BEN & JERRY'S HOMEMADE ANNOUNCES THIRD QUARTER RESULTS
BEN & JERRY'S HOMEMADE ANNOUNCES THIRD QUARTER RESULTS WATERBURY, Vt., Nov. 7 /PRNewswire/ -- Chuck Lacy, president of
Ben & Jerry's Homemade, Inc. (NASDAQ: BJICA) today announced financial results for the company's 1991 third quarter.
Net sales for the quarter ended Sept. 28, 1991 were $29,817,826, an increase of 37 percent over the figure of $21,705,512 for the corresponding quarter of 1990. Net income for the quarter was $1,469,136, an increase of 54 percent over net income of $955,630 in the 1990 third quarter. Earnings per share in the third quarter of 1991 were 53 cents, as compared to 37 cents primary and 35 cents fully diluted in the third quarter of 1990. Through the first three quarters of 1991, Ben & Jerry's net sales stand at $73,249,458, a 24 percent increase compared to $59,091,531 for the comparable period in 1990. Net earnings through the period total $3,114,418, up 36 percent from $2,286,798 for the first three 1990 quarters. Net income per common share if $1.16, compared to 88 cents primary, 85 cents fully diluted in the comparable 1990 reporting period. During the quarter, the company called its 9-1/2 percent convertible debentures for redemption. $14,000 principal amount of debentures were redeemed on Sept. 5, 1991 and a total of 377,332 shares of Class A Common Stock were issued due to the conversion of the outstanding debentures. As a result of this event, the company does not have any convertible securities outstanding, and there is no occasion to report "fully diluted" earnings. "We are proud of our people," said Lacy. "They are working hard and working smart. Summer sales growth has come from new product introductions, substantial sales gains on the West Coast, and more modest growth in the Northeast. We have been test marketing Ben & Jerry's Lowfat Frozen Yogurt in pints and people really like it. We will be rolling it out in more markets in 1992." Lacy noted that the fourth quarter is expected to slow down considerably. "It's normally a slow time in this industry," he stated, "and we will be comparing to the fourth quarter of 1990 when we had very strong sales due to a price increase that became effective at the beginning of 1991." Ben & Jerry's produces superpremium ice cream, Ben & Jerry's LIGHT, superpremium lowfat frozen yogurt and ice cream novelties using Vermont dairy products and high quality natural ingredients. Ben & Jerry's products are distributed in 44 states, and the company has 85 franchised scoop shops and four company-owned stores. BEN & JERRY'S HOMEMADE, INC. CONDENSED STATEMENTS OF INCOME (Unaudited) 13 Weeks Ended 39 Weeks Ended 9/28/91 9/29/90 9/28/91 9/29/90 Net sales $29,817,826 $21,705,512 $73,249,458 $59,091,531 Income before taxes $2,512,727 $1,628,484 $5,380,901 $3,930,551 Net income $1,469,136 $955,630 $3,114,418 $2,286,798 Net income per common share Primary 53 cents 37 cents $1.16 88 cents Fully diluted N/A 35 cents N/A 85 cents Weighted average number of shares outstanding Primary 2,779,396 2,609,821 2,677,597 2,606,470 Fully diluted N/A 3,034,588 N/A 3,031,373 -0- 11/7/91 /CONTACT: Alan F. Parker of Ben & Jerry's, 802-244-6957/ (BJICA) CO: Ben & Jerry's Homemade, Inc. ST: Vermont IN: FOD REA SU: ERN DD-KM -- NE013 -- 2266 11/07/91 13:35 EST
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|Date:||Nov 7, 1991|
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