Printer Friendly

VESTRO FOODS ANNOUNCES IMPROVED RESULTS

 CARSON, Calif., Aug. 18 /PRNewswire/ -- Vestro Foods Inc. (NASDAQ: VEST) announced today the company's financial results for the second quarter and six months ended June 30, 1993. Net income for the quarter was $449,000 compared to ($344,000) in the prior year. Net sales for the quarter were $6,186,000 compared to $9,143,000 in 1992. The results for 1992 include the company's fine baked goods operations which were sold in December 1992. Comparative figures for the company's ongoing natural foods operations show a 14 percent increase in net sales from 1992.
 Net income for the six months ended June 30, 1993, was $739,000 compared to ($415,000) in the prior year. Net sales for the six months were $11,720,000 compared to $18,038,000 in 1992. The results for 1992 include the company's fine baked goods operations which were sold in December 1992. Comparative figures for the company's ongoing natural foods operations show a 7 percent increase in net sales from 1992.
 Allan Dalfen, president and chief executive officer of Vestro Foods Inc., stated, "The second quarter results reflect continued sales growth from the new products introduced this year. As an example, last month saw the introduction of five flavors of ready-to-serve fat-free soups, three flavors of fruit sours, lunchbox size soy drinks and several fat- free bean products.
 "Vestro's programs to reduce product costs and operating expenses, along with increased sales volume, have led to considerable gains over 1992's results in both quarters. These ongoing programs, as well as favorable reaction to the new products, are expected to support the continuation of this trend."
 Vestro Foods Inc., through its branded product line, Westbrae Natural, WestSoy, Little Bear Organic Foods, Bearitos, AhSoy and CiBella, is a major producer of natural and organic food products.
 VESTRO FOODS INC.
 Financial Highlights
 For the three months ended For the six months ended
 June 30, June 30,
 1993 1992(a) 1993 1992(a)
 Net sales $6,186,000 $9,143,000 $11,720,000 $18,038,000
 Income (loss)
 before extra-
 ordinary items 449,000 (344,000) 739,000 (415,000)
 Extraordinary
 items --- --- --- ---
 Net income
 (loss) $449,000 ($344,000) $739,000 ($415,000)
 Earnings (Loss)
 Per Common
 Share:
 Before extra-
 ordinary
 items(b) $.01 ($.02) $.01 ($.05)
 Extraordinary
 items .00 .00 .00 .00
 Net income $.01 ($.02) $.01 ($.05)
 (a) 1992 includes the company's fine baked goods operations which were sold in December 1992.
 (b) Computed by adjusting net income for the company's scheduled quarterly preferred stock dividend requirements, which amounted to $262,000 and $524,000, respectively, for the three months and six months ended June 30, 1992, and June 30, 1993.
 -0- 8/18/93
 /CONTACT: Stephen Schorr, VP-finance of Vestro Foods, 310-886-8200/
 (VEST)


CO: Vestro Foods Inc. ST: California IN: FOD SU: ERN

MF-JB -- LA001 -- 3896 08/18/93 12:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993
Words:479
Previous Article:BANK OF AMERICA HMDA DATA SHOWS INCREASE IN MINORITY AND LOW-INCOME LOANS
Next Article:BMR FINANCIAL GROUP, INC. REPORTS NET INCOME
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters