Philadelphia-based Pennexx Foods, a provider of case-ready meat to retail supermarkets in the Northeast US, has posted revenue of US$13.6m for its Q2 ended 30 June, up 25% from US$10.9m year on year.

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EBITDA was US$2m for the Q2 2002 compared to a loss of US$0.8m for the same period last year. The company reported a net loss for the Q2 of US$2.2m, or US$0.08 per share, an increase on the net loss of US$1m, or US$0.07 per share, for the same quarter last year.


Revenue for the H1 ended 30 June was US$24.5m, compared to US$19m for the H1 2001. H1 EBITDA was US$1.7m compared to a loss of US$1m for the same period last year. Pennexx reported a net loss of US$2.2m, or US$0.08 per share, compared with a net loss of US$1.4m, or US$0.11 per share, for the same period last year.


“The Q2 presented the management team with both challenges and opportunities,” said Mike Queen, president and CEO. “We expedited the move to our new 145,000ft² facility even as demand exceeded our capacity at the Pottstown facility.


“In addition, we were fortunate to have access to the production capabilities of our partners at Smithfield Foods [which acquired 50% of the common stock of Pennexx in June 2001] to satisfy some of the demand for pork products while we fulfilled orders for red-meat products from our customers.”

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“As expected, these operational challenges led to a spike in operating expenses for the Q2,” added Queen. “Since moving into the new facility, we have made excellent progress toward completing renovations and have begun installing the customised automation equipment required for Pennexx to solidify its leadership position in the case-ready meat revolution.


“We remain on schedule to complete the consolidation of the new facility by the end of October.”


Condensed statements of operations


                        Three Months Ended         Six Months Ended
                             30 June                   30 June 
                           (unaudited)               (unaudited)
                        2002         2001         2002         2001
                   ———— ———— ———— ————
Total Revenues     $13,600,172  $10,950,870  $24,525,143  $18,968,494
Total Cost of
 Sales              13,734,372   11,149,793   23,184,469   18,657,839
                   ———— ———— ———— ————
Gross Profit /
 (Loss)               (134,200)    (198,923)   1,340,674      310,655
Total Operating
 Expenses            2,016,244      744,241    3,433,415    1,590,420
                   ———— ———— ———— ————
Income / (Loss)
 from Operations    (2,150,444)    (943,164)  (2,092,741)  (1,279,765)
Interest (income)
 / expense              43,383       48,907       93,636      117,056
                   ———— ———— ———— ————
Net Loss           $(2,193,827) $  (992,071) $(2,186,377) $(1,396,821)
                   ———— ———— ———— ————
Loss Per Share         $ (0.08)     $ (0.07)     $ (0.08)     $ (0.11)
                   ============ ============ ============ ============
Average Shares
 Outstanding        26,424,822   13,575,076   26,424,822   12,676,285
                   ============ ============ ============ ============