Provena Foods Inc. Reports Second Quarter Results

Provena Foods Inc. Reports Second Quarter Results 


CHINO, Calif., Aug. 17  /PRNewswire-FirstCall/ -- Provena Foods Inc (AMEX:PZA)
incurred a net loss of $298,762 for the 2nd quarter and $659,459 for the 1st
six months of 2004 compared to net earnings of $7,883 and $74,565 a year ago. 
The Company's sales were up 28% in the 2nd quarter and up 32% in the 1st six
months of 2004 compared to the same periods of 2003.  Both the meat and the
pasta divisions contributed to the decreases in earnings and increases in sales
in both periods.  The Company was in default under financial covenants of its
bank credit facility at June 30, 2004 and the bank has waived the defaults. 
The Company does not expect to be in compliance with the financial covenants at
all times during the next twelve months and there can be no assurance that the
bank will continue to waive defaults.

   CONDENSED STATEMENT        Three Months Ended       Six Months Ended
      OF OPERATIONS                June 30,                 June 30,
       (Unaudited)            2004         2003       2004          2003

   Net Sales             $11,802,338   9,228,643   24,120,890   18,240,984

   Cost of Sales          11,288,075   8,330,251   23,136,981   16,325,484

   Gross Profit              514,263     898,392      983,909    1,915,500

   Operating Expenses:
     Distribution            405,428     386,762      910,009      791,568
     General and
      administrative         477,056     447,297      981,243      926,705

    Operating Income (loss) (368,221)     64,333     (907,343)     197,227

   Interest expense, net    (126,659)   (118,634)    (250,051)    (228,022)
   Other Income, net          46,818      68,184      112,435      155,360

    Earnings (loss) before
     income taxes           (448,062)     13,883   (1,044,959)     124,565

   Income tax expense
    (benefit)               (149,300)      6,000     (385,500)      50,000

   Net earnings (loss)     $(298,762)      7,883     (659,459)      74,565

   Earnings per share:
               Basic          $(0.09)       0.00        (0.20)        0.02

               Diluted        $(0.09)       0.00        (0.20)        0.02

   Weighted average
    number of shares
    outstanding:
               Basic        3,248,53   3,175,981    3,233,789    3,166,923

               Diluted     3,248,532   3,175,981    3,233,789    3,166,923


  CONTACT:  John D. Determan, Chairman of the Board  [phone]


DATASOURCE: Provena Foods Inc.



CONTACT:  John D. Determan, Chairman of the Board of Provena Foods Inc.,

[phone]

Copyright