Miami - Terrace Food Group, Inc. achieved record sales in the third quarter and the first nine months of 1998, with gains of 123 percent and 498 percent.
Revenues for the latest period, ended September 30, 1998 were $7.6 million, up 123 percent from $3.6 million in the corresponding period of last year's third quarter. In line with expectations, there was a net loss of $943,983, reflecting investment spending, compared with a net loss of $383,018 for the third quarter of 1997.
Loss per diluted share from continuing operations, based on 7.2 million shares outstanding, was $0.13 for the latest period, compared with $0.06 per diluted share for the year-ago quarter, when there were 5 million shares outstanding.
Revenues for the first nine months of 1998 increased 498 percent to $21.4 million from $3.6 million for the first nine months of 1997. The net loss for the latest period was $1 million compared, with a net loss of $583,389 for the corresponding period of 1997. The loss per diluted share from continuing operations, based on 5.7 million shares outstanding, was $0.18, compared with $0.14 for the first nine months of last year, when there were 5 million shares outstanding.
Steve Shulman, Chief Executive Officer, said, “Our rapidly growing revenues are a direct result of the very substantial investment we have made in marketing, sales and infrastructure to generate and support our expanding business including the cruise-ship and home-meal replacement markets. Although the bottom line does not yet reflect our growing momentum, we fully expect our new business segments to strongly contribute to our operating performance and financial results in the fourth quarter and the year ahead.”
“The outlook is for a strong 1999,” Mr. Shulman continued. “The infrastructure currently in place can support greatly increased operations. With the home-meal replacement business under our Terrace Food Group brand now launched into major food clubs, we are exploring other promising opportunities. Similarly, our cruise-ship service business, introduced during the third quarter, is rapidly expanding.”
Terrace Food Group, Inc. through its A-One-A and Banner subsidiaries, is a leading distributor of produce and custom value-added processor of produce, meat, poultry, seafood, dairy and other perishable commodities.
Meat Industry Insights News Service
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