USA: Cuisine Solutions sees US$1.8m loss in Q3
Alexandria, Va-based Cuisine Solutions has announced a net loss of US$1.78m for its Q3 2002. The significant loss was due to the decline in US sales, said the company, which impacted distribution costs, and the ability to cover fixed production overhead costs due to the reduction in production. The company lowered costs by the reduction of personnel in Alexandria as well as to salary cuts but these cost reductions could not cover overhead cost due to the decreased sales volume during the Q3 2002. In addition to the decrease in sales demand, the company recorded an additional recognition of US$385,000 of losses in equity from the investment in Brazil as well as an amortisation of US$40,000 for web site development cost after the launch of the FIVELEAF brand in February 2002.
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