Exhibit 99.1
Rica Foods, Inc.
Announces its Results of Operations
for the Second Quarter
Miami, FL. May 25, 2004.Rica Foods, Inc. (AMEX: RCF—News; “The Company”) announced its results of operations for the second fiscal quarter of the fiscal year ending September 30, 2004.
The Company’s business primarily involves the production and marketing of poultry products and animal feed and the operation of quick service fried chicken restaurants. The Company’s two wholly-owned subsidiaries, As de Oros, S.A. and Pipasa, S.A., through which the Company’s operations are principally conducted, distribute these products throughout Costa Rica and export mostly within Central America.
Results of operations for the three months ended March 31, 2004 compared to the three months ended March 31, 2003.
For the three months ended March 31, 2004, the Company generated net loss applicable to common stockholders of $1,206,394 ($0.09 basic loss per share), compared to a net loss applicable to common stockholders of $741,840 ($0.06 basic loss per share) for the three months ended March 31, 2003.
For the three months ended March 31, 2004, net sales and cost of sales increased by 7.9% and 13.1%, respectively. The increase in sales is primarily attributable to increases in sales in the exports, by-products and others segment, which increase was partially offset by a decrease in sales in the broiler segment.
The increase in the cost of sales was primarily the result of the overall increase in sales and increases in the costs of raw material, such as corn and soybean meal which make up approximately 60% of the total cost of raw material, in addition to the shipping costs associated with obtaining such raw material. For the three months ended March 31, 2004, the cost of corn and soybean meal increased by approximately 12% and 51%, respectively, when compared to the purchase price of such products for the three months ended March 31, 2003. Cost of sales was a greater percentage of sales for the quarter ended March 31, 2004 (74.8%) as compared to the quarter ended March 31, 2003 (71.2%) also primarily due to the increased cost of imported raw material.
The Company uses segment profit (loss) margin information to analyze segment performance, which is defined as the ratio between the income or loss from operations associated with a segment and the net sales associated with the subject segment.
Broiler sales decreased by 5.4% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, primarily due to an increase in discounts provided to the Company’s broiler customers. The volume of broiler products sold did not vary significantly, decreasing by 0.9%, which the Company believes is indicative of a reversal of the decreased volume trend of broiler product sales experienced by the Company in recent years. The profit margin for this segment decreased from 20.6% to 12.9%, primarily due to an increase in the cost of imported raw material.
Animal feed sales increased by 4.2% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, mainly attributable to an increase in prices and an increase in the sales of pet food brands, mainly due to the addition of new distribution channels. However, overall volume of animal feed sales decreased by 6.7% mainly due to a decrease in the sale of certain of the Company’s less expensive commercial animal feed brands, which was partially offset by increases in the sales of pet food products. The profit margin for the animal feed segment decreased slightly from 8.0% to 7.4%, primarily as a result of an increase in the costs of imported raw material, which was partially offset by variations in the sales mix to more profitable products.
By-products sales increased by 18.5% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, mainly due to an increase in the volume of by-product sales by 15.8%. The profit margin for by-products increased from 8.6% to 9.9%, mainly due to an increase in sales of products with higher profit margins, which was partially offset by the increase in costs of imported raw material.
Export sales increased by 80.2% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, mainly due to an increase in the number of pet food and commercial animal feed customers in Central America. In addition, in November 2003, the government of Honduras lifted its restriction on the import of poultry-related products which had been in place since March 2002 and the Company has once again initiated exporting poultry-related products to Honduras. Profit margin increased from 15.4% to 18.8%, mainly due to a variation in the product mix to more profitable products, partially offset by an increase in the cost of imported raw material.
Quick service sales increased by 16.5% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, mainly due to an increase in prices and increased marketing efforts of the Company. This segment’s profit margin increased from 2.1% to 11.9%, mainly as a result of an increase in the sales price for quick-service products.
Sales for the other products segment increased by 45.2% for the fiscal quarter ended March 31, 2004 when compared with the fiscal quarter ended March 31, 2003, mainly due to an increase in the sale of commercial eggs. This segment’s profit margin increased from a loss margin of 4.9% to a positive margin of 8.0%, mainly due to an increase in sales prices.
