Nascent Foodservice, Inc. (NCTW.OB)

OTC Bulletin Board / Nascent Foodservice, Inc. (NCTW.OB)

Last Post:  on 5/27/2008 1:52:14 PM | 12 Total Posts

Posted by:
Michae

04/09/2008
18:22:26 PM

Nascent Foodservice, Inc. (NCTW.OB) - Dynamic Growth Requires a Dynamic Financial Officer On march 9th, 2008, Nascent Wine Co. Inc. (dba Nascent Foodservice, trading under the symbol NCTW) did the inevitable; it made effective the appointment of Peter White as the Chief Financial Officer of the company. Mr. White had been acting as Chief Financial Officer to the company since January, and Sandro Piancone, the Chief Executive Officer, decided it was time to make the move official. This wasn’t unexpected. Nascent has been growing exponentially in the past 18 months, and with growth that fast and broad, having someone with Mr. White’s credentials at the financial helm is a requisite. Peter White brings over 40 years of senior executive experience to the table, with an extensive background in corporate finance, accounting and operations. White will now be responsible for providing the financial and strategic leadership the CEO requires to take Nascent to the next level of expansion. Mr. White holds a B.S. degree in accounting from New York University, an MBA in finance from Columbia University and is a certified public accountant in the states of Pennsylvania and Massachusetts. Prior work experience includes such prestigious positions such as CFO and COO of Matrix - Systems Inc, a wireless software company for defense and commercial applications; Vice President of Global finance for 3D systems, a global developer of laser systems; Managing Director of Phoenix Equity Partners, an investing firm; and CFO of Global Spill Management, an environmental services company. With Nascent’s recent acquisitions and determination to consolidate large portions of the fragmented Mexican food distribution industry, Mr. White will be a perfect addition to the management team. To quote Sandro Piancone, Chief Executive Officer of Nascent Foodservice, “We are very pleased and fortunate to have Pete join the executive management team in a permanent capacity. Pete brings significant senior level finance and accounting experience to Nascent and has been a tremendous resource since joining us in December 2007 as our acting Chief Financial Officer. We are pleased to have someone with Pete’s expertise and capabilities to provide the financial leadership in this dynamic stage of the Company’s growth cycle.” Permanently filling this slot with someone of Mr. White’s caliber sends a message to the food industry that Nascent is serious about achieving its goals, and it will take on the personnel it needs to accomplish this. Developments such as this keep Nascent on the radar screens of investors worldwide.Please see disclaimer on QualityStocks.net website: http://Disclaimer.QualityStocks.net

 

 

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Michael
5/27/2008 1:52:14 PM

Nascent Foodservice Inc. (NCTW.OB) Announces Positive First Quarter 2008 Results Nascent Wine Company Inc. (NCTW.OB), dba Nascent Foodservice Company Inc., announced its financial results for the period ending March 31, 2008. Sandro Piancone, CEO of Nascent, said, “We made solid progress during the first quarter, as our financial results met plan, we further expanded our platform of leading brands and began to drive leverage in our infrastructure.” Net Sales for the first quarter 2008 were reported at $16 million. The numbers reflect a 300 percent increase compared to the $5.1 million reported for the first quarter 2007. The company stated the increase was due mainly to the three acquisitions completed in 2007. Gross profit improved from $1.9 million in the first quarter of 2007 to $2.8 million for the first quarter 2008. The increase of 191 percent is again due primarily to the three acquisitions. The ratio of gross profit to revenue has remained steady at 19 percent in the first quarter 2007 and 18 percent in the first quarter 2008. Operating expenses were reported at $3.6 million for the first quarter of 2008, or 23 percent of revenue. Contributing factors to the increase in operating expenses are the improved infrastructure Nascent put in place after the three acquisitions were completed in 2007. The company added 17 distribution centers, leased 48 new trucks and distribution equipment, and increased its finance department. For the same period in 2007, the company’s operating expenses were $1.6 million, which was 30 percent of revenue. Even with the additional infrastructure costs, the company was able to decrease expenses by 7 percent compared to the same period last year. The increased sales and decreased operating expenses contributed to the improvement in the company’s net loss which was reported at $0.3 million, or $0.01 per diluted share. For first quarter 2007, the company reported a net loss of $1.1 million, or $0.02 per diluted shared. “During the first quarter we entered into two new distribution agreements including Fusion Energy Drink which is under exclusivity, and Rockstar Energy Drink. Our continued focus on securing distribution rights to desirable and recognizable products should enable us to secure increased gross margin dollars and command higher operating margins going forward. In addition, we focused our efforts on increasing efficiencies within our operations by consolidating warehouses, making delivery routes more profitable by eliminating redundant routes and adding more products to our trucks and leveraging our corporate infrastructure. With the majority of our infrastructure investments completed, we expect to further leverage our operating expenses over an expanded revenue base throughout 2008,” commented Piancone. The company has about $7 million of trade receivable assets and believes that it has sufficient current assets to meet its cash needs for the remainder of the fiscal year. In the event that additional funds are needed, the company is speaking with several lending institutions regarding a working capital credit line and additional financing. Piancone concluded, “Looking ahead to the remainder of 2008, we will continue to leverage our position as the first nationwide distributor in Mexico to attract additional leading brand names and increase our market share within the highly fragmented Mexican foodservice marketplace.”Please see disclaimer on QualityStocks.net website: http://Disclaimer.QualityStocks.net

 

 

 

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