WATERBURY, VT - Robert Holland, Chief Executive Officer of Ben & Jerry's Homemade, Inc. (NASDAQ; BJICA) today announced financial results for the Company's 1995 third quarter.
Net sales for the quarter ended September 30, 1995 were $45,405,000, an increase of 1% over $44,761,000 in the corresponding quarter of 1994. Net income for the quarter was $2,525,000, an increase of 78% over net income of $1,415,000 in the 1994 third quarter. Earnings per share in the third quarter of 1995 were $0.35, as compared to $0.20 in the third quarter of 1994.
Through the first three quarters of 1995, net sales were $122,545,000, an increase of 4% over $117,609,000 for the comparable period in 1994. Net income through the period totaled $5,089,000, up 68% from $3,032,000 for the first three 1994 quarters. Net income per common share was $0.71, compared to $0.42 in the comparable 1994 reporting period.
"We are pleased with these results," stated Holland. "We have continued to improve our gross margins over the course of 1995, with better operating efficiencies at our production facilities, including increased production levels at our newest plant in St. Albans, Vermont." Holland noted that the Company's production capacity with the addition of the St. Albans plant has allowed the scheduled termination of the Company's co-packing agreement with Dreyer's Grand Ice Cream at Dreyer's plant in Fort Wayne, Indiana.
Holland added that, "In light of the highly competitive superpremium and premium ice cream and frozen dessert market, our revenue growth, while not strong, has been about what we expected in the short term. We are focused on improving internal operations and on strengthening our management team to position the Company to increase its rate of growth in future periods. We will need to make investments in people to make this happen, and this process is well under way."
Ben & Jerry's produces superpremium ice cream, ice cream novelties, and lowfat and non-fat frozen yogurt using Vermont dairy products and high quality natural ingredients. Ben & Jerry's products are distributed nationwide in supermarkets, grocery stores, convenience stores, restaurants, and other venues. The Company franchises Ben & Jerry's scoop shops, including four in Canada. The Company is also a joint partner in a production and scoop shop venture in Karelia, Russia; has a licensing agreement with an ice cream manufacturing and marketing company in Israel; and sells its products in the United Kingdom.
| (in thousands except per share data) | |||||
| (unaudited) | |||||
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||
| 9/30/95 | 9/24/94 | 9/30/95 | 9/24/94 | ||
| Net Sales | $45,405 | $44,761 | $122,545 | $117,609 | |
| Gross Profit | 14,076 | 12,921 | 37,273 | 31,967 | |
| Operating Income | 4,268 | 2,479 | 8,672 | 5,084 | |
| Other Income/Expense | (129) | (108) | (277) | (55) | |
| Income before Income Taxes | 4,139 | 2,371 | 8,395 | 5,029 | |
| Net Income | 2,525 | 1,415 | 5,089 | 3,032 | |
| Weighted Avg # Shares Outstanding | 7,177 | 7,151 | 7,157 | 7,147 | |
| Net Income per Common Share | $0.35 | $0.20 | $0.71 | $0.42 | |