Operating expenses decreased by 3.6% or $289,450 for the three months ended March 31, 2004 when compared to the three months ended March 31, 2003.
For the three months ended March 31, 2004, selling expenses did not vary significantly, decreasing by $63,355 or 1.3%, when compared to the three months ended March 31, 2003. For the three months ended March 31, 2004, general and administrative expenses decreased by $226,095, or 6.7% when compared to the three months ended March 31, 2003. This decrease in general and administrative expenses is mainly due to a reduction in the Company’s rental expenses and a decrease in depreciation and amortization expenses. Operating expenses represented 23.41% and 26.29% of net sales for the three months ended March 31, 2004 and 2003, respectively.
As part of pay-roll related charges to the government of Costa Rica, the subsidiaries of the Company, are required to pay to the Instituto Nacional de Aprendizaje (“INA”), a Costa Rican Government institution, a monthly charge (the “INA Charge”) which is calculated by multiplying the subsidiaries’ total payroll by a percentage determined based upon the classification given to the Company’s operational activities (the “Percentage”). Since 1993, pursuant to a law enacted by the Costa Rican Congress, the Ministry of Agriculture has classified the Company’s operational activities as agricultural in nature.
However, in December 2003, the Company received an administrative petition from the INA (the “INA Petition”), indicating that, in accordance with article 19 of an administrative decree of the INA (the “Administrative Decree”), for purposes of determining the Percentage, the INA believes the Company’s operational activities should be classified as industrial in nature rather than agricultural in nature, and accordingly, should have been applying the Percentage applicable to industrial companies when calculating the INA Charge, instead of the Percentage applicable to agricultural companies. The applicable Percentage for agricultural companies is 0.5% while the applicable Percentage for industrial companies is 2%.
The Company has objected to the INA Petition and is currently considering filing a claim with the Costa Rican Constitutional Supreme Court (the “Court”) challenging the constitutionality of the article 19 of the Administrative Decree. As there can be no assurances regarding the outcome of any claim the Company may file with the Court, for the three months ended March 31, 2004, the company has recorded a provision in the amount of $416,380 which the Company believes to be management’s most reasonable estimate of the amount the Company would be required to pay in the event it was required to comply with the INA Petition based on an analysis of the subsidiaries’ payroll. However, the Company believes that the amount of he Company’s liability in the event of an unfavorable outcome may be as large as $1 million. In addition to the provision, the Company has also recorded a deferred tax benefit in the amount of $124,914 related to the INA Charge.
Other expenses increased by 39.3% for the three months ended March 31, 2004, when compared to the three months ended March 31, 2003, primarily as a result of a decrease in interest income and the provision of the INA Charge.
The Company’s provision for income tax benefit was $169,647 for the three months ended March 31, 2004, compared to an income tax expense of $63,798 for the three months ended March 31, 2003, mainly due to a downward revision of the estimated income tax for the three months ended December 31, 2003 in addition to an increase in deferred income tax benefit related to the provision recorded for the INA Charge. The revision of the estimated income tax from prior quarter is primarily due to a decrease in taxable income for fiscal year 2004. Effective rates for the fiscal quarters ended March 31, 2004 and 2003 were 12.7% and –10.14%, respectively.
Results of operations for the six months ended March 31, 2004 compared to the six months ended March 31, 2003.
For the six months ended March 31, 2004, the Company generated net loss applicable to common stockholders of $1,043,149 ($0.08 basic loss per share), compared to a net income applicable to common stockholders of $313,697 ($0.03 basic earnings per share) for the six months ended March 31, 2003.
For the six months ended March 31, 2004, net sales increased by 0.9% or $623,212 and cost of sales increased by 5.86% or $2,677,314 when compared to the six months ended March 31, 2003. The increase in overall sales is primarily attributable to an increase in the sales in the exports and others segments, partially offset by a decrease in sales in the broiler segment. For the six months ended March 31, 2004, the cost of imported corn and soybean meal increased by approximately 10% and 44%, respectively, when compared to the cost of such materials for the six months ended March 31, 2003. Cost of sales was a greater percentage of sales for the six months ended March 31, 2004 (72.6%) as compared to the six months ended March 31, 2003 (69.2%) primarily due to increases in the costs of imported raw material.
