YOCREAM International Reports Record First Quarter Results
With Sales Up 23% and Earnings Up 48%PR Newswire, Thursday March 14, 2002
YOCREAM International, Inc. (Nasdaq: YOCM - News), a manufacturer and wholesaler of frozen desserts and beverages, today reported the financial results for the first quarter ended January 31, 2002. Sales increased 23% for the quarter to $3.36 million from $2.74 million, and net income increased 48% to $104,000, ($.05 per share) compared to $70,000, ($.03 per share) in 2001. (Photo: YoCream Logo) (Photo: Dannon/YoCream Logo ) "Operating results for the quarter benefited from an increase in sales volume and related operating efficiencies,'' said Douglas Caudell, Chief Financial Officer of YOCREAM. "The increase in sales was broad based with gains in the sale of frozen yogurt and smoothie products to both club stores and foodservice distributors, as well as an increase in copacking revenues.'' Caudell said, "This exceptional growth in sales has resulted from various factors, including the Company's major customer opening new stores, along with the rollout of a new coffee smoothie product. Additional foodservice business was also acquired as a result of the agreement with the Dannon Company, Inc., which occurred in mid-2001. These sales trends are continuing beyond the first quarter. And with the introduction of a Dannon / Yocream co-branded soft serve yogurt line announced in October 2001 for the spring of 2002, coupled with the aggressive efforts of our seasoned sales team, we expect that this will be a good year.'' YOCREAM International, Inc. makes, markets and sells frozen desserts, and beverages throughout the United States and in several foreign countries. It sells primarily to foodservice distributors and wholesale clubs; and the Company's products are available in restaurants, convenience stores, schools, hospitals, corporate cafeterias, military installations, government agencies and wholesale clubs. Due to the seasonal nature of the business, frozen yogurt sales are normally slower during the winter months. This release may contain certain forward-looking statements, which are based on management's current expectations. Factors that could cause future results to vary materially from these expectations include, but are not limited to, change in distribution abilities, level of customer acceptance of new products, change in co-packing relationships and strategic alliances and other economic, competitive, governmental, regulatory and factors affecting the company's operations, pricing, products and service. For a more complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the company's Form 10-K that was filed with the Securities and Exchange Commission on January 29, 2002.
- 1st Quarter, January 31 2002 2001
- Revenues $ 3,361,716 $ 2,743,186
- Net Income 103,501 69,958
- Per Share .05 .03
YOCREAM INTERNATIONAL, INC. STATEMENTS OF INCOME (Unaudited) Three Months Ended January 31, 2002 2001 Sales $3,361,716 $2,743,186 Cost of goods sold 2,344,704 1,896,574 Gross profit 1,017,012 846,612 Selling, general and administrative expenses 838,666 743,318 Income from operations 178,346 103,294 Other income (expense), net (10,245) 10,264 Income before income taxes 168,101 113,558 Income tax provision 64,600 43,600 Net income $103,501 $69,958 Earnings per common share - basic $0.05 $0.03 Earnings per common share - diluted $0.05 $0.03 Shares used in basic earnings per share 2,259,101 2,262,348 Shares used in diluted earnings per share 2,264,281 2,280,016 YOCREAM INTERNATIONAL, INC. BALANCE SHEETS January 31, October 31, 2002 2001 (unaudited) ASSETS Current assets Cash and cash equivalents $646,410 $1,161,661 Trade accounts receivable, net 685,469 1,039,003 Inventories 2,568,844 2,473,538 Other current assets 388,480 256,536 Total current assets 4,289,203 4,930,738 Fixed assets, net 4,615,088 4,344,981 Deferred income taxes -- 5,000 Intangible and other long-term assets, net 312,500 309,050 $9,216,791 $9,589,769 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $331,166 $344,676 Accounts payable 759,253 1,142,398 Income taxes payable 5,915 122,175 Other accrued liabilities 81,532 125,148 Total current liabilities 1,177,866 1,734,397 Long-term debt, less current portion 1,121,247 1,037,024 Deferred income taxes 10,500 -- Total liabilities 2,309,613 2,771,421 Shareholders' equity Preferred stock, no par value, 5,000,000 shares authorized, none issued or outstanding -- -- Common stock, no par value, 30,000,000 shares authorized 4,782,533 4,797,204 Retained earnings 2,124,645 2,021,144 Total shareholders' equity 6,907,178 6,818,348 $9,216,791 $9,589,769
SOURCE YOCREAM International, Inc.
Web Site: http://www.yocream.com
For more information, contact Terry Lusetti, YoCream Investor Relations, 503-256-3754