ALEXANDRIA, Va., May 14, 2009 (GLOBE NEWSWIRE) -- Cuisine Solutions, Inc. (NYSE Alternext:FZN), a leading premium, fully-cooked, frozen food manufacturer, today announced results for the third quarter ended April 4, 2009. For the third quarter of fiscal year 2009 net sales from products were $21,094,000, down 16.4% over the prior fiscal year third quarter of $25,245,000. Net loss for the third quarter of fiscal year 2009 increased by 68.5% to $691,000 compared to the third quarter of fiscal year 2008 net loss of $410,000 due primarily to reduced gross margins on reduced sales and other income partially offset by lower research and development, selling and marketing and general and administrative costs. Net loss per share basic and diluted was $0.04 in the third quarter of fiscal 2009 as compared to a net loss per share basic and diluted of $0.02 in the third quarter of fiscal 2008. Sales from services were $321,000 as a result of our new acquisition and fee based training programs.
NET PRODUCT SALES FOR THE THIRD QUARTER ENDED:
By Geographic Region April 4, 2009 April 5, 2008 % change
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USA Sales $ 12,683,000 $ 16,641,000 -23.8%
Europe Sales 6,493,000 8,570,000 -24.2%
Rest of World Sales 1,918,000 34,000 5,541.2%
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Net Product Sales $ 21,094,000 $ 25,245,000 -16.4%
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By Channel April 4, 2009 April 5, 2008 % change
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On Board Services $ 5,016,000 $ 6,139,000 -18.3%
Food Service 2,945,000 4,316,000 -31.8%
Retail 4,516,000 5,789,000 -22.0%
Military 7,241,000 5,862,000 23.5%
National Restaurant Chains 1,376,000 3,139,000 -56.2%
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Net Product Sales $ 21,094,000 $ 25,245,000 -16.4%
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CUISINE SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION
(Unaudited)
Sixteen Weeks Ended Forty Weeks Ended
-------------------------- --------------------------
April 4, April 5, April 4, April 5,
2009 2008 2009 2008
------------ ------------ ------------ ------------
Revenues
Products
sales, net $ 21,094,000 $ 25,245,000 $ 58,838,000 $ 66,463,000
Services
revenue 321,000 -- 627,000 --
------------ ------------ ------------ ------------
Total
revenue 21,415,000 25,245,000 59,465,000 66,463,000
Cost of
revenue
Products 17,302,000 20,294,000 47,271,000 53,161,000
Services 229,000 -- 506,000 --
------------ ------------ ------------ ------------
Total cost
of revenue 17,531,000 20,294,000 47,777,000 53,161,000
------------ ------------ ------------ ------------
Gross margin 3,884,000 4,951,000 11,688,000 13,302,000
Research and
development 294,000 320,000 757,000 819,000
Selling and
marketing 1,933,000 2,451,000 5,619,000 6,300,000
General and
adminis-
trative 2,476,000 2,946,000 5,501,000 6,421,000
------------ ------------ ------------ ------------
Loss before
non-operating
expense,
minority
interest and
income taxes (819,000) (766,000) (189,000) (238,000)
Non-operating
income
(expense)
Interest
expense (86,000) (149,000) (233,000) (331,000)
Other
(expense)
income, net (16,000) 141,000 (19,000) 184,000
------------ ------------ ------------ ------------
Total non-
operating
expense (102,000) (8,000) (252,000) (147,000)
Minority
interest (2,000) -- 2,000 --
Loss before
income taxes (923,000) (774,000) (439,000) (385,000)
Benefit for
income tax
expense 232,000 364,000 38,000 207,000
------------ ------------ ------------ ------------
NET LOSS $ (691,000) $ (410,000) $ (401,000) $ (178,000)
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Net loss per
common share
Basic $ (0.04) $ (0.02) $ (0.02) $ (0.01)
Diluted $ (0.04) $ (0.02) $ (0.02) $ (0.01)
Weighted
average
shares
outstanding-
basic 17,409,471 16,950,904 17,478,136 16,787,866
Common stock
equivalents -- -- -- --
------------ ------------ ------------ ------------
Weighted
average
shares
outstanding
-diluted 17,409,471 16,950,904 17,478,136 16,787,866
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