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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (14127)	3/15/2002 3:18:44 AM
From: S. maltophilia	Read Replies (1) \| Respond to of 78548

Blank- The $25M increase in LT debt went mostly to pay down short term borrowings, so I didn't attach too much importance to it. Here's what they say in the 10K about their products: PRODUCTS The Corporation markets its products under the brand names HANOVER, HANOVER FARMS, MYERS, PHILLIPS, GIBBS, SUPERFINE, MARYLAND CHIEF, MITCHELL'S, DUTCH FARMS, SUNWISE, O&C (jarred onions only), SPRING GLEN FRESH FOODS, SUNNYSIDE FOODS, NOTTINGHAM, BICKEL'S, BON TON, YORK SNACKS, CABANA and DRAPER KING COLE. The products sold by the Corporation under these brand names include canned vegetables, beans and pasta as well as frozen vegetables, frozen meat products, food entrees, refrigerated and fresh foods, canned and frozen mushrooms and potato chips. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Year Ended June 3, 2001 Results of Operations Compared to Year Ended May 28, 2000" in the 2000 Annual Report attached hereto as Exhibit 13 (the "Annual Report"). DISTRIBUTION The Corporation's products are marketed under its brand labels and customer private labels to the consumer for home use and also to the food service trade which includes restaurants, fast food chains, hospitals and schools as well as military and other governmental uses. The Corporation's ten largest customers account for approximately 33% of the Corporation's net sales for the fiscal year ended June 3, 2001 and 21% of accounts receivable as of June 3, 2001. No single customer accounted for more than 10% of net sales for the fiscal years ended June 3, 2001, May 28, 2000, and May 30, 1999. The Corporation's products are distributed directly to its customers and indirectly via independent distributors. Sales activities are conducted via Corporation employed sales personnel and independent sales brokerage firms. The Corporation also manufactures private label food products for other food companies. I don't know offhand the breakdown between the labeled product and the institutional and store brand product, but the $300M annual sales says that somebody's eating that stuff. The legal wranglings are the big minus, but they've been going on for years and will likely continue until one of them dies. Hope they write their wills better than Daddy Warehime.<g>