991114 CFP Holdings Reports Results for QuarterNovember 3, 1999Philadelphia, PA - CFP Holdings Inc., a leading developer, manufacturer and marketer of value-added meat and poultry products, announced financial results for the quarter ended Sept. 30, 1999. The company reported net income for the quarter ended Sept. 30, 1999, of $0.6 million compared with prior year quarters net loss of $0.2 million. The company's considerable improvement in net income reflects an increase in sales of the company's higher margin value-added products and the positive impact of lower selling, general and administrative expenses. EBITDA was $7.0 million for the quarter ended Sept. 30, 1999, compared with $5.9 million for the quarter ended Sept. 30, 1998, representing an increase of 18.6%. This increase is due to the aforementioned increase in sales of the company's higher margin value-added products and the positive impact of improved operations. "We are extremely pleased with our quarterly results, which reflect significant gains from our sales initiatives and infrastructure improvements across both of our divisions. We are confident that we will continue to recognize the positive benefits of increased sales and improved operations," said William Del Chiaro, president and chief executive officer of CFP Holdings. Eric W. Ek, senior vice president and chief financial officer, said, "We are extremely pleased with our financial progress, as evidenced by our 18.6% increase in EBITDA for the quarter when compared to the prior year's quarter and our 169% increase in net income when compared to the quarter ended June 30, 1999." "We are also pleased to announce that Dr. Ahmed Z. Daoud has joined CFP Group as director of technical services. Dr. Daoud, who was previously with Jac Pac Foods, has more than 20 years' combined experience in the areas of product and business development, technical services and account relations. We are looking forward to the value Dr. Daoud will provide to the company and our customers," added Del Chiaro. Note: The company has scheduled a conference call for investors to discuss the quarterly results on Tuesday, Nov. 2, 1999, at 2 p.m. ET. The dial-in number is 800/245-3043 and the dial-in code is CFP. CFP Holdings is a leading developer, manufacturer and marketer of value- added meat and poultry products sold to the food service industry and manufacturers of packaged foods.
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