7M
HAIFA, Israel
, Frutarom (LSE: FRUT.
During the first quarter of 2005, Frutarom continued its trend of
increased
sales, profitability and profits for the twenty-second consecutive
quarter. The acquisition strengthened
Frutarom's
savory flavor offering, which is a growing segment of the food industry, and
an area
which Frutarom focuses on strengthening.8 million (net) offering and
registration of shares on the
London Stock Exchange Official List.com/
Kenny@gk
-biz.34
________ ________ ________
________ ________ ________
DILUTED 0.delmonte.
kamberg palaz
L,
TASE:
FRUT, FRUTF.0 million compared
with US$ 17. Operating profit grew by
80.3% compared with 11.13
compared with
US$0. Frutarom's products are
intended largely for the food, beverage, flavor, fragrance
and pharmaceutical
industries.
CONDENSED CONSOLIDATED BALANCE SHEET
AT 31 MARCH 2005
31 March
31 December
2005 2004 2004
U.33
________ ________
________
________ ________ ________
The soup business
manufactures and distributes condensed soup, ready-to-
serve soup, broth and gravy, primarily to
supermarkets and mass merchandisers
for sale under the retailer's own label. We look forward to
working with employees there to build
the businesses," commented Reed. Patent
No.pulses palaz
Examples include
ice cream with aloe vera, "to support inner
beauty", or with green tea for "stress relief".0 million
in the same quarter last year. Net profit grew sharply by 90.TreeHouse Foods Inc. to Acquire Private
Label Soup and Infant Feeding Businesses
TreeHouse will acquire the Pittsburgh, PA
manufacturing
facility and distribution center and enter into a long-term
lease agreement at Del Monte's Mendota
, IL manufacturing facility. The
businesses' headquarters will remain in Pittsburgh, PA. 6,955,887
, "Use of T1R Hetero-Oligomeric Taste Receptor to Screen for
Compounds that Modulate Taste Signaling
," has broad-based claims that cover
novel techniques for using the human sweet taste receptor as
the basis for
assay systems that are more efficient than traditional flavor discovery
procedures
.This category contains sites of companies and related sites for the food broker industry.
hulled stuffs
Frutarom Continues
to Achieve Growth for the Twenty-Second Consecutive Quarter
Earnings per share reached US$ 0. The
transaction will be financed primarily through borrowings
under the Company's existing $400 million
credit facility. The company
expressly disclaims any obligation or undertaking to disseminate any
updates
or revisions to any forward-looking statement contained herein, to reflect any
change
in its expectations with regard thereto, or any other change in events,
conditions or circumstances
on which any statement is based.cashew puree
This combines
organic growth of core activities, at rates above
the industry average, with
strategic acquisitions of activities and know-how in the Company's main
fields of business, and in strategic geographic regions.0% in 2000), as well as the growth in the
Fine Ingredients Division's
sales, to which new, innovative high margin products developed in Frutarom
's
R+D labs, also contributed.
Company Contact Investor relations
Contacts
Ori Yehudai, President + CEO Ehud Helft/Kenny Green
Frutarom Ltd
.com +44-871-474-1218 (UK)
E-mail: Ehud@gk-biz. dollars
in thousands
(Unaudited) (Audited)
Liabilities and
shareholders' equity
CURRENT LIABILITIES:
Bank credit
and loans 4,729 9,870 50,355
Accounts payable:
Trade 21,876 15,819 20,257
Other
23,519 17,590 20,718
Provisions 1,153 1,854
1,193
________ ________ ________
T o t a l current 51,277 45,133 92,523
liabilities
________ ________ ________
NON-CURRENT
LIABILITIES:
Loans and credit from banks
(net of current
maturities) 16,396 30,795 29,831
Retirement benefit
8,298 1,242 8,502
obligations
Deferred
income tax 6,020 3,994 4,231
liabilities
Other non-current 1,176
liabilities
________ ________ ________
T o t a l non-current
30,714 37,207 42,564
liabilities
________ ________ ________
T o t a l liabilities 81,991
82,340 135,087
________ ________ ________
SHAREHOLDERS' EQUITY:
Share capital 16,380 13,939
13,961
Additional paid-in capital 91,195 15,984 17,642
Currency translation 3,142 2,502 5,039
differences
Retained earnings 55,905 30,905 41,332
Amount
designed for
distribution of dividend
declared
subsequent
to balance sheet 1,740 1,740
date
Cost of company shares held (931) (841) (1,061)
by subsidiary
________ ________ ________
T o t a l shareholders
' 167,431 62,489 78,653
equity
________ ________ ________
Total shareholders' equity 249
,422 144,829 213,740
and liabilities
________ ________ ________
________ ________
________
FRUTAROM INDUSTRIES LTD.08 0.
