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For the nine months ended February 28, 2009, revenues increased 23% to $4.6 million from $3.8 million in the same period of 2008.
For the third quarter ended February 28, 2009, the Company reported revenues of $2.2 compared to revenues of $2.4 million in the quarter ended February 28, 2008. Gross margin increased slightly to 32.9% in the third quarter of fiscal 2009 as compared to 32.2% in the third quarter of fiscal 2008. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), excluding equity-based compensation, for the third quarter totaled $170,818. Artisanal reported a net loss for the quarter applicable to common shares of $(246,807), or $(0.03) per share, which includes a preferred stock dividend of $174,639.
Daniel W. Dowe, President and Chief Executive Officer of Artisanal commented, "We are very pleased to report positive EBITDA for the quarter, providing a solid underpinning for our new retail growth strategy which we launched in February. Artisanal Premium Cheeses are affordable luxuries and we believe there is a tremendous opportunity to attract additional loyal customers by increasing their availability in the retail marketplace. We have already signed up 9 specialty retail establishments and anticipate adding several locations per week moving forward as we look to penetrate the $35 billion specialty and upscale supermarket sector where specialty cheeses are growing significantly."
"In support of our ongoing efforts, subsequent to the close of the quarter, we announced that Artisanal has secured a credit facility with Summit Financial Resources. We are especially pleased that Summit saw the viability of our business plan and believe that securing this credit facility, particularly in this difficult economic environment, is a true testament to the strength of our company and its prospects," Mr. Dowe concluded.
About Artisanal Premium Cheese
In August 2007 American Home Food Products, Inc. acquired 100% of the ownership interests in Artisanal Premium Cheese. The Company operates in the specialty cheese market in the United States. The company markets and distributes a line of specialty, artisanal and farmstead cheese products, as well as other related specialty food products under its own brand to food wholesalers and retailers, as well as directly to consumers through its catalogue and Web site, artisanalcheese.com. American Home Food Products, Inc. is based in New York, New York.
Safe Harbor Statement:
Forward-looking statements made in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in Company filings made with the Securities and Exchange Commission.
SOURCE: Artisanal Premium Cheese
Investor Institutional Marketing Services John Nesbett/Jennifer Belodeau 203-972-9200 jnesbett@institutionalms.com or Company Artisanal Premium Cheese Daniel W. Dowe 212-871-3139 ddowe@artisanalcheese.com
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