Chino, California-based Provena Foods’s sales were up 13% in the Q2 and 19% in the H1 2002, the company reported yesterday [Tuesday].
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Provena had net earnings of US$92,767 for the Q2 and US$148,473 for the H1 compared to net losses of US$98,634 and US$88,768 a year ago.
Both divisions contributed to the increased sales and improved results.
CONDENSED STATEMENT Three Months Ended Six Months Ended
OF OPERATIONS 30 June, 30 June,
(Unaudited) 2002 2001 2002 2001
Net Sales $8,903,207 7,905,495 18,675,267 15,644,176
Cost of sales 7,931,036 7,237,991 16,741,882 14,062,144
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Gross profit 972,171 667,504 1,933,385 1,582,032
Operating expenses:
Distribution 302,719 290,359 607,735 614,362
General and admin 440,959 392,598 937,994 830,235
Operating
Income (loss) 228,493 (15,453) 387,656 137,435
Interest expense,
net (137,949) (174,401) (261,715) (368,765)
Other Income, net 59,080 44,420 116,389 103,362
Earnings (loss)
before income
taxes 149,624 (145,434) 242,330 (127,968)
Income tax expense
(benefit) 56,857 (46,800) 93,857 (39,200)
Net earnings (loss) $92,767 (98,634) 148,473 (88,768)
EPS: Basic $0.03 (0.03) 0.05 (0.03)
Diluted $0.03 (0.03) 0.05 (0.03)
