Provena Foods Inc’s (Amex: PZA) sales were up 26% in the third quarter and 30% in the first nine months of 2001. The Company had a net loss of $238,504 for the third quarter and $327,272 for the first nine months compared to net losses of $285,024 and $905,717 a year ago. The meat division accounted for the increased sales and reduced losses.
Provena Foods Inc. will omit its quarterly dividend which would have been paid December 31, 2001 to shareholders of record December 10, 2001, paying no dividend in the fourth quarter of 2001.
CONDENSED STATEMENT
OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Net Sales $ 9,757,489 7,735,279 25,401,665 19,555,401
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Cost of Sales 9,335,728 7,372,229 23,397,872 18,686,243
Gross Profit 421,761 363,050 2,003,793 869,158
Operating Expenses:
Distribution 295,615 307,845 909,977 862,169
General and
administrative 410,822 352,293 1,241,057 1,050,587
Operating loss (284,676) (297,088) (147,241) (1,043,598)
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By GlobalData Interest expense,
net (174,755) (204,800) (543,520) (551,540)
Other Income, net 69,127 28,864 172,489 90,421
Loss before income
taxes (390,304) (473,024) (518,272) (1,504,717)
Income tax benefit (151,800) (188,000) (191,000) (599,000)
Net loss $(238,504) (285,024) (327,272) (905,717)
Loss per share:
Basic $ (0.08) (0.09) (0.11) (0.30)
Diluted $ (0.08) (0.09) (0.11) (0.30)
Weighted average number
of shares
outstanding:
Basic 3,070,451 3,014,159 3,057,167 2,997,670
Diluted 3,070,451 3,014,159 3,057,167 2,997,670
