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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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30 November 2007
Gold Frost Limited
("Gold Frost" or "the Company")
Unaudited Results for the nine months ended 30 September 2007
Gold Frost (ticker: GLF), the designer, developer and distributor of kosher
chilled, frozen and dairy food products announces its unaudited financial
results for the nine months ended 30 September 2007.
Financial highlights:
* Revenues increased by 24.0 per cent. to $9.81m (nine months ended 30
September 2006: $7.91m);
* Gross profit decreased by 6.7 per cent. to $4.02m (nine months ended 30
September 2006: $4.31m);
* Operating income decreased by 16.2 per cent. to $2.22m (nine months ended
30 September 2006: $2.65m);
* Profit before tax decreased by 19.7 per cent. to $2.38m (nine months ended
30 September 2006: $2.96m);
* Net Profit decreased by 7.9 per cent. to $1.90m (nine months ended 30
September 2006: $2.06m);
* Fully diluted earnings per share decreased by 12.2 per cent. to 3.6 cents
(nine months ended 30 September 2006: 4.1 cents); and
* Net cash of $14.9m (equating to 28.2 cents per ordinary share) as at 30
September 2007.
Financial highlights for the third quarter of 2007:
* Revenues decreased by 2.7 per cent. to $2.61m (Q3 2006: $2.68m)
* Gross profit decreased by 55.0 per cent. to $0.70m (Q3 2006: $1.56m) with
gross margin decreasing to 27.0 per cent. (Q3 2006: 58.4 per cent.)
* Profit before tax decreased by 90.4 per cent. to $0.098m (Q3 2006: $1.02m)
* Net Profit decreased by 75.0 per cent. to $0.17m (Q3 2006: $0.67m)
* Basic earnings per share decreased by 76.9 per cent. to 0.3 cents (Q3 2006:
1.3 cents)
Gold Frost and the global dairy industry continues to experience cost pressures
due to weather related problems, reduced milk production, cessation of EU dairy
export subsidies at the same time that consumption and demand for dairy has
increased in growing emerging markets. These factors have negatively impacted
Gold Frost's near term sales and gross margins on our products.
Whilst the board believes that this trend will continue through the remainder
of the year, it anticipates that the cost of raw dairy materials will stabilize
by mid-2008. In the interim, the Company is successfully leveraging its
infrastructure and managing costs to mitigate the effects of this difficult
trading environment. In addition, the Company continues to look at joint
venture agreements and possible acquisitions as a way of continuing to deliver
profitable growth.
In this regard, the Company recently announced the signing of a binding term
sheet to purchase a majority interest in a kosher dairy distributor based in
Denmark. As part of the transaction, the Distributor will transfer cash, 35
customers from 15 countries worldwide, together with the transfer of a US
import license, a vital component for the launch of a US dairy strategy in
2008.
Overview
Revenues for the first nine months of 2007 increased by 24% to $9.8m compared
with the corresponding period last year and net profit declined by 8% to $1.9m.
Due to global increases in the costs of raw dairy products, gross margins
declined to 41% as compared to 54% in the same period a year ago.
Our sales decreased marginally in the third quarter as we temporarily ceased
selling some products to customers. This was due to the volatility in raw dairy
cost affecting final wholesale prices of the finished product.
Gold Frost ended the 9 month period with $14.9 million net in cash and
securities.
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, in Israel alone for 2005, was
estimated at $1.5bn per annum.
Gold Frost's growth strategy is to cross-market its innovative product
portfolio by leveraging its abilities to expanded global footprint to penetrate
new and existing markets. Gold Frost's innovative chilled kosher products are
cross-marketable to kosher eaters and consumers of healthy lifestyle products
alike.
As we proceed into the fourth quarter demand for our products remains strong.
We are managing the supply and demand of this environment by introducing
stockpiled inventory at incremental price increases. We believe that this is
the best course for acclimatising customers to the inevitable rise in global
dairy prices.
In 2008, Gold Frost will revisit the optimal timing for a U.S. dairy strategy
in order to best utilize the U.S. dairy import license it is due to acquire. In
addition, the opportunity afforded to Gold Frost through Willi Food's Russian
dairy distribution business is very promising. According to market data, over
650,000 tons of cheeses are consumed in Russia each year of which roughly 50%
is imported. Gold Frost will be able to drive market demand for dairy products
in all categories including premium branded products, kosher and healthy
lifestyle dairy products.
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Blue Oar Securities Plc +44 207 448 4400
Rhodri Cruwys/Matthew Marchant
Profit and Loss
statement
(US$ `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 7 2 0 0 6 2 0 0 7 2 0 0 6 2 0 0 6
Sales 9,811 7,914 2,609 2,682 10,718
Cost of sales (5,790) (3,606) (1,905) (1,117) (5,545)
Gross profit 4,021 4,308 704 1,565 5,173
Operating
expenses:
Sales and (917) (826) (294) (361) (1,241)
marketing
General and (882) (830) (223) (294) (1,118)
administrative
Total operating (1,799) (1,656) (517) (655) (2,359)
expenses
Profit from 2,222 2,652 187 910 2,814
operations
Financial income 157 312 (89) 115 703
(expenses), net
Profit before 2,379 2,964 98 1,025 3,517
tax
Income tax (478) (900) 71 (350) (1,096)
Net profit 1,901 2,064 169 675 2,421
Earnings per
share (EPS)
(US$ Cents)
Basic 3.6 4.2 0.3 1.3 4.8
Fully diluted 3.6 4.1 0.3 1.3 4.8
Shares used in
computation
of basic EPS 52,857,142 49,701,726 52,857,142 52,857,142 50,497,064
Shares used in
computing
fully diluted 52,857,142 49,856,740 52,857,142 53,057,803 50,641,717
EPS
Balance Sheets
(US$ `000s) Unaudited Audited
September 30, September 30, December 31,
2 0 0 7 2 0 0 6 2 0 0 6
Assets
Current assets
Cash and cash equivalent 6,890 11,472 10,479
Marketable securities 8,059 1,859 1,963
Related parties 3,197 2,314 3,001
Other receivables 175 28 56
Inventories 1,841 1,532 1,527
Total current assets 20,162 17,205 17,026
Fixed assets 225 308 285
Other assets 64 3 -
Total assets 20,451 17,516 17,311
Liabilities and shareholders'
equity
Current liabilities
Short term bank credit 80 - -
Trade accounts payables 2,867 1,963 1,253
Other payables and current 391 1,452 1,596
liabilities
Total current liabilities 3,338 3,415 2,849
Non-current liabilities
Deferred taxes - - 10
Warrants to issue shares 2 (*)300 82
Accrued Severance Pay 23 12 13
Total non-current Liabilities 25 312 105
Shareholders' equity
Share capital 119 119 119
Additional paid in capital 6,900 (*)6,900 6,900
Foreign currency translation 1,978 937 1,148
adjustments
Retained earnings 8,091 5,833 6,190
17,088 13,789 14,357
Total liabilities and shareholders' 20,451 17,516 17,311
equity
(*) Reclassified due to accounting policies.
Note to the Interim Results - Basis of Preparation:
The results for the nine months ended 30 September 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.
Disclaimer:
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, competition, changing economic conditions and other
risk factors including but not limited to those previously publicly disclosed
by the Company as relating to it and its business.
END
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