Atlantic Premium Brands, Ltd. (Amex: ABR) today announced financial results for the six months and for the second quarter ended June 30, 2000.
Revenues for the six months ended June 30, 2000 totaled $105.8 million, a 14.7% improvement over the first six months of 1999 when $93.3 million in revenues were reported by the Northbrook, Ill. based manufacturer and distributor of food products. The Company reported a loss for the first six months of the fiscal year of $48,000 compared to the $830,000 profit reported in the first six months of 1999. Net income per share was $0.11 in 1999 versus a loss of ($0.01) per share for the first six months of this year.
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Revenues for the second quarter ended June 30, 2000 were $54.3 million, a 13.3% improvement when compared to the $47.4 million realized in the comparable period in 1999. The second quarter saw a loss of $231,000 vs. net income of $296,000 reported for the second quarter of 1999. Net income per share was $0.04 in the second quarter of 1999 versus a loss of ($0.03) per share this year. This decrease in net income mainly resulted from increased raw material costs. Hog costs averaged $43.00 per hundredweight in the quarter compared to $33.00 a year ago.
Alan F. Sussna, President and Chief Executive Officer, commented, “Obviously, we are disappointed in these results. Higher pork prices, rapid escalation in fuel costs, an increase in the Company’s insurance costs and the continued investment in new products and new geographies are the main causes. We remain confident in our strategy and several of our initiatives are progressing nicely. For the second half, we will work harder to increase our margins by focusing on price realization and cost reduction.”
Atlantic Premium Brands, Ltd., through its operations in Texas, Louisiana, Kentucky and Oklahoma, manufactures, markets and distributes food products for customers in a twelve-state region. Through its operations, the Company markets and distributes its own branded processed meat products under brand names including Blue Ribbon, J.C. Potter, Richard’s, Carlton, Grogan’s Farm, Partin’s Country Sausage, Texas Traditions, Favorite Country Recipes, and Cajun Favorites.
Atlantic Premium Brands, Ltd. wants to provide stockholders and investors with meaningful and useful information. Therefore, this press release contains forward-looking information, describes the Company’s belief concerning future business conditions, and the outlook of the Company based on currently available information. Whenever possible, the Company has identified these “forward looking” statements by words such as “about to”, “expects” “believe”, and similar expressions. These forward looking statements are subject to risks and uncertainties which could cause the Company’s actual results or performance to differ materially from those expressed in these statements. These risks and uncertainties include the following: risks associated with the acquisitions including the integration of acquired businesses, new product development and other aspects of the Company’s business strategy; uncertainty as to evolving consumer preferences; customer and supplier concentration; the impact of competition; and sensitivity to such factors as weather and raw material costs. Readers are encouraged to read The Company’s Annual Report on Form 10-K, its Current Report on Form 8-K dated June 4, 1997 and other reports filed with the Securities and Exchange Commission for a more complete description of these factors. The Company assumes no obligation to update the information contained in this press release.
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By GlobalDataATLANTIC PREMIUM BRANDS, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30,
1999 2000
Net sales $47,393 $54,341
Cost of goods sold 41,396 48,486
Gross profit 5,997 5,855
Selling, general and administrative
expenses:
Salaries and benefits 2,177 2,572
Other operating expenses 2,378 2,333
Depreciation and amortization 513 590
Total selling, general and
administrative expenses 5,068 5,495
Income from operations 929 360
Interest expense 634 705
Other income, net 95 107
Income (loss) before income taxes 390 (238)
Income tax expense (benefit) 94 (7)
Net income (loss) $296 $(231)
Income (loss) per common share
Basic and diluted: $0.04 $(0.03)
Weighted average common shares:
Basic 7,100,175 6,751,358
Diluted 7,259,650 6,751,358
ATLANTIC PREMIUM BRANDS, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
Six Months Ended June 30,
1999 2000
Net sales $93,300 $105,750
Cost of goods sold 80,727 93,414
Gross profit 12,573 12,336
Selling, general and administrative
expenses:
Salaries and benefits 4,400 5,288
Other operating expenses 4,831 4,717
Depreciation and amortization 1,001 1,127
Total selling, general and
administrative expenses 10,232 11,132
Income from operations 2,341 1,204
Interest expense 1,218 1,331
Other income, net 172 219
Income before income taxes 1,295 92
Income tax expense 465 140
Net income (loss) $830 $(48)
Income (loss) per common share:
Basic and diluted: $0.11 $(0.01)
Weighted average common shares:
Basic 7,256,379 6,781,777
Diluted 7,435,513 6,781,777