About
Del Monte Foods
Del Monte Foods is one of the country's largest and most well known
producers
, distributors and marketers of premium quality, branded and private
label food and pet products for
the U." Forward-looking
statements include all statements that do not relate solely to historical
or
current facts, and can generally be identified by the use of words such as
"may," "should,
" "could," "expect," "seek to," "anticipates," "plans,"
"believes," "estimates," "intends," "predicts
," "projects," "potential" or
"continue" or the negative of such terms and other comparable terminology
. Senomyx's Proprietary Methods Enable Rapid Identification of Potential New
Flavor Ingredients
LA JOLLA, Calif.
Senomyx is active in seeking patent protection
for its discoveries, and the
Company is now the owner or exclusive licensee of 68 issued patents
and 206
pending patent applications in the U. Our goal is to leverage our discovery and development
capabilities by
establishing additional collaborations with market leading companies that are
looking
to enhance the nutritional profile of their products by reducing the
levels of carbohydrate sweeteners
, salt, or MSG, or to enhance the overall
taste characteristics of their products.
Forward
-Looking Statement
Statements included in this press release that are not a description of
fact
are forward-looking statements, including, but not limited to, our
ability to identify potential
flavor ingredients, the product categories our
products will address, the size of the commercial
opportunity for our
products, and plans for additional collaborations.honeydew palaz
Yehudai added, "We have invested
considerable efforts and resources
in implementing our growth strategy in order to achieve our ambitious
goals. We will continue to focus on both large multinational
customers, and on mid-size and local
customers by providing superior, high
quality and tailor-made services. In
addition, we are intensifying
our activities in the fast growing emerging
markets where we currently operate, as well as entering
new emerging markets
where the growth rate is higher than the global average.5 million, compared
with US$ 3. Frutarom employs about 1,000 people worldwide.S.stockers rebates
Net Profit Grew by 90. These products
combine fruits, natural
flavor extracts and natural functional ingredients that enhance and support
well-being. Net margin also grew from 8."
"The screening technology covered by the patent
capitalizes on Senomyx's
pioneering work in understanding the structure and function of the human
sweet
taste receptor," explained Mark Zoller, Ph.palaz puree
7 million, a
47.3% increase compared with the
same quarter of 2004.
CONDENSED CONSOLIDATED BALANCE SHEET
AT 31 MARCH 2005
31 March 31 December
2005 2004 2004
U.S. dollars in thousands
(Unaudited) (Audited
)
SALES 64,729 43,933 196,780
COST OF SALES 39,724 26,940 122,447
________ ________ ________
GROSS PROFIT 25,005 16,993
74,333
SELLING, MARKETING, RESEARCH
AND
DEVELOPMENT, GENERAL AND
ADMINISTRATIVE EXPENSES - net:
Selling, marketing, research
and development
- net 10,808 7,698
34,554
General and administrative 4,946 4,206 17,869
OTHER INCOME - net 25 55 102
________ ________ ________
OPERATING PROFIT 9,276
5,144 22,012
FINANCIAL EXPENSES - net 200 78 1,347
________ ________ ________
PROFIT BEFORE TAXES
ON INCOME 9,076 5,066 20,665
TAXES ON INCOME 2,234
1,477 4,909
________ ________ ________
NET INCOME FOR THE PERIOD 6,842 3,589 15,756
________ ________ ________
________
________ ________
U.
TreeHouse has agreed to
pay $268 million in cash for the businesses, plus
an adjustment for working capital. Our revenue
base will grow from approximately $700 million to
$1 billion on an ongoing basis.
Soup and
infant feeding products are manufactured at facilities in
Pittsburgh, PA and Mendota, IL.
Conference Call
A webcast to discuss the agreement to acquire the businesses will begin at
10:00 a.
