Vita Foods Reports First Quarter 2007 Results
15 5월 2007 - 4:12AM
PR Newswire (US)
CHICAGO, May 14 /PRNewswire-FirstCall/ -- For the first quarter
ended March 31, 2007, Vita Food Products, Inc. (AMEX:VSF) today
announced consolidated net income of approximately $185,000, or
$0.04 per share, compared to net income of approximately $57,000 or
$0.01 per share in the first quarter of 2006. The Vita Seafood
segment, which is primarily engaged in the processing and sale of
herring products and cured and smoked salmon products, contributed
net income of approximately $143,000 compared to net income of
approximately $9,000 in 2006. The improvement in net income for the
Vita Seafood segment is primarily the result of an improvement in
the gross margin percentage on net sales and reduced selling,
marketing and distribution expenses that compensated for the
decrease in net sales. The Company's other business segment, Vita
Specialty Foods, which is engaged in the processing and sale of
salad dressings, marinara sauces, cooking sauces, honey and other
specialty food products, had net income of approximately $42,000 in
the first quarter of 2007 compared to net income of approximately
$48,000 in the first quarter of 2006. Gross profit from increased
sales in the first quarter of 2007 was offset by an increase in
selling, marketing and distribution expenses. Consolidated net
sales for the first quarter of 2007 were approximately $12.8
million, compared with approximately $12.8 million in the first
quarter of 2006. Vita Seafood's net sales for the first quarter of
2007 were approximately $6.7 million which compares to
approximately $7.4 million for the prior year quarter, representing
an approximate 9% decrease. The decrease was the result of lower
sales in salmon products, which had been at record levels for the
Company in the first quarter of 2006. Vita Specialty Foods' net
sales for the first quarter were approximately $6.1 million
compared to approximately $5.4 million for the previous year's
first quarter, representing an approximate 13% increase. The net
sales increase came largely from new sauce products introduced
after the first quarter of 2006. Gross margin for the quarter was
approximately 31.0% as compared to 30.5% for the first quarter of
2006. The gross margin for Vita Seafood increased to 31.2% from
29.3% in the first quarter of 2006. This was the result of selling
price increases implemented in the first quarter of 2007. The gross
margin for Vita Specialty Foods decreased to approximately 30.8% as
compared to approximately 32.1% for the first quarter of 2006. This
was mainly attributable to a change in the product sales mix due to
increased sales of lower margin products. "I was named CEO in
August of 2006 after presenting my plan for the future of the
Company to the Board of Directors. Since then we have faced a few
significant challenges, but we have pressed forward despite those
setbacks to reach our short term goals as part of that plan," said
Cliff Bolen, the Company's President and Chief Executive Officer.
"The long term plan contains key strategies targeted at growing
both segments of the company. Operationally we are striving to
improve our efficiencies and we anticipate leveraging the inherent
benefits of a significant upgrade from a planned software
conversion to begin later this year." The Vita Seafood division is
a U.S. leader in the herring and retail packaged salmon markets,
and is engaged in several other food segments, including cream
cheese, cocktail sauce, tartar sauce and horseradish. More than 95%
of Vita Seafood's sales are in kosher foods. Vita Specialty Foods,
Inc., the Company's wholly owned subsidiary, markets and sells
honey, salad dressings, barbecue sauces and other meat enhancements
and salsas. The Company markets and sells these items under the
Virginia Brand(R), Oak Hill Farms(R), Scorned Woman(R), Jim
Beam(R), Budweiser(TM), Dr Pepper(R), 7UP(R) and A&W(R) brands.
The Company's common stock is currently traded on the American
Stock Exchange and Chicago Stock Exchange under the ticker symbol
VSF. This release contains forward-looking statements about the
Company's future growth, profitability, introduction of new product
and, competitive position. Any such statements are subject to risks
and uncertainties, including changes in economic and market
conditions, industry competition, raw material prices, the success
of new product introductions, management of growth and other risks
noted in the Company's filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. - - TABLES FOLLOW - - VITA FOOD
PRODUCTS, INC. Condensed Consolidated Statement of Operations (in
thousands, except per share data) (unaudited) Three Months Ended
Mar 31, Mar 31, 2007 2006 Change Net sales $12,774 $12,788 (0%)
Cost of goods sold 8,813 8,892 (1%) Gross margin 3,961 3,896 2%
Selling and administrative expenses Selling, marketing &
distribution 2,203 2,325 (5%) Administrative 1,129 1,152 (2%) Total
3,332 3,477 (4%) Operating income 629 419 50% Interest expense 323
325 (1%) Income before income taxes 306 94 226% Income tax expense
121 37 227% Net income $185 $57 225% Earnings per common share:
Basic $0.04 $0.01 300% Diluted $0.04 $0.01 300% Weighted average
shares outstanding: Basic 4,935 3,995 Diluted 4,936 4,016
DATASOURCE: Vita Food Products, Inc. CONTACT: Clifford Bolen,
President and Chief Executive Officer of Vita Food Products, Inc.,
+1-312-738-4500,
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