HOUSTON, Dec. 9, 2015 /PRNewswire/ -- Newberry Specialty Bakers, Inc. (OTC: CSFD:US), a leading provider of wholesale specialty baked goods to the grocery and foodservice industry, announced that through the continued commitment of our long-term debt holders Newberry Specialty Bakers has been able to reduce its long-term debt by in excess of $9,0000,000.
This achievement was accomplished by the company's ability to negotiate the purchase of its accrued interest from all its major shareholders for 10 cents on the dollar and enter into a series of promissory notes that will enable the company to retire the remaining long-term debt on agreed upon favorable terms negotiated over a 10-year period of time.
In addition, the company in 11 months has already exceeded its full year 2014 sales and profitability.
| Coastal Foods, Inc. |
||||||
| Comparative Balance Sheet |
||||||
| December 31, 2014 vs November 30, 2015 |
||||||
| Unaudited |
||||||
| 12/31/2014 |
11/30/2015 |
|||||
| ASSETS |
||||||
| Current Assets |
||||||
| Cash and cash equivalents |
63,351 |
389,969 |
||||
| Accounts Receivable, net |
1,267,764 |
3,253,531 |
||||
| Inventory |
3,367,103 |
2,392,035 |
||||
| Due from Affiliates |
- |
- |
||||
| Prepaid expenses and other current assets |
446,451 |
606,989 |
||||
| Total Current Assets |
5,144,669 |
6,642,523 |
||||
| Property, plant and equipment, net |
2,128,325 |
1,855,230 |
||||
| Investment in Affiliates |
- |
- |
||||
| Other long-term assets |
61,912 |
61,912 |
||||
| Total Other Assets |
2,190,237 |
1,917,142 |
||||
| TOTAL ASSETS |
7,334,906 |
8,559,665 |
||||
| LIABILITIES & EQUITY |
||||||
| Current Liabilities |
||||||
| Accounts Payable, trade |
2,769,292 |
3,183,179 |
||||
| Due to Affiliates |
- |
- |
||||
| Accrued liabilities |
9,317,477 |
3,001,334 |
||||
| Current portion of debt |
3,962,591 |
2,439,418 |
||||
| Current portion of long-term debt |
||||||
| Total Current Liabilities |
||||||
| Long-term debt |
14,018,670 |
14,643,999 |
||||
| Total Liabilities |
30,068,030 |
23,267,930 |
||||
| Equity |
||||||
| Common Stock |
650,252 |
650,252 |
||||
| Opening Balance Equity |
- |
- |
||||
| Additional Paid in Capital |
11,630,998 |
12,630,998 |
||||
| Retained Earnings |
(33,731,617) |
(28,771,564) |
||||
| Net Income |
(1,282,757) |
782,049 |
||||
| Total Equity |
(22,733,124) |
(14,708,265) |
||||
| TOTAL LIABILITIES & EQUITY |
7,334,906 |
8,559,665 |
||||
| * Accrual Basis |
- |
- |
||||
Commenting on the progress, Bill Evans, CEO of Newberry Specialty Bakers, said, "I am very excited to see the joint efforts of our new President, Howard Anders; our shareholders' continued confidence in our visions and direction; and the opportunities these achievements provide to aid in our expansion to increase market share." Evans added, "We have also established a business development team to extend our reach into national warehouse clubs, mega grocers, and big box stores."
About Newberry Specialty Bakers
Newberry Specialty Bakers built the foundation of the bakery on three principles: home-baked quality treats, attention to detail and safety, and the development of a caring work environment. In 1990, the essence of what started in a tiny kitchen in Chicago still remains today. Newberry Specialty Bakers is recognized as a leader in winning taste panel reviews across the United States. Newberry Specialty Bakers' award-winning pastry chef, Ford Culbertson, and the team of bakers and distributors provide branded and private-label baked goods to well-known food service, retail groceries, and club stores.
Newberry Specialty Bakers' first priority is to provide quality products that comply with Global Food Safety Initiative (GFSI) standards. Newberry Specialty Bakers carries an SQF level 3 food safety certification, which is the highest in the industry.
For more information about the company and its private label and ready-to-merchandise baked goods, visit http://www.newberryspecialtybakers.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and assumptions and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. The information set forth herein speaks only as of the date hereof, and except as required by law, we disclaim any intention and does not assume any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
Media Contact:
Howard Anders
President
Newberry Specialty Bakers, Inc.
Phone (281) 987 – 8985
[email protected]
Logo - http://photos.prnewswire.com/prnh/20151208/294292LOGO
SOURCE Newberry Specialty Bakers
Share this article