Provena Foods Inc. (Amex: PZA) net sales were up 31% and the Company reported net earnings of $9,866 for the 1st quarter of 2001 compared to a net loss of $232,930 a year ago. The meat division realized a substantial profit in the 1st quarter after the depreciation and interest expense arising from its new meat plant. The pasta division operated at a loss, exacerbated by electric utility power interruptions.
Provena Foods Inc. will pay a quarterly dividend of $.03 per share payable June 30, 2001 to shareholders of record June 10, 2001.
CONDENSED STATEMENTS Three Months Ended
OF OPERATIONS March 31,
(Unaudited) 2001 2000
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Net Sales $7,738,681 $5,927,400
Cost of Sales 6,824,153 5,523,545
Gross Profit $914,528 $403,855
Operating Expenses:
Distribution 324,003 279,412
General and administrative 437,637 378,136
Operating profit (loss) 152,888 (253,693)
Interest expense, net (194,364) (160,842)
Other Income, net 58,942 27,119
Earnings (loss) before income taxes 17,466 (387,416)
Income tax expense (benefit) 7,600 (154,486)
Net earnings (loss) $9,866 $(232,930)
Earnings (loss) per share: Basic $0.00 $(0.08)
Diluted $0.00 $(0.08)
Weighted average number
of shares outstanding: Basic 3,043,822 2,981,552
Diluted 3,043,882 2,981,552
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