Newberry Specialty Bakers, Inc. (OTC: CSFD:US), a leading provider of wholesale specialty baked goods to the grocery and foodservice industry, has announced that through the continued commitment to its long-term debt holders, that it has been able to reduce its long-term debt by in excess of $9 million.
The goal was reached by the company by its ability to negotiate the purchase of its accrued interest from all major shareholders for 10 cents on the dollar, while entering into a series of promissory notes that enables the company to sunset the remaining debt on compromised, yet favorable terms over a ten-year period.
Add to that, the fact the company has already exceeded its full year of sales and profitablity for 2014 in only 11 months.
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."
We look forward to learning and sharing more about Newberry Specialty Bakers as the situation evolves.
