60% Increase In Net Sales – $142.6 Million In 2001 Compared To $88.9 Million In 2000
Basic EPS increased to $.62 In 2001 Compared To $.41 In 2000
Paterson, NJ, November 15, 2001 Suprema Specialties, Inc. (Nasdaq NMS: CHEZ) announces net sales, net income and earnings per share for the first quarter ended September 30, 2001.
Net sales for first quarter ended September 30, 2001, were approximately $142,650,000 compared to approximately $88,948,000 for the same period in 2000 an increase of approximately $53,702,000 or 60%. For the first quarter ended September 30, 2001, the gross margin increased by 53% or approximately $7,490,000 to approximately $21,518,000 as compared to approximately $14,028,000 for the same period in 2000.
The increase in net sales reflects an increase in sales for food service products manufactured by the Company, as well as a higher average selling price for cheese (as a result of the higher CME Block Cheddar Market, the commodity index on which bulk cheese prices are based.)
Net earnings for the first quarter ended September 30, 2001, were approximately $3,565,000 or $.62 per share (basic), as compared to approximately $1,986,000 or $.41 per share (basic), for the same period in 2000 – an increase of approximately $1,579,000 or 79%. The increase in net earnings is due to the increase in gross margin resulting from increased sales for food service products, as well as an increase in other income, partially offset by the increases in selling and shipping, general and administrative expenses and interest expense.
Mark Cocchiola, President and CEO, said, “Although it was a difficult quarter personally with the death of our co-founder Paul Lauriero, our first quarter 2002 proved to be another outstanding growth quarter. Our quarter-by-quarter growth has continued as a result of our employees’ ability to meet and exceed our customers’ demands.”
Mr. Cocchiola continued, “We were named to Fortune Magazine’s list of 100 Fastest Growing Companies. The Company was ranked 23 overall. We have strategic goals and objectives in place for 2002 and we are dedicated to achieving them. We will strive to keep our commitment to meeting our customers’ needs while working diligently to continuingly improve shareholder value.”
About Suprema Specialties, Inc.
Suprema Specialties, Inc. manufactures, shreds, grates and markets gourmet all natural Italian variety cheeses under the Suprema Di Avellino® brand name as well as under private label. Suprema’s product lines consist primarily of domestic mozzarella, ricotta and provolone cheeses, grated and shredded parmesan, romano cheeses, and imported parmesan and pecorino romano cheeses, including “lite” versions of certain of these products containing less fat, and fewer calories. The Company operates facilities in New Jersey, NewYork, California and Idaho. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.
Suprema Specialties, Inc.
Three Months Ended September 30,
|Basic earnings per share||$.62||$.41|
|Diluted earnings per share||$.52||$.36|
|Basic weighted average||5,710,144||4,821,559|
|Diluted weighted average||6,805,050||5,564,082|
Source: Suprema Specialities, Inc.