Suprema Specialties, Inc. (Nasdaq NMS: CHEZ) announces consolidated net sales and net income for the fourth quarter and fiscal year ended June 30, 2001.
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Net sales for the fourth quarter ended June 30, 2001, increased 71% to approximately $130 million as compared to approximately $76 million for the same period in 2000. Net sales for the fiscal year ended June 30, 2001, increased 51% to approximately $420 million as compared to approximately $278 million for the same period in 2000.
The increase in net sales for the fourth quarter reflects an increase primarily in sales volume for foodservice products manufactured and processed by the Company, and to a lesser extent, the higher average selling price for cheese (as a result of the higher CME Block Cheddar Market, the commodity index on which bulk cheese prices are based.)
Net income for the fourth quarter ended June 30, 2001, increased 42% to approximately $2.6 million as compared to $1.8 million for the same period in 2000. Net income for the year ended June 30, 2001, increased 39% to approximately $8.9 million as compared to net income of approximately $6.4 million for fiscal 2000.
The increase in net income is due primarily to an increase in operating income, which is a result of increased sales volume.
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By GlobalDataThe Company anticipates it will announce complete financial results at a later date.
About Suprema Specialties, Inc.
Suprema Specialties, Inc. manufactures, shreds, grates and markets gourmet all natural Italian variety cheeses under the Suprema Di Avellino® brand name as well as under private label. Suprema’s product lines consist primarily of domestic mozzarella, ricotta and provolone cheeses, grated and shredded parmesan, cheddar and romano cheeses, and imported parmesan and pecorino romano cheeses, including “lite” versions of certain of these products containing less fat, and fewer calories. The Company operates facilities in New Jersey, NewYork, California and Idaho. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.
For Further Information about the Company, Please Visit: www.supremachez.com
The information provided in this press release contains forward-looking statements that involve risks and uncertainties more fully set forth in the Company’s filings with the Security Exchange Commission. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to plans for future activities. Such forward-looking information involves important known and unknown risks and uncertainties that could significantly affect actual results, performance or achievements of the Company in the future and, accordingly, such actual results, performance or achievements may materially differ from those expressed or implied in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to those relating to the Company’s growth strategy, customer concentration, outstanding indebtedness, seasonality, expansion and other activities of competitors, changes in federal or state laws and the administration of such laws, protection of trademarks and other proprietary rights, and the general condition of the economy and its effect on the securities markets and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statement was made. Statements made in this Press Release that are not historical facts are forward looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ significantly from those discussed and/or implied herein.
