|
Home | Medical-Newswire.Com:
|
(EMAILWIRE.COM, November 19, 2007 ) SAN DIEGO, CA--November 19, 2007 -- US Farms, Inc. (OTC BB:USFI) a diversified commercial Farming and Nursery company, today announced financial results for the third quarter ending September 30, 2007. US Farms, Inc. posted revenue of $2,726,294 for the quarter ended September 30, 2007 versus $214,509 for the same period last year. This increase was due mainly the result of revenues generated through the California Produce Exchange business segment. California Produce Exchange distributes a variety of bulk vegetables and fruits to brokers, distributors, food converters and Retail and Wholesale grocery stores.Gross profit for the quarter was $150,750, or 5.5% of revenues, with a net loss for the period of $1,284,670 or ($.03) loss per basic share. This compares to a gross profit of $20,084, or 9.2% of gross revenues, and a net loss of $1,249,706 or ($.12) loss per basic share, for the same period last year. The increase in the operating loss was due mainly to the costs associated with the startup of World Garlic & Spice, Inc. and US Ag Transportation, Inc., both wholly owned subsidiaries of US Farms, Inc., business development costs, and general and administrative expenses associated with the company's growth strategy. Yan Skwara, President and Chief Executive Officer, US Farms, Inc., stated, "In the third quarter we achieved key milestones that position the Company for continued accelerating revenue growth for the remainder of fiscal year 2007 and well into 2008." Third quarter business highlights include:-- US Farms, Inc. appointed Iraj Shadfar, VP Sales & Marketing directing operations of World Garlic & Spice, Inc. (WGS), a wholly owned subsidiary of US Farms, Inc. WGS will be a major importer and distributor of garlic through its Los Angeles facilities. -- US Farms, Inc. formed and started operations of a wholly owned subsidiary; US Ag Transportation, Inc., which received a US Department of Transportation license and registration for Refrigerated Produce, Agriculture and Food transportation nationwide. -- The Company has successfully raised $3,923,049 year-to-date from private investors as a result of a private placement of restricted common stock and warrants.US Farms, Inc. posted revenue of $6,802,764 for the nine months ended September 30, 2007 versus $214,509 for the nine months ended September 30, 2006. The Company refocused its business activities in the agricultural sector during the second and third quarter of 2006 and therefore our current operating results are not directly comparable to last year’s results. The majority of the increase in revenues during the nine months ended September 30, 2007 was a result of California Produce Exchange’s brokering sales of tomatoes, winter asparagus and garlic. Sales Revenue by business segment for the nine months ended September 30, 2007: -- California Produce Exchange had sales of $6,124,898. This subsidiary grows and sells asparagus and sources and distributes fresh market tomatoes and other bulk vegetables and fruits to brokers, distributors, food converters and grocery stores.-- American Aloe Vera Growers had sales of $542,099. This subsidiary Farms and sells domestically grown aloe Vera potted plants, aloe Vera boxed produce and bulk aloe Vera leaves to brokers, re-wholesalers and directly to retailers.-- American Nursery Exchange had sales of $127,046. This subsidiary grows and sells palms, jade, cycads and other potted plants to grocery stores, Garden centers, landscapers, home improvement centers and via internet/mail order.Gross profit for the nine months ended September 30, 2007 was $920,906, or 13.5% of revenues, with a net loss for the period of $3,981,069 or ($.13) loss per basic share. This compares to a gross profit of $20,084, or 9.2% of revenues, with a net loss of $2,777,615 or ($.30) loss per basic share for the same period last year. The increase in the operating loss was due mainly to the costs associated with the startup of Sammy's Produce, Inc., World Garlic & Spice, Inc. and US Ag Transportation, Inc., all wholly owned subsidiaries of US Farms, Inc.; business development costs and general and administrative expenses associated with the company's growth strategy. Cash utilized from operations for the first nine months of 2007 was $3,489,504. The cash and marketable securities balance at September 30, 2007 was $284,403. Shareholders' Equity, at September 30, 2007, for the Company improved by $2,818,981 compared with December 31, 2006 due mainly due to capital raises. Yan Skwara commented, "Through the first three quarters of 2007, achievements have been outstanding. Our growth initiatives, market penetration and expansion will continue. We thank our shareholders for their support and vow to continue to build shareholder value in the future." About US Farms, Inc. US Farms, Inc. is a diversified commercial Farming and Nursery company. The company grows, markets and distributes horticultural products through a number of wholly owned subsidiaries. The horticultural products are sold through supermarkets, home centers, retail merchandisers, garden centers, re-wholesalers, and landscapers throughout the United States and Canada. Through internal growth and strategic acquisitions the company is expanding its market share in its nursery and specialty produce businesses. Currently the company has subsidiaries which provide a full range of products including Aloe Vera, Cactus, Succulents, Jade, Rare and Exotic Palm Trees and Cycads along with Produce products that include Aloe Vera, Asparagus, Tomatoes and Garlic. For more information on US Farms, Inc., please visit http://www.usfarmsinc.com/. US Farms, Inc. is Publicly Traded on the over-the-counter market under the ticker symbol USFI. Visit US Farms, Inc. Web site at http://www.usfarmsinc.com/. Safe Harbor Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur. Contact:US Farms, Inc.Yan K. SkwaraPresident Tel: 858-488-7775 Ext 101 or 800-845-9133Fax: 858-488-2828 Investor Relations Chuck Cibulka 619-664-4509 --------------------------------------------------------------------------------Source: US Farms, Inc. forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.Contact: US Farms, Inc.Yan K. Skwara President Tel: 858-488-7775 Ext 101 or 800-845-9133 Fax: 858-488-2828 Investor Relations Chuck Cibulka 619-664-4509
P.A. Relations
alan klitenic
amk@stockprofit.com 
Source: EmailWire.com
|
|
|
|
