Press Release Source: Peabodys Coffee
Peabodys Coffee, Inc. Reports Substantial Improvement in Trading Results
Thursday August 26, 9:45 am ET
ROSEVILLE, Calif., Aug. 26, 2004 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTC BB:PBDY.OB - News), owner of the USDA certified organic brand Black Rhino Coffee(tm), announced today second quarter results for the 3 months ended June 30, 2004.
Net loss for the quarter ended June 30, 2004 decreased to $75,898 from $659,171 for the same quarter in fiscal 2003. Revenue for the company's packaged Black Rhino Coffee products for the quarter increased 21.5% to $63,225 for same period.
``A year ago we took the strategic decision to exit the full-service coffee market, which we saw as an asset heavy, operationally complex and a cluttered market sector -- and focus on distributing our branded organic coffee product in packaged form in supermarkets,'' said Todd Tkachuk, President and CEO of Peabodys. ``We believe our Black Rhino brand has genuine and sustainable distinction in this sector, and -- as these early results indicate -- we are already reaping the benefits from this challenging transition. We are under no illusion - we know we have more to do -- but we believe we are poised to deliver real value for our customers and shareholders.''
According to Packaged Facts, organic food sales totaled $11 billion in 2002 and continue to show an annual growth rate equal to 20% or more annually. This growth is fueled, in part, due to increased distribution via traditional grocery outlets. The USDA reports that as of 1999, conventional food stores began outselling natural products supermarkets in several key categories.
Peabodys Coffee Inc. has developed the Black Rhino Coffee(tm) brand for marketing packaged certified organic coffee in retail markets. Currently, Black Rhino Coffee(tm) is on the shelf of supermarkets serviced by BI-LO, Ingles (NasdaqNM:IMKTA - News), Wal-Mart (NYSE:WMT - News), and SuperValu (NYSE:SVU - News). With organic coffee being one of the fastest growing segments of the specialty coffee market, Black Rhino Coffee(tm) has uniquely positioned itself in the high-growth natural foods category. Its hand-roasted blends are grown chemical-free under strict, totally natural conditions. All Black Rhino Coffee(tm) is independently certified under the United States Department of Agriculture's National Organic Program.
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's periodic reports filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.
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