NEW YORK – Diamond Ranch Foods, Ltd., a meat, poultry and seafood processing and foodservice distribution company, is pleased to announce today that the Company has achieved over a 20% sales increase in its 1Q 2010, mainly due to the addition of a portion of the Executive Seafood accounts. Expenses and commissions rose for the first quarter, but will be reduced in future quarters after the assimilation of the Executive Seafood accounts is completed.
The Company’s gross profit margins were lower due to the liquidation of over 200 slow-moving, non-branded items. The products were liquidated at a loss and the Board of Directors elected to take this charge in this quarter rather than throughout the year.
Diamond Ranch Foods is on course to continue double digit revenue growth as outlined in the Company’s Significant Growth Plan released on April 19, 2010, and management is mindful of the importance to increase the gross profit margins and cut expenses to attain profitability.
“We are working diligently to increase gross profit margins, cut operating expenses, and continue to pursue a product mix derived more of our own branded items,” stated Victor Petrone, Chief Financial Officer of Diamond Ranch Foods, Ltd.
About Diamond Ranch Foods, Ltd.
Diamond Ranch Foods is a highly strategic food group distributor and processor of a broad selection of the finest quality meats, poultry, seafood, and foodservice items, including private label and custom-cuts, which can be prepared fresh, frozen or vacuum-packed. The Company operates a fleet of refrigerated trucks for delivery throughout the New York metropolitan area and ships coast to coast via common carrier.
The Company's USDA-inspected facility is located in the Hunts Point Cooperative Market (Bronx, New York), which is the largest food distribution center in the world, and boasts a highly-diversified customer base throughout the tri-state region, including; supermarket chains, restaurants, hotels, deli/catering operators, institutions and industry suppliers.
Please visit http://www.diamondranchfoods.com/ for additional information on the Company.
Safe Harbor Statement
Statements contained in this presentation that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The forward-looking statements are made based on information available as of the date hereof, and the Company assumes no obligation to update such forward-looking statements. Forward-looking statements are sometimes identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from projected results. All parties are cautioned that such forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from those in these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the Company's products and services and any other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Source: Diamond Ranch Foods