USA: Provena Foods Inc. reports third quarter results

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

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)

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

Sign up for our daily news round-up!

Give your business an edge with our leading industry insights.

Sign up