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-- Silverado Foods, Inc. (AMEX:SLV) today reported unaudited operating results for the first quarter 1997. Net sales increased 17% over the same period in 1996, driven by both bagel and bagel bar brands, as well as biscotti brands sales. The bagel and bagel bar increase was due to the continued momentum in wholesale club sales and from revenues due to the August 1996 acquisition of the Bagel Place, Inc. Biscotti sales increased due to the continued growth of the overall category as well as share gain in existing accounts. Operating losses for the first quarter are higher than 1996, due to several one-time factors, including close down costs associated with the Orlando bakery facility in January 1997 and start-up costs of new biscotti products at the Tulsa manufacturing facility. In addition, interest expense increased by $1.2 million, primarily due to a one-time charge resulting from the issuance of Regulation S securities that occurred in the first quarter of 1997, that has a conversion feature at a discount to the market price of the Company's common stock. Gross profit increased from 41% to 43% of net sales in the snack tray business representing continuing improvement in that operation. ``While overall results were negatively impacted by some significant one- time events in the first quarter, the underlying sales and gross margin trends in the business continue to be positive,'' commented Lawrence Field, Chairman of Silverado Foods, Inc. ``We have great products in growth markets. We also have a new management team in place, led by our new President and CEO, Tim Bruer, who is now implementing plans to realize our position as a leader in the specialty baked goods industry,'' concluded Mr. Field. On an unaudited basis, the Company's net revenues for the three months ended March 31, 1997 increased 17% to approximately $11.8 million, compared with $10.1 million in the first quarter of the prior year. Losses from continuing operations (including certain non-recurring charges described above) totaled $3.6 million in the first quarter of 1997, versus $1.3 million in net losses for the year-earlier period. Silverado Foods, Inc. manufactures and markets a line of specialty baked goods and operates the nation's largest retail snack tray business. Silverado is headquartered in Tulsa, Oklahoma and its common shares are traded on the American Stock Exchange under the symbol ``SLV''. Forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation, Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, general economic trends, continued acceptance of the Company's products in the marketplace, competitive factors, manufacturing and raw materials costs, the Company's dependence upon third-party suppliers, and other risks detailed from time to time in the Company's periodic report filings with the Securities and Exchange Commission. SILVERADO FOODS, INC. Comparative Income Statements Quarters Ended March 31, 1997 and 1996 Quarter 1997 1996 Change % Change Net Sales 11,818,104 10,059,001 1,759,103 18% Gross Profit 3,434,225 3,500,752 (66,527) 2% SG&A 4,932,757 4,023,594 909,163 23% Depreciation & Amortization 388,308 388,962 (654) 1% Operating Loss (1,886,840) (911,804) 975,036 107% Interest & Other (1,716,862) (334,188) 1,382,674 414% Operating Loss from Continuing Operations (3,603,702) (1,245,992) (2,357,710) 189% Loss from Discontinued Operations 0 (32,000) (32,000) N/A Net Loss before Accretion of Common Stock Subject to Price Guarantee (3,603,702) (1,277,992) 2,325,710 182% Accretion of Common Stock Subject To Price Guarantee 0 0 0 N/A Net Loss per Share (0.49) (0.21) (0.28) 133% | ||||||||||||||
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