Net sales for the quarter ended September 28, 1996 were $46,143,000, an increase of 2% over $45,405,000 in the corresponding quarter of 1995. Net income for the quarter was $1,820,000, a decrease of 28% from net income of $2,525,000 in the 1995 third quarter. Earnings per share in the third quarter of 1996 were $0.25, as compared to $0.35 in the third quarter of 1995.
Through the first three quarters of 1996, net sales were $132,075,000, an increase of 8% over $122,545,000 for the comparable period in 1995. Net income through the period totaled $5,127,000, up 1% from $5,089,000 for the first three 1995 quarters. Net income per common share was $0.71, the same as in the comparable 1995 reporting period.
"As we indicated in September," stated Holland,"higher than expected dairy costs and lower than expected growth had a negative impact on our results in the third quarter." Holland noted that the company continued to improve its manufacturing operations in the third quarter, and that the Company's sorbet line has established itself as a strong product line in the superpremium category.
Ben & Jerry's produces superpremium ice cream, ice cream novelties, lowfat and non-fat frozen yogurt, and sorbets using Vermont dairy products, Vermont Spring water, and other high quality natural ingredients. Ben & Jerry's products are distributed nationwide in supermarkets, grocery stores, convenience stores, restaurants, and other venues. The Company franchises Ben & Jerry's scoop shops, including four in Canada. The Company is also a joint partner in a production and scoop shop venture in Karelia, Russia; has a licensing agreement with an ice cream manufacturing and marketing company in Israel; and sells its products in the United Kingdom, France, and the Benelux countries.
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||
| 9/28/96 | 9/30/95 | 9/28/96 | 9/30/95 | |
|---|---|---|---|---|
| Net Sales | $46,143 | $45,405 | $132,075 | $122,545 |
| Gross Profit | 14,354 | 14,076 | 42,859 | 37,273 |
| Operating Income | 3,063 | 4,268 | 7,960 | 8,673 |
| Other Income (Expense) | (128) | (129) | 310 | (277) |
| Income before Income Taxes | 2,935 | 4,139 | 8,270 | 8,396 |
| Net Income | 1,820 | 2,525 | 5,127 | 5,089 |
| Weighted Avg. Common And Common Equivalent Shares Outstanding | 7,221 | 7,177 | 7,217 | 7,157 |
| Net Income per Common Share | $0.25 | $0.35 | $0.71 | $0.71 |