STEWART FOODS, INC. ANNOUNCES RESULTS
STEWART FOODS, INC. ANNOUNCES RESULTS NORFOLK, Va., Oct. 9 /PRNewswire/ -- Stewart Foods, Inc.
(NASDAQ: STEW), the Norfolk, Virginia-based producer and distributor of fresh and frozen sandwiches and other refrigerated convenience food products reported a 13.6 percent increase in sales for the fiscal year ended June 26, 1992. Sales totaled $26,819,000, up from $23,614,000 in the 1991 fiscal year.
For the 1992 fiscal year, Stewart reported a net loss of $3,176,000, or $1.79 per share, compared to a net loss for the 1991 fiscal year of $4,950,000, or $2.64 per share. The Company's 1992 audited financial statements are included in the Form 10-K filed by the Company today with the Securities and Exchange Commission. H. Wayne Knowles, Chief Financial Officer, noted that "the reduction in net loss was due not only to increased sales but also to a 6 percent reduction in overhead expenses." Knowles said that "Stewart will continue to seek additional sources of capital and to evaluate acquisitions which could be beneficial to the Company and its shareholders." He noted that the June 17, 1992 letter of intent providing for the merger of Stewart with Blevins Concession Supply Company, a Florida-based wholesale concession supply distributor, has expired and has not been renewed at this time. -0- 10/9/92 /CONTACT: H. Wayne Knowles, Stewart Foods, Inc., 804-466-9200/ (STEW) CO: Stewart Foods, Inc. ST: Virginia IN: FOD SU: ERN
SB -- CH004 -- 8489 10/09/92 16:18 EDT
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|Date:||Oct 9, 1992|
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