Net sales for the quarter ended July 1, 1996 increased by 12% to $48,043,000 compared to $42,936,000 for the same period in 1995. Net income for the quarter totaled $1,943,000, an increase of 18% over 1995 second quarter earnings of $1,653,000. Net income per common share was $0.27 in the second quarter of 1996 compared to $0.23 in the second quarter of 1995.
Net sales for the first six months of 1996 increased 11% to $85,932,000, compared to $77,141,000 for the same period last year. Net income increased 29% to $3,307,000 for the first six months of 1996, compared to $2,564,000 for the first six months of 1995. Net income per common share for the first six months of 1996 was $0.46 compared to $0.36 for the first half of 1995.
In announcing second quarter results, Holland noted, "We are pleased by the performance to date of our new sorbet line. Sorbet sales are driving our top line growth and helping to strengthen the superpremium category. Additionally, we have continued to improve our operating efficiencies at our newest manufacturing facility and our other plants, resulting in steady improvement in our gross margins."
Holland also stated that, in response to significant increases in dairy prices this year, the Company has instituted a price increase effective July 29, 1996. "Cream prices have more than doubled since April," Holland said, "with particularly acute increases in the past two months."
Ben & Jerry's produces superpremium ice cream, ice cream novelties, lowfat and non-fat frozen yogurt, and sorbets using Vermont dairy products, Vermont spring water, 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 & JerryÕs scoop shops, including three 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, France, and the Benelux countries.
| Thirteen weeks ended | Twenty-six weeks ended | ||||
| June 29, 1996 | July 1, 1995 | June 29, 1996 | July 1, 1995 | ||
|---|---|---|---|---|---|
| Net Sales | $48,043 | $42,936 | $85,932 | $77,141 | |
| Gross Profit | $16,540 | $13,496 | $28,505 | $23,198 | |
| Operating Income | $3,288 | $2,967 | $4,897 | $4,405 | |
| Other Income/Expense | ($154) | ($236) | $438 | ($149) | |
| Income before income taxes | $3,134 | $2,731 | $5,335 | $4,256 | |
| Net Income | $1,943 | $1,653 | $3,307 | $2,564 | |
| Weighted average common and common equivalent # of shares outstanding | 7,260 | 7,224 | 7,258 | 7,195 | |
| Net income per common share | $0.27 | $0.23 | $0.46 | $0.36 | |
Contact: Alan F. Parker