SUPREMA SPECIALTIES ANNOUNCES THIRD QUARTER RESULTS
SUPREMA SPECIALTIES ANNOUNCES THIRD QUARTER RESULTS PATERSON, N.J., May 18 /PRNewswire/ -- Suprema Specialties, Inc.
(NASDAQ: CHEZ), today reported record sales and earnings for the three- month and nine-month periods ended March 31, 1992.
Net sales for the quarter ended March 31, 1992, were $6,928,573 as compared with $4,290,194 for the quarter ended March 31, 1991, an increase of 61 percent. For the nine-month period ended March 31, 1992, sales increased 47 percent to $17,502,932 as compared to $11,883,453 for the prior year. Commenting on the results, Mark Cocchiola, Suprema president, cited very positive key developments. "We are not only excited about our revenue increases, but continue to experience improvements in our margins and are beginning to see increased profits." Earnings rter in the prior year. "The company is currently executing a major expansion program which will continue through our next fiscal year," stated Cocchiola. "The program, which includes media advertising, new product introductions and expanded distribution, has resulted in significant expenditures to accelerate market share growth." Sales and marketing expenses for the quarter ended March 31, 1992 were $1,364,978, more than double that of the comparable quarter of 1991. "The strategy of adding more sales personnel and of increasing both promotional and product introduction activity," added Cocchiola, "is improving Suprema's long-term position while our margins are helping us to maintain profitability during expansion." In other matters, Suprema disclosed that it has arranged for new bank financing that includes a $750,000 term loan and a $2,250,000 secured line of credit. The company has also entered into an agreement with a marketing services company that will provide marketing services and financing in the areas of product introductions and promotional and advertising programs. "These moves should assist in our continuing strategy to expand the company," stated Cocchiola. Suprema processes and markets a variety of premium, gourmet natural cheese products, primarily using fine quality cheese imported from Italy and Argentina, supplemented by high quality domestic cheeses. The Paterson company sells its products to supermarkets and other retail customers, food service industry distributors and food manufacturers. SUPREMA SPECIALTIES, INC. Financial Highlights (Amounts in thousands, except per share data) Periods ended Three Months Nine Months March 31 1991 1992 1991 1992 Net sales $4,290 $6,929 $11,883 $17,503 Gross margin 955 1,936 1,737 4,585 Net earnings $ 47 $ 128 $ 175 $ 210 Earnings per share $.03 $.06 $.12 $.10 6/30/91 3/31/92 Working capital $2,574 $2,082 Total assets 6,144 9,432 Stockholders' equity $3,207 $3,567 -0- 5/18/92 /CONTACT: Michael A. Flower of Suprema, 201-684-2900/ (CHEZ) CO: Suprema Specialties, Inc. ST: New Jersey IN: FOD SU: ERN
GK-OS -- NY022 -- 1235 05/18/92 10:38 EDT
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|Date:||May 18, 1992|
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