Quarters Roll
Vaughan Foods, Inc. (OTCBB: FOOD) $3m (MarketCap) reports first quarter earnings call
A regional leader in fresh-cut vegetables and fruit products, and a broad line of refrigerated prepared salads, sauces, soups, and side-dishes, Vaughan Foods today review operating and financial results for the first quarter of 2010. Welcomed highlights included a profitable bottom line on $.02 a share, compared with a net loss of ($.06) in for the first quarter ending March 31st, 2009. While top line sales were down slightly, improved margin and controlled operational costs contributed to a gross profit increase of $811k dollars, a 4% increase over the quarter a year ago. The company rolled out their Enterprise Resource Planning (ERP) system during the first quarter, an integrated computer-based system used to manage internal and external resources including tangible assets, financial resources, materials, and human resources to reduce cost and waste and maximize information management.
- Vaughan recorded net income of $0.1 million, or $0.02 per share, compared to a net loss of $0.3 million or $0.06 per share in the comparable quarter of 2009. Gross profit increased to 12.7 percent in the first quarter of 2010 from 8.7 percent in the first quarter of 2009.
- The improved results are attributable to several factors, including efficiencies in production labor and ingredient costs partially attributable to the benefits of the Company’s implementation of its Enterprise Resource Planning (“ERP”) system in the first quarter of 2010, continued stability in commodity raw material costs, and further stabilization of the Company’s work force.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”) improved to $1.1 million in the first quarter of 2010 compared with $0.2 million in the year-earlier quarter. The Company repaid long-term debt and capital leases of $0.2 million and reduced the amount outstanding on its revolving line of credit by $0.3 million to $2.0 million.
- On February 24, 2010, the Company closed a private placement financing, wherein it raised $1.9 million consisting of a combination of restricted common stock and restricted warrants, strengthening its capital and liquidity position.
The Company was cautious to speak on near-term performance, but emphasized robust top-line growth through a new marketing plan and continued improvements in product safety efforts.
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