For Immediate Release
BEN & JERRY'S HOMEMADE, INC. ANNOUNCES SECOND QUARTER RESULTS
WATERBURY, VT. - Robert Holland, Chief Executive Officer of Ben & Jerry's Homemade, Inc. (NASDAQ: BJICA), the Vermont-based superpremium ice cream manufacturer, today announced financial results for the second quarter of 1995.
Net sales for the quarter ended July 1, 1995 increased by 6% to $42,936,000 compared to $40,657,000 for the same period in 1994. Net income for the quarter totaled $1,653,000, an increase of 133% over 1994 second quarter earnings of $714,000. Net income per common share was $0.23 in the second quarter of 1995 compared to $0.10 in the second quarter of 1994.
Net sales for the first six months of 1995 increased 6% to $77,141,000, compared to $72,848,000 for the same period last year. Net income increased 59% to $2,564,000 for the first six months of 1995, compared to $1,616,000 for the first six months of 1994. Net income per common share for the first six months of 1995 was $0.36 compared to $0.23 for the first half of 1994.
Mr.Holland stated that, "These numbers tell us we are on the right track. The increase in net sales was in line with our expectations and was achieved through both a February 1995 price increase and volume increases. We were particularly pleased with the growth of our new non-fat frozen yogurt line."
He added that, "We saw a significant increase in our gross margins (31% vs 27% in the second quarter of 1994). This gain was largely the result of significant improvement in operating efficiencies at each of our established plants and continued increased production at our new plant in St. Albans. Even with temporary ice cream hardening equipment in place, the St. Albans plant production line was our highest volume line in June and the new plant is on schedule to come into full production in the fourth quarter of this year."
Holland pointed out that the Company is making progress in strengthening its management team, which he described as the most important task he faces. "We have just hired a new Director of Operations and have started the hiring process for an international development team so that we will be prepared to meet the challenges of growth and improved efficiency."
Holland also noted that higher dollar levels of selling, general, and administrative expenses have been incurred. "This spending has been based on management's decision to strengthen the organizational infrastructure and insure that we have the necessary resources to elevate the company to the next level."
| Thirteen weeks ended | Twenty-six weeks ended | |||
| July 1, 1995 | June 25, 1994 | July 1, 1995 | June 25, 1995 | |
| Net Sales | $42,936 | $40,657 | $77,141 | $72,848 |
| Gross Profit | $13,496 | $11,064 | $23,198 | $19,046 |
| Operating Income | $2,967 | $1,196 | $4,320 | $2,605 |
| Other Income/Expense | ($236) | ($16) | ($63) | $53 |
| Income before income taxes | $2,731 | $1,180 | $4,256 | $2,658 |
| Net Income | $1,653 | $714 | $2,564 | $1,616 |
| Weighted average # of shares outstanding | 7,183 | 7,144 | 7,166 | 7,145 |
| Net income per common share | $0.23 | $0.10 | $0.36 | $0.23 |