JIMBO'S JUMBOS REPORTS FIRST-QUARTER RESULTS
JIMBO'S JUMBOS REPORTS FIRST-QUARTER RESULTS EDENTON, N.C., Jan. 16 /PRNewswire/ -- Jimbo's Jumbos, Incorporated
(NASDAQ: PNUT) today reported net income of $820,000 for the three months ended Oct. 31, 1991, compared to net income of $1,089,000 in the comparable period of the prior year. Net sales were $14,197,000 compared to $15,461,000 last year.
J. Tilmon Keel, chairman and chief executive officer, stated, "As we previously had anticipated in our prospectus, operations normalized from the high fiscal 1991 levels which had resulted from drought-occasioned market shortages. However, we are pleased that results compare favorable with fiscal 1990." Jimbo's Jumbos, Incorporated is a vertically integrated buyer, miller, sheller and processor of peanuts and is the number one supplier of consumer packaged processed and raw in-the-shell peanuts in the United States. The company completed its initial public offering in December 1991. JIMBO'S JUMBOS, INCORPORATED Summary Financial Information Three months ended Oct. 31 1991 1990 Net sales $14,197,000 $15,461,000 Net income 820,000 1,089,000 Net income per share(A) $.16 N.A. (A) -- Net income per share for the three months ended Oct. 31, 1991, is based on 5 million shares of common stock, representing 4,750,000 shares issued to Chock full o' Nuts Corporation in exchange for all outstanding shares of the company on Oct. 7, 1991, and 250,000 restricted shares issued by the company to its executive officers at less than the initial public offering price. No earnings per share is shown for the three months ended Oct. 31, 1990 as such period reflects expenses allocated by Chock full o' Nuts Corporation which have been discontinued subsequent to the 1991 fiscal year in connection with the public offering. -0- 1/16/92 /CONTACT: J. Tilmon Keel Jr., chairman of Jimbo's Jumbos, 919-482-2193, or Cynthia A. Bond of Silverman, Heller Associates, 212-682-9222, for Jimbo's Jumbos/ (PNUT) CO: Jimbo's Jumbos, Incorporated ST: North Carolina IN: FOD SU: ERN SM-CK -- NY089 -- 0715 01/16/92 16:40 EST
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|Date:||Jan 16, 1992|
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