About TreeHouse Foods
TreeHouse is a food manufacturer servicing primarily
the retail grocery
and foodservice channels. Patent and Trademark
Office of a key patent covering
the use of the human sweet taste receptor to
screen for compounds that can be used to modulate sweet
taste., Europe, and elsewhere. Our actual results may differ materially from
any projected future
results set forth in this release as a result of the
risks and uncertainties inherent in our business
including, without
limitation, difficulties or delays in developing, testing, obtaining
regulatory
approval, producing and marketing our flavors, flavor enhancers,
taste modulators and related technologies;
whether we will be able to enter
into additional collaborations; our ability to collect royalties
under our
collaborations; the progress and timing of our scientific programs; changes in
the laws
or regulations of the United States and other countries that could
adversely affect our and our collaborators
' ability to develop and
commercialize our products; whether any of our collaborations will result
in
the discovery and development of novel flavors, flavor enhancers or taste
modulators, enhance
the nutritional profile of products incorporating them or
otherwise enhance our market position;
our ability to protect our intellectual
property and proprietary technology and to maintain and enforce
our patents
and licensing arrangements with various third party licensors; our ability to
define
the scope and validity of patent protection for our products and
technologies; competition from other
companies and flavor manufacturers and
other risks detailed in our Securities and Exchange Commission
filings,
including our Annual Report on Form 10-K for the fiscal year ended December
31, 2004
and our Quarterly Report on Form 10-Q for the period ended
June 30, 2005.sweeteners kamberg
To achieve our goal
of executing strategic acquisitions in the future, during
the first quarter of 2005, we completed
a US$ 75. The
Company's global marketing organization includes branches in Israel, the
United
States, England, Switzerland, Germany, Denmark, France, Hungary,
Romania, Russia, Ukraine, Kazakhstan
, Belarus, Turkey, Brazil, Mexico, China,
Japan, Hong Kong and India.com .
, Senomyx,
Inc.S.S.
"Senomyx has entered into product discovery and development collaborations
with five
of the world's leading packaged food and beverage companies: Cadbury
Schweppes, Campbell Soup Company
, The Coca-Cola Company, Kraft Foods, and
Nestle. All
forward-looking statements are qualified
in their entirety by this cautionary
statement and we undertake no obligation to revise or update
this news release
to reflect events or circumstances after the date hereof.palaz stuffs
6 million. The Company
also works through local agents and
distributors worldwide.13 0. Reed, Chairman and
Chief
Executive."
For the 12 months ending April 30, 2006 the private label soup and infant
feeding
businesses together are expected to generate approximately
$295 million of net sales. It may be
accessed by visiting the "Webcast" section of
the company website at http://www.Senomyx Announces
Issuance of Key Patent Covering Methods of Screening for New Sweet Taste Modulators
"
About Senomyx, Inc.bansal analogs
Frutarom expects that the
acquired Food Systems activity will significantly leverage
and strengthen its
position as a leading supplier, offering comprehensive solutions - tasty,
natural
and with well-being qualities - to leading food manufacturers.8 million
compared with US$ 3.7 million
in the
first quarter of 2004.
(NYSE: THS) today announced it has entered into a definitive agreement
to
acquire the private label soup and infant feeding businesses of Del Monte
Foods Company (NYSE:
DLM).stockers distributers
3% Compared With the First Quarter in 2004 Reaching US$
64.S.m. Its products include pickles
and related products;
non-dairy powdered coffee creamer; and other food products including aseptic
sauces, refrigerated salad dressings, and liquid non-dairy creamer. You are cautioned not to unduly
rely on such forward-looking statements, which speak only as of the date made,
when evaluating
the information presented in this presentation."
"The new patent also reinforces our position
as a leading company focused
on using proprietary taste receptor-based assays to discover novel flavor
ingredients for use in the packaged food and beverage industry," Snyder added. (http://www.com)
Senomyx uses proprietary taste receptor-based assays, screening
technologies and optimization
chemistry to discover and develop novel flavors,
flavor enhancers and taste modulators for the packaged
food and beverage
industry.foodservice puree
1% to reach US$ 25.1 million in the same period
2004, while operating
margin rose to 14.6% reaching US$ 6. We will continue to
invest substantial resources in identifying
and executing potential
acquisitions, in achieving rapid growth in our core activities and reaching
our ambitious goals in order to create value for our shareholders. WESTCHESTER, Ill. The Nature
's Goodness(R) infant feeding
business is the #3 brand in the U.