Broiler sales decreased by 6.7% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003, primarily due to an increase in sales discounts provided to the Company’s broiler customers and a decrease in the volume of broiler sales by approximately 3.0%, which the Company believes is indicative of a reversal of the decreased volume trend of broiler product sales experienced by the Company in recent years. The profit margin for this segment decreased from 22.7% to 14.7%, primarily due to an increase in the cost of imported raw material.
Animal feed sales did not vary significantly, decreasing 1.25% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003. However the volume of animal feed sales decreased by 10.7% mainly due to a decrease in the sale of certain of the Company’s less expensive commercial animal feed brands, which was partially offset by increases in the sales of pet food products. The profit margin for animal feed increased slightly from 9.3% to 10.0%, primarily as a result of an increase in sales prices and variations in the sales mix to more profitable products, offset by an increase in the costs of imported raw material.
By-products sales decreased by 4.4% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003, mainly due to a decrease in volume of 9.2%. The profit margin for by-products increased from 13.4% to 14.5%, mainly due to an increase in sale of products with higher profitability, partially offset by the increase in costs of imported raw material.
Export sales increased by 47.2% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003, mainly due to an increase in the number of fertile egg, pet food and commercial animal feed customers in Central America. In addition, in November 2003, the government of Honduras lifted its restriction on the import of poultry-related products which had been in place since March 2002 and the Company has once again initiated exporting poultry-related products to Honduras. Profit margin increased from 15.3% to 19.4%, mainly due to a variation in the product mix to more profitable products, partially offset by an increase in the cost of imported raw material.
Quick service sales increased by 6.9% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003 mainly due to an increase in sales prices and marketing efforts. This segment’s profit margin increased from 5.8% to 13.0%, mainly as a result of an increase in the sales price for quick-service products.
Sales for the other products segment increased by 36.5% for the six months ended March 31, 2004 when compared with the six months ended March 31, 2003, mainly due to an increase in the sale of commercial eggs. This segment’s profit margin increased from 5.8% to 10.2%, mainly due to an increase in sales prices.
Operating expenses decreased by 4.3% or $706,150 for the six months ended March 31, 2004 when compared to the six months ended March 31, 2003. For the six months ended March 31, 2004, selling expenses decreased by 4.8% or $466,867, when compared to the six months ended March 31, 2003. This decrease in mainly due to a reduction in the Company’s vehicle leasing expenditures as a result of the company’s purchase of distribution trucks and a decrease in expenditures related to the renting of frozen storage containers as a result of a decrease in the Company’s broiler inventory levels. For the six months ended March 31, 2004, general and administrative expenses decreased by 3.6% or $239,283 when compared to the six months ended March 31, 2003. This decrease in general and administrative expenses is mainly due to a reduction in the Company’s rental expenses. and a decrease in depreciation and amortization expenses. Operating expenses represented 23.68% and 25.02% of net sales for the six months ended March 31, 2004 and 2003, respectively.
Other expenses increased by 23.79% for the six months ended March 31, 2004, when compared to the six months ended March 31, 2003, primarily as a result of an decrease in interest income and the recognition of a pretax charge of $416,000 to provision for the INA Charge during the three months ended March 31, 2004.
The Company’s provision for income tax benefit was $72,374 for the six months ended March 31, 2004, compared to an income tax expense of $567,959 for the six months ended March 31, 2003, mainly due to an increase in deferred income tax benefit related to the provision recorded for the INA Charge. Effective rates for the six months ended March 31, 2004 and 2003 were 6.98% and 57.67%, respectively.
