CFP Holdings Inc. reports growth in sales for fiscal quarter ended Dec. 31, 1996.MONTEBELLO, Calif.--(BUSINESS WIRE)--March 3, 1997--CFP Holdings Inc. reported solid growth in sales for the quarter ended Dec. 31, 1996, principally in its Custom Food Products operation. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis for the 12 months ended Dec. 31, 1996, CFP 1. CFP - Constraint Functional Programming. 2. CFP - Communicating Functional Processes. 3. CFP - Call For Papers (for a conference). Holding's sales increased to $161,686,000, from $156,644,000, as reported for the 12 months ended Sept. 30, 1996. The increase in sales resulted almost exclusively from sales to Arby's customers served from Custom Food Products' Kentucky facility. The company's pro forma adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the 12 months ended Dec. 31, 1996, was $26.8 million. As expected, this was $2.9 million lower than the $29.7 million achieved for the 12 months ended Sept. 30, 1996. Eric Ek, chief financial officer, CFP Holdings, reported that $2 million of the decrease resulted from higher raw-material costs than planned during the completion of its Quality Foods' new Philadelphia New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. facility, and an additional $800,000 of the decrease resulted from an increase in raw-material prices at Custom Food Products which were not passed on to its customer base. Ek reported that the decrease in EBITDA was expected for the fourth quarter of the calendar year. Robert Gioia, president and chief executive officer of CFP Holdings, reported that he is pleased with the progress the company is making toward integrating the acquisition of Quality Foods. Gioia said, ``Quality Foods was a good strategic acquisition for CFP Group Inc.; and the partnership between Quality Foods and Custom Foods is expected to benefit both operating companies operating company A business that engages in transactions with outsiders. .'' Richard Griffith Richard Clewin Griffith (22 July 1872, London – 11 December 1955, Hendon, London) was a British chess player, author and editor. He won the British Chess Championship in 1912 at Richmond, at his only appearance in the event. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Custom Food Products, added, ``Our sales forces have already met to discuss mutual opportunities.'' Ek noted, ``Cost savings as a result of the Philadelphia consolidation are anticipated to amount to approximately $4.5 million in calendar year 1997.'' CONTACT: CFP Holdings Inc., Montebello Eric W. Ek, 213/727-0900 |
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