Synergy Reports Preliminary Third Quarter Results
by Business Wire
Synergy Brands (OTCQX: SYBR):
Three Month results ended 9/30/2010
Profit increased by 79% to $713,580 (4c/share)
EBITDA increased by 30% to $1.9 million.
Gross profit increased by 16% to $3.3 Million
Revenues decreased by 22% to $18.3 million
Nine Months results ended 9/30/2010
Profit decreased by 37% to $680,000 (4c/share)
EBITDA increased by 14% to $4.4 million.
Gross profit increased by 11% to $8.7 Million
Revenues decreased by 12% to $67.3 million
Synergy Brands announced preliminary third quarter results. The Company is continuing its expansion of Quality Food Brands (QFB) in Michigan by developing its proprietary brands along with store brands and private labels products, while downsizing its low margin traditional grocery business in New York. QFB is expected to double its revenues in 2010 while the company’s traditional low margin grocery business is expected to be reduced by about 50% in 2010. The Company added several major national customers for its QFB business in the third quarter along with additional complimentary lines within its brand offerings. QFB sells baking mixes, flour, pancake mixes, mashed potatoes, pasta salads and variety of skillets and packaged meals under the “Paula Deen”, “Loretta”, Gourmet Select”, and “Country Value” brands along with private label brands to major retailers in North America and several international markets. The Company expects to release third quarter results by 11/15/2010.
This press release and Company review and assumptions made regarding the financial figures and other information, referenced and presented, state and reflect assumptions, expectations, projections, intentions and/or beliefs about past and future events that are intended as “forward-looking statements” under the Private Securities Litigation Reform Act of 1994. You can identify these statements by the fact that they do not relate to historical or current facts. They use words such as “anticipate,” “estimate”, “project”, “forecast”, “may”, “will”, “should”, “expect”, “assume”, “believe” and other derivations thereof and other words of similar meaning. In particular, these include, but are not limited to, statements reflecting the projected business activities and goals, revenues, earnings, non-GAAP measures of operations, profit and loss of the Company and associated costs (such as EBITDA or non-cash charges) . Any or all of the Company’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks or uncertainties. The official results are expected to be published on or before 11/15/2010.