Peter Deros, oresident and CEO of Donini, announced yesterday [Thursday] that the company’s common stock, par value US$.001, has started trading for the first time on NASD’s Bulletin Board.
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Deros founded Pizza Donini, a wholly owned subsidiary of the company, in 1987 and in January 2001 it merged with a New Jersey company with more than 500 public stockholders.
Donini is a multi-tiered food company specializing in pizza and related products such as dough, sauces, fresh and frozen pizzas. The products are sold to more than 30 franchise stores, outlets located in department stores and to its business to business customers through its subsidiary, Pizado Foods (2001) Inc. The company’s outlets are mostly in greater Montreal in the Province of Quebec.
During its last fiscal year, ended 31 May 2001, Donini had gross revenues of US$1,574,395 and a loss of US$1,029,453.
“The loss was primarily due to the fact that we expended almost US$750,000 in new product development the benefits of which we will recover over the next few years and also due to increases in stock-based compensation and recapitalization costs of the merger,” said Deros. “The 11 September tragedy took its toll on the food service industry and Donini is just getting back to normal. Sales are steadily increasing and will be back on track before the end of this fiscal period.”
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By GlobalData“The company is preparing to enter the U.S. market prior to the end of its next fiscal year and Donini will expand into many new Canadian outlets hoping to double its total number by 31 May 2004 and even develop new products for its markets,” said Deros.
