Alpine Lace Announces Third Quarter Results of Operations.MAPLEWOOD Maplewood. 1 Village (1990 pop. 30,954), Ramsey co., SE Minn., a growing residential suburb of St. Paul; inc. 1957. 2 City (1990 pop. 9,962), St. Louis co., E Mo., a suburb of St. Louis; settled 1825, inc. 1908. , N.J.--(BUSINESS WIRE)--Nov. 10, 1997--Alpine Lace Brands Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LACE), a leading marketer of nutritional cheeses and delicatessen meats, today announced sales and earnings for the third quarter of fiscal 1997. 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 for the third quarter ended Sept. 30, 1997 decreased 14 percent to $45,780,529 from $53,116,255 in the third quarter of 1996. The company's Branded segment had increased sales of $3,137,014 due to a 6.8 percent increase in unit volume. The company's cheese and dairy products dairy products dairy npl → produits laitier dairy products dairy npl → Milchprodukte pl, Molkereiprodukte pl trading business had decreased sales of $10,472,740 primarily due to a 35 percent decrease in sales unit volume. The company reported a loss of $868,010 for the third quarter of 1997 or ($0.17) per share, compared to earnings of $656,471, or $0.10 per share, in the third quarter of 1996. In the third quarter ended Sept. 30, 1997, the company reserved $1,675,948 for a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from Mountain Farms Inc. The company's earnings without the reserve for note receivable would have been $807,938, or $0.14 per share. Net sales for the nine months ended Sept. 30, 1997 decreased 3.0 percent to $119,567,132 from $123,234,423 for the nine months ended Sept. 30, 1996. The company's Branded segment had increased sales of $2,638,481 due to an increase in selling prices and unit volume. The company's cheese and dairy products trading business had decreased sales of $6,305,772 primarily due to a decrease in selling prices. The company reported net earnings of $752,070, or $0.11 per share, versus $1,550,564, or $0.26 per share, for the nine months ended Sept. 30, 1996. The company's earnings without the reserve for the note receivable from Mountain Farms Inc. would have been $2,428,018, or $0.43 per share for the nine months ended Sept. 30, 1997. Alpine ALPINE Antihypertensive Treatment and Lipid Profile in a North of Sweden Efficacy Evaluation (drug trial) ALPINE Advanced Logistics Program Integration and Engineering Lace Brands Inc. is a leading marketer of a full line of reduced fat and/or sodium and fat free cheeses and reduced fat and fat free delicatessen meats. Sold under the Alpine Lace(R) label, the company's product line is carried out by over 45,000 retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → nationwide and its reduced fat Swiss cheese is the number one selling reduced fat deli Swiss in America's supermarkets. The company's Dakota Farms Cheese Inc. subsidiary converts and packages warehouse and club store cheeses along with dairy case sliced cheeses. Through MCT See Microsoft certification. Dairies Inc., Alpine Lace engages in cheese and dairy product commodities trading. -0- Matters discussed in this news release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The company's results may differ significantly from the results indicated by forward-looking statements. No assurances can be given that the above forward-looking statements will prove to be accurate. These and other risks related to Alpine Lace Brands' business are addressed in the company's SEC reports, including its annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. . -0-
Alpine Lace Brands Inc.
Consolidated Statement of Operations
Three Months Ended
Sept. 30,
1997 1996
Net Sales $45,780,529 $53,116,255
Net Earnings (Loss) (a)$(868,010) $656,471
Preferred Stock Dividends
and Earnings Applicable
to MCT Dairies Inc. option $64,393 $127,432
Net Earnings (Loss) Applicable
to Common Shareholders $(932,403) $529,039
Net Earnings (Loss) Per Share $(0.17) $0.10
Average Number of Common
Shares Outstanding 5,460,892 5,226,159
Nine Months Ended
Sept. 30,
1997 1996
Net Sales $119,567,132 $123,234,423
Net Earnings (Loss) (b)$752,070 $1,550,564
Preferred Stock Dividends
and Earnings Applicable
to MCT Dairies Inc. option $155,337 $214,043
Net Earnings (Loss) Applicable
to Common Shareholders $596,733 $1,336,521
Net Earnings (Loss) Per Share $0.11 $0.26
Average Number of Common
Shares Outstanding 5,262,560 5,249,225
(a) Includes the reserve of $1,675,948 for Mountain Farms Inc. note
receivable. The company's earnings without the reserve for note
receivable would have been $807,938, or $0.14 per share.
(b) Includes the reserve of $1,675,948 for Mountain Farms Inc. note
receivable. The company's earnings without the reserve for note
receivable would have been $2,428,018, or $0.43 per share.
CONTACT: Alpine Lace Brands Inc., Maplewood Arthur Karmel, 201/378-8600 ext. 145 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Joseph A. Mansi/Adam Friedman 212/682-6300 ext. 205/215 |
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