| Organic Food Products, Inc. | |||
| Ticker: | OFPI | 550 Monterrey Road | |
| Exchange: | NASDAQ-Small Cap Market | Morgan Hill, CA 95037 | |
| Industry: | Manufacturing (SIC Code 2033) | (408) 782-1133 | |
| Type of Shares: | Common Shares | Filing Date: | 3/7/97 | |
| U.S. Shares: | 1,300,000 | Offer Date: | 8/12/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $5.00 | |
| Primary Shares: | 1,300,000 | Offer Price: | $4.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.40 | |
| Offering Amount: | $6,500,000 | Selling: | $0.22 | |
| Expenses: | $480,000 | Reallowance: | ||
| Shares Out After: | 6,496,000 |
| Manager | Tier | Phone |
| Sentra Securities Company | Lead Manager | (619) 584-6016 |
| Spelman & Co., Inc. | Co-manager | (619) 584-6016 |
| Issuer's Law Firm: | Agron, Gary A. |
| Bank's Law Firm: | Luce Forward Hamilton & Scripps |
| Auditor: | Semple & Copper |
| Registrar/Transfer Agent: | Corporate Stock Transfer, Inc. CO |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/96 | 12/31/96 | 12/31/95 | 12/31/96 | ||
| Revenue: | $13.44 | $6.48 | $6.67 | Assets: | $4.42 |
| Net Income: | -$1.70 | $0.38 | -$0.05 | Curr Assets: | |
| EPS: | -$0.27 | $0.07 | -$0.01 | Liabilities: | $3.86 |
| Prior EPS: | $0.04 | -$1.37 | -$1.10 | Curr Liabilities: | |
| Cash Flow/Oper: | -$1.00 | Equity: | $0.56 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| Since 1987, the company has manufactured and marketed pesticide free and preservative free pasta sauces, salsas and condiments under the brand names "Garden Valley Naturals" and "Parrot". The company began marketing its Parrot line of salsas in 1987, its Garden Valley Natural line of condiments in 1991 and its Garden Valley Naturals line of pastas and salsas in 1994. In June 1996, the company merged with Organic Food Products, Inc. which also marketed a line of organic food products under the "Millina's Finest" brand name. In June 1996, the company restructured its Garden Valley Natural, Parrot and Millina's Finest product lines by (I) eliminated all nonorganic products, (ii) eliminating salsas and ketchups sold under the Millina's Finest brand name, and (iii) adding organic fruit juices and organic frozen entrees to its product offerings. In addition to its current products, the company is developing a line of organic grill sauces and organic salad dressings which it expects to introduce in 1997. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for the purchase of raw materials and equipment, for repayment of debt and for working capital. |