The Nature's Goodness(R) offerings
include a complete product line focused
on the four steps of a baby's development., Senomyx's Chief
Scientific
Officer and Senior Vice President of Research. "The issued claims cover
co-expression
of the two sweet receptor subunits, hT1R2 and hT1R3, and their
use in cell-based assays to identify
ingredients that modulate sweet taste.distributers stuffs
GK International
Tel: +972-4-846
-2401 Tel: +1-866-704-6710 (US),
E-mail: oyehudai@frutarom. These businesses
fit well with our Bay Valley Foods
platform as the leading supplier of private label pickles and
non-dairy coffee
creamer. The Nature's Goodness(R) infant feeding business is the #3 brand in
the
U.com . You are cautioned not to place undue reliance on these
forward-looking statements, which
speak only as of the date hereof.stuffs ingredient
com. dollars in thousands
(Unaudited) (Audited)
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents
29,982 5,618 7,350
Accounts receivable:
Trade
50,100 34,781 43,733
Other 6,884 4,111 7,291
Prepaid expenses and advances
to
Suppliers
3,649 1,851 1,851
Inventories 43,866 31,555 43,769
________ ________ ________
T o t a l current assets
134,481 77,916 103,994
________ ________ ________
NON-CURRENT ASSETS:
Property, plant and equipment 93,613 61,406 96,683
Intangible assets 14,127 404 5,348
Deferred income tax assets
3,037 941 2,957
Other non-current assets 4,164 4,162 4,758
________ ________ ________
T o t a l non-current assets
114,941 66,913 109,746
________ ________ ________
T o t a l assets 249,422 144,829 213,740
________ ________ ________
________ ________ ________
FRUTAROM INDUSTRIES LTD. The soup business is the market leader in the
private label wet soup category.S. The outcome of the events described in
these forward-looking
statements is subject to known and unknown risks,
uncertainties and other factors that may cause
the company or its industry's
actual results, levels of activity, performance or achievements to
be
materially different from any future results, levels of activity, performance
or achievement
expressed or implied by these forward-looking statements.D.
wiest stockers
3% of total sales in the first
quarter of 2005 compared
with 31.7% for the same
period in 2004.2% in the first
quarter of
2004 to 10.
Wachovia Securities is acting as financial advisor to TreeHouse in
connection
with the transaction. retail market, generating over
$3 billion in net sales in fiscal 2005. With
a powerful portfolio of brands
including Del Monte(R), Contadina(R), StarKist(R), S+W(R), Nature
's
Goodness(R), College Inn(R), 9Lives(R), Kibbles 'n Bits(R), Pup-Peroni(R),
Snausages(R), Pounce
(R) and Meaty Bone(R), Del Monte products are found in
nine out of ten American households.wiest hazelnuts
3 million
compared with US$ 5.6%. To access the replay please dial: 0-800-917-4256 (UK),
+1-866-276-1485 (US
) or +972-3-925-5953 (international and Israel).com
FRUTAROM INDUSTRIES
LTD. The transaction is expected to close in
the first quarter 2006, subject to satisfaction of
customary closing
conditions. retail market.purees stockers
We will continue to
invest in developing new products
and offer our customers a broad product
portfolio consisting largely of natural products and new
innovative products
such as functional food ingredients.
During the first quarter of 2005
, Frutarom achieved cash flow from
operating activities of US$ 5.
Background on the Company
Frutarom is a global company with significant production and development
centers on three
continents, which markets its product to over 3,500
customers in more than 100 countries worldwide
.frutarom.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR
THE THREE-MONTH PERIOD ENDED 31 MARCH 2005
3 months ended
Year ended
31 March 31 December
2005 2004 2004
U.
(Nasdaq: SNMX) announced today the issuance by the U. "The new patent covers
the rapid receptor-based screening methods
that allow us to screen and identify an unprecedented
number of potential new
sweet flavor ingredients.puree foodservice
6% Compared With the Same Quarter Last Year
Reaching
US$ 6.
Ori Yehudai, Frutarom Group's President and Chief Executive Officer,
said, "The good
results are due to both the above-industry-average organic
growth in our core activities, the successful
integration of Flachsmann's
activity; and the successful completion of the first phase of the integration
of the Food Systems activity.08 in the first quarter of 2004."
Frutarom will be hosting a
conference call at 3pm UK time, 10am EDT or
5pm Israel time, today Wednesday, May 25th, 2005.S.
TreeHouse
believes it is the largest manufacturer of pickles and non-dairy powdered
creamer in
the United States based on sales volume.
TreeHouse's Registration Statement on Form 10 discusses
some of the factors
that could contribute to these differences.ingredient cashew
2% for the Same Quarter in 2004
Sales Grew 47. We will persevere in strengthening our
presence in developed markets, Western
Europe and the United States.3% to US$ 9.
Frutarom operates through two Divisions:
- The
Flavors Division, which develops, produces and markets flavors and
food systems
- The Fine
Ingredients Division develops, produces, markets and sells
natural flavor extracts, natural functional
food ingredients, natural
pharma/nutraceutical extracts, specialty essential oils and citrus products
,
aroma chemicals, natural gums and peptide building blocks
Frutarom's products are produced
at its plants in the United States,
England, Switzerland, Germany, Israel, Denmark, China, and Turkey
. Dollars
EARNINGS PER SHARE:
BASIC 0.
