FLORON ACHIEVES RECORD SALES/PROFITABILITY IN FISCAL 1998
EDMONTON, Sept. 29 /CNW/ - Floron Food Services Limited is pleased to
release the company's financial results for the year ended June 30, 1998.
Sales for the year continued to increase at a significant rate. Total sales
for the year were $14,633,127, an increase of 27% over the prior year. Cash
flow from operations before income taxes and interest expense was $806,506
($.20 per share). This amount exceeds the forecasted cash flow from operations
figure by 15%! Net earnings before income taxes and depreciation amounted to
$718,506 ($.18 per share). The increase in sales volumes is a result of the
Company's sales to Boston Pizza franchises continuing to increase on a monthly
basis, as well as new sales volumes generated as the Boston Pizza franchise
organization continues to expand.
''We have accomplished the targeted profitability levels that we set out
for the Company when we first went public two years ago. I am extremely proud
of this accomplishment. We will continue to pursue growth strategies for the
company and thereby increase shareholder value'' stated Mr. Ronald J. Coyle,
Chairman of the Board and Chief Executive Officer of Floron Food Services
Limited.
Floron Food Services Limited is a food manufacturing and distribution
company distributing all required products for Boston Pizza franchises in
Northern Alberta, and is also the exclusive supplier of meat sauce product for
the entire Boston Pizza chain of restaurants across Canada.
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For further information: Mr. Stephen D. Robbins, CA, Vice President,
Finance, or Mr. Greg Lamorie, General Manager, (403) 438-9300, Fax: (403)
438-9200
FLORON |
