Virginia-based frozen food company Cuisine Solutions has posted a 38.6% rise in turnover to US$64.1m for the full fiscal year to 24 June 2006.
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Net income grew by 113.8% to $1.71m, while net income per diluted share doubled to $0.20.
“We are very pleased with the financial results of fiscal 2006,” said CEO Stanislas Vilgrain. “Our strategy for fiscal 2007 will be to find ways to continue to grow profitably and also to grow greater consumer awareness of our premium, fully-cooked, frozen food while remaining focused on being the leader in this emerging food category.”
The company said it had benefited from a sharp increase in sales through the military channel in the first quarter of 2006. While it said this surge was unprecedented and it could not expect any such pronounced spikes in military sales in any individual quarter during the forthcoming fiscal year, it said it did expect to see an increase in full-year sales in the military channel during fiscal 2007 as a whole.
Cuisine Solutions sells its products to airlines, passenger rail lines and harbour cruise lines restaurants, hotel and convention centre restaurants and banquets, casinos, retail supermarkets, the US military and restaurant chains. In the 2006 fiscal year, US sales accounted for 69.4% of total revenue, up from 64.5% in 2005 and 61.2% in 2004. Sales in France accounted for 30.6% of total revenue in the latest fiscal year, compared with 35.5% and 38.8% in fiscal 2005 and 2004, respectively.
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