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VIE DE FRANCE CORPORATION REPORTS FOURTH QUARTER AND ANNUAL RESULTS

VIE DE FRANCE CORPORATION REPORTS FOURTH QUARTER AND ANNUAL RESULTS
 MCLEAN, Va., Sept. 16 /PRNewswire/ -- Vie de France Corporation (NASDAQ-NMS: VDEF) today released the results for its final quarter and full year, which ended June 27, 1992.
 For continuing operations for the quarter, the company's sales decreased 3 percent to $8,236,000 from $8,486,000 in the fourth quarter of the previous year. Continuing operations net loss for the quarter was $466,000 (3 cents per share), vs. a loss of $13,685,000 ($1.01 per share) for the fourth quarter of fiscal 1991, resulting primarily from the provision for asset writedowns and unit closings discussed below. Including discontinued bakery operations, fourth quarter loss was $597,000 (4 cents per share) for fiscal 1992, vs. profit of $2,979,000 (22 cents per share) for fiscal 1991, resulting from the sale of the assets of the Bakery Division discussed below.
 For full year fiscal 1992, the company reported sales of $35,486,000, a loss from continuing operations of $1,965,000 (15 cents per share) and a net loss of $2,105,000 (16 cents per share), vs. fiscal year 1991 sales of $39,600,000, a loss from continuing operations of $21,889,000 ($1.63 per share) and a net loss of $4,022,000 (30 cents per share).
 Fiscal year 1991 net loss from continuing operations includes a $13.9 million charge to earnings relating to the closure, sale and writedown of certain restaurant units. It also includes a $3.8 million gain on the sale of certain Vie de France trademarks registered in Japan. Fiscal 1991 net loss also reflects a $16.6 million gain from discontinued operations relating to the sale of the Bakery Division.
 Jean-Louis Vilgrain, chairman and chief executive officer, reported that the Restaurant Division finished the year profitable, and that the loss for the quarter and year-to-date is primarily due to Culinary Division sous vide operations. However, noting the considerable increase in sous vide sales volume and the reduction of losses, Vilgrain expressed his continued optimism in the sous vide operations.
 Vilgrain noted that the Restaurant Division continued its positive results, showing profit and increased sales in comparable locations as a direct result of numerous changes instituted by management including reduced corporate overhead, new menus, new advertising promotions and redesigned management incentive plans along with the benefits achieved from last year's restructuring. Vilgrain expressed optimism in the prospects for continued improvement in the Restaurant Division. He noted that sales in comparable continuing locations increased by 3.5 percent in the current quarter over the previous year comparable period, however due to the sale or closure of a total of 26 restaurant locations, sales for the Restaurant Division as a whole continued to trend below the previous year.
 Interest income for the current year vs. significant interest expense in the previous year, together with significantly lower corporate overhead expenses continue to positively impact results.
 Vilgrain notes Culinary Division full year sales increased by 31 percent over previous year levels, while Division losses shrank by 53 percent from the previous year-to-date. Increased productivity, better cost control as well as increased volume contributed to the reduction in the loss levels. Sous vide product sales increased 9 percent over the previous quarter and 135 percent over the previous year year-to-date. These increases were offset by the continued decline in fresh produce delivery as this business line was phased out in the Washington market and closed in the third quarter of fiscal 1992.
 Sales of sous vide have continually increased for each quarter since the operations began in May 1990. Several major national companies place orders on a regular basis, while others are considering the applicability of the sous vide product line in their operations. Customers now include hotels, airlines, home delivery and catering/banquet operators. As the country's leading sous vide producer, Vie de France is ready to take advantage of volume opportunities and is continuing to develop and work closely with new customers. Taken together with the gains realized by the Restaurant Division, Vilgrain expressed his confidence in the future of the company.
 VIE DE FRANCE CORPORATION
 Results of Operations
 Fourth Quarter Ended
 June 27, 1992 June 29, 1991
 Sales
 Restaurant Division $ 6,497,928 $ 7,010,502
 Culinary Division & Other 1,740,612 1,475,310
 Total 8,238,440 8,485,812
 Less intersegment transfers (2,164) 0
 Net sales $ 8,236,276 $ 8,485,812
 Loss from operations $ (626,940) $(13,594,256)
 Loss before taxes $ (466,405) $(13,685,264)
 Net loss from continuing
 operations $ (466,405) $(13,685,264)
 Discontinued operations $ (140,000) $ 16,663,900
 Net loss $ (597,215) $ (2,978,636)
 Net loss from continuing
 operations per share $ (0.03) $ (1.01)
 Discontinued operations
 per share (0.01) 1.23
 Net loss per share $ (0.04) $ 0.22
 Average shares outstanding 13,567,793 13,567,793
 Year Ended
 June 27, 1992 Dec. 29, 1991
 Sales
 Restaurant Division $ 29,339,032 $ 34,924,851
 Culinary Division & Other 6,311,563 4,675,642
 Total 35,650,595 39,600,493
 Less intersegment transfers (164,915) 0
 Net sales $ 35,485,680 $ 39,600,493
 Loss from operations(A) $ (2,705,734) $(24,634,768)
 Loss before taxes $ (1,965,290) $(21,889,148)
 Net loss from continuing
 operations $ (1,965,290) $(21,889,148)
 Discontinued operations (140,000) 17,866,668
 Net loss $ (2,105,290) $ (4,022,480)
 Net loss from continuing
 operations per share $ (0.15) $ (1.63)
 Discontinued operations
 per share (0.01) 1.33
 Net loss per share $ (0.16) $ (0.30)
 Average shares outstanding 13,567,793 13,433,606
 (A) Full year and fourth quarter results reflect the retention of one restaurant unit which earlier had been designated for closure and, therefore, had been excluded from previously reported 1992 quarterly reports.
 -0- 9/16/92
 /CONTACT: Stanislas Vilgrain of Vie de France, 703-442-9600/
 (VDEF) CO: Vie de France Corporation ST: Virginia IN: SU: ERN


DC -- DC019 -- 0117 09/16/92 12:22 EDT
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Date:Sep 16, 1992
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