Ben and Jerry's Homemade announces third quarter results

Business Wire, Oct 24, 1996

WATERBURY, Vt.--(BUSINESS WIRE)--Oct. 24, 1996--Robert Holland, chief executive officer of Ben & Jerry's Homemade Inc. (NASDAQ:BJICA) today announced financial results for the company's 1996 third quarter.

Net sales for the quarter ended September 28, 1996 were $46,143,000, an increase of 2 percent over $45,405,000 in the corresponding quarter of 1995. Net income for the quarter was $1,820,000, a decrease of 28 percent 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 percent over $122,545,000 for the comparable period in 1995. Net income through the period totaled $5,127,000, up 1 percent 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. -0-

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. -0-

                      Ben & Jerry's Homemade Inc.
                    Condensed Statements of Income
                (In thousands except per share data)
                            (Unaudited)

                                     Thirteen weeks ended

                               Sept. 28, 1996      Sept. 30, 1995

Net Sales                           $46,143           $45,405
Gross Profit                         14,354            14,076
Operating income                      3,063             4,268
Other Income/Expense                   (128)            (129)
Income before income taxes            2,935             4,139
Net income                            1,820             2,525
Weighted average common and
 common equivalent # of shares
 outstanding                          7,221             7,177
Net income per common share         $  0.25           $  0.35

                                     Thirty-nine weeks ended

                               Sept. 28, 1996      Sept. 30, 1995

Net Sales                          $132,075          $122,545
Gross Profit                         42,859            37,273
Operating income                      7,960             8,673
Other Income/Expense                    310             (277)
Income before income taxes            8,270             8,396
Net income                            5,127             5,089
Weighted average common and
 common equivalent # of shares
 outstanding                          7,217             7,157
Net income per common share         $  0.71           $  0.71

-0-

CONTACT: Alan F. Parker, 802/651-9600, ext. 7509

Shareholder Relations