Printer Friendly

ORANGE-CO, INC. REPORTS FIRST-QUARTER PROFIT

 ORANGE-CO, INC. REPORTS FIRST-QUARTER PROFIT
 BARTOW, Fla., Feb. 6 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ)


announced sharply improved financial results for its first quarter ended
Dec. 31, 1991. Sales for the quarter were $22,886,000, up almost


14 percent from the $20,086,000 reported for the three months ended Dec. 31, 1990. Gross profit increased almost five-fold to $4,685,000 or 20.5 percent of sales vs. $955,000 or 4.8 percent of sales last year. Net results for the quarter were a net profit of $1,444,000 or $0.14 per share vs. a net loss of $870,000 or $0.09 per share for the same period last year.
 The increase in revenue was due to higher unit sales and prices across almost all product lines. Despite Orange-co's continuing emphasis on the institutional foodservice market, the company significantly increased its sales of bulk juice in order to capture recent sharp price increases. Sales to foodservice customers also continued to increase, with unit volume up 13.6 percent from the prior year.
 Gross profit was substantially improved primarily due to the positive effect of higher revenues and lower unit fruit costs due to last year's large orange crop, as well as the continuing growth of sales to the institutional foodservice market. In addition, SG&A and interest expenses continued to decline and were down 18 percent and 27 percent for the quarter, respectively.
 Commenting on these results, Robert A. Peiser, president and chief executive officer of the company, stated that "The solid results of this quarter represent a continuation of Orange-co's steady improvement and is a tribute to all of our employees who have worked hard to turn the company into the financially healthy, profitable organization it is today. We now must build on these results to improve profitability to even higher levels."
 Orange-co is a grower and processor of citrus products and a packager and distributor of a growing number of beverage products principally to institutional foodservice companies.
 ORANGE-CO, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE THREE MONTHS ENDED DEC. 31, 1991, AND 1990
 (Unaudited; in thousands)
 1991 1990
 Sales $22,886 $20,086
 Cost of sales 18,201 19,131
 Gross profit 4,685 955
 Other costs and expenses, net:
 Selling, general and administrative (1,318) (1,599)
 Gain/(loss) on disposition of
 property and equipment and other (47) 434
 Interest, net (876) (1,193)
 Profit/(loss) before income taxes 2,444 (1,403)
 Income tax provision/(benefit) 1,000 (533)
 Net profit/(loss) $1,444 ($870)
 Net profit/(loss) per common
 and common equivalent share $0.14 ($0.09)
 Average number of common and
 common equivalent shares outstanding 10,249 10,220
 -0- 2/6/92
 /CONTACT: Robert A. Peiser of Orange-co, Inc., 813-533-0551/
 (OJ) CO: Orange-co, Inc. ST: Florida IN: FOD SU: ERN


KK-SM -- DE012 -- 7749 02/06/92 12:55 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 6, 1992
Words:484
Previous Article:ELECTRONIC CRAWLING TRAINER PRESENTED BY XEROX TO HELP MARY CARIOLA CENTER AID CHILDREN WITH MULTIPLE HANDICAPS
Next Article:AMERICAN LEGION SALUTES CONGRESSIONAL ACTION TO END VA/HHS RURAL HEALTH CARE INITIATIVE
Topics:


Related Articles
ORANGE-CO, INC. REPORTS THIRD-QUARTER PROFIT
ORANGE-CO, INC. REPORTS FIRST-QUARTER RESULTS FOR FISCAL 1993
WYNN'S NET INCOME INCREASES 22 PERCENT
ORANGE-CO, INC. REPORTS FIRST QUARTER RESULTS FOR FISCAL 1994
ORANGE-CO, INC. REPORTS THIRD QUARTER RESULTS
/ C O R R E C T I O N -- ORANGE-CO, INC. /
ORANGE-CO, INC. REPORTS FIRST QUARTER RESULTS FOR FISCAL 1995
Orange-co, Inc. Reports First Quarter Results for Fiscal 1997
Orange-co, Inc. Reports First Quarter Results For Fiscal 1998
Orange-co, Inc. Reports Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters