Cuisine Solutions Announces Profitable Second Quarter Fiscal Year 2004.Business Editors ALEXANDRIA Alexandria, city, Egypt Alexandria, Arabic Al Iskandariyah, city (1996 pop. 3,328,196), N Egypt, on the Mediterranean Sea. It is at the western extremity of the Nile River delta, situated on a narrow isthmus between the sea and Lake Mareotis (Maryut). , Va.--(BUSINESS WIRE)--Jan. 27, 2004 Cuisine Cuisine (from French cuisine, "cooking; culinary art; kitchen"; ultimately from Latin coquere, "to cook") is a specific set of cooking traditions and practices, often associated with a specific culture. Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUIS CUIS Cumberland Island National Seashore (US National Park Service) CUIS Cardiff University Islamic Society (United Kingdom) ), announced a profitable second quarter fiscal year 2004. Net profit for the second quarter ended December December: see month. 13, 2003 was $63,000 compared to a net loss of $847,000 for the same quarter a year ago. The company was profitable this quarter despite a $295,000 charge to bad debt expense (selling and administration expense) during the second quarter of fiscal year 2004 due to the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of one of its On Board Services distributors in the USA. The profitability was primarily a result of higher sales coupled with a gross margin that increased by 83% over the second quarter fiscal 2003. This was a result of lower cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold due to manpower efficiencies and lower raw material cost associated with a higher volume in sales. Cuisine Solutions is also benefiting from the reduction in selling and administration cost as a result of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of USA operations at the end of fiscal year 2003. Revenue in the second quarter fiscal 2004 increased from $6,598,000 to $9,086,000, a 37.7% increase compared to the previous year same quarter primarily due to the growth of Retails sales in the USA and France Cuisine Solutions Fiscal Year 2004 second quarter sales by legal entity compared to last year were as follows:
Q2 Fiscal Q2 Fiscal
2004 2003 $Change %Change
--------- --------- ------- -------
USA $5,361,000 $3,903,000 $1,458,000 37.3%
Norway 322,000 156,000 166,000 106.4%
France 3,403,000 2,539,000 864,000 34%
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Total Product Sales
Revenue $9,086,000 $6,598,000 $2,488,000 37.7%
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USA Cuisine Solutions USA Fiscal Year 2004 second quarter sales by sales channel:
Q2 FY04 Q2 FY03 $Change %Change
------- ------- ------- -------
Food Service $1,375,000 $1,174,000 $201,000 17.1%
On Board Services 2,111,000 1,882,000 229,000 12.1%
Retail 1,239,000 394,000 845,000 214.5%
Military 234,000 302,000 (68,000) (22.5%)
New Business 402,000 151,000 251,000 166.2%
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Total $5,361,000 $3,903,000 $1,458,000 37.3%
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The second quarter fiscal year 2004 USA sales increase of $1,458,000 versus the same quarter the previous year was primarily driven by the increased sales of $845,000 from the Retail channel and a 166.2% growth in the National Restaurant Chain business (New Business). Retail sales growth for the second quarter was due to the additional product roll-out of premium branded and private label frozen food products to North-American prop. adj. 1. of or pertaining to or characteristic of the continent or countries of North America and their peoples. retailers. With some improvement of the travel industry in the US, the On Board Service and Food Service segments have also again begun to grow. Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. During the second quarter of fiscal 2004, total Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears sales volume increased 17.3% to 8,770,000 Norwegian Kroner from 7,479,000 Norwegian Kroner during the second quarter of fiscal 2003. The sales amount converted to US dollars amounted to $1,252,000 in the second quarter of fiscal 2004 and $1,011,000 during the second quarter of fiscal 2003 before the elimination of inter-company balances. Total production and inter-company sales measured in US Dollars were up 23.8% during the second quarter of fiscal 2004 versus the same period in the previous year. Total sales of Cuisine Solutions Norway in both US dollars and Norwegian Kroners were as follows:
Fiscal 2004 Fiscal 2003
Norway Q2 Norway Q2
Sales Sales $Change %Change
----------- ----------- ------- -------
Sales in US Dollars 1,252,000 1,011,000 241,000 23.8%
Sales in Norwegian
Kroners 8,770,000 7,479,000 1,291,000 17.3%
Average Exchange Rate 7.005 7.398
France The total fiscal year 2004 second quarter sales in US dollars were $3,403,000 versus previous year same quarter sales of $2,539,000, an increase of $864,000 or 34.0%. Sales in EURO euro: see European Monetary System. euro Single currency of 15 countries of the European Union (EU), including Germany, France, and Italy. It is also the official currency in several areas outside the EU. during the same period were EURO 2,914,000 versus EURO 2,561,000 respectively, an increase of 13.8%. The differences in the increase are due to the US dollar-EURO fluctuations in the exchange rate for the respective periods. Cuisine Solutions France fiscal year 2004 second quarter sales compared to prior year second quarter and respective exchange rates are as follows:
Fiscal 2004 Fiscal 2003
France Q2 France Q2
Sales Sales $Change %Change
----------- ----------- ------- -------
Sales in US Dollars 3,403,000 2,539,000 864,000 34.0%
Sales in EURO 2,914,000 2,561,000 353,000 13.8%
Average Exchange Rate 0.856 1.009
Cuisine Solutions France increase in sales in second quarter fiscal 2004 versus second quarter fiscal 2003 was primarily driven by higher retail sales of private label packaged products as well as higher sales in the foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. sector. This news release may 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements reflect the intent, belief or current expectations of the company and members of the management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements reflecting changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. |
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