Pennexx Foods, Inc, a leading provider of case-ready meat to retail supermarkets in the northeast US, has reported financial results for the Q4 and FY ended 31 December 2001.
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Revenue for the Q4 reached US$11.4m, a 50% increase over the US$7.6m reported for the same quarter last year.
EBITDA was US$0.3m for the Q4 of 2001 compared to US$2.5m for the same period last year. Net income for the Q4 was US$0.01m compared to a net loss of US$2.7m for the same quarter last year.
Revenue for the FY ended 31 December 2001 was US$42.3m compared to US$13.6m for the same period last year. EBITDA was US$1.9m compared to US$4.3m for the same period last year. Net loss in fiscal 2001 was US$2.7m, or US$0.14/share, compared with US$5m, or US$0.52/share, for fiscal 2000.
“Q4 was the culmination of a transitional year for Pennexx during which we experienced tremendous growth due to an escalating market demand for case-ready meat,” said Michael Queen, president and CEO. “The primary success of the Q4 reflected an increase in volume of products handled as well as a favourable product mix of higher margin, whole muscle products such as lamb and veal. Along with a solid revenue increase, we realised improved yield and labour efficiency, which resulted in our profit in the Q4.”
Queen continued: “We are currently operating at full capacity at the Pottstown facility, which represents increased volume from the Q4 of 2001. To be able to accommodate future growth, we are acquiring a new plant in Philadelphia. When that new facility is operational, we expect that the company will be able to process significantly higher volumes of meat. From that time onward, as a result of the increased volumes, we expect that revenues and results from operations will compare favourably to the revenues and results of operations for the same periods in prior years.”
