000219 CFP Holdings for the QuarterFebruary 12, 2000Philadelphia - CFP Holdings, Inc., a leading developer, manufacturer and marketer of value-added meat and poultry products, announced the following financial results for the quarter ended December 31, 1999. The Company reported a net loss for the quarter ended December 31, 1999 of $0.2 million compared to the prior year's quarter net loss of $0.4 million. EBITDA was $6.1 million for the quarter ended December 31, 1999 compared to $5.6 million for the quarter ended December 31, 1998. “We are proud of the continued EBITDA growth we are achieving as a result of our sales growth and constant efforts to improve operations. Our focused approach of developing `business partner relationships' with our customers has been integral to the success of our sales growth,” said William Del Chiaro, President and Chief Executive Officer of CFP Holdings. “EBITDA increased 10.4% for the quarter ended December 31, 1999 when compared to the prior year's same quarter. We continue to achieve significant growth in EBITDA due to our strong sales, which were up 24.2%. We are very pleased with our financial performance for the quarter,” said Eric W. Ek, Senior Vice President and Chief Financial Officer. The Company also announced that it will build a new manufacturing and Research and Development facility in La Habra, California, which will have the capability to make all of the Company's products. Del Chiaro stated, “We have signed a letter of intent with CS Integrated LLC (CSI) to build a 100,000 square foot facility which will contain 60,000 square feet of production space and another 40,000 square feet of temperature-controlled space dedicated to our needs. The facility is expected to be operating in the quarter ending June 2001. Our strong sales growth, coupled with the need to support our customer's new product needs, has created an opportunity for the Company to build a new manufacturing facility with a state of the art research and development center. This new facility is an important strategic move for CFP Group that will support our company's R&D efforts, as well as provide a platform for future growth.” Cyriel Godderie, Chairman of CSI, said, “We look forward to being part of CFP's continued strategic expansion and are pleased to begin a partnership with such a fine organization.” Del Chiaro concluded, “Partnering with a company like CSI which has the financial strength and logistics expertise truly fits the needs of CFP Group.” CS Integrated LLC (CSI), with headquarters in Liberty Corner, N.J., is a leading, national provider of temperature-controlled supply chain logistics services, including facility development and management, operating 30 distribution centers coast-to-coast. CSI is a division of ProLogis(TM), the largest publicly held, U.S.-headquartered, owner and operator of global distribution, light manufacturing and temperature controlled properties. CFP Holdings, Inc. 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.
E-mail: sflanagan@sprintmail.com |
