WATERBURY, VT. - Robert Holland, President and Chief Executive Officer of Ben & Jerry's Homemade, Inc. (NASDAQ: BJICA), the Vermont-based superpremium ice cream and frozen yogurt manufacturer, today announced results for the year ended December 30, 1995.
Net sales in the fourth quarter of 1995 totalled $32,788,000, an increase of 5.1% over 1994 fourth quarter sales of $31,193,000. Net income in the fourth quarter of 1995 was $859,000, compared to a net loss of $4,900,000 in the fourth quarter of 1994. Net income per common share in the 1995 fourth quarter was $0.12, compared to a net loss per common share of $0.69 in the fourth quarter of 1994.
The Company's net sales for all of 1995 totalled $155,333,000 compared to 1994 sales of $148,802,000, an increase of 4.4%. Net income for all of 1995 was $5,948,000, compared to a net loss of $1,869,000 in 1994. Net income per common share for 1995 was $0.83 compared to a net loss per common share of $0.26 for 1994. 1994 results included a fourth quarter after-tax writedown of assets of $4.1 million or $0.57 per share in conjunction with the Company's St. Albans, Vermont production facility.
"We accomplished a lot in 1995, " noted Holland. "We started production at our new facility in March 1995 and all of our production was brought under our control in September of 1995. We installed the second production line at that facility in the fourth quarter of 1995 which is currently in the startup phase. We improved our gross margins significantly and we strengthened our senior management team. We have developed a line of sorbets that will reach the marketplace shortly, and these new products continue our tradition of innovation and excellent quality."
Holland added, "As I said when I first came on board at Ben & Jerry's a year ago,'I don't want to minimize the challenges we face.' That is still true. As we face a relatively mature domestic market in the superpremium category, we must market better and innovate more aggressively. In planning for expansion, we are struck by both the opportunities at home and the need to be cautious, but forward-thinking, in identifying and entering new markets abroad. In addition, we must continue to hone our planning and production skills to improve our results."
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. The Company also manufactures sorbets. 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 and France.
BEN & JERRY'S HOMEMADE, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands except per share data)
| QUARTER ENDED | YEAR ENDED | |||
|---|---|---|---|---|
| 12/30/95 | 12/31/94 | 12/30/95 | 12/31/94 | |
| Net Sales | $32,788 | $31,193 | $155,333 | $148,802 |
| Gross Profit | 8,934 | 7,074 | 46,208 | 39,042 |
| Selling, General & Administrative Exp. | 7,762 | 9,369 | 36,362 | 36,253 |
| Asset Write-down | -- | 6,779 | -- | 6,779 |
| Other Income (Expense) | (162) | 284 | (441) | 229 |
| Income (Loss) Before Income Tax | 1,010 | (8,790) | 9,405 | (3,761) |
| Net Income (Loss) | 859 | (4,900) | 5,948 | (1,868) |
| Weighted Avg. # Shares Outstanding | 7,200 | 7,153 | 7,171 | 7,148 |
| Net Inc. (Loss) per Common Share | $0.12 | ($0.69) | $0.83 | ($0.26) |