Vita Releases Fiscal 2006 Guidance
January 12 2006 - 9:57AM
PR Newswire (US)
CHICAGO, Jan. 12 /PRNewswire-FirstCall/ -- On Thursday, January 12,
2006, Vita Food Products, Inc. (AMEX:VSF) released its fiscal 2006
outlook, with earnings expected to range from $0.20 to $0.24 per
share based on increased sales as a result of new customers and new
product introductions, as well as greater efficiencies at both of
its facilities. This compares to an anticipated loss for fiscal
2005, which includes a $301,000 charge, net of an income tax
benefit, to account for the costs associated with the material
reduction in the duties of a senior executive officer. On December
29, 2005, the Board of Directors exercised its right to terminate
the employment agreement of Clark L. Feldman, the Company's
Executive Vice President, effective December 31, 2006 in accordance
with the terms of that agreement. The Board has also decided to
substantially reduce the duties to be provided by Mr. Feldman in
2006. Steve Rubin, the Company's chairman and chief executive
officer, stated, "Buddy Feldman and I have worked as partners in
operating this company for the last 24 years. We recognize Buddy's
very significant contributions to the Company's growth and success
during that time and intend to continue to rely on his counsel and
wisdom in 2006." Mr. Rubin also said that, "Vita is very pleased
with the results of its 2005 efforts to reduce costs and add
customers and is looking forward to a successful 2006 with the help
of new key personnel." The Vita Seafood division is a U.S. leader
in the herring and retail packaged salmon markets, and is engaged
in several other food segments, including cream cheese, cocktail
sauce, tartar sauce and horseradish. The Company markets and sells
these items under the Vita(R), Elf(R) and Grand Isle(R) brands.
More than 95% of Vita Seafood's sales are in kosher foods. Vita
Specialty Foods, Inc., the Company's wholly owned subsidiary,
combines the products of former entities The Virginia Honey Company
and The Halifax Group, Inc. Virginia Honey was a manufacturer and
distributor of honey, salad dressings, including its' award-winning
Virginia Brand Vidalia(R) Onion Vinegarette salad dressing, cooking
sauces, jams & jellies, and gift baskets. Halifax was a
manufacturer and distributor of licensed brand-named products
including the world-renowned Jim Beam(R) brand of steak sauce,
barbeque sauce, marinades, salsas and Kahlua(R), and Courvoisier(R)
Gourmet Collections. Halifax also marketed, manufactured and
distributed the award- winning Scorned Woman(R) gourmet food line,
the Oak Hill Farms(R) line of salad dressings and various gourmet
products and branded gift items. The common stock of Vita Food
Products, Inc. is currently traded on the American Stock Exchange
and Chicago Stock Exchange under the ticker symbol VSF. This
release contains forward-looking statements about the Company's
future growth, profitability, customers and competitive position.
Any such statements are subject to risks and uncertainties,
including but not limited to: -- changes in economic and market
conditions; -- industry competition; -- raw material availability
and prices; -- the success of new product introductions; -- the
potential loss of large customers or accounts; -- downward product
price movements; -- changes in energy costs; -- integration and
management of acquired businesses; -- the seasonality of Vita's
business; -- the Company's ability to attract and retain key
personnel; -- the potential impact of claims and litigation; and --
the dietary habits and trends of the general public. In light of
these and other risks and uncertainties, the Company makes no
representation that any future results, performance or achievements
expressed or implied in this release will be attained. The
Company's actual results may differ materially from any results
expressed or implied by the forward-looking statements. DATASOURCE:
Vita Food Products, Inc. CONTACT: Clifford Bolen, Senior Vice
President, COO, CFO of Vita Food Products, Inc., +1-312-738-4500
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