Harry’s Farmers Market, Inc. (OTC BB: HARY) yesterday reported final results for the fiscal year ending January 31, 2001.
The Company had a net loss before extraordinary gains applicable to common shareholders for fiscal 2001 of approximately $5.0 million or ($0.79) per common share, compared to a net loss before extraordinary items applicable to common shareholders of approximately $1.2 million or ($0.19) per common share for fiscal 2000. Included in the net income applicable to shareholders for fiscal 2000 was an extraordinary gain of approximately $16.8 million. The Company had a loss after extraordinary gains applicable to common shareholders for fiscal 2001 of approximately $5.3 million or ($0.85) per common share, compared with the Company’s generated net income after extraordinary gains applicable to common shareholders of approximately $15.6 million or $2.53 per common share for fiscal 2000. In addition, net sales decreased 2.0% to approximately $136.0 million in fiscal 2001 from approximately $138.7 million in fiscal 2000.
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The Company also announced the May 17, 2001 scheduled opening of its sixth Harry’s In A Hurry store in The Avenue in the Peachtree City area of metropolitan Atlanta.
As previously announced, the Company is continuing to explore all viable strategic alternatives, which may include, but are not limited to, recapitalization, business combinations or similar joint venture opportunities, the possible sale or merger of the Company and other means of enhancing stockholder value. However, consistent with its public disclosure policy, Harry’s will not comment any further on such strategic alternatives until it has fully evaluated all available options and definitively chosen an alternative, if any, to pursue. In addition, there can be no assurances that any actions taken by the Company will result in any transaction or as to the value that any such transaction might have.
Harry’s owns and operates concept megastores and convenience stores specializing in perishable food products – fresh fruits and vegetables; fresh meats, poultry and seafoods; fresh baked goods; freshly made ready-to-eat, ready-to-heat and ready-to-cook prepared foods; and deli, cheese and dairy products. Harry’s stores also feature lines of specialty, hard-to-find and gourmet nonperishable food products that are complimentary to the fresh food offerings. In addition, Harry’s stores carry kitchen-oriented housewares, floral items, natural health and beauty care items, and a full line of wines and imported and domestic beers. Harry’s bakery and prepared foods departments are fully-integrated food manufacturing operations. Harry’s presently owns and operates three megastores and five Harry’s In A Hurry convenience stores all in the in the Atlanta, Georgia metropolitan area, with a sixth Harry’s In A Hurry convenience store scheduled to open May 17, 2001 in the Peachtree City area of metropolitan Atlanta.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management’s belief, as well as assumptions made by and information currently available to management, pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Harry’s Farmers Market, Inc. may experience actual results that differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including the risk that funding may be inadequate to cover the Company’s future plans, the inherent difficulties in opening new locations, the risk of market acceptance for new locations, unforeseen costs and expenses in implementing new systems and controls, the impact of certain litigation, the cost and timing of implementing various initiatives and other factors, including, but not limited to, those identified in Harry’s Farmers Market, Inc.’s Annual Report on Form 10-K for the most recently ended fiscal year.
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