YOCREAM International Third Quarter Sales Up 8.1%
PR Newswire, Tuesday September 18, 2001
The Management and Staff of YOCREAM International, Inc. Take This Opportunity To Express Sincere Condolences to the Families and Friends of all Those Lost In the Disaster of September Eleven PORTLAND, Ore., Sept. 18 /PRNewswire/ -- YOCREAM International, Inc. (Nasdaq:YOCM), a manufacturer and wholesaler of frozen desserts and smoothies, today reported the financial results for the third quarter and nine months ended July 31, 2001. YOCREAM's third quarter 2001 sales were $5.1 million, an 8.1% increase compared with the same quarter in 2000. Net income was approximately $406,000 or $.18 per share, compared to $449,000 or $.20 per share for the same period in 2000. For the nine months ended July 31, 2001, sales were $11.5 million, a 1.5% increase compared with the same period in 2000. Net income was approximately $569,000 or $.25 per share, compared to $762,000 or $.33 per share for the same period in 2000. "Like most companies, we were impacted by the negative economic conditions," said Doug Caudell, CFO. "But, instead of cutting back, we plunged ahead by hiring additional sales personnel and investing more in the market place. As a result, new sales records have been established each month since May 2001 and the trend is continuing beyond the quarter. We expect the bottom line to follow." Caudell also referred to the recent alliance with The Dannon Company, Inc. and reported that since the alliance was announced in April 2001, the Company, with the assistance of Dannon personnel, has engaged twelve additional independent food brokers who were previously involved in Dannon's soft serve yogurt business. "We have also penetrated new markets as a result of the alliance," Caudell said. 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, hospitals, corporate cafeterias, military 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, 2001. YOCREAM INTERNATIONAL, INC. STATEMENTS OF INCOME (Unaudited) Three Months Ended Nine Months Ended July 31, July 31, 2001 2000 2001 2000 Sales $5,094,099 $4,714,158 $11,458,142 $11,288,898 Cost of goods sold 3,508,380 3,171,555 7,909,900 7,677,063 Gross profit 1,585,719 1,542,603 3,548,242 3,611,835 Selling, general and administrative expenses 1,030,618 829,376 2,728,031 2,384,702 Income from operations 555,101 713,227 820,211 1,227,133 Other expenses, net (18,454) 4,130 (18,776) (1,636) Income before income taxes 536,647 717,357 801,434 1,225,497 Income tax provision 130,700 268,100 232,400 463,200 Net income $405,947 $449,257 $569,034 $762,297 Earnings per common share - basic $0.18 $0.20 $0.25 $0.33 Earnings per common share - diluted $0.18 $0.20 $0.25 $0.33 Shares used in basic earnings per share 2,262,191 2,279,654 2,262,243 2,288,968 Shares used in diluted earnings per share 2,268,531 2,296,297 2,271,900 2,313,371 YOCREAM INTERNATIONAL, INC BALANCE SHEETS July 31, October 31, 2001 2000 (Unaudited) ASSETS Current assets Cash and cash equivalents $1,003,050 $719,139 Trade accounts receivable, net 1,155,555 997,076 Inventories 2,423,826 2,497,413 Other current assets 307,603 159,176 Total current assets 4,890,034 4,372,804 Fixed assets, net 4,477,586 2,706,420 Deferred income taxes 58,900 54,000 Intangible and other long-term assets, net 305,102 293,351 $9,731,622 $7,426,575 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $339,862 $106,675 Accounts payable 1,236,437 880,882 Other accrued liabilities 311,595 183,453 Total current liabilities 1,887,894 1,171,010 Long-term debt, less current portion 1,188,728 125,073 Total liabilities 3,076,622 1,296,083 Shareholders' equity Common stock, no par value, 30,000,000 shares authorized 4,818,017 4,862,541 Retained earnings 1,836,983 1,267,951 Total shareholders' equity 6,655,000 6,130,492 $9,731,622 $7,426,575SOURCE YOCREAM International, Inc.
Web Site: http://www.yocream.com
For more information, contact Terry Lusetti, YoCream Investor Relations, 503-256-3754