YOCREAM International Second Quarter Sales Up 9%
PORTLAND, Ore., June 6, 2003 /PRNewswire-FirstCall/ -- YOCREAM International, Inc. (Nasdaq: YOCM), a manufacturer and wholesaler of frozen desserts and smoothies, today reported the financial results for the second quarter and six months ended April 30, 2003. (Logo: http://www.newscom.com/cgi-bin/prnh/20011003/SFW058LOGO-b ) YOCREAM second quarter sales increased 8.7% to $4,995,000 from $4,594,000 in the second quarter of 2002. For the six months ended April 30, sales increased 11.4% to $8,864,000 from $7,955,000 in the year ago period. The sales increases in both the second quarter and six months for the current year were primarily the result of the Company's indulgent line of products, including soft frozen custard, ice cream, and coffee latte smoothies. Sales of yogurt products to the military also contributed to the increase in second quarter sales. Net income for the second quarter was approximately $138,700, or $0.06 per share compared with $224,200, or $0.10 per share for the same period last year. Net income for the six months was approximately $149,400, or $0.07 per share compared with $327,700, or $0.14 per share for the same period last year. "Costs associated with introducing the new aseptic coffee latte freeze product, and increases in selling and administrative expenses were the primary factors for the reduction in income from operations," stated Douglas Caudell, CFO. "We expect that volume increases during the busier summer months along with the benefit of cost reductions will improve the current years operating results." "Sales to the military continue to expand with the introduction of dispenser smoothies, a new category for this market segment," said Michele Hanna, Director of Sales National Accounts and Military. "Overall performance is strong, especially in international sales, and we look forward to growing domestic sales as more troops return to their home bases." YOCREAM International, Inc. makes, markets and sells frozen desserts, snacks and smoothies throughout the United States and in several foreign countries. It sells primarily to food distributors and wholesale clubs; and the Company's products are available in restaurants, convenience stores, schools, government and military installations, hospitals, corporate cafeterias and wholesale clubs. 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, which was filed with the Securities and Exchange Commission on January 29, 2003. YOCREAM INTERNATIONAL, INC. STATEMENTS OF INCOME Three Months Ended Six Months Ended April 30, April 30, 2003 2002 2003 2002 Sales $4,995,274 $4,593,568 $8,864,282 $7,955,284 Cost of goods sold 3,608,769 3,266,356 6,505,868 5,611,061 Gross profit 1,386,505 1,327,212 2,358,414 2,344,223 Selling, general and administrative expenses 1,156,248 953,283 2,104,218 1,791,948 Income from operations 230,257 373,929 254,196 552,275 Other income (expenses), net (8,724) (9,987) (15,616) (20,232) Income before income taxes 221,533 363,942 238,580 532,043 Income tax provision 82,800 139,700 89,200 204,300 Net income $138,733 $224,242 $149,380 $327,743 Earnings per common share - basic $0.06 $0.10 $0.07 $0.15 Earnings per common share - diluted $0.06 $0.10 $0.07 $0.14 Shares used in basic earnings per share 2,252,178 2,255,015 2,251,245 2,257,058 Shares used in diluted earnings per share 2,278,151 2,269,279 2,282,786 2,266,780 YOCREAM INTERNATIONAL, INC BALANCE SHEETS April 30, October 31, 2003 2002 (unaudited) ASSETS Current assets Cash and cash equivalents $1,593,691 $1,528,818 Trade accounts receivable 1,147,474 900,996 Inventories 2,346,577 2,654,432 Other current assets 526,804 311,227 Income taxes receivable 26,991 -- Deferred tax asset 34,600 34,600 Total current assets 5,676,137 5,430,073 Fixed assets, net 4,233,929 4,385,900 Intangible and other long-term assets, net 519,557 408,964 $10,429,623 $10,224,937 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $355,264 $360,358 Accounts payable 1,125,307 1,083,954 Income taxes payable -- 31,709 Other accrued liabilities 152,677 143,754 Total current liabilities 1,633,248 1,619,775 Long-term debt, less current portion 875,000 858,167 Deferred income taxes 260,800 243,800 Total liabilities 2,769,048 2,721,742 Shareholders' equity Common stock, no par value, 30,000,000 shares authorized, 2,252,178 shares issued and outstanding 4,633,981 4,625,981 Retained earnings 3,026,594 2,877,214 Total shareholders' equity 7,660,575 7,503,195 $10,429,623 $10,224,937SOURCE YOCREAM International, Inc.
Web Site: http://www.yocream.com
For more information, contact Terry Lusetti, YoCream Investor Relations, 503-256-3754