Provena Foods Inc.’s (Amex: PZA) sales were up 23% in the 2nd quarter and 22% in the 1st half, from increased sales at the meat division. The Company had a net loss of $387,763 for the 2nd quarter and $620,693 for the 1st half, compared to net earnings of $218,531 and $473,765 a year ago. The losses were caused by losses at the meat division and reduced profits at the pasta division. The losses at the meat division were caused by rising meat costs and remedial inefficiencies at the new plant.
Provena Foods Inc. will pay a quarterly dividend of $.03 per share payable September 30, 2000 to shareholders of record September 10, 2000.
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CONDENSED STATEMENT Three Months Ended Six Months Ended
OF OPERATIONS June 30, June 30,
(Unaudited) 2000 1999 2000 1999
Net Sales $ 5,892,722 4,773,677 11,820,122 9,709,187
Cost of Sales 5,790,469 5,003,808 11,314,014 9,963,487
Gross Profit (loss) 102,253 (230,131) 506,108 (254,300)
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By GlobalData Operating Expenses:
Distribution 274,912 295,646 554,324 579,698
General and
administrative 320,158 337,642 698,294 683,489
Operating loss (492,817) (863,419) (746,510) (1,517,487)
Interest expense,
net (185,898) (38,295) (346,740) (40,617)
Other Income, net 34,438 1,266,245 61,557 2,347,869
Earnings (loss) before
income taxes (644,277) 364,531 (1,031,693) 789,765
Income tax expense
(benefit) (256,514) 146,000 (411,000) 316,000
Net earnings
(loss) $ (387,763) 218,531 (620,693) 473,765
Earnings (loss)per
share: Basic $ (0.13) 0.07 (0.21) 0.16
Diluted $ (0.13) 0.07 (0.21) 0.16
Shares used in
computing earnings
(loss) per
share: Basic 2,997,118 2,938,316 2,989,335 2,930,579
Diluted 2,997,118 2,955,804 2,989,335 2,945,106
