Atlantic Beverage announces 1996 third quarter and nine month financial results.BALTIMORE--(BUSINESS WIRE)--Oct. 28, 1996--Atlantic Beverage Company Inc. (Nasdaq:ABEV) today announced financial results for the third quarter and nine months ended Sept. 30, 1996. Total revenues for the third quarter ended Sept. 30, 1996 were $39,703,366 as compared to $6,042,909 for the third quarter of 1995. For the quarter, the company reported net income of $297,018 or $0.05 per share, as compared with a net loss of $3,170 or ($0.00) per share in 1995. Weighted average shares outstanding were 5,788,696 and 2,346,117 respectively for the 1996 and 1995 periods. For the nine months ended Sept. 30, 1996, the company's total revenues were $110,929,668 compared to $16,838,094 for the same period a year ago. The company reported net income of $671,872 or $0.14 per share for the nine months ended Sept. 30, 1996, compared to a net loss of $118,463, or ($0.05) per share for the comparable period in 1995. 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. The company's financial results for the first nine months 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 Jan. 1, 1996 and the acquisition of Richards Rich·ards , Dickinson Woodruff 1895-1973. American physician. He shared a 1956 Nobel Prize for developing cardiac catheterization. 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., which was effective Aug. 1, 1996. Earlier this month, Atlantic acquired Grogan's Country 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 , based in Arlington, Ky. Grogan's is engaged in the manufacturing, marketing and distribution of pork pork, flesh of swine prepared as food, one of the principal commodities of the meatpacking industry. Pork has long been a staple food in most of the world, although religious taboos have limited its use, especially among Jews and Muslims. sausage products. Its products are sold under the Grogan's brand name in a region that includes six states. Because the Grogan's acquisition was effective Oct. 1, 1996, the company's financial statements for the nine months ended Sept. 30, 1996 do not reflect the results of this business. Alan Sussna, chief executive officer of Atlantic Beverage Company Inc., commented, "So far this year, we are pleased with two accomplishments. First, our earnings have remained strong despite the negative effect that raw material costs have had on the industry. Second, in implementing our corporate growth strategy, we have consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. four acquisitions and are in similar discussions with several other highly complementary companies." Atlantic Beverage Company Inc., through its operations in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Kentucky Kentucky, state, United StatesKentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , manufactures, markets and distributes meat products for customers in a ten state region, and, through its operations in 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). , distributes specialty, non-alcoholic beverages
denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize , Carlton, Richard's and Grogan's. Blue Ribbon is currently the best selling brand of bacon and sausage in the Houston market. 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 teas. -0- 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 Sept. 30,
1996 1995
Net Sales $39,703,366 $6,042,909
Gross Profit 4,485,176 1,727,397
Salaries & Benefits 1,775,194 825,297
Other Operating Expenses 1,960,131 661,018
Depreciation & Amortization 204,325 109,136
Income from Operations 545,526 131,946
Interest Income 4,987 2,742
Interest Expense 273,769 4,864
Other Income 20,274 0
Income Before Income Tax
Provision 297,018 129,824
Income Tax Provision 0 0
Net Income from Continuing 297,018 129,824
Operations
Loss from Discontinued Operations -- (132,994)
Loss on Disposal of Discontinued
Operations -- --
Net Income(Loss) 297,018 (3,170)
Net Income Per Share
from Continuing Operations
$0.05 $0.06
Loss per Share from Discontinued
Operations -- ($0.06)
Net Income Per Share $0.05 ($0.00)
Weighted Average Common Shares
Outstanding 5,788,696 2,346,117
Atlantic Beverage Company Inc.
Summary of Financial Results
(Unaudited)
Nine Months Ended Sept. 30,
1996 1995
Net Sales $110,929,668 $16,838,094
Gross Profit 12,124,597 4,766,342
Salaries & Benefits 4,975,230 2,406,439
Other Operating Expenses 5,472,137 1,806,306
Depreciation & Amortization 693,788 278,457
Income from Operations 983,442 275,140
Interest Income 18,318 11,553
Interest Expense 770,496 13,688
Other Income 440,608 0
Income Before Income Tax
Provision 671,872 273,005
Income Tax Provision 0 0
Net Income from Continuing 671,872 273,005
Operations
Loss from Discontinued Operations -- (391,468)
Loss on Disposal of Discontinued
Operations -- 0
Net Income(Loss) 671,872 (118,463)
Net Income Per Share
from Continuing Operations $0.14 $0.11
Loss per Share from Discontinued
Operations -- ($0.15)
Net Income (Loss) Per Share $0.14 ($0.05)
Weighted Average Common Shares
Outstanding 4,843,894 2,597,618
CONTACT: Atlantic Beverage Company Inc., Baltimore Alan Sussna, 847/480-4000 or Morgen-Walke Associates Inc., 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 Donna N. Stein/Cindy Hintelmann Press: Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Froelich 212/850-5600 |
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