USA: Provena Foods Inc. reports fourth quarter results
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.
February 27, 2001
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.
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
Cost of Sales 6,849,139 4,994,308 25,535,382 20,370,542
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
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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
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