Odwalla Scores Big in 1Q

Odwalla Scores Big in 1Q

HALFMOON BAY, Calif.--Odwalla Inc. (NASDAQ:ODWA) reported much improved results forits first quarter ended Dec. 2, 2000. Revenues surged 88 percent to $31.4million from $16.8 million sold in the comparable quarter the year prior. Grossmargin jumped six points to 53 percent of sales, and operating expenses rose to$15.5 million from $8.7 million spent a year ago but dropped 3 percent of sales.Net income climbed to $.52 million or $.05 per share from a $.73 million or $.18per share loss in the same period the year prior.

The company stated that gross margin improvements were largely the result ofinvestments in its Dinuba production facility and more normalized raw fruitpricing. Furthermore, while overall operating spending was lower as a percentageof sales, the acquisition of Fresh Samantha added about $.58 million to thequarter's expense tally.

"During the first quarter, we made good progress," said StephenWilliamson, chairman and chief executive officer. "With the announcementabout our investment in a new Florida production facility and the furtherinvestment in our sales and distribution organization, we will go even furtherthis year in achieving our big idea--easy access to great tastingnourishment."