"Both Pittsburgh and Mendota are excellent facilities that have been well
run by Del Monte. For
more information on Del Monte Foods
Company (NYSE: http://www. These flavor ingredients may have
applications in
multiple product categories such as confectionaries, cereal, ice cream,
beverages
, yogurt, desserts, spreads, and bakery products, each of which
represents a sizeable commercial market
opportunity. The inclusion of
forward-looking statements should not be regarded as a representation
by us
that any of our plans, projections or future financial, scientific or business
objectives
will be achieved.foodservice blumer
8M
Net Margin Rose to 10.PK) today presented its first quarter 2005 results
.
Following the completion of this first phase, Frutarom started the second
phase of leveraging
the many cross-selling opportunities between the new
customers and products, and Frutarom's existing
customers and products.
Gross profit for the period rose 47.S., TreeHouse Foods, Inc. "Canned
soup is a very large and growing category for food
retailers and this acquisition establishes TreeHouse
as the leading supplier
of private label soup.S.
These statements are only predictions.honeydew ingredient
S. "This
is a
significant transaction for TreeHouse," commented Sam K. Products include a wide variety of
baby cereals, fruits, vegetables, juices, meats, dinners and desserts, as well
as a Toddler Cuisine
(R) line of products intended to resemble adult-style
meals. Products are sold to customers in the
grocery, mass and foodservice
channels. TreeHouse does not
anticipate any significant changes
to the existing operations. EST today.senomyx.stockers rebates
This growth in Frutarom's financial results is the result
of the
successful implementation of Frutarom's rapid growth strategy. We
estimate that the full
impact of the cross selling will materialize over the
next two years."
The acquisition of
the European Food Systems activity, significantly
expanded Frutarom's customer base; geographic reach
in Europe and its product
portfolio, including new and unique products that integrate flavors and
natural functional food ingredients. Yehudai mentioned the recent launch of Frutarom's
functional
ice cream product range.
We believe that this will significantly strengthen our position as a leading
global company. The
proceeds from the offering together with the successful completion of the
integration of the acquired activities form a solid base for realizing our
rapid growth strategy
and for ensuring our future growth. Based upon forecast results for calendar 2006,
preliminary purchase
accounting allocations and the costs of integrating
operations, TreeHouse anticipates the transaction
will be modestly accretive
to 2006 earnings.
"This patent is an important addition to Senomyx
's intellectual property
portfolio," said Kent Snyder, President and Chief Executive Officer of
Senomyx
.honeydew nutraceutical
6% Compared With 8."
Frutarom's sales in the first quarter of 2004 totaled US$ 64.
Yehudai
concluded, "Frutarom continued to be focused on implementing it's
rapid growth strategy combining
organic growth of core activities, at rates
above-industry average, with strategic acquisitions of
activities and
know-how in its main fields of business and in strategic geographic regions.
To participate, please call one of the following teleconferencing numbers:
US: +1-866-500-4964
UK: 0-800-917-4256
SWITZERLAND: 0-800-837-191
INTERNATIONAL: +972-3-925-5910
A replay of the call will also be available by telephone until Sunday,
May 29th.08 0. The
business has an estimated 70%
volume share of private label soup, which in turn has about a 10% penetration
of the wet soup category. infant feeding category with an approximately 5% dollar share in the
U
. U.S. Senomyx's current programs focus on the development of flavors,
flavor enhancers and taste
modulators in the savory, sweet, salt and bitter
taste areas. Senomyx has entered into product discovery
and development
collaborations with five of the world's leading packaged food and beverage
companies:
Cadbury Schweppes, Campbell Soup Company, The Coca-Cola Company,
Kraft Foods Global, Inc. and Nestle
SA.
sweeteners rebates
This was acquired from IFF during the second
half of 2004, during which the operations, sales
and marketing, and research
and development activities were integrated within Frutarom's divisions
. In
that respect, Mr.
Mr. The integration of the
Food Systems activity acquired from IFF
in Switzerland, Germany and France
with the Frutarom Group's global operation contributed to the
growth in
sales. Furthermore, the continued accelerated growth trend in the Flavors
Division,
which typically has higher margins compared to fine ingredients
products (reaching 64.
For
further information, visit our website: http://www.13 0. infant feeding category.treehousefoods
.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements
.cashew palaz
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