We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 |
Hot Features
Premium
28 August 2007
Gold Frost Limited
("Gold Frost" or "the Company")
Unaudited Interim Results for the six months ended 30 June 2007
Gold Frost (ticker: GLF), the designer, developer and distributor of kosher
chilled, frozen and dairy food products announces its unaudited interim
financial results for the six months ended 30 June 2007.
Financial highlights:
* Revenues increased by 37.7% to $7.20m (H1 2006: $5.23m);
* Gross profit increased by 20.9% to $3.32m (H1 2006: $2.74m);
* Operating income increased by 16.8% to $2.04m (H1 2006: $1.74m);
* Profit before tax increased by 17.6% to $2.28m (H1 2006: $1.94m);
* Net Profit increased by 24.7% to $1.73m (H1 2006: $1.39m) amounting to
71.5% of 2006 full year net profit (2006: $2.42m);
* Fully diluted earnings per share increased by 13.8% to 3.3 cents (H1 2006:
2.9 cents); and
* Net cash of $13.4m (equating to 25.3 cents per ordinary share) as at 30
June 2007.
Operating highlights:
* Increased revenues primarily due to an increase in sales of existing
products to new and existing customers in Israel;
* Growth in all product segments;
* Approximately 70% of sales from its main product lines of Lurpak spreadable
butter, butter, Fetina, Swedish Lo-Chol and Odam; and
* Continued investment in developing new innovative products with health
benefits.
Commenting on the results, Zwi Williger, Chief Executive Officer, said: "The
results for the second quarter and the first half of 2007 results remained
strong, despite experiencing some margin pressure due to the global increases
in milk prices, which have affected the margins in our business. We were able
to achieve this revenue growth primarily through increasing sales of our
existing products to both new and existing customers. Our strong financial
results for the first six months of 2007 demonstrate Gold Frost's ability to
capitalise on the growing interest of consumers in our current market for both
kosher and health products. 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 additional market share within the Israeli
dairy kosher and health food market."
"We have been reviewing the optimal timing for penetration of the U.S. kosher
dairy market, in light of worldwide cost increases in dairy production. We are
working closely with our global suppliers to manage rising costs and develop
additional resources and have decided to temporarily delay sale of dairy
imports into the U.S. until we have more control over this issue. We are still
pursuing our own dairy import license with the U.S. authorities and working on
new product labelling in compliance with USDA and kosher regulations."
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Blue Oar Securities Plc +44 20 7448 4400
Rhod Cruwys / David Seal
Overview
Gold Frost is pleased to report a strong operating performance in the first six
months of 2007, reflecting the Company's success in increasing the sales of its
existing products in Israel.
Revenues for the first six months of 2007 increased by 37.7% to $7.2m compared
with the corresponding period last year and net profit increased by 24.7% to
$1.73m (H1 2006: $1.39m). Gross margins decreased to 46.1% (H1 2006: 52.4%) due
to global increases in the costs of ingredients.
The first six months 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, 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, we believe, to a combination of superior taste and the
fulfilment of kosher quality assurance standards. Approximately 70% 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 interim period with $13.4 million in cash and securities
and no debt.
The Company's growth strategy is to broaden the variety of branded kosherised
products that has great taste 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, in Israel alone for 2005, was
estimated at $1.5bn per annum.
Nevertheless, worldwide increases in the pricing of dairy products has led
to significant increases in the purchase prices of the dairy products that the
Company intended to market in the U.S., which has resulted in the Company
re -evaluating its U.S. strategy at this time. The Company has temporarily
suspended all activities relating to distribution in the U.S., except the
process of granting the Company its own import license in the U.S. and the
producing of new product labelling in compliance with USDA and kosher
regulations.
