SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report:September 14, 2005
(Date of earliest event reported)
YOCREAM INTERNATIONAL, INC.
(Exact name of registrant as specified in its Charter)
Oregon | 0-16787 | 91-0989395 | ||||
State of Incorporation | Commission File Number | IRS Employer Identification | ||||
Number |
5858 N.E. 87th Avenue | 97220 | |||
Portland, Oregon | (Zip Code) | |||
(Address of principal | ||||
executive office) |
Registrant's telephone number, including area code:(503) 256-3754
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 | ||
CFR 230.425) | |||
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR | ||
240.14a-12) | |||
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the | ||
Exchange Act (17 CFR 240.14d-2(b)) | |||
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the | ||
Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On September 14, 2005, YoCream International issued a press release announcing financial results for the third quarter ending July 31, 2005. A copy of the press release is attached as Exhibit 99.1. This information is being furnished to satisfy Regulation FD, but is not deemed filed under the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits.
(a) | Not applicable. | ||||
(b) | Not applicable. | ||||
(c) | Exhibits. | ||||
(99.1) Press Release with Third Quarter Earnings | |||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this reported to be signed on its behalf of the undersigned hereunto duly authorized.
YOCREAM INTERNATIONAL, INC | ||||
(Registrant) | ||||
Date: | September 14, 2005 | By: | /s/ W. Douglas Caudell | |
W. Douglas Caudell, Chief Financial Officer |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For More Information, Contact: | ||
Terry Lusetti | 503-256-3754 | |
Investor Relations | www.yocream.com |
YOCREAM INTERNATIONAL REPORTS THIRD QUARTER RESULTS
PORTLAND, OR - SEPTEMBER 14, 2005 - YOCREAM International, Inc. (Nasdaq: YOCM), a manufacturer and wholesaler of frozen desserts and smoothies, today reported the financial results for the third quarter and nine months ended July 31, 2005.
YOCREAM third quarter sales were $5,895,000, compared with $5,907,000 in the third quarter of 2004. For the nine months ended July 31, 2005 and 2004 sales were $14,438,000 and $14,213,000, respectively.
"For the nine months, sales of frozen yogurt have increased 13.7% when compared to the same period in the prior year," stated Tyler Bargas, Director of Sales. "We intend to complement growth in our core brand with our new product lines: Dannon® Frozen Frusion®, Fruitquake®dispenser smoothies, YoCaffé® Latté, and Jolly Rancher™ frozen beverages."
"The Company continues to support market tests of several proprietary products for potentially significant customers that offer high volume opportunities for the upcoming fiscal year," noted Matt Hanna, Director of Administration. "This is consistent with the Company's plan to promote copacking capabilities and flexibility in manufacturing different products."
Net income for the third quarter was approximately $101,000, or $0.05 per share compared with $189,000 or $0.08 per share for the same period last year. Net income for the nine months was approximately $184,000, or $0.09 per share compared with $349,000, or $0.15 per share for the same period last year. "Earnings were impacted by the increase in transportation costs directly related to fuel surcharges," stated Terry Oftedal, Director of Operations. "The Company continues to analyze all costs and pursue opportunities to reduce ingredient, packaging, logistics, and production costs."
YOCREAM International, Inc. makes, markets and sells frozen desserts, snacks and smoothies throughout the United States and in several foreign countries. It sells primarily to food distributors and wholesale clubs; and the Company's products are available in restaurants, convenience stores, schools, government and military installations, hospitals, corporate cafeterias and wholesale clubs.
The JOLLY RANCHER trademark is used under license.
This release may contain certain forward-looking statements, which are based on management's current expectations. Factors that could cause future results to vary materially from these expectations include, but are not limited to, change in distribution abilities, level of customer acceptance of new products, change in co-packing relationships and strategic alliances and other economic, competitive, governmental, regulatory and factors affecting the Company's operations, pricing, products and service. For a more complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the Company's Form 10-KSB, which was filed with the Securities and Exchange Commission on January 31, 2005.
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YOCREAM INTERNATIONAL, INC. | ||||||||||||||||
STATEMENTS OF INCOME | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
July 31, | July 31, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Sales | $ | 5,894,733 | $ | 5,906,991 | $ | 14,438,153 | $ | 14,212,727 | ||||||||
Cost of goods sold | 4,547,530 | 4,439,177 | 10,697,940 | 10,423,754 | ||||||||||||
Gross profit | 1,347,203 | 1,467,814 | 3,740,213 | 3,788,973 | ||||||||||||
Selling, general and administrative expenses | 1,223,900 | 1,177,716 | 3,426,444 | 3,201,480 | ||||||||||||
Income from operations | 123,303 | 290,098 | 313,769 | 587,493 | ||||||||||||
Other income (expenses) | ||||||||||||||||
Other income | 37,417 | 14,191 | 46,115 | 16,685 | ||||||||||||
Interest expense | (37,587) | (21,438) | (108,298) | (66,108) | ||||||||||||
Income before income taxes | 123,133 | 282,851 | 251,586 | 538,070 | ||||||||||||
Income tax provision | 21,700 | 93,500 | 67,900 | 189,000 | ||||||||||||
Net income | $ | 101,433 | $ | 189,351 | $ | 183,686 | $ | 349,070 | ||||||||
Earnings per common share - basic | $0.05 | $0.08 | $0.09 | $0.15 | ||||||||||||
Earnings per common share - diluted | $0.05 | $0.08 | $0.09 | $0.15 | ||||||||||||
Shares used in basic earnings | ||||||||||||||||
per share | 2,109,338 | 2,277,956 | 2,142,624 | 2,277,956 | ||||||||||||
Shares used in diluted earnings | ||||||||||||||||
per share | 2,131,218 | 2,285,028 | 2,152,284 | 2,298,169 | ||||||||||||
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YOCREAM INTERNATIONAL, INC | ||||
BALANCE SHEETS | ||||
July 31, | October 31, | |||
2005 | 2004 | |||
(unaudited) | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ 2,523,544 | $ 3,806,993 | ||
Accounts receivable, net | 1,434,351 | 858,720 | ||
Inventories | 2,051,055 | 1,866,051 | ||
Other current assets | 450,826 | 219,634 | ||
Income taxes receivable | 5,300 | 51,154 | ||
Deferred tax asset | 205,220 | 194,519 | ||
Total current assets | 6,670,296 | 6,997,071 | ||
Fixed assets, net | 6,190,715 | 6,328,875 | ||
Intangible and other long-term assets, net | 419,881 | 399,672 | ||
$13,280,892 | $13,725,618 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities | ||||
Current portion of long-term debt | $ 403,319 | $ 403,319 | ||
Accounts payable | 1,546,392 | 1,170,882 | ||
Accrued liabilities | 152,472 | 156,120 | ||
Total current liabilities | 2,102,183 | 1,730,321 | ||
Long-term debt, less current portion | 2,004,596 | 2,305,939 | ||
Interest rate swap, at fair value | (13,300) | - | ||
Deferred tax liability | 1,127,369 | 1,070,720 | ||
Other liabilities | 58,522 | 46,060 | ||
Total liabilities | 5,279,370 | 5,153,040 | ||
Shareholders' equity | ||||
Common stock, no par value, 30,000,000 shares | ||||
authorized, 2,106,300 shares issued and outstanding | 3,976,639 | 4,739,581 | ||
Retained earnings | 4,016,683 | 3,832,997 | ||
Accumulated other comprehensive income | 8,200 | - | ||
Total shareholders' equity | 8,001,522 | 8,572,578 | ||
$13,280,892 | $13,725,618 | |||
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