Chicago-based Vita Food Products has reported consolidated net income of US$891,000, US$0.24/share, for the Q4 ended 31 December 2001, up from US$878,000, US$0.24/share, for the Q4 of 2000.
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The Q4 2000 included a one-time expense reduction of US$132,000, US$0.04/share, related to a settlement with the Metropolitan Water Reclamation District. In addition, the tax expense for the Q4 of 2001 was US$426,000, US$0.11/share, compared to US$106,000, US$0.03/share from the previous year. The disparity of income tax expense is due to the fact that taxes in the Q4 2000 were offset by net operating loss carryforwards. Virginia Honey contributed net income of US$267,000, US$0.07/share in the Q4 of 2001.
Consolidated net sales for the Q4 were US$12.3m, up from US$8.7m year on year. Vita’s net sales for the Q4 of 2001 were US$9.1m with Virginia Honey, which was acquired by Vita in the Q3 of 2001, accounting for US$3.2m of net sales. Vita’s net sales improved US$0.4m from 2000, with half of the increase due to the introduction of a new line of Atlantic salmon products under the Atlantic Bay Classic brand name.
Gross margin for the quarter increased to 35.3% from 33.3% in the prior year. Vita’s gross margin was 35.1% and Virginia Honey’s gross margin was 35.6%. However, the operating expense margin for the quarter increased to 23% from 20.6%, resulting in a net operating profit improvement of US$401,000.
“Our fourth quarter has historically been our strongest, and 2001 was no exception. The acquisition of Virginia Honey has added to our momentum of continuing improvements. Our growth strategy is on track and we are excited about the possibilities of 2002.” said Stephen Rubin, the company’s chairman and CEO.
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By GlobalDataFY results
For the twelve months ended 31 December 2001, the company had consolidated net income of US$1,156,000, US$0.31/share, compared to US$722,000, US$0.19/share for 2000, an improvement of US$434,000, US$0.12/share. The company’s pre-tax income in 2001 was US$1,538,000 compared to US$702,000 in 2000, an increase of 119%. However, net income was US$1,156,000 in 2001 versus US$722,000 in 2000 due to an increase of income tax expense to US$382,000 versus a credit of US$20,000 in 2000. The disparity of income tax expense is due to the fact that taxes in 2000 were fully offset by net operating loss carryforwards.
Consolidated net sales for the year were US$32m, compared with US$25.1m in 2000. Vita’s net sales were US$26.2m while Virginia Honey added US$5.8m for its’ half-year results (the acquisition was effective for reporting purposes as of the beginning of the Q4 of 2001).
