02/22 12:59 Rica Foods, Inc. Reports
Outstanding Results for its FY First
Quarter <RICA.O>
Rica Foods, Inc. Reports Outstanding Results for its FY First
Quarter--- Revenues increased 52% and Earnings Per Share Increased 122% From Same Period Last Year
CORAL GABLES, Fla., Feb. 22 /PRNewswire/ -- Rica Foods,
Inc. (Nasdaq: RICA) announced today outstanding results for its
fiscal year first quarter, and the best quarterly results for such
period in the history of operations of Rica Foods' subsidiaries.
RICA is the parent company of Costa Rica's largest and most
important poultry producers and among the biggest in the
Central American Region. Corporacion Pipasa, S.A. ("Pipasa")
and Corporacion As de Oros, S.A. ("As de Oros") cover
approximately 70% of the local market.
Revenues were up 52% from $31,651,795 when compared to
$20,826,028 in the same period last year. Earnings per share
rose to $0.20 from $O.09 obtained in the same period last
year, creating a 122% increase. Management considers that
this increase in revenues and earnings per share derives from
an increase in sales of poultry, animal feed and by-products
segments; a decrease in the cost of raw materials, a
well-planned corporate strategy of RICA's subsidiaries, as well
as increasing productivity ratios on As de Oros, the newly
acquired subsidiary.
Both subsidiaries are using the same management styles and
the incorporation of As de Oros to Rica's strategic plan of
growth has proven a smooth and profitable transition. Also,
as Management expected, human resources have played an
important role in achieving the goals set by the parent
company. "We believe that the results of this first quarter
met our expectations, and we prospectively forsee having
another year of continued growth and profitability.
Management continues to focus its growth through expanding
customer relations and potential acquisitions in the area," said
Calixto Chaves, Chief Executive Officer. Mr. Randall Piedra,
Chief Financial officer, also added, "Our dedicated
employees are continuously considering cost reductions and
applying more efficiencies to all the productive and
operational processes; hence, they are proud to contribute to
the success of the companies."
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties or other factors
which may cause actual results, performance or achievements
of the company to be materially different from any future
results, performance or achievements expressed or implied
by such forward-looking statements. For more complete
information concerning factors that could affect the
companies' results, reference is made to the company's
registration statements, reports and other documents filed
with the Securities and Exchange Commission.
For more information contact: Antonio Treminio, Society of
Equity Management, (305) 579-9008 or e-mail:
semcapital@msn.com. SOURCE Rica Foods, Inc.
-0- 02/22/99
/CONTACT: Antonio Treminio, Society of Equity Management,
305-579-9008, for Rica Foods, Inc., or e-mail:
semcapital@msn.com/ -- FLM008 -- 9530 02/22/99 12:28 EST
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