The Company is seeking to address its anticipated short-term funding requirements by various means including, but not limited to, entering into negotiations with certain of its lenders to extend the maturity date on the short-term indebtedness owed to such lenders and seeking to secure long-term financing through the private or public issuance of debt instruments. Although the Company has entered into discussions with certain of its lenders and a number of potential capital sources, there can be no assurances that the Company will be successful in its efforts to secure long-term financing on terms acceptable to the Company. The Company’s ability to maintain sufficient liquidity to meet its short-term cash needs is highly dependent on achieving these initiatives. There is no assurances that these initiatives will be successful and failure to successfully complete these initiatives could have a material adverse effect on the Company’s liquidity and operations, and could require the Company to consider alternative measures, including, but not limited to, the deferral of planned capital expenditures and the further reduction of discretionary spending.
RICA FOODS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
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| | | March 31, 2004
| | | September 30, 2003
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| | | (Unaudited) | | | | |
| Assets | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 1,349,955 | | | $ | 3,343,255 | |
Short-term investments | | | 49,620 | | | | 2,469,301 | |
Notes and accounts receivable | | | 14,581,131 | | | | 17,760,056 | |
Due from related parties | | | — | | | | 1,415,821 | |
Inventories | | | 15,139,233 | | | | 14,132,819 | |
Deferred income taxes | | | 438,996 | | | | 255,064 | |
Prepaid expenses | | | 708,442 | | | | 742,984 | |
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Total current assets | | | 32,267,377 | | | | 40,119,300 | |
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Property, plant and equipment | | | 35,693,774 | | | | 36,782,594 | |
Long-term receivables-trade | | | 243,380 | | | | 627,831 | |
Long-term investments | | | 3,537,758 | | | | 3,784,470 | |
Other assets | | | 7,234,975 | | | | 7,782,744 | |
Goodwill | | | 1,484,590 | | | | 1,555,828 | |
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Total assets | | $ | 80,461,854 | | | $ | 90,652,767 | |
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Liabilities and Stockholders’ Equity | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 7,828,723 | | | $ | 17,195,317 | |
Accrued expenses | | | 3,402,485 | | | | 3,320,497 | |
Notes payable | | | 36,004,924 | | | | 36,547,238 | |
Current portion of long-term debt | | | 2,750,117 | | | | 3,978,580 | |
Due to stockholders | | | 3,257 | | | | 51,872 | |
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Total current liabilities | | | 49,989,506 | | | | 61,093,504 | |
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Long-term debt, net of current portion | | | 5,115,452 | | | | 6,727,905 | |
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Deferred income tax liability | | | 2,119,332 | | | | 2,101,856 | |
Total liabilities | | | 57,224,290 | | | | 69,923,265 | |
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Minority interest | | | 1,169,214 | | | | 1,336,445 | |
Stockholders’ equity: | | | | | | | | |
Common stock | | | 12,865 | | | | 12,865 | |
Preferred stock | | | 2,216,072 | | | | 2,216,072 | |
Additional paid-in capital | | | 25,800,940 | | | | 25,800,940 | |
Accumulated other comprehensive loss | | | (17,012,787 | ) | | | (15,586,903 | ) |
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Retained earnings | | | 11,680,655 | | | | 12,723,806 | |
| | | | 22,697,745 | | | | 25,166,780 | |
Less: | | | | | | | | |
Due from stockholders | | | — | | | | (5,490,329 | ) |
Treasury stock, at cost | | | (629,395 | ) | | | (283,394 | ) |
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Total stockholders’ equity | | | 22,068,350 | | | | 19,393,057 | |
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Total liabilities and stockholders’ equity | | $ | 80,461,854 | | | $ | 90,652,767 | |
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RICA FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three months ended March 31,
