AGRI-NUTRITION GROUP ANNOUNCES IMPROVING FINANCIAL RESULTS OPERATIONAL PERFORMANCE GENERATES PROFITABILITY.MARYLAND Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). HEIGHTS, Mo.--(BUSINESS WIRE)--Jan. 29, 1996-- Agri-Nutrition Group Limited (Nasdaq/NM:AGNU AGNU Asociación Guatemalteca pro Naciones Unidas (Spanish) AGNU Association Guinéenne pour les Nations Unies ) today announced financial results for the year ended October October: see month. 31, 1995. For the year ended October 31, 1995, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $29 million, a 12.8% increase over net sales of $25.7 million for the year ended October 31, 1994. Specialty product sales were $20 million, 69% of total sales in 1995, versus $13.7 million, 53% of the total in the previous year. The improvement in specialty sales is the result of acquisitions of businesses with branded, consumer-targeted products. Management is placing increased emphasis on the specialty business due to the more attractive margin and growth opportunities. Operating companies operating company A business that engages in transactions with outsiders. gross profit increased from $2.1 million in 1994 to $4.4 million in 1995 and their operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased from $1 million in 1994 to $1.7 million in 1995. These financial results include only a partial year for two of the companies, seven months for Zema and two months for St. JON. Net income for the year ended October 31, 1995, was $31,000 compared with a loss of $336,000 for the year earlier period. W. M. Jones, Jr., chairman and chief executive officer of Agri-Nutrition Group Limited, said, "We are pleased with our improving financial performance, but far from satisfied, considering the future potential of our three operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . Our net sales were up significantly, despite reflecting only partial year results for two of our more recently acquired subsidiaries. In addition, our financial results positively reflect the benefits of expanding our specialty sales which have more attractive profit margins than our ingredient or feed-related sales. In fiscal 1994, specialty sales represented 53% of net sales and in fiscal 1995, our specialty business increased to 69% of total sales. Net income of $31,000 versus a loss of $336,000 last year was consistent with management's expectation and the longer term focus of our growth strategy." In closing, Mr. Jones said, "We are confident that our well- conceived business plan is on target. Notwithstanding our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. focus, the existing portfolio of companies is evidence of the progress we have made and the potential yet to be achieved. We believe we are very well positioned for long-term growth in revenues and profitability to support our acquisition activities and provide added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Agri-Nutrition Group Limited was founded in 1993 to acquire and operate businesses in the domestic and international food, agriculture and pet industries. The Company has acquired and now operates three companies; PM Resources, Inc., Zema Corporation and St. JON Laboratories, Inc., which companies produce or market a wide variety of nutritional, health and grooming Combining, consolidating and segregating network traffic using devices such as digital cross-connects, add/drop multiplexers and SONET switches. Grooming is a telephone term that typically refers to managing high-capacity lines between central offices, carriers, ISPs and very large products for the pet and animal health industry. The integration of these companies produces certain operating synergies, creating a platform for significant internal expansion. In addition, the Company is actively pursuing other complementary acquisition opportunities. -0-
AGRI-NUTRITION GROUP LIMITED
FINANCIAL HIGHLIGHTS
(amounts in thousands except per share data)
(unaudited)
Year Ended October 31
1995 1994 % Change
Net sales $ 28,977 $ 25,684 13% Gross profit 4,396 2,077 112% Operating profit before corporate expenses 1,696 1,010 68% Net income (loss) 31 (336) - Earnings per share $ 0.00 $ (0.05) - Weighted average shares outstanding 8,112,851 6,636,811 22% CONTACT: Agri-Nutrition Group Limited, Maryland Heights George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Daignault, 314/298-7330 |
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