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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gold Frost | LSE:GLF | London | Ordinary Share | IL0010952989 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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29 May 2007
Gold Frost Limited
("Gold Frost" or the "Company")
Unaudited Results for the first Quarter of 2007
Gold Frost (ticker: GLF), the designer, developer and distributor of kosher
chilled, frozen and dairy food products; today announces its unaudited
financial results for the first quarter of 2007.
Financial highlights for the first quarter of 2007:
* Revenues increased by 38.2 per cent to $3.75m (Q1 2006: $2.71m)
* Gross profit increased by 35.9 per cent to $1.90m (Q1 2006: $1.40m)
* Profit before tax increased by 34.2 per cent to $1.38m (Q1 2006: $1.03m)
* Net Profit increased by 33.8 per cent to $0.96m (Q1 2006: $0.72m)
* Basic earnings per share increased by 5.9 per cent to 1.8 cents
(Q1 2006: 1.7 cents)
* Net cash and securities of $13.1m (equalling to 24.8 cents per ordinary
share) as at 31 March 2007
Operational highlights:
* Increased revenues primarily due to increase in sales and marketing of
existing products to new and existing customers in Israel
* Growth in all product segments
* Approximately 70 per cent of sales from main product lines of Lurpak
spreadable butter, butter, Fetina, Swedish Lo-Chol and Odam
* Continued investment in developing new innovative products with health
benefits
Commenting on the results, Zwi Williger, Chief Executive Officer, said: "The
first quarter of 2007 was a period of significant progress and expansion for
GoldFrost. We delivered the highest quarterly revenues and gross profit in the
Company's history. We are increasing sales among both new and existing
customers in Israel with our innovative products.
The Company's strong financial results for the first quarter of 2007
demonstrate Gold Frost's ability to capitalise on the growing interest of
consumers in its current market. The Company's growing product portfolio and
consumer demand for healthier foods means that there is a significant
opportunity for Gold Frost to gain share within the dairy kosher and health
food market. Overall demand for innovative kosher products is getting stronger
and the Company's new product lines have been well received.
"The fundamentals of our business are strong," concluded Mr. Williger. "Our
innovative approach to the rapidly expanding kosher and health food market
continues to drive revenue and margin growth. In addition, we are making
progress with our strategic plan to expand internationally. We look forward to
the remainder of the year."
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Blue Oar Securities Plc*
Jerry Keen / Rhod Cruwys / David Seal 020 7448 4400
* Blue Oar Securities was formerly Corporate Synergy Plc and acts as Nominated
Adviser & Broker for the Company
Overview
Gold Frost is pleased to report a strong operating performance in first quarter
of 2007, reflecting the Company's success in increasing sales of its existing
products in Israel.
Revenues for the first quarter of 2007 increased by 38.2 per cent to $3.75m
compared with first quarter last year and net profit increased by 33.8 per cent
to $0.96m compared with first quarter last year. Gross margins maintained high
level of 50.65 per cent. The continued devaluation of the US dollar compared to
the new Israeli shekel had a significant positive impact on gross profit
margins for the period, as well as increased sales of higher margin branded
products. Operating profit before tax for the first quarter of 2007 increased
by 34.7 per cent to $1.25m from $0.93 million reported on the first quarter
last year.
The first quarter of 2007 saw an increase in demand for all segments of Gold
Frost's products. Growth was driven by several factors. First, the sales team
was increased in the previous quarter, enabling the Company to gain more access
to existing customers and to new customers. Second, the Company's products
continued to gain market acceptance due to a combination of superior taste and
the fulfilment of kosher quality assurance standards. Approximately 70 per cent
of sales were generated from its main product lines of Lurpak spreadable
butter, butter, Fetina (kosherised feta cheese), Swedish Lo-Chol and Odam (an
Edam style cheese).
Gold Frost ended the quarter with $13.1 million in cash & securities and no
debt.
The Company's growth strategy is to broaden the variety of branded kosherised
products and target them at health conscious consumers worldwide.
Outlook
The Company's growing product portfolio and consumer demand for healthier foods
means that there is a significant market opportunity for Gold Frost to gain
share within the dairy kosher food market, which was estimated at $1.5bn per
annum in Israel alone in 2005.
Whilst the Company has yet to be granted its own import license in the U.S., it
has made arrangements with its supplier, Arla Foods in the U.S. to import
kosher Lurpak butter and Brie and Camembert cheeses into the U.S. for
distribution by the Company. Shipments of these products to the U.S. may
commence once Gold Frost has produced new product labelling in compliance with
USDA and kosher regulations, which is not completed and still in process.
GOLD FROST LTD.
BALANCE SHEETS
IN U.S. DOLLARS
March 31, December 31,
2 0 0 7 2 0 0 6
(in thousands)
Assets
Current assets
Cash and cash equivalent 10,581 10,479
Securities held for trading 2,525 1,963
Related parties 3,791 3,001
Other receivables 45 56
Inventories 2,018 1,527
Total current assets 18,960 17,026
Property, plant and equipment
Cost 402 395
Less: accumulated depreciation and amortization 138 110
264 285
Total assets 19,224 17,311
Liabilities and shareholders' equity
Current liabilities
Trade accounts payables 2,730 1,253
Other payables and current liabilities 816 1,596
Total current liabilities 3,546 2,849
Non-current liabilities
Deferred taxes 19 10
Warrants to issue shares 72 82
Accrued Severance Pay 13 13
Long Term Liabilities 104 105
Shareholders' equity
Share capital 119 119
Additional paid in capital 6,900 6,900
Foreign currency translation reserve 1,403 1,148
Retained earnings 7,152 6,190
15,574 14,357
Total liabilities and shareholders' equity 19,224 17,311
GOLD FROST LTD.
STATEMENTS OF OPERATIONS
IN U.S. DOLLARS
Three months Three months
ended ended Year ended
March 31, March 31, December 31,
2 0 0 7 2 0 0 6 2 0 0 6
(in thousands, except per share and share
data)
Revenues 3,751 2,714 10,718
Cost of sales (1,851) (1,316) (5,545)
Gross profit 1,900 1,398 5,173
Operating expenses:
Selling and marketing, (288) (231) (1,241)
net
General and (365) (241) (1,118)
administrative
Total operating expenses (653) (472) (2,359)
Profit from operations 1,247 926 2,814
Financial income, net 129 99 703
Profit before tax 1,376 1,025 3,517
Income tax expenses (414) (306) (1,096)
Net profit 962 719 2,421
Earnings per share (EPS)
Basic 0.018 0.017 0.048
Fully diluted 0.018 0.017 0.048
Shares used in
computation
of basic EPS 52,857,142 43,285,714 50,497,064
Shares used in computing
fully diluted EPS 52,857,142 43,343,388 50,641,717
Note to the Interim Results - Basis of Preparation:
The results for the first quarter of 2007 are unaudited. They have been
prepared on accounting bases and policies that are consistent with those used
in the preparation of the financial statements of the company for the 12 months
ended 31 December 2006, which were prepared with accordance with International
Financial Reporting Standards (IFRS).
Notes to Editors:
Gold Frost is a designer, developer and distributor of branded kosher dairy
food products with 20 varieties of products currently on sale in Israel. The
Company possesses proven R&D capability for "koshering" chilled, frozen, diary
and other products, a number of which have a health advantage by virtue of
being low in fat and cholesterol.
END
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