000337 Rymer Foods Announces First Quarter ResultsMarch 18, 2000Chicago - Rymer Foods Inc. announced its financial results for the first quarter of 2000. The Company incurred a loss from continuing operations of $153,000 or $.04 per share (basic) in the first quarter of 2000 compared to a loss from continuing operations of $296,000 in the first quarter of 1999. Consolidated net sales from continuing operations of $9.2 million were $2.1 million higher than first quarter of 1999 primarily due to the Company's expansion of its customer base. The increase in gross profit was primarily attributable to the efficiencies associated with the higher volume. Selling, general and administrative expense increased by 45,000 due primarily to higher revenue related expenses. Interest expense increased by $39,000 in 2000 as compared to 1999 due to higher bank borrowings. Mr. P. Edward Schenk, Chief Executive Officer of Rymer, made the following comments regarding the Company's operations. “The first quarter of 2000 continues the growth in the Company's customer base. Continuing customer expansion while emphasizing customer service are keys for success in 2000.” Mr. Edward M. Hebert, President of Rymer, stated, “Operational efficiency along with product quality are important ingredients to improving Company profitability.” 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.
E-mail: sflanagan@sprintmail.com |
