Hibernia now the #1 manufacturer in the UK frozen desserts market
- Entenmann’s revenues increase 39% year over year
- Net assets increase by IR(pound)2.3m ($2.7m) in the quarter to almost $28m as a result of warrant exercises
Hibernia Foods plc (NASDAQ: HIBNY; the “Company”) yesterday announced its unaudited financial results for the third quarter of fiscal 2001.
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Revenues increased by 5% to $39.6m compared to revenues of $37.6m for the same period in fiscal 2000. Ready-Meals revenues grew by 16% and sales of Entenmann’s grew by 39% compared with the same quarter in fiscal 2000. Frozen desserts revenues were 5% lower than the same period in fiscal 2000.
During the period the Company recorded an operating loss of 3% of revenues compared to an operating profit of 7% of revenues for the same period in fiscal 2000. The Company’s net loss per share for the quarter was $0.14 compared to a net profit per share of $0.07 for the same period in fiscal 2000.
The Company’s net assets increased by IR(pound)2.3m ($2.7m) over the quarter, as a result of warrant exercises.
Commenting on the quarter’s results, Oliver Murphy, Chairman & Chief Executive officer, said, “Overall, we are very pleased with our results for the quarter ended December 31. Revenues company-wide increased by 5%, year over year. The revenue growth was led by our Entenmann’s which has increased by 39%, year over year, and our ready-meals division which has grown by 16%, year over year. Entenmann’s now commands 20% of the large whole cake market in the UK and is the fastest growing cake brand in its market. The marginal decline in Hibernia’s frozen desserts revenues for the quarter, needs to be viewed in the context of the total UK retail frozen desserts market which, according to independent market research, has declined by 8% over the 52 week period ended January 7th, 2001. Based on independent market data, Hibernia has out-performed the market, has increased its market share and is now the Number One supplier in the total UK frozen desserts retail market.”
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By GlobalData“We have continued to invest in developing our relationships with the major UK retailers such as Tesco, JS Sainsbury and Asda/Walmart. Since acquiring our frozen desserts business, our focus has been on repositioning the customer base to ensure that our share of business with each customer reflected the overall share of the market held by that customer. We have successfully obtained appropriate shelf placement with these major retailers by supplying them with many new products developed in-house and this has been a key factor in driving our top-line growth. As we have increased our market penetration, we have also had the further benefit of having acquisition opportunities become available, and we are currently evaluating several of them, the first of which, La Boheme Limited, is being simultaneously announced with this release.”
“The frozen desserts market has experienced a period of intensive price competition and heavy promotional activity. We adopted a strategy of growing our market share and, having achieved that objective, the overall objective is now to pursue a more balanced approach between driving revenues and profitability, but now from a position of scale. These initiatives are currently being introduced and are anticipated to yield significant positive bottom line growth in fiscal 2001/02.”
Hibernia Foods plc is a leading manufacturer of branded cakes and branded ready-meals, and private-label frozen desserts, ready-meals and savory products, headquartered in Dublin, Ireland, with significant manufacturing facilities in the North East and South West of England. It is the exclusive European license holder for Entenmann’s branded sweet-baked cakes throughout all of geographical Europe, representing 52 countries and a population of over 700 million people.
HIBERNIA FOODS PLC AND SUBSIDIARIES
Summary Consolidated Statements
of Operations for the
Quarter Ended December 31,
————————————– ————— —————-
2000(a) 2000 1999
————————————– ————— —————-
US$000s IR(pound)000s IR(pound)000s
————————————– ————— —————-
Product Revenue 39,632 33,148 31,427
————————————– ————— —————-
Gross Profit 5,726 4,789 7,000
————————————– ————— —————-
Operating Expenses (6,933) (5,799) (4,644)
————————————– ————— —————-
Operating Profit / (Loss) (1,207) (1,010) 2,356
————————————– ————— —————-
Interest, Foreign Exchange
and Other charges (1,516) (1,268) (1,883)
————————————– ————— —————-
Net Profit / (Loss) (2,723) (2,278) 473
————————————– ————— —————-
Profit/(Loss) per Share Data for the
Quarter Ended December 31,
——————- —————- —————— —————
2000(a) 2000 1999
——————- —————- —————— —————
US$ IR(pound) IR(pound)
— ——— ———
——————- —————- —————— —————
Basic Profit/(Loss)
per Share (0.14) (0.12) 0.06
——————- —————- —————— —————
Ordinary Shares
Outstanding 19,395,728 19,395,728 7,449,961
——————- —————- —————— —————
HIBERNIA FOODS PLC AND SUBSIDIARIES
Summary Consolidated
Balance Sheets as of December 31,
—————————————- ————– ————–
2000(a) 2000 1999
—————————————- ————– ————–
US$000s IR(pound)000s IR(pound)000s
—————————————- ————– ————–
Total Current Assets 51,237 42,855 37,133
—————————————- ————– ————–
Total Fixed Assets 45,384 37,959 37,201
—————————————- ————– ————–
Total Intangible & Other
Assets 5,835 4,880 8,465
—————————————- ————– ————–
Total Assets 102,456 85,694 82,799
—————————————- ————– ————–
Total Current Liabilities 65,831 55,061 39,728
—————————————- ————– ————–
Other Liabilities 8,692 7,270 39,065
—————————————- ————– ————–
Total Liabilities 74,523 62,331 78,793
—————————————- ————– ————–
Net Assets 27,933 23,363 4,006
—————————————- ————– ————–
HIBERNIA FOODS PLC AND SUBSIDIARIES
Summary Consolidated Statements
of Operations for the
Nine Month Period Ended December 31,
————————————– ————— —————
2000(a) 2000 1999
————————————– ————— —————
US$000s IR(pound)000s IR(pound)000s
————————————– ————— —————
Product Revenue 95,219 79,641 68,628
————————————– ————— —————
Gross Profit 14,414 12,056 12,493
————————————– ————— —————
Operating Expenses (18,192) (15,216) (11,500)
————————————– ————— —————
Operating Profit/(Loss) (3,778) (3,160) 993
————————————– ————— —————
Interest, Foreign
Exchange and Other
charges (4,448) (3,720) (5,394)
————————————– ————— —————
Net (Loss) Before
Extraordinary Item (8,226) (6,880) (4,401)
————————————– ————— —————
Extraordinary Item (4,470) (3,739) 0
————————————– ————— —————
Net (Loss) After
Extraordinary Item (12,696) (10,619) (4,401)
————————————– ————— —————
Loss per Share Data for the
Nine Month Period Ended December 31,
—————————————– ———— —————
2000(a) 2000 1999
—————————————– ———— —————
US$ IR(pound) IR(pound)
— ——— ———
—————————————– ———— —————
Basic (Loss) per Share
Before Extraordinary Item (0.49) (0.41) (0.59)
—————————————– ———— —————
Basic (Loss) per Share
After Extraordinary Item (0.76) (0.64) (0.59)
—————————————– ———— —————
Ordinary Shares
Outstanding 16,665,626 16,665,626 7,449,961
—————————————– ———— —————
(a) The summary financial information above is expressed in US
Dollars, solely for convenience, at the US Dollar rate of
exchange against the Irish pound at December 31, 2000 of
IR(pound)1 = US$1.1956
This report contains forward-looking statements based upon certain assumptions by management, some of which may not materialize, and unanticipated events may occur which could effect the business of Hibernia and the markets for its products. Forward-looking statements contained herein involve a number of risk and uncertainties including, but not limited to, economic, competitive, governmental and technological factors.
