Provena Foods Inc. (Amex: PZA) had a net loss of $878,121 on net sales of $27,309,361 for the year 2000 compared to net earnings of $38,096 on net sales of $20,627,542 for 1999. Net earnings for the 4th quarter of 2000 were $27,596 compared to $77,528 for the 4th quarter of 1999. Both divisions operated at a loss for the year but at a modest profit for the 4th quarter. The sales increase is attributable to the meat division, which reduced its operating loss by almost $2,000,000 and increased its sales by 62% from 1999 to 2000, the first full year of operations of the new meat plant.

Provena Foods Inc. will pay a quarterly dividend of $.03 per share payable March 31, 2001 to shareholders of record March 10, 2001.

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For further information, please contact Tom Mulroney of Provena Foods Inc., 909-627-1082.


  • CONDENSED STATEMENT
  • OF OPERATIONS
  • (Unaudited)

Three Months Ended Twelve Months Ended

December 31, December 31,

2000 1999 2000 1999 

    Net Sales             $ 7,753,960    5,849,317  27,309,361   20,627,542

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Cost of Sales 6,849,139 4,994,308 25,535,382 20,370,542

Gross Profit 904,821 855,009 1,773,979 257,000

Operating Expenses:
Distribution 318,823 285,653 1,180,992 1,237,224
General and
administrative 406,479 342,353 1,457,066 1,413,659

Operating Income (Loss) 179,519 227,003 (864,079) (2,393,883)

Interest Income
(Expense), net (194,819) (135,381) (746,359) (175,357)
Other Income, net 64,618 41,803 155,039 2,637,233

Earnings (Loss) before
income taxes 49,318 133,425 (1,455,399) 67,993

Income tax expense
(Benefit) 21,722 55,897 (577,278) 29,897

Net earnings (Loss) $ 27,596 77,528 (878,121) 38,096

Earnings (Loss) per
share:
Basic $ 0.01 0.03 ($0.29) 0.01
Diluted $ 0.01 0.03 ($0.29) 0.01

Weighted average number
of shares outstanding:
Basic 3,030,012 2,967,833 3,005,834 2,946,138
Diluted 3,030,012 2,975,136 3,005,834 2,961,279

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