NEW YORK — American Home Food Products (OTCBB:AHFP), currently doing business as Artisanal Premium Cheese, today announced results for its three and six months ended November 30, 2009.
For the three month period ended November 30, 2009, the Company reported revenues of $1,039,893 and an operating loss of $418,435, before interest and dividend charges. The Company also increased its funding of a working capital loan from shareholders to continue its expansion into the retail sector. In a separate Form 8-K filing the Company announced that Donald J. Moriarty was nominated to its board of directors to add branded marketing and advertising experience to the company management team as it unfolds the Artisanal brand direct to consumers.
Daniel W. Dowe, President and Chief Executive Officer of Artisanal commented, In our fiscal quarter ending November 30th we experienced a revenue decrease over the prior year and this is attributable to the continued slow down in our core business of servicing restaurants and hotels and the bit of a downturn in online sales. We did start to gain revenues from Costco and we shipped our brand into 14 stores operated by the Manhattan-based DAgostinos supermarket chain and 46 stores operated by the supermarket chain, Shop-Rite.
This month we will start stocking our products in stores operated by the Long Island-based supermarket chain, King Kullen and resume our plans to market our new merchandising system and 4-color packaging into select Costco locations.
Improving our balance sheet to give us the wherewithal to build out our plan is challenging due to the current funding environment for small growth companies. We have been able to rely on shareholder loans and we are in various stages of negotiations with equity funds and with strategic investors that operate businesses in the specialty food segment that are interested in purchasing an ownership stake in our company as part of a larger plan to work with us in the distribution of our products into the retail and foodservice sectors. The completion of this new funding will be used in part to retire our outstanding working capital line to Summit Financial. We are meeting our management objective to create and execute a retail strategy for the Artisanal Premium brand, despite a challenging economy and limited resources.
Source: Artisanal Premium Cheese
