• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Cuisine Solutions Credit Rating Upgraded Two Categories on SEAFAX; Upscale Fully-Cooked Frozen Food Manufacturer Gets Second Highest Rating

Posted on: Thursday, 30 June 2005, 15:00 CDT

Cuisine Solutions, Inc. (AMEX:FZN) announced today that its credit rating on SEAFAX was improved from cautionary to limited which is the second highest rating that is given. "Cuisine Solutions is very excited by this rating improvement," comments CEO Stanislas Vilgrain. "Almost all our suppliers use SEAFAX to determine our credit worthiness, which in turn, determines the pricing, terms, and conditions we get from our suppliers. As raw materials is the biggest cost for the company, improved purchasing terms goes right to the bottom line."

Cuisine Solutions sales grew more than 30% year to year from fiscal year 2003 to 2004 and through the first three quarters of fiscal 2005 an almost 30% sales growth. The Net income of the Company has consistently improved each quarter on a fiscal year to year comparison for nine consecutive quarters. The Company has been profitable for the first three quarters of this fiscal year. The Company's fiscal year recently ended on June 25. "Our goal as a company remains firm," states Cuisine Solutions President Thomas L. Gregg. "We want to be the leader in this new category of upscale, fully-cooked frozen food. We create exceptional food with ultimate convenience, and we believe that our "Sous-Vide" technology, know-how, methods and culinary creativity is the foundation which will continue to propel our growth."

The Cuisine Solutions "Sous-Vide" technology, know-how, and methods means that the products, such as Lamb Shank with Rosemary Mint sauce, Seared Tilapia with Lemon and Green Peppercorn sauce, or Veal Osso Bucco, are vacuum sealed and then slowly cooked at very low temperatures immersed in water. The science behind Sous-Vide cooking involves knowing the precise time and temperature that food changes molecular structure. This enables Cuisine Solutions to cook the food for optimum taste, quality, and texture. The result is restaurant quality food every time. The Company's Sous-Vide process also pasteurizes the product and kills all vegetative forms of bacteria, and as the food is sealed in a bag, it is not handled after it is cooked -- until you open it to heat and serve. As the products are immediately flash-frozen, there is no need for preservatives in the product. Most of the Cuisine Solutions products have a guaranteed 18 month shelf life.

SEAFAX is the leading provider of business information for the perishable food industry in North America. Established in 1985 as a credit reporting and collection agency for the seafood industry, SEAFAX has earned a reputation for providing accurate and timely information as a resource to help businesses manage risk and maximize market opportunities. Over the course of 20 years SEAFAX has developed the most extensive database of financial and company specific information in North America. SEAFAX mission is to provide seafood, meat and poultry related businesses with accurate and timely information that enhances their ability to manage risk and maximize market opportunities.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements reflect the intent, belief or current expectations of the company and members of the management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements reflecting changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Source: Business Wire

More News in this Category