months Ending January 31, 1998
Net Sales $ 8,418,354
Cost of Sales 6,818,867
Gross Margin 1,599,487
Expenses:
Selling & shipping expenses 307,421
General & administrative
expenses 579,724
887,145
Income from operations 712,342
Other income (expense)
Interest expense, net (291,392)
Earnings before income taxes 420,950
Income taxes 0
Net earnings applicable to
common stock $ 420,950
Earnings per share of
common stock:
Net earnings per share $ 0.0253
Weighted average shares
outstanding used to compute
net earnings per share 16,635,072
Contact:
Araldica Wineries Ltd., New Rochelle
Dominick J. Zaccoli Sr., 914/636-0500
Fax: 914/636-0518
email: araldica@idsi.net |
