CALGARY/CNW/ – Floron Food Services Limited (FFS) is pleased to announce its results for the three month period ending September 30, 2001.

These results reflect the operations of both Floron and its wholly-owned subsidiary, Hygaard Fine Foods Limited, acquired effective October 20, 2000.
Consolidated sales for the three months ended September 30, 2001 increased 82% to $9.5 million compared to $5.2 million in 2000. Floron’s sales alone increased 17% during that period; the balance of the increase comes from the acquisition of Hygaard. Floron’s increase in sales is due to the opening of several new Boston Pizza restaurants in Floron’s distribution area in the second and third quarters of last year, as well as higher sales to existing customers.

In addition to year over year sales increases, consolidated sales are up for this quarter over the previous quarter ended June 30, 2001. Both Floron and Hygaard showed increased sales over the previous quarter.

For the three months ended September 30, consolidated net earnings before amortization, debt service costs and income taxes have risen 183% to $664,548 ($0.17 per share) in 2001 from $234,627 ($0.06 per share) in 2000. Floron alone experienced a 28% rise over last year; the balance came from Hygaard’s earnings.

Consolidated net earnings for the three month period were $228,865 ($0.06 per share) for 2001 compared to $132,809 ($0.03 per share) for 2000, an increase of 72%. Increased interest and depreciation and amortization expenses related to the acquisition of Hygaard have caused the increase in net earnings to be lower than the increase in cash flow.

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Floron Food Services Limited of Edmonton, Alberta is a dynamic and growing company that specializes in the food manufacturing and distribution business. Floron is the exclusive manufacturer of meat sauce for all Boston Pizza franchises in Canada and the United States. It is also the distributor for all required products for Boston Pizza franchises in northern Alberta and the Northwest Territories. In October, 2000, Floron diversified by purchasing 100% of Hygaard Fine Foods Ltd.

Hygaard is based in Sherwood Park, Alberta and has over twenty-five years in the business of manufacturing sandwich products for the convenience food business. It is also the exclusive distributor for Jack Links meat snacks in Western Canada. Both Hygaard and Floron operate out of Agriculture Canada and H.A.C.C.P. approved facilities. H.A.C.C.P. approval is required to be able to ship manufactured food products into the United States.