VESTRO FOODS INC. ANNOUNCES RESULTS
VESTRO FOODS INC. ANNOUNCES RESULTS NEWPORT BEACH, Calif., April 21 /PRNewswire/ -- Vestro Foods Inc.
(NASDAQ: VEST) announced today the company's financial results for the year ended Dec. 31, 1991. Net sales for the year increased 12 percent to $37,291,000 from $33,194,000 in 1990. Net income for the year was $410,000, compared with a loss of $1,220,000 in the prior year.
Henry Poett III, president and chief executive officer of Vestro Foods Inc., stated, "The substantial improvement in profitability from the prior year represents the results of Vestro's program to improve its operations by reducing fixed expenses. The company's selling, general and administrative expenses were reduced by $214,000 from 1990, although sales increased by 12 percent. We hope that 1992's results will reflect the substantial effort we are putting into improving our Natural Foods and Fine Baked Products operations." VESTRO FOODS INC. Financial Highlights (In thousands except per share amounts) For the Year Ended Dec. 31, 1991 1990 Net sales $37,291 $33,194 Pretax income (loss) 459 (1,220) Income (loss) before extraordinary items 232 (1,220) Extraordinary items 178(a) --- Net income (loss) $410 ($1,220) Earnings (loss) per common share Before extra- ordinary items(b) $0.05 ($0.13) Extraordinary items 0.01 0.00 Net income $0.04 ($0.13) (a) Represents the utilization of a net operating loss carry forward. (b) Computed by adjusting net income for the company's scheduled preferred stock dividend, which amounted to $1,048,000 for each of the years. -0- 4/21/92 R /CONTACT: Betty Glickman of Vestro Foods Inc., 714-760-0354/ (VEST) CO: Vestro Foods Inc. ST: California IN: FOD SU: ERN
AL-EH -- LA001 -- 0665 04/21/92 12:43 EDT
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|Date:||Apr 21, 1992|
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