Kahiki Foods (Nasdaq: KSCI) announced record sales yesterday for the first three months ended June 30, 2001. Sales were $1,760,417 compared to last year’s $995,627, an increase of 77%. The company reported a net loss of ($9,685) compared to last year’s ($89,151). Earnings per share were ($0.006) versus ($0.18) for the previous year’s first quarter.
Michael Tsao, president of the company, stated that the increase in sales was due to aggressive marketing and successful expansion into new geographic regions of the country, particularly west of the Mississippi River. Most of the growth came from the frozen food retail sector. Plant capacity expansion projects effectively supported this growth. The company expects continued growth for the rest of its fiscal year, which ends March 31, 2002.
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Kahiki Foods, based in Columbus, Ohio, is a manufacturer of authentic Asian-Pacific frozen foods. The company markets entrees, egg rolls, appetizers, meal components, and Pacific Rim sauces to retail supermarkets, foodservice operators, warehouse clubs, convenience stores, and military commissaries in the United States and internationally. Kahiki had operated one of the top Polynesian theme restaurants in the world prior to its closing on August 26, 2000.
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements involve known and unknown risks, uncertainties, or other factors which may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
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