29 November 2006
Gold Frost Limited
("Gold Frost" or the "Company")
Unaudited Results for the nine months ended 30 September 2006
Gold Frost (ticker: GLF), the designer, developer and distributor of kosher
chilled, frozen and dairy food products, today announces its unaudited
financial results for the nine months ended 30 September 2006.
Financial highlights for the period of nine months ended 30 September 2006:
* Revenues increased by 26.2 per cent. to $7.91m (nine months ended 30
September 2005: $6.27m)
* Gross profit increased by 38.7 per cent. to $4.31m (nine months ended 30
September 2005: $3.11m) with gross margin improving to 54.4 per cent. (nine
months ended 30 September 2005: 49.5 per cent.)
* Profit before tax increased by 64.8 per cent. to $2.96m (nine months ended
30 September 2005: $1.8m)
* Net Profit increased by 73.9 per cent. to $2.06m (nine months ended 30
September 2005: $1.19m)
* Basic earnings per share increased by 40.0 per cent. to 4.2 cents (nine
months ended 30 September 2005: 3.0 cents)
* Net cash of $13.3m (equalling to 25 cents per ordinary share) as at 30
September 2006
Financial highlights for the third quarter of 2006:
* Revenues increased by 23.0 per cent. to $2.68m (Q3 2005: $2.18m)
* Gross profit increased by 37.6 per cent. to $1.57m (Q3 2005: $1.14m) with
gross margin improving to 58.4 per cent. (Q3 2005: 52.2 per cent.)
* Profit before tax increased by 65.6 per cent. to $1.03m (Q3 2005: $0.62m)
* Net Profit increased by 65.0 per cent. to $0.68m (Q3 2005: $0.41m)
* Basic earnings per share increased by 30.0 per cent. to 1.3 cents (Q3 2005:
1.0 cents)
Operational highlights:
* Increased revenues primarily due to increase in sales and marketing of
existing products to new and existing customers in Israel;
* Growth in all product segments;
* Approximately 70 per cent. of sales from its main product lines of Lurpak
spreadable butter, butter, Fetina, Swedish Lo-Chol and Odam.
* Continued investment in developing new innovative products with health
benefits.
Commenting on the results, Zwi Williger, Chief Executive Officer, said: "We are
very excited about our strong results for the third quarter and the first nine
months of 2006. The Company was able to achieve growth in revenues primarily
through an increase in sales of its existing products to new and existing
customers. We are also pleased with the successful launch of new products into
the market and expect to launch an additional product in the final quarter.
The Company's strong financial results for the first nine months of 2006
demonstrate Gold Frost's ability to capitalise on the growing interest of
consumers in its current market. The Company's growing product portfolio and
consumer demand for healthier foods means, that there is a significant market
opportunity for Gold Frost to gain share within the dairy kosher and health
food market. Overall demand for innovative kosher products is getting stronger
and our new product lines have been well received.
One of the new products recently launched by the Company is a new cheese
product similar to Roquefort, called Bloose�, which Gold Frost developed with
its partner Arla Food. The development of this product represented a
significant technical challenge, which I am happy to say we overcame
successfully."
"The fundamentals of our business are strong," concluded Mr. Williger. "Our
innovative approach to the rapidly expanding kosher and health food market
continues to drive revenue and margin growth. In addition, we are making
progress with our strategic plan to expand internationally. We look forward to
the remainder of the year."
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Corporate Synergy Plc +44 20 7448 4400
John Prior / David Seal
Bankside Consultants Ltd +44 20 7367 8888
Marc Cohen / Oliver Winters
Overview
Gold Frost is pleased to report a strong operating performance in the first
nine months of 2006, reflecting the Company's success in increasing sales of
its existing products in Israel.
Revenues for the first nine months of 2006 increased by 26.2 per cent to $7.91m
compared with the corresponding period last year and net profit increased by
73.9 per cent to $2.06m compared with the corresponding period last year. Gross
margins improved to 54.4 per cent compared with the corresponding period last
year due to tight control on costs as well as increased sales of higher margin
branded products.
The first nine months of 2006 saw an increase in demand for all segments of
Gold Frost's products. Growth was driven by several factors. First, the sales
team was increased, enabling the Company to gain more access to existing
customers and to new customers. Secondly, the Company's products continued to
gain market acceptance due to a combination of superior taste and the
fulfilment of kosher quality assurance standards. Approximately 70 per cent. of
sales were generated from its main product lines of Lurpak spreadable butter,
butter, Fetina (kosherised feta cheese), Swedish Lo-Chol and Odam (an Edam
style cheese).
