STEVE'S HOMEMADE ICE CREAM REPORTS RESULTS
STEVE'S HOMEMADE ICE CREAM REPORTS RESULTS LINDENHURST, N.Y., Nov. 13 /PRNewswire/ -- Richard E. Smith,
chairman and CEO of Steve's Homemade Ice Cream, Inc. (NASDAQ: STVEA), today announced the company's financial results for the third quarter of 1991.
Steve's reported revenues for the thirteen weeks ended Sept. 28, 1991 of $9,621,000 as compared to $7,099,000 for the thirteen weeks ended Sept. 29, 1990. Net income for the thirteen weeks ended Sept. 28, 1991 was $554,000 as compared to a net income of $116,000 for the thirteen weeks ended Sept. 29, 1990. Revenues for the thirty-nine weeks ended Sept. 28, 1991 increased to $28,586,000 from $21,051,000 for the comparable period in 1990. Net income for the thirty-nine weeks ended Sept. 28, 1991 was $1,848,000 as compared to net income of $109,000 (including an extraordinary gain of $176,000) for the thirty-nine weeks ended Sept. 29, 1990. The revenue and corresponding net income increases for the thirteen and thirty-nine weeks periods ending Sept. 28, 1991 were primarily due to the addition of licensed and sublicensed products to the company's product line as well as the addition of American Glace' products and increased sales of Heidi's frozen yogurt products. The company has an ownership interest in American Glace' and Heidi's products. The company has entered into license and sublicense agreements to manufacture, sell and distribute certain products, which agreements are terminable upon 30 days notice. The increase in the sales of new products offset a significant decline in the sales of Steve's prepackaged products. The gross profit percentage for the thirty-nine weeks increased to approximately 37 percent during 1991 as compared to 30 percent in the compared period during 1990, resulting primarily from the addition of new products to the product line which generate higher gross profit margins than the product line for the comparable 1990 period. Steve's Homemade Ice Cream, Inc. markets Steve's Super Premium, Steve's Gourmet Light, Swensen's Premium ice cream, Heidi's Frozen Yogurt, American Glace' Frozen Dessert and licensed and sublicensed products in 32 states and the District of Columbia and franchises and licenses ice cream shoppes and family restaurants in the United States and 15 foreign countries. STEVE'S HOMEMADE ICE CREAM, INC. SUMMARY OF FINANCIAL INFORMATION Period ended Thirteen weeks Thirty-Nine weeks 9/28/91 9/29/90 9/28/91 9/29/90 Revenues $9,621,000 $7,099,000 $28,586,000 $21,051,000 Income (loss) from operations before extraord. item 554,000 116,000 1,848,000 (67,000) Extraordinary item: Gain from extinguishment of debt-non taxable -- -- -- 176,000 Net income 554,000 116,000 1,848,000 109,000 Earnings per common share: Income from opers. .05 .01 .15 NIL Gain from extinguishment of debt -- -- -- .01 Net income .05 .01 .15 .01 -0- 11/13/91 /CONTACT: Gary P. Stevens, president of Steve's Homemade Ice Cream, 516-884-5656/ (STVEA) CO: Steve's Homemade Ice Cream, Inc. ST: New York IN: FOD SU: ERN FC-OS -- NY058 -- 4017 11/13/91 14:08 EST
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|Date:||Nov 13, 1991|
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