Profit and Loss statement
(US$ `000s) Unaudited Audited
Six months Six months Year
ended ended ended
June 30, June 30, December 31,
2 0 0 7 2 0 0 6 2 0 0 6
Sales 7,202 5,232 10,718
Cost of sales (3,885) (2,489) (5,545)
Gross profit 3,317 2,743 5,173
Operating expenses:
Sale and marketing (623) (465) (1,241)
General and administrative (659) (536) (1,118)
Total operating expenses (1,282) (1,001) (2,359)
Profit from operations 2,035 1,742 2,814
Financial income, net 246 197 703
Profit before tax 2,281 1,939 3,517
Income tax (549) (550) (1,096)
Net profit 1,732 1,389 2,421
Earnings per share (EPS)
(US$ Cents)
Basic 3.3 2.9 4.8
Fully diluted 3.3 2.9 4.8
Shares used in computation
of basic EPS 52,857,142 48,097,868 50,497,064
Shares used in computing
fully diluted EPS 52,857,142 48,227,972 50,641,717
Balance Sheets
(US$ `000s) Unaudited Audited
June 30, June 30, December 31,
2 0 0 7 2 0 0 6 2 0 0 6
Assets
Current assets
Cash and cash equivalent 6,959 11,592 10,479
Marketable securities 6,407 651 1,963
Related parties 3,721 2,247 3,001
Other receivables 37 36 56
Inventories 1,629 1,309 1,527
Total current assets 18,753 15,835 17,026
Fixed assets 234 317 285
Other assets - 2 -
Total assets 18,987 16,154 17,311
Liabilities and shareholders'
equity
Current liabilities
Trade accounts payables 2,253 2,073 1,253
Other payables and current 648 1,095 1,596
liabilities
Total current liabilities 2,901 3,168 2,849
Non-current liabilities
Deferred taxes 2 - 10
Warrants to issue shares 98 *300 82
Accrued Severance Pay 19 7 13
Total non-current Liabilities 119 307 105
Shareholders' equity
Share capital 119 119 119
Additional paid in capital 6,900 *6,900 6,900
Foreign currency translation 1,026 502 1,148
adjustments
Retained earnings 7,922 5,158 6,190
15,967 12,679 14,357
Total liabilities and shareholders' 18,987 16,154 17,311
equity
(*) Reclassified due to accounting policies.
Statements Of Cash Flows
(US$ `000s) Unaudited Audited
Six months Six months Year
ended ended ended
June 30, June 30, December 31,
2 0 0 7 2 0 0 6 2 0 0 6
Cash flows from operating activities:
Net Profit for the period 1,732 1,389 2,421
Adjustments to reconcile net profit to net
cash provided by operating activities:
Gain on trading investments (131) (1) (53)
Proceeds from realization/(purchase) of (4,430) (629) (1,808)
trading investments, net
Deferred income tax (8) (2) 10
Depreciation 50 48 95
Changes in fair value of warrants 16 - (222)
Decrease/(increase) in other receivables 19 32 17
Decrease/(increase) in inventories (113) 89 (52)
Increase/(decrease) in trade accounts 1,030 125 (749)
payable
Increase/(decrease) in other payables and (961) (108) 310
current liabilities
Increase in Related parties balance (754) (725) (1,355)
Accrued severance pay, net 7 7 12
Net cash provided by operating activities (3,543) 225 (1,374)
Cash flows from Investing activities:
Additions to fixed assets - (365) (365)
Net cash used in investing activities - (365) (365)
Cash flows from financing activities:
Proceeds from IPO - 6,877 6,877
Net cash provided by/(used in) financing - 6,877 6,877
activities
Effect of exchange rate changes on cash 23 574 1,060
and cash equivalents
Increase/(decrease) in cash and cash (3,520) 7,311 6,198
equivalents
Cash and cash equivalents at the beginning 10,479 4,281 4,281
of the period
Cash and cash equivalents at the end of 6,959 11,592 10,479
the period
Note to the Interim Results - Basis of Preparation:
The results for the six months ended 30 June 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
1 Year Gold Frost Chart |
1 Month Gold Frost Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
