Cuisine Solutions Sales Up 38.4% in US and 25.2% Overall for Q3 Fiscal Year 2006; Premium, Fully-Cooked, Frozen Food Manufacturer's Net Earnings Increase 29%.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. -- 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. (AMEX AMEX See: American Stock Exchange :FZN) (the "Company") today announced its results for the third quarter of fiscal year 2006. "We are very proud to announce our tenth Tenth can mean: In mathematics:
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 and income growth as compared to the same quarter the prior fiscal year," explains Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Gregg Gregg can refer to:
Revenue in the third quarter of fiscal 2006 increased $3,613,000 from $14,355,000 to $17,968,000, a 25.2% increase compared to the third quarter of the fiscal 2005, due primarily to stronger sales in the U.S. in four of its five sales channels except On Board Service. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Retail sales grew 146.8% as a result of increased sales to existing customers in both deli and company branded packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one . National Restaurant Chain (NRC NRC abbr. 1. National Research Council 2. Nuclear Regulatory Commission Noun 1. NRC - an independent federal agency created in 1974 to license and regulate nuclear power plants )/New Business sales increased 82.1% due primarily to increased sales to existing and new large restaurant chains The following is a list of restaurant chains. See also: Fast-food restaurant, Casual dining, List of reference tables. International
The Company reported net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the third quarter of fiscal 2006 of $659,000 compared to $511,000 for the third quarter of fiscal 2005. The 29.0% increase in net income from continuing operations was primarily due to a 25.2% increase in sales and a 20.0% increase in gross margin, as a result of the higher sales and the corresponding production and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. efficiencies achieved. Net earnings per share from continuing operations were $.04 for the third quarter fiscal 2006 compared to $.03 the same quarter last year.
Information as to the Company's sales by geographic location is as
follows:
Q3 Q3 $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
US $12,612,000 $ 9,113,000 $ 3,499,000 38.4%
France 5,356,000 5,242,000 114,000 2.2%
------------ ------------ ------------ ------------
Total Net Sales $17,968,000 $14,355,000 $ 3,613,000 25.2%
============ ============ ============ ============
Third quarter net sales by sales channel for fiscal 2006 and 2005 are
as follows:
Q3 Q3 $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 3,290,000 $ 3,471,000 $ (181,000) (5.2%)
On Board Services 5,000,000 5,173,000 (173,000) (3.3%)
Retail 5,191,000 3,120,000 2,071,000 66.4%
Military 3,443,000 2,015,000 1,428,000 70.9%
National Restaurant
Chain/New Business 1,044,000 576,000 468,000 81.3%
------------ ------------ ------------ ------------
Total $17,968,000 $14,355,000 $ 3,613,000 25.2%
============ ============ ============ ============
Cuisine Solutions U.S. sales during the third quarter of fiscal 2006
and 2005 by sales channel are as follows:
Q3 Q3 $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 2,023,000 $ 1,862,000 $ 161,000 8.6%
On Board Services 2,694,000 3,284,000 (590,000) (18.0%)
Retail 3,423,000 1,387,000 2,036,000 146.8%
Military 3,443,000 2,015,000 1,428,000 70.9%
National Restaurant
Chain 1,029,000 565,000 464,000 82.1%
------------ ------------ ------------ ------------
Total $12,612,000 $ 9,113,000 $ 3,499,000 38.4%
============ ============ ============ ============
Cuisine Solutions France sales during the third quarter of fiscal 2006
and 2005 are as follows:
Q3 Fiscal Q3 Fiscal $ %
2006 2005 Change Change
------------ ------------ ------------ ------------
Sales in U.S.
Dollars $ 5,356,000 $ 5,242,000 $ 114,000 2.2%
Sales in Euros EUR 4,465,000 EUR 4,004,000 EUR 461,000 11.5%
Average exchange
rate 0.834 0.764
Cuisine Solutions France's sales during the third quarter of fiscal
2006 and 2005 by sales channel were as follows:
Q3 Q3 $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 1,267,000 $ 1,609,000 $ (342,000) (21.3%)
On Board Services 2,306,000 1,889,000 417,000 22.1%
Retail 1,768,000 1,733,000 35,000 2.0%
Others 15,000 11,000 4,000 36.4%
------------ ------------ ------------ ------------
Total $ 5,356,000 $ 5,242,000 $ 114,000 2.2%
============ ============ ============ ============
A comparison of net sales, gross margin and net income from operations
for the third quarter of fiscal 2006 and 2005 are as follows:
Sixteen weeks ended
--------------------------------------
Apr. 1, 2006 Apr. 2, 2005 % Change
------------ ------------ ------------
(Dollars in thousands)
Net sales $ 17,968 $ 14,355 25.2%
Gross margin $ 4,564 $ 3,802 20.0%
Gross margin percentage 25.4% 26.5%
Income from continuing
operations $ 659 $ 511 29.0%
Net income $ 659 $ 511 29.0%
Fiscal 2006 Year to Date Results Revenue for the first three quarters of fiscal 2006 increased $15,194,000 from $34,120,000 to $49,314,000, a 44.5% increase compared to the first three quarters of fiscal 2005, due to stronger sales in all sales channels. In the United States, U.S. Military sales rose by 195.2%, due to the increased demand from the U.S. Army. For the first three quarters of fiscal 2006, Retail sales grew 56.6% as a result of increased sales to existing customers in both deli and company branded packaged goods. National Restaurant Chain (NRC) / New Business sales increased 68.3%, primarily due to increased effort on promoting NRC business. For the first three quarters of fiscal 2006, On Board Services in France rose 78.4% primarily due to new airline customers in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the placement of additional items on existing first and business
class menus.
