VESTRO FOODS INC. REPORTS RESULTS
VESTRO FOODS INC. REPORTS RESULTS NEWPORT BEACH, Calif., May 22 /PRNewswire/ -- Vestro Foods Inc.
(NASDAQ: VEST) announced today the company's financial results for the first quarter ended March 31, 1992. Net sales for the quarter increased 2 percent to $9,336,000 from $9,139,000. Net income for the quarter was ($71,000) compared to net income of $138,000 in the prior year.
Henry W. Poett, III, president and chief executive officer of Vestro Foods Inc. stated "Our first quarter results, which are somewhat disappointing reflect some slippage in our operations from the improved results of 1991. We anticipate a return to profitability in subsequent quarters of this year." Vestro is a specialty food acquisition and operating company concentrating in two "core" businesses: Fine Baked Products and Natural Foods. VESTRO FOODS INC. Financial Highlights For the Quarter Ended March 31, 1992 1991 Net sales $9,336,000 $9,139,000 Income (loss) before extraordinary items (71,000) 82,000 Extraordinary items (a) --- 56,000 Net income (loss) ($71,000) $138,000 Earnings (Loss) Per Common Share: Before extraordinary items (b) ($.02) ($.01) Extraordinary items .00 .00 Net ($.02) ($.01) (a) Represents the utilization of a net operating loss carryforward. (b) Computed by adjusting net income for the company's scheduled quarterly preferred dividend, which amounted to $262,000 in 1992 and in 1991. -0- 5/22/92 /CONTACT: Betty Glickman of Vestro Foods, 714-760-0354/ (VEST) CO: Vestro Foods Inc. ST: California IN: SU: ERN
AL-EH -- LA013 -- 3468 05/22/92 16:55 EDT
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|Date:||May 22, 1992|
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