Chicago - Rymer Foods Inc. announced its financial results for the first quarter of 1998.
The Company incurred a loss from continuing operations of $.8 million or $.18 per share (basic) in the first quarter of 1998 compared to a loss from continuing operations of $1.2 million in the first quarter of 1997.
Consolidated net sales from continuing operations of $6.0 million were $2.3 million below the first quarter of 1997 primarily due to industry-wide lower consumer consumption and competition. The decrease in gross profit was primarily attributable to lower volume. Additionally, the Company reduced selling, general and administrative expense by $128,000 due to headcount reductions.
Interest expense decreased by $839,000 in 1998 as compared to 1997 due to the restructuring that the Company completed in October 1997.
Mr. P. Edward Schenk, President and Chief Executive Officer of Rymer, made the following comments regarding the Company's operations. "During the first quarter, the Company has continued to emphasize operational efficiency and customer service. I believe that the diversification of the Company's market segments, which has been our sales focus during the last year, is the key to the Company's future success."
Rymer Foods is the holding company for Rymer Meat, a Chicago-based portion-control meat company which provides frozen, pre-seasoned meat and tailored programs to national mid-scale family restaurant chains and institutional foodservice providers.
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