Atlantic Beverage Company, Inc. announces 1996 second quarter and six month financial results; Acquires Richard's Cajun Country Food Processors, Inc.BALTIMORE Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. , Md.--(BUSINESS WIRE)--Aug. 5, 1996--Atlantic Beverage Company, Inc. (Nasdaq:ABEV) today announced financial results for the second quarter and six months ended June June: see month. 30, 1996. Total revenues for the quarter ended June 30, 1996 were $37,010,854 as compared to $5,923,535 for the second quarter of 1995. For the quarter, the Company reported net income of $151,499 or $0.03 per share, as compared with a net income of $942 or $0.00 per share in 1995. Weighted average shares outstanding were 5,802,093 and 2,725,455 respectively for the 1996 and 1995 periods. For the six months ended June 30, 1996, the Company's total revenues were $71,226,302 compared to $10,795,185 for the same period a year ago. The Company reported a net income of $374,854, or $0.09 per share for the six months ended June 30, 1996, compared to a net loss of $115,293, or ($0.07) per share for the comparable period. The Company's financial results for the first half of 1996 reflect the acquisitions of Carlton Carl·ton , Steven Norman Known as "Steve." Born 1944. American baseball player. As a left-handed pitcher with the Philadelphia Phillies (1972-1985), he became the first pitcher to win four Cy Young Awards (1972, 1977, 1980, and 1982). Foods, Inc. and Prefco, Inc., both of which were effective January January: see month. 1, 1996. During the first quarter of 1996, the Company received a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. settlement payment of $250,000 from a former beverage supplier. Atlantic Beverage also announced today that it has acquired privately held Richard's Cajun Cajun Any descendant of French Canadians who in the 18th century were driven by the British from the captured French colony of Acadia (now Nova Scotia and adjacent areas) and settled in the fertile bayou lands of southern Louisiana, U.S. Country Food Processors, Inc. in Churchpoint, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . Richard's is engaged in the manufacturing, marketing
and distribution of Cajun-style specialty food products. Terms of the
acquisition were not disclosed.
Alan A`lan´ n. 1. A wolfhound. Sussna, Chief Executive Officer, Atlantic Beverage, commented, "The acquisition of Richard's Cajun Country Food Processors is consistent with our corporate growth strategy and presents an attractive opportunity to increase our activity in the area of premium branded products. It also makes sense geographically, and creates a variety of opportunities for synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with Atlantic's existing business units. Richard's is an excellent company, focused on a very popular and growing segment of the processed meat and specialty foods industry, which we intend to expand upon as we move forward." "In evaluating recent results, we are very pleased with the progress that Atlantic Beverage has made in implementing its new corporate growth strategy. In addition to improving on the first and second quarter results of a year ago, the Company is much better positioned now for future growth in sales and earnings," concluded Mr. Sussna. Atlantic Beverage Company, Inc. together with its subsidiaries is engaged in the distribution of specialty, non-alcoholic beverages
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. metropolitan areas and in the manufacturing, marketing and distribution of meat products in several Texas markets including Houston, Dallas, Austin and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . Through its beverage operations the Company has exclusive distribution rights to its territory for several brands of juices, natural sodas SODAS - [D.L. Parnas & J.A. Darringer. Proc FJCC 31:449-474, AFIPS (Fall 1967)]. , bottled waters and ready-to-drink iced teas. Through its food operations, the Company markets and distributes its own branded processed meat products under brand names including Bum's Favorite Blue Favorite Blue is a Japanese popular music group. Main Members Maya Matsuzaki Takashi Kimura Discography Singles
denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize is currently the best selling brand of bacon and sausage sausage, food consisting of finely chopped meat mixed with seasonings and, often, other ingredients, all encased in a thin membrane. Although sausages were made by the ancient Greeks and Romans, they were usually plain and unspiced; in the Middle Ages people began to in the Houston market. This press release includes 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 certain risks and uncertainties that could cause actual results to differ from those in the forward looking statements. Information on other significant factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission. -0-
ATLANTIC BEVERAGE COMPANY, INC.
Summary of Financial Results
(Unaudited)
Three Months Ended June 30,
1996 1995
Net Sales $37,010,854 $5,923,535 Gross Profit 4,614,014 1,651,730 Salaries & Benefits 1,977,647 825,402 Other Operating Expenses 2,054,627 613,388 Depreciation & Amortization 256,256 95,927 Income from Operations 325,484 117,013 Interest Income 13,331 4,670 Interest Expense 219,263 4,488 Other Income 31,947 0 Income Before Income Tax Provision 151,499 117,195 Income Tax Provision 0 0 Net Income from Continuing Operations 151,499 117,195 Loss from Discontinued Operations 0 (116,253) Net Income 151,499 942 Net Income Per Share from Continuing Operations $ 0.03 $ 0.04
Loss Per Share from Discontinued Operations
--- $ (0.04)
Net Income Per Share $ 0.03 $ 0.00 Weighted Average Common Shares Outstanding 5,802,093 2,725,455 -0-
ATLANTIC BEVERAGE COMPANY, INC.
Summary of Financial Results
(Unaudited)
Six Months Ended June 30,
1996 1995
Net Sales $71,226,302 $10,795,185 Gross Profit 8,621,345 3,038,945 Salaries & Benefits 3,769,552 1,581,142 Other Operating Expenses 3,924,414 1,145,288 Depreciation & Amortization 489,463 169,321 Income from Operations 437,916 143,194 Interest Income 13,331 8,811 Interest Expense 496,727 8,824 Other Income 0 Income Before Income Tax Provision 374,854 143,181 Income Tax Provision 0 0 Net Income from Continuing Operations 374,854 143,181 Loss from Discontinued Operations 0 (258,474) Net Income (Loss) 374,854 (115,293) Net Income Per Share from Continuing Operations $ 0.09 $ 0.04
Loss Per Share from Discontinued Operations
$ --- $ (0.11)
Net Loss Per Share $ 0.09 $ (0.07) Weighted Average Common Shares Outstanding 4,360,000 2,725,455 -0- CONTACT: ATLANTIC BEVERAGE COMPANY, INC. Company Contact John Izzo, Chief Financial Officer (410) 247-5857 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact Donna N. Stein/Cindy Hintelmann Press: Stacy Berns (212) 850-5600 |
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