Chicago - Rymer Foods Inc. announced its results for the fiscal year ended Oct. 31, 1998.
For the fiscal year ended Oct. 31, 1998, the Company reported a loss from continuing operations of $2.0 million or ($0.47) per share as compared to a loss of $4.9 million in 1997 (accomplished by combining the eleven-month period prior to restructuring and the one month after restructuring). Included in the 1997 loss is a restructuring charge (to convert $21.5 million of Senior Notes into equity) of $1.6 million.
The Company's gross profit decreased to $2.1 million from $3.0 million. Management believes that the first six months results for 1998 were negatively impacted due to the aftermath of the Senior Note restructuring. Interest expense decreased by $2.1 million primarily due to the elimination of the Senior Notes. Management believes that the Company's future success will continue to be dependent upon expanding the customer base, containing costs and maintaining relationships with its lenders.
Rymer Foods is the holding company for Rymer Meat Inc., 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.
Meat Industry Insights News Service
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