Provena Foods Inc. Reports Fourth Quarter Results and Delays
Filing 2004 Annual Report
CHINO, Calif., April 16 /PRNewswire-FirstCall/ -- Provena Foods Inc. (AMEX:PZA) had a net loss of $1,229,855 on sales of $51,809,941 for the year
2004 compared to net earnings of $16,729 on sales of $43,188,367 for 2003. Sales increased at both the meat and pasta divisions but both divisions
contributed to the loss.
CONDENSED STATEMENT Three Months Ended Twelve Months Ended
OF OPERATIONS December 31, December 31,
(Unaudited) 2004 2003 2004 2003 Net Sales $13,980,767 13,311,108 51,809,941 43,188,367 Cost of Sales 13,377,026 12,299,358 49,817,990 39,347,880 Gross Profit 603,741 1,011,750 1,991,951 3,840,487 Operating Expenses:
Distribution 397,358 394,802 1,674,425 1,608,802
General and
administrative 587,292 484,387 2,001,602 1,855,180 Operating Income
(Loss) (380,909) 132,561 (1,684,076) 376,505 Interest Income
(Expense), net (159,539) (272,677) (563,688) (618,263)
Other Income, net 84,671 54,840 261,237 258,487 Earnings (Loss) before
income taxes (455,777) (85,276) (1,986,527) 16,729 Income tax expense
(Benefit) (430,472) (42,504) (756,672) (1,504) Net earnings (Loss) $(25,305) (42,772) (1,229,855) 18,233 Earnings (Loss) per
share: Basic $(0.01) (0.01) (0.38) 0.01
Diluted $(0.01) (0.01) (0.38) 0.01 Weighted average
number of shares
outstanding:
Basic 3,306,755 3,207,508 3,262,055 3,183,842
Diluted 3,306,755 3,207,508 3,262,055 3,183,842 Because of the Company's poor operating results, on March 28, 2005, Comerica
Bank, the Company's lender under its credit facility, demanded payment of the
obligations under the credit facility and agreed to a forbearance from judicial
action to collect the obligations expiring no later than December 15, 2005. On
April 12, 2005, the Company received a preliminary proposal from a new lender
to provide the Company with a credit facility to replace Comerica. On April 13,
2005, the Company completed a sale and leaseback of its two pasta buildings,
with the $5,554,246 of net proceeds to be used to pay down the credit facility. Because of these rapid developments, the Company was unable to complete and
timely file its Form 10-K for 2004, but expects to file it early in the week of
April 18, 2005.
Contact: Thomas J. Mulroney, Chief Financial Officer, +1-909-627-1082 DATASOURCE: Provena Foods Inc.
CONTACT: Thomas J. Mulroney, Chief Financial Officer, +1-909-627-1082
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