Provena Foods Inc. Reports Third Quarter Results
CHINO, Calif., Nov. 22 /PRNewswire-FirstCall/ -- Provena Foods Inc. (AMEX:PZA)
incurred a net loss of $545,091 for the 3rd quarter and $1,204,550 for the 1st
nine months of 2004 compared to a net loss of $13,560 and net earnings of
$61,005 a year ago. The Company's sales were up 18% in the 3rd quarter and up
27% in the 1st nine months of 2004 compared to the same periods of 2003. Both
the meat and the pasta divisions contributed to the decreases in earnings and
increases in sales in both periods. The Company was not in compliance with the
financial covenants of its bank credit facility at September 30, 2004 and does
not expect to be in compliance during some or all of the next twelve months.
CONDENSED STATEMENT Three Months Ended Nine Months Ended
OF OPERATIONS September 30, September 30,
(Unaudited) 2004 2003 2004 2003 Net Sales $13,708,284 11,636,275 37,829,174 29,877,259 Cost of Sales 13,303,983 10,723,038 36,440,964 27,048,522 Gross Profit 404,301 913,237 1,388,210 2,828,737 Operating Expenses:
Distribution 367,058 422,432 1,277,067 1,214,000
General and
administrative 433,067 444,088 1,414,310 1,370,793 Operating Income (loss) (395,824) 46,717 (1,303,167) 243,944 Interest expense, net (154,098) (117,564) (404,149) (345,586)
Other Income, net 64,131 48,287 176,566 203,647 Earnings (loss) before
income taxes (485,791) (22,560) (1,530,750) 102,005 Income tax
expense (benefit) 59,300 (9,000) (326,200) 41,000 Net earnings (loss) $(545,091) (13,560) (1,204,550) 61,005 Earnings (loss) per share:
Basic $(0.16) (0.00) (0.36) 0.02
Diluted $(0.16) (0.00) (0.36) 0.02 Weighted average number
of shares outstanding:
Basic 3,398,272 3,193,462 3,346,043 3,175,866
Diluted 3,398,272 3,193,462 3,346,043 3,175,866
CONTACT: John D. Determan, Chairman of the Board (909) 627-1082
DATASOURCE: Provena Foods Inc.
CONTACT: John D. Determan, Chairman of the Board, of Provena Foods Inc., +1-909-627-1082
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