| Vita Food Products, Inc. | |||
| Ticker: | VSF | 2222 W. Lake Street | |
| Exchange: | Chicago Stock Exchange | Chicago, IL 60612 | |
| Industry: | Manufacturing (SIC Code 2091) | (312) 738-4500 | |
| Type of Shares: | Common Shares | Filing Date: | 10/8/96 | |
| U.S. Shares: | 750,000 | Offer Date: | 1/16/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $6.00 - $8.00 | |
| Primary Shares: | 750,000 | Offer Price: | $6.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.60 | |
| Offering Amount: | $5,250,000 | Selling: | $0.36 | |
| Expenses: | $408,476 | Reallowance: | $0.10 | |
| Shares Out After: | 3,700,000 |
| Manager | Tier | Phone |
| National Securities Corp. | Lead Manager | (800) 800-9217 |
| Issuer's Law Firm: | Much Shelist Freed Denenberg Ament Bell & Rubinste |
| Bank's Law Firm: | Sugar, Friedberg & Felsenthal |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $21.41 | $13.97 | $13.05 | Assets: | $9.64 |
| Net Income: | $0.13 | -$0.03 | -$0.76 | Curr Assets: | |
| EPS: | $0.04 | -$0.01 | -$0.26 | Liabilities: | $9.90 |
| Prior EPS: | $0.09 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | -$0.26 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company has been engaged in the sale of specialty food products under the Vita brand name for over 65 years. The company believes that its long history of producing and marketing quality products has created a strong recognition of the VITA brand name among consumers and has enabled the company to build an extensive national distribution network of established food brokers for the sale of its products to supermarket chains and wholesale clubs and to institutional/food service operations, such as restaurant chains, hotels, country clubs, cruise lines and other bulk purchasers. Historically, the company has increased its sales through acquisitions which have enabled the company to add new product lines and expand its existing product lines. |
| Competition |
| The market for the company's products is highly competitive. The company believes that consumers choose herring products and cured and salmon products a well as its other specialty products based primarily on product quality and price. Although the company's competitors are primarily small, regional food processors and producers, certain of the company's competitors may have greater financial and other resources than the company and may offer lower prices on comparable products. |
| Business Plan |
| The company's long-term growth strategy is to focus on acquisitions and capitalize on the goodwill associated with the Vita brand name and the strength of its national distribution network to increase its market share for its existing products and to introduce and market complementary new specialty food products, which will be sold under either the Vita brand name or other brand names purchased or licensed from third parties. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to partially fund the purchase of a facility to replace its current office, production and storage expansion and improvement of its current facility; fund the purchase of additional capital equipment; pay for promotions and increased consumer advertising in associated with securing additional shelf space in supermarkets; and fund acquisitions or joint ventures. |