Californian food manufacturer Provena Foods has reported net sales up 26% for Q1 ended 31 March.
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The company also posted net earnings of US$55,706 for Q1 2002, compared to US$9,866 a year ago.
Statement of operations (US$)
Q1 2002 Q1 2001
==============================================================================
Net Sales $9,772,060 $7,738,681
Cost of Sales 8,810,846 6,824,153
Gross Profit $961,214 $914,528
Operating Expenses:
Distribution 305,016 324,003
General and administrative 497,035 437,637
Operating profit 159,163 152,888
Interest expense, net (123,766) (194,364)
Other income, net 57,309 58,942
Earnings before income taxes 92,706 17,466
Income tax expense 37,000 7,600
Net earnings $55,706 $9,866
Earnings per share: Basic $0.02 $0.00
Diluted $0.02 $0.00
Weighted average number
of shares
outstanding: Basic 3,099,362 3,043,882
Diluted 3,099,362 3,043,882
