WSMP reports first quarter growth in both revenues and net income.CLAREMONT, N.C.--(BUSINESS WIRE)--June 25, 1997--WSMP, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :WSMP WSMP Weapon System Master Plan WSMP Weapon System Modification Process ), today reported earnings of 8 cents a share on significantly higher operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the quarter ended May 23, 1997. Revenues for the first 12-week period of WSMP's fiscal 1998 rose $4,916,000 compared to the corresponding period of the previous fiscal year. Operating revenues for the period increased 24 percent to $25,296,000, compared to $20,379,000 for the period ended May 17, 1996. Net income for the first quarter rose approximately 18 percent compared to the first quarter of the previous fiscal year, climbing to $293,235 versus $247,899 and substantially exceeding the $226,000 analysts' estimate for the first quarter net income. "We feel it is extremely positive that our earnings per share for the quarter were 33 percent higher than analysts had projected," said David R. Clark, WSMP president and COO (Cell Of Origin) See mobile positioning. . "The earnings strength, higher revenues and net income growth are a result of changes WSMP has instituted in the last year." Higher total sales in the three food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. divisions accounted for an increase of $1,676,000 in operating revenues during the first quarter, compared to the first quarter of the previous fiscal year. A substantial majority of this revenue growth came from the new Mom 'n' Pop's(R) Home Meal Replacement Division, which WSMP announced in March it was creating. The Home Meal Replacement Division is starting to produce individually packaged, refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. meats, vegetables, desserts and other items for the growing home meal replacement market. "We feel confident the Home Meal Replacement Division will continue to grow this fiscal year as a significant contributor to operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. ," Clark said. In addition to the Home Meal Replacement Division, WSMP is comprised of two other food processing divisions and a restaurant division. The Mom 'n' Pop's(R) Bakery Division is the largest of the company's food processing operations, with the capacity to produce more than four million microwaveable sandwiches per week in its Claremont facility. WSMP currently is negotiating several potential major contracts for its bakery and the company has said it feels it is possible to completely fill the current capacity of its bakery facility this year. The company's Mom 'n' Pop's Ham Ham, in the Bible Ham, in the Bible, son of Noah. In biblical ethnography, Ham is the father of the nations Cush, Mizraim, Phut, and Canaan. In a story separate from the flood narrative, the legend related in the Book of Genesis and in the Qur'an suggests Curing Division is one of the largest country ham Country ham is a variety of cured ham from the United States, associated with the Southern United States. It is typically very salty in taste. Country hams are salt- and nitrate-cured for about a month and may be hardwood (usually hickory and red oak) smoked, then aged for producers in the nation. WSMP's restaurant operations include 35 company owned and 49 franchised restaurants, with a majority of these being Western Steer(R) Steaks, Buffet A buffet is a meal serving system where patrons serve themselves. It is a popular method of feeding large numbers of people with minimal staff. The term is also used to describe a sideboard, an antique form of furniture which was sometimes used to offer the dishes of a buffet meal and Bakery restaurants, and Prime Sirloin(R) Buffet, Bakery and Steaks restaurants. -0-
WSMP INC.
Consolidated Results Summary (Unaudited)
Quarter Ended
5/23/97 5/17/96 Change
Operating revenues $25,295,654 $20,379,355 $ 4,916,299
Operating income $ 787,761 $ 771,653 $ 16,108
Net income $ 293,235 $ 247,899 $ 45,336
Net earnings per common
and common equivalent
share $ 0.08 $ 0.08 --
Weighted average common
and common equivalent
shares 3,664,607 2,936,769 727,838
CONTACT: WSMP, Inc. David R. Clark, 704/459-7626 Matthew V. Hollifield, 704/459-7626 |
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