YoCream International Announces Another Record Quarter: Sales Up 51.2% and Net Income Up 284%
Sales for the nine months ended July 31, 2008 were up 42.7% to $29,631,000. Gross profit margins were 41.9% in 2008 compared with 36.9% in 2007; income from operations was $5,100,000, a 282% increase over the prior year; net income was up 369%.
28/08/08 YoCream International, Inc., a manufacturer and wholesaler of frozen desserts and beverages, reported the financial results for the third quarter ended July 31, 2008.
It was a record third quarter with sales up 51.2% to $15,152,000 and net income up 284% to $1,924,000. Gross profit margins in the third quarter were 42.7% compared with 34.6% in the prior year; income from operations was $3,297,000, a 257% increase over the same period in 2007.
Sales for the nine months ended July 31, 2008 were up 42.7% to $29,631,000. Gross profit margins were 41.9% in 2008 compared with 36.9% in 2007; income from operations was $5,100,000, a 282% increase over the prior year; net income was up 369% to $2,934,000, or $1.27 per share, compared with $625,000 or $0.29 per share for the same period last year. Copacking sales were purposefully limited in order to operationally meet the significant sales growth of the Company's proprietary products.
"It has been an outstanding year to date for us, with 9 months sales and earnings breaking through the 12 months results of previous years, and the momentum continues," observed Matt Hanna, Director of Administration. "Meeting the operational challenges of such explosive growth is a testimony to the commitment and capability of our YoCream team."
The third quarter of 2008 represents the ninth consecutive quarter of double digit sales growth for YoCream. Total YTD foodservice sales, exclusive of club and co-packing business were up approximately 105%. "We are enjoying considerable growth in major markets across the U.S.," noted Tyler Bargas, Director of Sales. "YoCream continues to nationally lead the away-from-home frozen yogurt and beverage category with a firm knowledge of the customer base and well-executed sales strategies."
New product introductions in the fourth quarter of 2008 are expected to advance sales into the 2009 selling season. "We completed a third quarter consumer taste test and will roll out 7 frozen yogurt flavors in a new YoCream Select line," noted Suzanne Gardner, Director of Marketing. "Five new frozen beverage flavors will also be introduced at the National Association of Convenience Stores (NACS) Show in Chicago on October 5,2008. The new frozen yogurt flavors and beverages both carry national brands that compliment the high quality of YoCream products."
