MARIFARMS, INC. ANNOUNCES THIRD-QUARTER RESULTS
MARIFARMS, INC. ANNOUNCES THIRD-QUARTER RESULTS WOODBRIDGE, N.J., Aug. 14/PRNewswire/ -- MariFarms, Inc.
(AMEX: MRF), today reported a net loss of $738,000, or 11 cents per share, for the three months ended June 30, 1992, on sales of $20.2 million, compared with a loss of $100,000, or 2 cents per share, on sales of $21.5 million, for the comparable 1991 period. For the nine months ended June 30, 1992, the net loss was 18 cents per share vs. a net loss of $2.61 per share in the previous year.
The shrimp division had an excellent quarter but this was more than offset by poor results in tuna caused by increased foreign competition and a depressed market. The company previously announced that it was engaged in preliminary discussions for the acquisition of a related business. The consideration for the proposed acquisition, which would be material to the company, would be payable in shares of the company's preferred stock and cash. There is no assurance that the discussions will result in an agreement. MariFarms, Inc. is engaged in shrimp growing and processing and in private-label tuna canning. MARIFARMS, INC. AND SUBSIDIARIES Consolidated Summary of Operations (In thousands, except per share data) Three Months Ended Nine Months Ended Periods Ended June 30 1992 1991 1992 1991 Net sales $ 20,166 $ 21,496 $ 63,426 $ 63,451 Operating income (loss) $ 375 $ (53) $ 781 $(18,171) (a) Net loss $ (738) $ (100) $ (1,236) $(16,875) (a) Net loss per share $ (.11) $ (.02) $ (.18) $ (2.61) (a) (a) Includes a restructuring charge of $15,286,000 incurred by the company's tuna business. -0- 8/14/92 /CONTACT; Diana Burton of MariFarms, 908-750-1122/ (MRF) CO: MariFarms, Inc. ST: New Jersey IN: FOD SU: ERN
DC -- NY074 -- 0179 08/14/92 16:44 EDT
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|Date:||Aug 14, 1992|
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