Cuisine Solutions announces 43.2% Growth in the US for the First Quarter of 2005; Fully-cooked, Upscale Food Manufacturer Profitable for the Period.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. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUIS CUIS Cumberland Island National Seashore (US National Park Service) CUIS Cardiff University Islamic Society (United Kingdom) .OB) announced it results for the first quarter of fiscal year 2005 today at is annual shareholder meeting held at the Hilton Hil·ton , Conrad Nicholson 1887-1979. American hotel-chain organizer who acquired hotels in many American cities and in 1946 founded the Hilton Hotel Corporation. Alexandria Mark Center. "The market for our products is really starting to grow," explains 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. Stanislas Stanislas (dimunitive: Stan) is French version of Stanislav. It may refer to:
Revenue in the first quarter of fiscal 2005 increased $1,633,000 from $7,102,000 to $8,735,000, a 23.0% increase compared to the same quarter of the previous fiscal year due primarily to stronger sales in most of sales channels in the US. US Military sales rose by 196.6%, retail sales improved 99.6%, and the National Restaurant Chain channel grew 68.9%, compared to the first quarter of fiscal 2004. Cuisine Solutions, Inc. reported net income of $162,000 for the first quarter of fiscal year 2005 compared to a net loss of $181,000 a year ago. The increase in net income was primarily due to a 23.0% increase in sales and a 62.7% increase in gross margin. NET SALES Net Sales 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 First quarter 2005 revenue of $8,735,000 increased, as described above, by 23.0% compared to the previous fiscal year's first quarter revenue of $7,102,000. US sales grew 43.2% compared to the same quarter in fiscal year 2004. Information as to Cuisine Solution sales by geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge locations are as follows (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. inter-company sales are eliminated):
Q1 Fiscal Q1 Fiscal
2005 2004 $Change %Change
---------- ---------- ---------- ---------
US $5,980,000 $4,175,000 $1,805,000 43.2%
France 2,723,000 2,559,000 164,000 6.4%
Norway 32,000 368,000 (336,000) (91.3%)
---------- ---------- ---------- ---------
Total Net Sales $8,735,000 $7,102,000 $1,633,000 23.0%
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US SALES Fiscal year 2005 first quarter sales in the US increased $1,805,000 to $5,980,000, a 43.2% increase from the previous fiscal year first quarter sales of $4,175,000. Cuisine Solutions US Fiscal Years 2005 and 2004 first quarter sales by sales channel are as follows:
Q1 FY05 Q1 FY04 $Change %Change
---------- ---------- ---------- ----------
Food Service $1,041,000 $1,081,000 $(40,000) (3.7%)
On Board Services 2,701,000 2,136,000 556,000 26.5%
Retail 567,000 284,000 283,000 99.6%
Military 1,237,000 417,000 820,000 196.6%
National Restaurant
Chains 434,000 257,000 177,000 68.9%
---------- ---------- ---------- ----------
Total $5,980,000 $4,175,000 $1,805,000 43.2%
========== ========== ========== ==========
FRANCE France (frăns, Fr. fräNs), officially French Republic, republic (2005 est. pop. 60,656,000), 211,207 sq mi (547,026 sq km), W Europe. SALES Cuisine Solutions France fiscal year 2005 first quarter sales by sales channel were as follows:
Q1 FY05 Q1 FY04 $Change %Change
---------- ---------- --------- ---------
Food Service $1,170,000 $902,000 $268,000 29.7%
On Board Services 515,000 473,000 42,000 8.9%
Retail 1,015,000 1,180,000 (165,000) (14.0%)
New Business 23,000 5,000 18,000 360.0%
---------- ---------- --------- ---------
Total $2,723,000 $2,560,000 $163,000 6.4%
========== ========== ========= =========
NORWAY SALES 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 before inter-company eliminations in both US dollars and Norwegian Kroners were as follows:
Fiscal 2005 Fiscal 2004
Norway Q1 Norway Q1
Sales Sales $Change %Change
---------- ---------- ----------- --------
Sales in US Dollars 564,000 1,068,000 (504,000) (47.2%)
Sales in Norwegian Kroners 3,879,000 7,862,000 (3,983,000) (50.7%)
Average Exchange Rate 6.878 7.361
Subsequent to June 26, 2004, management began a process of evaluating
the continued operation of the Norway facility. Although a formal plan
to discontinue operations in Norway has not been formally discussed
and approved by the Board of Directors, management has taken certain
actions to facilitate such a plan. Currently, the Company has
curtailed production and has provided employees notice of termination
as required by local law. A formal decision to discontinue operations
is expected to be made by the end of October, 2004. However, there can
be no assurance that such an action will be approved. Cuisine
Solutions began production of salmon with its Chilean partners in
Chile in August 2004. The results of future sales will be included in
the US or France sales channels based upon in which region the
products are sold.
GROSS MARGINS A comparison of net sales, gross margin and net income (loss) from operations follows:
Quarter Ended
----------------------------------------------------------------------
Sep. 18, Sep. 20, %
2004 2003 Change
----------------------------------------------------------------------
(Dollars in thousands)
----------------------------------------------------------------------
Net Sales $8,735 $7,102 23.0%
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Gross margin 1,948 1,197 62.7%
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Gross margin percentage 22.3% 16.9%
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Net income (loss) $162 $(181)
----------------------------------------------------------------------
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. 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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