For the first three quarters of fiscal 2006, the Company reported net income from continuing operations of $2,968,000, compared to $1,323,000 for the first three quarters of fiscal 2005. The 124.3% increase in net income from continuing operations was primarily due to a 44.5% increase in sales and a 46.4% increase in gross margin, as a result of the higher sales and the corresponding production and procurement efficiencies achieved. Net earnings per share from continuing operations were $.18 for the first three quarters of fiscal 2006 compared to $.08 for the same three quarters last year.
Information as to the Company's sales by geographic location is as
follows:
YTD YTD $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
US $34,770,000 $22,371,000 $12,399,000 55.4%
France 14,544,000 11,749,000 2,795,000 23.8%
------------ ------------ ------------ ------------
Total Net Sales $49,314,000 $34,120,000 $15,194,000 44.5%
============ ============ ============ ============
Net sales for the first three quarters of fiscal 2006 and 2005 by
sales channel are as follows:
YTD YTD $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 9,719,000 $ 8,511,000 $ 1,208,000 14.2%
On Board Services 12,750,000 12,116,000 634,000 5.2%
Retail 12,628,000 8,062,000 4,566,000 56.6%
Military 11,808,000 4,000,000 7,808,000 195.2%
National Restaurant
Chain/New Business 2,409,000 1,431,000 978,000 68.3%
------------ ------------ ------------ ------------
Total $49,314,000 $34,120,000 $15,194,000 44.5%
============ ============ ============ ============
Cuisine Solutions U.S. sales during the first three quarters of fiscal
2006 and 2005 by sales channel are as follows:
YTD YTD $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 6,201,000 $ 4,585,000 $ 1,616,000 35.2%
On Board Services 6,238,000 8,466,000 (2,228,000) (26.3%)
Retail 8,158,000 3,941,000 4,217,000 107.0%
Military 11,808,000 4,000,000 7,808,000 195.2%
National Restaurant
Chain 2,365,000 1,379,000 986,000 71.5%
------------ ------------ ------------ ------------
Total $34,770,000 $22,371,000 $12,399,000 55.4%
============ ============ ============ ============
Cuisine Solutions France's total sales for the first three quarters of
fiscal 2006 and 2005 and respective exchange rates are as follows:
YTD YTD $ %
Fiscal 2006 Fiscal 2005 Change Change
------------- -------------- ------------ ----------
Sales in U.S.
Dollars $ 14,544,000 $ 11,749,000 $ 2,795,000 23.8%
Sales in Euros EUR 12,082,000 EUR 9,219,000 EUR 2,863,000 31.1%
Average exchange
rate 0.831 0.785
Cuisine Solutions France's sales for the first three quarters of
fiscal years 2006 and 2005 by sales channel were as follows:
YTD YTD $ %
Fiscal 2006 Fiscal 2005 Change Change
------------ ------------ ------------ ------------
Food Service $ 3,518,000 $ 3,926,000 $ (408,000) (10.4%)
On Board Services 6,512,000 3,650,000 2,862,000 78.4%
Retail 4,470,000 4,121,000 349,000 8.5%
Others 44,000 52,000 (8,000) (15.4%)
------------ ------------ ------------ ------------
Total $14,544,000 $11,749,000 $ 2,795,000 23.8%
============ ============ ============ ============
A comparison of net sales, gross margin and net income from operations
follows:
Forty weeks ended
--------------------------------------
Apr. 1, 2006 Apr. 2, 2005 % Change
------------ ------------ ------------
(Dollars in thousands)
Net sales $ 49,314 $ 34,120 44.5%
Gross margin $ 12,924 $ 8,828 46.4%
Gross margin percentage 26.2% 25.9%
Income from continuing
operations $ 2,968 $ 1,323 124.3%
Net income $ 2,968 $ 1,266 134.4%
This news release contains 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. Investors can identify these forward-looking statements by use of words such as "expects," "believes," "will," "continues," "goals" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. The Company cannot guarantee that any forward-looking statement will be realized, although it believes that it has been prudent in its plans and assumptions. Achievement of future results is subject to risks, uncertainties, and the possibility of inaccurate assumptions. Should known or unknown risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated, or projected. The Company does not undertake to update any forward-looking statement that it may make from time to time. |
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