USA: Afton Food Group Ltd. announces record third quarter results
Afton Food Group Ltd. (TSE: AFF) yesterday announced the Company's third quarter results. Strong gains in system sales, revenues and profitability were posted for the three and nine month periods, ended September 30, 2000."The improvement in Afton's performance, attributable to our March acquisition of Robin's Foods, was balanced by strong internal growth" said Patrick Westfall, Chief Financial Officer, Afton Food Group Ltd. "For the balance of the year and throughout Fiscal 2001, we will focus on enhancing our operating profitability through disciplined, system wide cost management."Afton also increased its financial flexibility during the quarter. Working capital, including $1.6 million in cash, rose moderately to $2.6 million at September 30, 2000, from $2.5 million a year earlier. The current portion of long term debt increased to $4.8 million from $843,000 a year earlier, as Afton began to service the $21.5 million facility used in funding the acquisition. Shareholders' Equity increased by 85% to $17.5 million at September 30, 2000 from $9.5 million a year earlier."Management is very confident that our financial structure can accommodate further rapid growth," said Mr. Westfall. "We have an aggressive plan to reduce long term debt and our operations continue to produce healthy levels of cash. Additionally, we believe that our shares will become increasingly valuable as more investors become aware of our exciting growth strategy."
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