The Company's growth strategy is to broaden the variety of branded kosherised
products and target them at health conscious consumers worldwide. In February
2006 the Company launched a kosherised "Lurpak Spreadable Lighter" brand, which
has 25 per cent. less fat and 35 per cent. less cholesterol when compared to
the "regular" product and has an increased shelf life of ten months. In May
2006 the Company launched in Israel a kosherised light "Fetina" which has 9 per
cent fat with 0 per cent cholesterol. Both products have received a strong
initial uptake from consumers. Gold Frost plans to launch other products in the
fourth quarter.
Today, the Company announces that Albert Israeli, finance director of the
Company, has stepped down from his duties, with immediate effect, due to health
issues and has been replaced by Chen Shlein, aged 40. Prior to joining Gold
Frost Mr Shlein served as the chief financial officer of Programa Logistics
System Ltd, an international consultancy provider specializing in supply chain
management, logistics and material handling systems. Before this Mr Shlein was
the executive controller for Emblaze Systems Ltd, a publicly traded company on
the Official List of the London Stock Exchange. Mr Shlein received his bachelor
of arts degree in economics and accounting from Tel Aviv University and a
masters degree in management from Baruch University. Mr Shlein is a certified
public accountant.
"We are disappointed that health circumstances have prevented Albert from
performing his duties and wish him well," stated the Company's management. "We
are pleased, however, to work with Mr Shlein to execute our strategy going
forward."
Outlook
The Company's growing product portfolio and consumer demand for healthier foods
means that there is a significant market opportunity for Gold Frost to gain
share within the dairy kosher food market, which was estimated at $1.5bn per
annum in Israel alone in 2005.
Whilst the Company has yet to be granted its import license in the U.S., it
continues to explore ways to enter into both the U.S. and other markets.
Gold Frost has continued its strong earnings momentum in the first nine months
of the year, with improved margins being experienced at all levels. The Company
looks forward to another year of strong growth in its current domestic market.
Profit and Loss
statement
(US$ `000s) Unaudited Unaudited Audited
Nine months Nine months Three Three months Year
months
ended ended ended ended ended
September September September September December 31,
30, 30, 30, 30,
2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5 2 0 0 5
Sales 7,914 6,273 2,682 2,180 8,222
Cost of sales (3,606) (3,168) (1,117) (1,043) (4,318)
Gross profit 4,308 3,105 1,565 1,137 3,904
Operating
expenses:
Sales and (826) (1,273) (361) (439) (*) (1,666)
marketing
General and (830) (125) (294) (108) (*) (131)
administrative
Total operating (1,656) (1,398) (655) (547) (1,797)
expenses
Profit from 2,652 1,707 910 590 2,107
operations
Financial 312 91 115 29 117
income, net
Profit before 2,964 1,798 1,025 619 2,224
tax
Income tax (900) (611) (350) (210) (735)
Net profit 2,064 1,187 675 409 1,489
Earnings per
share (EPS)
(US$ Cents)
Basic 4.2 3.0 1.3 1.0 3.7
Fully diluted 4.1 3.0 1.3 1.0 3.7
Shares used in
computation
of basic EPS 49,701,726 40,000,000 52,857,142 40,000,000 40,000,000
Shares used in
computing
fully diluted 49,856,740 40,000,000 53,057,803 40,000,000 40,000,000
EPS
(*) Reclassified
Balance Sheets
(US$ `000s) Unaudited Audited
September 30, September 30, December 31,
2 0 0 6 2 0 0 5 2 0 0 5
Assets
Current assets
Cash and cash equivalent 11,472 4,336 4,281
Marketable securities 1,859 - -
Related parties 2,314 (*)1,362 1,443
Other receivables 28 2 67
Inventories 1,532 505 1,351
Total current assets 17,205 6,205 7,142
Fixed assets 308 - -
Other assets 3 - -
Total assets 17,516 6,205 7,142
Liabilities and equity
Current liabilities
Trade accounts payables 1,963 1,361 1,875
Other payables and current 1,452 (*)1,044 1,165
liabilities
Total current liabilities 3,415 2,405 3,040
Accrued Severance Pay 12 - -
Shareholders' equity
Share capital 119 54 54
Additional paid in capital 7,200 387 387
Foreign currency translation 937 (108) (108)
adjustments
Retained earnings 5,833 3,467 3,769
14,089 3,800 4,102
Total liabilities and equity 17,516 6,205 7,142
(*) Reclassified
Note to the Interim Results - Basis of Preparation:
The results for the nine months ended 30 September 2006 are unaudited. They
have been prepared on accounting bases and policies that are consistent with
those used in the preparation of the financial statements of the company for
the 12 months ended 31 December 2005, which were prepared with accordance with
International Financial Reporting Standards (IFRS).
Notes to Editors:
Gold Frost is a designer, developer and distributor of branded kosher dairy
food products with 20 varieties of products currently on sale in Israel. The
Company possesses proven R&D capability for "koshering" chilled, frozen, diary
and other products, a number of which have a health advantage by virtue of
being low in fat and cholesterol.
END
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