YOCREAM International Reports Record Second Quarter Results
With Sales Up 30% and Earnings Up 141%PORTLAND, Ore., May 29, 2002 /PRNewswire-FirstCall/ -- YOCREAM International, Inc. (Nasdaq: YOCM), a manufacturer and wholesaler of frozen desserts and beverages, today reported the financial results for the second quarter and six months ended April 30, 2002. (Photo: http://www.newscom.com/cgi-bin/prnh/20011003/SFW058LOGO-b ) YOCREAM second quarter sales increased 30% to $4.6 million from $3.5 million in the second quarter of 2001, and net income increased 141% to $224,000, ($0.10 per share) compared to $93,000, ($0.04 per share) in 2001. For the six months ended April 30, sales increased 26.7% to $8 million from $6.3 million in the year ago period, and net income increased 100% to $328,000, ($0.14 per share) compared to $163,000, ($0.07 per share) in 2001. "For the fourth consecutive quarter, operating results have benefited from an increase in sales volume and related operating efficiencies," said Douglas Caudell, Chief Financial Officer of YOCREAM. "The increase in sales has continued to be 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, "We are now beginning the introduction of the Dannon/YoCream line of soft serve yogurt as part of the alliance between The Dannon Company, Inc. and YoCream International, Inc. This co-branded product rollout, along with the aggressive efforts of our seasoned sales team should make for an outstanding 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. 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 contains 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. Periods Ended April 30, Second Quarter Six Months 2002 2001 2002 2001 Sales $4,593,568 $3,534,343 $7,955,284 $6,277,530 Net Income 224,242 93,129 327,743 163,087 Per Share .10 .04 .14 .07 YOCREAM INTERNATIONAL, INC. STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended April 30, April 30, 2002 2001 2002 2001 Sales $4,593,568 $3,534,343 $7,955,284 $6,277,530 Cost of goods sold 3,266,356 2,554,020 5,611,061 4,450,595 Gross profit 1,327,212 980,323 2,344,223 1,826,935 Selling, general and administrative expenses 953,283 818,508 1,791,948 1,561,826 Income from operations 373,929 161,815 552,275 265,109 Other expenses, net (9,987) (10,586) (20,232) (322) Income before income taxes 363,942 151,229 532,043 264,787 Income tax provision 139,700 58,100 204,300 101,700 Net income $224,242 $93,129 $327,743 $163,087 Earnings per common share - basic $0.10 $0.04 $0.15 $0.07 Earnings per common share - diluted $0.10 $0.04 $0.14 $0.07 Shares used in basic earnings per share 2,255,015 2,262,191 2,257,058 2,262,269 Shares used in diluted earnings per share 2,269,279 2,268,045 2,266,780 2,272,598 YOCREAM INTERNATIONAL, INC BALANCE SHEETS April 30, October 31, 2002 2001 (unaudited) ASSETS Current assets Cash and cash equivalents $563,404 $1,161,661 Trade accounts receivable, net 1,323,568 1,039,003 Inventories 2,591,230 2,473,538 Other current assets 384,918 256,536 Total current assets 4,863,120 4,930,738 Fixed assets, net 4,487,659 4,344,981 Deferred income taxes -- 5,000 Intangible and other long-term assets, net 311,450 309,050 $9,662,229 $9,589,769 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $317,456 $344,676 Accounts payable 1,153,684 1,142,398 Income taxes payable -- 122,175 Other accrued liabilities 98,819 125,148 Total current liabilities 1,569,959 1,734,397 Long-term debt, less current portion 1,048,842 1,037,024 Deferred income taxes 40,000 -- Total liabilities 2,658,801 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 4,654,543 4,797,204 Retained earnings 2,348,885 2,021,144 Total shareholders' equity 7,003,428 6,818,348 $9,662,229 $9,589,769SOURCE YOCREAM International, Inc.
Web Site: http://www.yocream.com
For more information, contact Terry Lusetti, YoCream Investor Relations, 503-256-3754