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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 |
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0 | 0 | N/A | 0 |
29 November 2006 Gold Frost Limited ("Gold Frost" or the "Company") Unaudited Results for the nine months ended 30 September 2006 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 nine months ended 30 September 2006. Financial highlights for the period of nine months ended 30 September 2006: * Revenues increased by 26.2 per cent. to $7.91m (nine months ended 30 September 2005: $6.27m) * Gross profit increased by 38.7 per cent. to $4.31m (nine months ended 30 September 2005: $3.11m) with gross margin improving to 54.4 per cent. (nine months ended 30 September 2005: 49.5 per cent.) * Profit before tax increased by 64.8 per cent. to $2.96m (nine months ended 30 September 2005: $1.8m) * Net Profit increased by 73.9 per cent. to $2.06m (nine months ended 30 September 2005: $1.19m) * Basic earnings per share increased by 40.0 per cent. to 4.2 cents (nine months ended 30 September 2005: 3.0 cents) * Net cash of $13.3m (equalling to 25 cents per ordinary share) as at 30 September 2006 Financial highlights for the third quarter of 2006: * Revenues increased by 23.0 per cent. to $2.68m (Q3 2005: $2.18m) * Gross profit increased by 37.6 per cent. to $1.57m (Q3 2005: $1.14m) with gross margin improving to 58.4 per cent. (Q3 2005: 52.2 per cent.) * Profit before tax increased by 65.6 per cent. to $1.03m (Q3 2005: $0.62m) * Net Profit increased by 65.0 per cent. to $0.68m (Q3 2005: $0.41m) * Basic earnings per share increased by 30.0 per cent. to 1.3 cents (Q3 2005: 1.0 cents) 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 its 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: "We are very excited about our strong results for the third quarter and the first nine months of 2006. The Company was able to achieve growth in revenues primarily through an increase in sales of its existing products to new and existing customers. We are also pleased with the successful launch of new products into the market and expect to launch an additional product in the final quarter. The Company's strong financial results for the first nine months of 2006 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 market 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 our new product lines have been well received. One of the new products recently launched by the Company is a new cheese product similar to Roquefort, called BlooseŽ, which Gold Frost developed with its partner Arla Food. The development of this product represented a significant technical challenge, which I am happy to say we overcame successfully." "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 Corporate Synergy Plc +44 20 7448 4400 John Prior / David Seal Bankside Consultants Ltd +44 20 7367 8888 Marc Cohen / Oliver Winters Overview Gold Frost is pleased to report a strong operating performance in the first nine months of 2006, reflecting the Company's success in increasing sales of its existing products in Israel. Revenues for the first nine months of 2006 increased by 26.2 per cent to $7.91m compared with the corresponding period last year and net profit increased by 73.9 per cent to $2.06m compared with the corresponding period last year. Gross margins improved to 54.4 per cent compared with the corresponding period last year due to tight control on costs as well as increased sales of higher margin branded products. The first nine months of 2006 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, enabling the Company to gain more access to existing customers and to new customers. Secondly, 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). The Company's growth strategy is to broaden the variety of branded kosherised products and target them at health conscious consumers worldwide. In February 2006 the Company launched a kosherised "Lurpak Spreadable Lighter" brand, which has 25 per cent. less fat and 35 per cent. less cholesterol when compared to the "regular" product and has an increased shelf life of ten months. In May 2006 the Company launched in Israel a kosherised light "Fetina" which has 9 per cent fat with 0 per cent cholesterol. Both products have received a strong initial uptake from consumers. Gold Frost plans to launch other products in the fourth quarter. Today, the Company announces that Albert Israeli, finance director of the Company, has stepped down from his duties, with immediate effect, due to health issues and has been replaced by Chen Shlein, aged 40. Prior to joining Gold Frost Mr Shlein served as the chief financial officer of Programa Logistics System Ltd, an international consultancy provider specializing in supply chain management, logistics and material handling systems. Before this Mr Shlein was the executive controller for Emblaze Systems Ltd, a publicly traded company on the Official List of the London Stock Exchange. Mr Shlein received his bachelor of arts degree in economics and accounting from Tel Aviv University and a masters degree in management from Baruch University. Mr Shlein is a certified public accountant. "We are disappointed that health circumstances have prevented Albert from performing his duties and wish him well," stated the Company's management. "We are pleased, however, to work with Mr Shlein to execute our strategy going forward." 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 $1.5bn per annum in Israel alone in 2005. Whilst the Company has yet to be granted its import license in the U.S., it continues to explore ways to enter into both the U.S. and other markets. Gold Frost has continued its strong earnings momentum in the first nine months of the year, with improved margins being experienced at all levels. The Company looks forward to another year of strong growth in its current domestic market. Profit and Loss statement (US$ `000s) Unaudited Unaudited Audited Nine months Nine months Three Three months Year months ended ended ended ended ended September September September September December 31, 30, 30, 30, 30, 2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5 2 0 0 5 Sales 7,914 6,273 2,682 2,180 8,222 Cost of sales (3,606) (3,168) (1,117) (1,043) (4,318) Gross profit 4,308 3,105 1,565 1,137 3,904 Operating expenses: Sales and (826) (1,273) (361) (439) (*) (1,666) marketing General and (830) (125) (294) (108) (*) (131) administrative Total operating (1,656) (1,398) (655) (547) (1,797) expenses Profit from 2,652 1,707 910 590 2,107 operations Financial 312 91 115 29 117 income, net Profit before 2,964 1,798 1,025 619 2,224 tax Income tax (900) (611) (350) (210) (735) Net profit 2,064 1,187 675 409 1,489 Earnings per share (EPS) (US$ Cents) Basic 4.2 3.0 1.3 1.0 3.7 Fully diluted 4.1 3.0 1.3 1.0 3.7 Shares used in computation of basic EPS 49,701,726 40,000,000 52,857,142 40,000,000 40,000,000 Shares used in computing fully diluted 49,856,740 40,000,000 53,057,803 40,000,000 40,000,000 EPS (*) Reclassified Balance Sheets (US$ `000s) Unaudited Audited September 30, September 30, December 31, 2 0 0 6 2 0 0 5 2 0 0 5 Assets Current assets Cash and cash equivalent 11,472 4,336 4,281 Marketable securities 1,859 - - Related parties 2,314 (*)1,362 1,443 Other receivables 28 2 67 Inventories 1,532 505 1,351 Total current assets 17,205 6,205 7,142 Fixed assets 308 - - Other assets 3 - - Total assets 17,516 6,205 7,142 Liabilities and equity Current liabilities Trade accounts payables 1,963 1,361 1,875 Other payables and current 1,452 (*)1,044 1,165 liabilities Total current liabilities 3,415 2,405 3,040 Accrued Severance Pay 12 - - Shareholders' equity Share capital 119 54 54 Additional paid in capital 7,200 387 387 Foreign currency translation 937 (108) (108) adjustments Retained earnings 5,833 3,467 3,769 14,089 3,800 4,102 Total liabilities and equity 17,516 6,205 7,142 (*) Reclassified Note to the Interim Results - Basis of Preparation: The results for the nine months ended 30 September 2006 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 2005, 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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