| | | Six months ended March 31,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
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Sales | | $ | 33,267,913 | | | $ | 30,833,541 | | | $ | 66,615,623 | | | $ | 65,992,411 | |
Cost of sales | | | 24,854,797 | | | | 21,966,799 | | | | 48,342,960 | | | | 45,665,646 | |
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Gross profit | | | 8,413,116 | | | | 8,866,742 | | | | 18,272,663 | | | | 20,326,765 | |
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Operating expenses: | | | | | | | | | | | | | | | | |
Selling | | | 4,679,993 | | | | 4,743,348 | | | | 9,333,813 | | | | 9,800,680 | |
General and administrative | | | 3,135,901 | | | | 3,361,996 | | | | 6,473,112 | | | | 6,712,394 | |
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Total operating expenses | | | 7,815,894 | | | | 8,105,344 | | | | 15,806,925 | | | | 16,513,074 | |
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Income from operations | | | 597,222 | | | | 761,398 | | | | 2,465,738 | | | | 3,813,691 | |
Other expenses (income): | | | | | | | | | | | | | | | | |
Interest expense | | | 990,135 | | | | 1,072,970 | | | | 2,194,736 | | | | 2,226,273 | |
Interest income | | | (112,401 | ) | | | (377,819 | ) | | | (554,049 | ) | | | (799,341 | ) |
Foreign exchange loss, net | | | 659,606 | | | | 719,474 | | | | 1,508,486 | | | | 1,533,792 | |
Provision for contingencies | | | 416,380 | | | | — | | | | 416,380 | | | | — | |
Miscellaneous, net | | | (16,682 | ) | | | (24,008 | ) | | | (63,650 | ) | | | (131,902 | ) |
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Other expenses, net | | | 1,937,038 | | | | 1,390,617 | | | | 3,501,903 | | | | 2,828,822 | |
Income (loss) before income taxes and minority interest | | | (1,339,816 | ) | | | (629,219 | ) | | | (1,036,165 | ) | | | 984,869 | |
Provision (benefit) for income tax | | | (169,647 | ) | | | 63,798 | | | | (72,374 | ) | | | 567,959 | |
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Income (loss) before minority interest | | | (1,170,169 | ) | | | (693,017 | ) | | | (963,791 | ) | | | 416,910 | |
Minority interest | | | 13,092 | | | | 17,708 | | | | 28,382 | | | | 35,846 | |
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Net income (loss) | | | (1,183,261 | ) | | | (710,725 | ) | | | (992,173 | ) | | | 381,064 | |
Preferred stock dividends | | | 23,133 | | | | 31,115 | | | | 50,976 | | | | 67,367 | |
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Net income (loss) applicable to common stockholders | | $ | (1,206,394 | ) | | $ | (741,840 | ) | | $ | (1,043,149 | ) | | $ | 313,697 | |
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Basic earnings (loss) per share | | $ | (0.09 | ) | | $ | (0.06 | ) | | $ | (0.08 | ) | | $ | 0.03 | |
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Diluted earnings (loss) per share | | $ | (0.09 | ) | | $ | (0.06 | ) | | $ | (0.08 | ) | | $ | 0.03 | |
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Basic weighted average number of common shares outstanding | | | 12,811,469 | | | | 12,811,469 | | | | 12,811,469 | | | | 12,811,469 | |
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Diluted weighted average number of common shares outstanding | | | 12,811,469 | | | | 12,811,469 | | | | 12,811,469 | | | | 12,811,469 | |
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RICA FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the six months ended March 31, 2004 and 2003
(Unaudited)
| | | | | | | | |
| | | 2004
| | | 2003
| |
Net income (loss) | | $ | (992,173 | ) | | $ | 381,064 | |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | | | | | | | | |
Depreciation and amortization | | | 2,154,029 | | | | 2,330,497 | |
Production poultry | | | 1,845,524 | | | | 1,729,348 | |
Allowance for inventory obsolescence | | | 161,473 | | | | 73,861 | |
Derivative unrealized loss (gain) | | | (265,638 | ) | | | 78,208 | |
Gain on sale of productive assets | | | (27,642 | ) | | | (22,464 | ) |
Deferred income tax | | | (181,223 | ) | | | 90,761 | |
Provision for doubtful receivables | | | 142,137 | | | | 138,945 | |
Amortization of deferred debt costs | | | 36,745 | | | | 116,694 | |
Minority interest | | | 28,382 | | | | 35,846 | |
Changes in operating assets and liabilities: | | | | | | | | |
