Kahiki Foods (Nasdaq: KSCI) announced record sales yesterday for the nine months ended December 31, 2000. Sales were $6,622,046 compared to last year’s $4,216,753, an increase of 57%. Unaudited net income before tax for the nine months was $810,036 compared to last year’s $117,170, an increase of 591%.
For the third quarter ended December 31, 2000, sales were $2,605,385 compared to last year’s $1,730,001, an increase of 51%. Net income before tax was $43,879 compared to last year’s $71,941, a decrease of 39%.
The increases in sales and net income were due to several successful new product launches and gaining national distribution of its frozen foods, plus a one-time capital gain of $293,103 from the sale of assets related to the closing of the restaurant operation. Kahiki operated one of the top Polynesian theme restaurants in the world prior to its closing on August 26, 2000. The company plans to open a new restaurant at a more suitable location in the future.
Kahiki Foods, based in Columbus, Ohio, is a manufacturer of authentic Pan Asian frozen foods. The company markets entrees, egg rolls, appetizers, meal components, and Pacific Rim sauces to retail supermarkets, foodservice operators, and warehouse clubs in the United States and internationally.