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, 2001.
Net sales for the fourth quarter ended June 30, 2001, increased 71% to approximately $130 million as compared to approximately $76 million for the same period in 2000. Net sales for the fiscal year ended June 30, 2001, increased 51% to approximately $420 million as compared to approximately $278 million for the same period in 2000.
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The increase in net sales for the fourth quarter reflects an increase primarily in sales volume for foodservice products manufactured and processed by the Company, and to a lesser extent, the 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 income for the fourth quarter ended June 30, 2001, increased 42% to approximately $2.6 million or $.46 per share (basic) and $.38 per share (diluted) as compared to $1.8 million or $.42 per share (basic) and $.35 per share (diluted) for the same period in 2000. Net income for the year ended June 30, 2001, increased 39% to approximately $8.9 million or $1.63 per share (basic) and $1.41 per share (diluted), as compared to net income of approximately $6.4 million or $1.44 per share (basic) and $1.23 per share (diluted) for fiscal 2000.
The increase in net income is due primarily to an increase in operating income, which is a result of increased sales volume. Earnings Per Share results of the fourth quarter and fiscal year end include an additional 1,180,000 shares of common stock issued in connection with our underwritten public offering completed during the first quarter of fiscal year 2001.
Mark Cocchiola, President and CEO, said, “Our performance is a real tribute to the strength of our management team and all of our dedicated employees. As a result, we’re capturing a bigger share of the growing, all natural, 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.”
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By GlobalDataMr. Cocchiola continued, “This last quarter represents the 18th consecutive quarter of increased net sales, a record we are all extremely proud of. We firmly believe our strategic direction is sound and should create long-term value for our shareholders.”
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, New York, California and Idaho. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.
Suprema Specialties, Inc.
Three Months Ended 6/30 Fiscal Year Ended 6/30
2001 2000 2001 2000
Net Sales $130,037,979 $76,213,836 $420,363,142 $278,481,969
Gross Margin $19,918,442 $12,302,481 $64,953,491 $45,549,105
Income From
Operations 7,598,446 4,788,356 24,822,784 16,742,499
Net Earnings 2,622,741 1,845,719 8,873,680 6,384,881
Net Earnings Per
Share (Basic) .46 .42 1.63 1.44
Net Earnings Per
Share (Diluted) .38 .35 1.41 1.23
Weighted average
shares outstanding
(Basic) 5,643,020 4,442,193 5,429,122 4,431,850
(Diluted) 6,931,379 5,203,276 6,264,746 5,185,809
For Further Information about the Company, Please Visit: www.supremachez.com .
The information provided in this press release contains forward-looking statements that involve risks and uncertainties more fully set forth in the Company’s filings with the Security Exchange Commission. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward- looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to plans for future activities. Such forward-looking information involves important known and unknown risks and uncertainties that could significantly affect actual results, performance or achievements of the Company in the future and, accordingly, such actual results, performance or achievements may materially differ from those expressed or implied in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to those relating to the Company’s growth strategy, customer concentration, outstanding indebtedness, seasonality, expansion and other activities of competitors, changes in federal or state laws and the administration of such laws, protection of trademarks and other proprietary rights, and the general condition of the economy and its effect on the securities markets and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify 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.