Notes and accounts receivable | | | 3,061,067 | | | | (165,536 | ) |
Inventories | | | (3,009,714 | ) | | | (3,007,446 | ) |
Prepaid expenses | | | 34,542 | | | | (298,129 | ) |
Accounts payable | | | (9,366,594 | ) | | | 4,339,521 | |
Accrued expenses | | | 81,988 | | | | (756,516 | ) |
Long-term receivables-trade | | | 364,039 | | | | 149,113 | |
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Net cash provided (used) by operating activities | | | (5,933,058 | ) | | | 5,213,767 | |
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Cash flows from investing activities: | | | | | | | | |
Short-term investments | | | 2,419,681 | | | | 24,244 | |
Long-term investments | | | 76,212 | | | | (49,449 | ) |
Additions to property, plant and equipment | | | (2,270,402 | ) | | | (2,028,246 | ) |
Proceeds from sales of productive assets | | | 213,878 | | | | 886,076 | |
Change in other assets | | | (73,554 | ) | | | (1,596,459 | ) |
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Net cash provided (used) in investing activities | | | 365,815 | | | | (2,763,834 | ) |
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Cash flows from financing activities: | | | | | | | | |
Preferred stock cash dividends | | | (79,358 | ) | | | (103,213 | ) |
Short-term financing: | | | | | | | | |
New loans | | | 34,428,924 | | | | 11,237,167 | |
Payments | | | (34,950,480 | ) | | | (8,787,477 | ) |
(Continued on next page)
RICA FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Six months ended March 31, 2004 and 2003
(Unaudited)
(Continued)
| | | | | | | | |
| | | 2004
| | | 2003
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Long-term financing: | | | | | | | | |
New loans | | | 3,038,335 | | | | 802,977 | |
Payments | | | (6,049,438 | ) | | | (6,257,412 | ) |
Preferred shares repurchased | | | (513,232 | ) | | | — | |
Due from stockholders and related party | | | 6,857,535 | | | | 93,566 | |
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Net cash provided (used) by financing activities | | | 2,732,286 | | | | (3,014,392 | ) |
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Effect of exchange rate changes on cash and cash equivalents | | | 841,657 | | | | 909,273 | |
Increase (decrease) in cash and cash equivalents | | | (1,993,300 | ) | | | 344,814 | |
Cash and cash equivalents at beginning of period | | | 3,343,255 | | | | 2,728,293 | |
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Cash and cash equivalents at end of period | | $ | 1,349,955 | | | $ | 3,073,107 | |
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Supplemental disclosures of cash flow information: | | | | | | | | |
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Cash paid during period for: | | | | | | | | |
Interest | | $ | 2,718,268 | | | $ | 2,310,590 | |
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Income taxes | | $ | 97,034 | | | $ | 534,013 | |
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Supplemental Schedule of non-cash activities: | | | | | | | | |
Benefits to Chief Executive Officer | | $ | — | | | $ | 136,863 | |
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The Company’s operations are largely conducted through its 100% owned subsidiaries, Corporacion Pipasa, S.A. and subsidiaries (“Pipasa”) and Corporacion As de Oros, S.A. and subsidiaries (“As de Oros”). The Company’s subsidiaries’ primary business is derived from the production and sale of broiler chickens, processed chicken, beef and pork by-products, commercial eggs, and premixed feed and concentrate for livestock and domestic animals. The Company’s subsidiaries own 97 urban and rural outlets throughout Costa Rica, three modern processing plants and four animal feed plants. As de Oros also owns and operates two chains of 28 quick service restaurants in Costa Rica called Restaurantes As de Oros and Kokoroko. Pipasa and As de Oros export its products to all countries in Central America, Colombia, Dominican Republic and Hong Kong.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For more complete information concerning factors that could affect the Company’s results, reference is made to the Company’s registration statements, reports, or other documents filed with the Securities and Exchange Commission.
For more information contact Rica Foods at (305) 858-9480, or e-mail to mmarenco@ricafoods.com.
SOURCE: Rica Foods, Inc.
