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Uncle B's Bakery (UNCB) recently posted phenomenal (the street was expecting a loss) positive earnings of .08/sh. The company produces a line of "never frozen" bagels under several brand names and are distributed in 43 states at over 11,000 supermarkets. I bought into this company about two weeks ago and have been watching since. I noticed that there is very little information on the company out on the net so I'm starting this thread for folks with interest or info to post. One observation I have made is that this company is very thinly traded, often going for half days (as it has today) with no trade activity whatsoever. I am a novice trader with little understanding of technical analysis so any feedback from knowledgeable traders is encouraged here. To start this thread on an informative note, I have pasted in the company's most recent earnings release below: Uncle B's Bakery Inc.: Record First Quarter Net Income up 78.4% on Record Sales of $6.4 Million, up 58.1% PR Newswire - November 22, 1996 08:31 ELLSWORTH, Iowa, Nov. 22 /PRNewswire/ -- William T. Rose, Jr., chairman and chief executive officer of Uncle B's Bakery, Inc. (Nasdaq: UNCB), today announced results for the company's first fiscal quarter ended October 31, 1996. For the most recent three-month period the company reported record net income of $267,994 or $0.08 per share (up 78.4 percent) on record net sales of $6.4 million (up 58.1 percent) compared to net income of $150,202 or $0.04 per share, before the cumulative effect of an accounting change, on net sales of $4.0 million for the first quarter of fiscal 1996. Rose attributed 13.9 percent of the net sales increase in the first quarter to Uncle B's branded product sales, while the bake-off product introduced in the fourth quarter of last year accounted for 86.1 percent of the increase. He indicated that gross profit for the most recent three-month period increased to $2.4 million, or 38.3 percent of net sales, versus the comparable quarter's gross profit of $2.0 million or 50.2 percent. Excluding the favorable impact of an economic development incentive on gross profit for the prior year's first quarter, gross profit for the most recent quarter increased 39.8 percent. Rose said that inefficiencies related to the plant expansion and new product manufacturing were reduced significantly in the most recent quarter. He also indicated that the company has achieved lower relative general and administrative costs, and that overall plant efficiencies continue to improve. "As we near the completion of our plant expansion, I am confident we have made a series of excellent strategic decisions that will enable Uncle B's to build upon its success in this quarter, and that the company is well positioned to expand its product and customer base," he said. Sales of the company's higher-margin branded products represented 69.3 percent of net sales, while the company's bake-off product amounted to 31.7 percent of revenue during the most recent quarter. "Uncle B's bake-off product has been well received and is expected to result in additional sales growth opportunities in the foodservice distribution channel," said Rose. Uncle B's Bakery, Inc. produces and markets fresh-tasting, never-frozen bagels under "Uncle B's" and "Millspring" brand labels. Currently, Uncle B's Bagels are available in the refrigerated dairy cases of over 11,000 supermarkets in 43 states. The company also produces a bake-off bagel for national foodservice distribution. UNCLE B's BAKERY, INC. CONDENSED STATEMENTS OF OPERATIONS (unaudited) Three months ended 10/31/96 10/31/95 Net sales $6,381,279 $4,034,981 Gross profit 2,445,460 2,024,109 Income from operations 393,386 279,108 Income before cumulative effect of accounting change 267,994 150,202 Cumulative effect to July 31, 1995 of accounting change --- (1,406,050) Net income (loss) $267,994 $ (1,255,848) Earnings per share: Income before cumulative effect of accounting change(1) $0.08 $0.04 Cumulative effect of accounting change(1) --- (0.40) Net income (loss) 0.08 (0.35) Weighted average common shares and common equivalent shares outstanding 3,545,147 3,545,147 (1) Effective August 1, 1995, the company changed its method of accounting for new account allowances (fees paid to customers to obtain retail shelf or warehouse space) from the capitalization method (with amortization over 12 - 36 months) to expensing the costs as incurred. This change resulted in a cumulative effective adjustment of $1,406,050 (no income tax effect), which is included in the net loss for the quarter ended October 31, 1995. SOURCE Uncle B's Bakery Inc. CONTACT: Wm. Howard McClennan, Jr., Chief Financial Officer of Uncle B's Bakery, Inc., 515-836-4000; or Madeleine Franco or Eric Simonsen, of Jordan Richard Assoc., 801-595-8611 | ||||||||||||
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