I thought it would be helpful to post the news release RICA published comparing the same quarter results for the last period this year with last. I'm doing this because the 10K is a report of QLSI/RICA and is QLSI up to August 5, 1996, and RICA until September 30 1996. In that way, it is somewhat misleading and doesn't really discribe in a clear fashion RICA as a company and where it is headed.
Note at the bottom it give the earnings comparison.
Net Earnings before Income Tax $734,071 (1996) and $371,462 (1995).
Thursday December 19 12:52 PM EDT
Costa Rica International Announces Sales And Earnings
Increases For Fourth Quarter For Its Subsidiary,
Corporacion Pipasa
MIAMI, Dec. 19 /PRNewswire/ -- COSTA RICA INTL today announced results
for the fiscal fourth quarter ended September 30, 1996, for its major
subsidiary, Corporacion Pipasa. Revenues increased 11.7 percent, to
$15,603,322, from $13,971,392 in the year-earlier period. Operating
profit rose 29.2 percent, to $1,106,909, from $856,485 in the
year-earlier period. Net profit before taxes rose 97 percent to
$734,071, from $371,462 in the year-ago period.
Corporacion Pipasa is Costa Rica's largest producer and marketer of
poultry products and one or that country's largest corporations, with
assets at fiscal year-end 1995 of approximately U.S. $46 million.
Calixto Chaves, chairman and chief executive officer of Costa Rica
International, said the increases resulted from "Pipasa successfully
marketing additional products and an increase in exported goods."
He noted that the company "has been able to realize efficiencies in
managing resources, thus reducing expenses."
Mr. Chaves added, "Our strategic plan to capitalize on the growth
potential of our core poultry business and the additional potential of
vertical growth within an emerging economic region should
prove both exciting and rewarding."
Statement of earnings follows:
C0STA RICA INTERNATIONAL, INC.
Statement Of Earnings
For the quarters ended September 30, 1995 and 1996
1996 1995
UNAUDITED
Net Sales $15,603,322 13,971,392
Cost of sales 11,710,057 10,302,090
Gross Profit 3,893,265 3,669,303
Operating Expenses
Selling 1,636,494 1,644,646
Export 53,764 36,548
General and Administrative 1,096,097 1,131,623
Total Operating Expense 2,786,356 2,812,818
Operating Profit 1,106,909 856,485
Other Income 391,978 398,682
Other Expenses 764,817 883,705
Net Earnings before Income Tax $734,071 $371,462
SOURCE Costa Rica International, Inc. |
