Long Island City, NY-based specialty food importer and distributor Urbani Holdings has posted net sales up 5% to US$3.1m for its Q2 ended 30 June, versus US$2.9m last year, despite continued shipping delays from the company’s principle truffle supplier.
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Net sales increased 17% over the same period last year, excluding the truffle business. Earnings per share remained the same at US$0.00 per share, which included non-recurring costs associated with an aggressive ramp-up.
President Rosario Safina said: “We are extremely pleased with the growth in our business during the quarter. Specifically, specialty meat sales increased 17%, mushroom sales increased 10% and caviar sales increased 32%.
“Furthermore, we have resolve shipping delays from our principle truffle supplier, which will further accelerate our revenue growth in the H2 and going forward.
“Additionally, we are aggressively expanding our product assortment and increasing our distribution network throughout the US. During the Q2 alone, we added 12 new products to our line. We are also pleased to announce 120 new customers.”
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By GlobalDataSafina continued, “We are also excited about the pending acquisition of Mr. Mushroom. The acquisition vastly increases the number of our product lines and dramatically expands our customer base, including a number of large national retail chains. We look forward to completing the acquisition shortly, which will be accretive to earnings.”
Consolidated statements of income
(Unaudited)
Three Months Ended
30 June
————————————
2002 2001
—————– ——————
Net sales $3,064,223 $2,921,328
Cost of sales 2,034,618 1,813,245
—————– ——————
Gross profit 1,029,605 1,108,083
Selling general and
administrative expenses 974,108 868,758
—————– ——————
Income from operations 55,497 239,325
Interest expense 82,751 117,142
—————– ——————
Income (loss) before
income taxes (27,254) 122,183
Provision (benefit)
for income taxes (11,000) 42,500(a)
—————– ——————
Net income (loss) (16,254) 79,683
================= ==================
Net income per share
– basic and diluted $0.00 $0.00
================= ==================
Average shares outstanding 15,150,000 10,125,000
================= ==================
Six Months Ended
30 June
————————————
2002 2001
—————– ——————
Net sales $6,299,797 $6,300,554
Cost of sales 4,254,150 4,301,686
—————– ——————
Gross profit 2,045,647 1,998,868
Selling general and
administrative expenses 1,858,172 1,712,823
—————– ——————
Income from operations 187,475 286,045
Interest expense 120,631 153,887
—————– ——————
Income (loss) before
income taxes 66,844 132,158
Provision (benefit)
for income taxes 30,000 46,000(a)
—————– ——————
Net income (loss) 36,844 86,158
================= ==================
Net income per share
– basic and diluted $0.00 $0.00
================= ==================
Average shares outstanding 15,150,000 10,125,000
================= ==================
(a) Pro forma provision for income taxes at 35% assumed tax rates, are presented for comparative purposes only. The company was an “S” Corp. during 2001 and accordingly paid no federal and NY state income taxes.
