Suprema Specialties, Inc. (Nasdaq: CHEZ) announces consolidated net sales, net income and earnings per share for the fourth quarter and fiscal year ended June 30, 2000.
Net sales for the fourth quarter ended June 30, 2000 were approximately $76 million as compared to $49 million for the same period in 1999, an increase of 55%. Net sales for the year ended June 30, 2000 were approximately $278 million as compared to approximately $176 million for the fiscal year ended June 30, 1999, a 58% increase. The 58% increase in net sales is due primarily to the increased volume of cheese sales to the foodservice market and continued growth in sales to food manufacturers.
Net income for the fourth quarter ended June 30, 2000 was approximately $1.8 million or $.42 per share (basic) and $.35 per share (diluted) as compared to $1.3 million or $.29 per share (basic) and $.25 per share (diluted) for the same period in 1999. Net income for the year ended June 30, 2000 was approximately $6.4 million or $1.44 per share (basic) and $1.23 per share (diluted) as compared to net income of approximately $4.2 million or $.93 per share (basic) and $.86 per share (diluted) for fiscal 1999. The 42% increase in fourth quarter net income and 52% increase in net income for fiscal 2000 is due primarily to an increase in operating income, which is a result of increased sales volume.
Mark Cocchiola, President and CEO, said, “Fiscal 2000 was a year of tremendous accomplishment for all the dedicated men and women at Suprema. We continue to put our customers’ needs and expectations at the forefront of everything we do. As a result, we’re capturing a bigger share of the growing, fresh, Italian cheese foodservice business. We are producing larger orders and expanding our relationships with existing clients, as well as creating strong relationships with new customers. Our focused investment in people, technology and customer service has produced tangible top line and bottom line benefits for our clients and shareholders. This last quarter represents the 14th consecutive quarter of improved net sales. A record we are all very proud of. Fiscal 2000 was a fantastic year, but I believe the best is yet to come for Suprema.”
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 and 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, New York and California. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.
Suprema Specialties, Inc.
Three Months Ended 6/30 Fiscal Year Ended 6/30
2000 1999 2000 1999
Net Sales $76,213,836 $48,866,819 $278,481,969 $176,281,035
Gross Margin $12,302,481 $8,172,464 $45,549,105 $29,929,490
Operations 4,788,356 3,348,270 16,742,499 11,462,863
Net Earnings 1,845,719 1,295,601 6,384,881 4,208,025
Per Share (Basic) .42 .29 1.44 .93
Per Share (Diluted) .35 .25 1.23 .86
(Basic) 4,442,193 4,521,071 4,431,850 4,536,605
(Diluted) 5,203,276 5,144,899 5,185,809 4,883,685
The information provided in this Press Release contains forward-looking statements that involve risks and uncertainties more fully set forth in the Company’s filing. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Statements made in this Press Release that are not historical facts are forward looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ significantly from those discussed and/or implied herein.