Provena Foods Inc.’s (Amex: PZA) sales were up 53% in the 3rd quarter and 32% in the 1st nine months of 2000, because of increased sales at the meat division. The Company had a net loss of $285,024 for the 3rd quarter and $905,717 for the 1st nine months compared to net losses of $513,197 and $39,432 a year ago. Most of the losses at the meat division were caused by a rise in meat costs and remediable inefficiencies at the new plant.
Provena Foods Inc. will pay a quarterly dividend of $.03 per share payable December 31, 2000 to shareholders of record December 10, 2000.
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CONDENSED STATEMENTS
OF OPERATIONS Three Months Ended Nine Months Ended
(Unaudited) September 30, September 30,
2000 1999 2000 1999
Net Sales $7,735,279 5,069,039 19,555,401 14,778,226
Cost of Sales 7,372,229 5,412,748 18,686,243 15,376,235
Gross Profit (loss) 363,050 (343,709) 869,158 (598,009)
Operating Expenses:
Distribution 307,845 371,873 862,169 951,571
General and
administrative 352,293 387,817 1,050,587 1,071,306
Operating loss (297,088) (1,103,399) (1,043,598) (2,620,886)
Interest income
(expense), net (204,800) 641 (551,540) (39,976)
Other Income, net 28,864 247,561 90,421 2,595,430
Loss before income
tax benefit (473,024) (855,197) (1,504,717) (65,432)
Income tax benefit (188,000) (342,000) (599,000) (26,000)
Net loss $(285,024) (513,197) (905,717) (39,432)
Loss per share:
Basic $ (0.09) (0.17) (0.30) (0.31)
Diluted $ (0.09) (0.17) (0.30) (0.31)
Shares used in computing
loss per share:
Basic 3,014,159 2,955,054 2,938,827 2,884,569
Diluted 3,014,159 2,955,054 2,938,827 2,923,639
