AML Foods Limited announced today the results for its third quarter ending October 31, 2012, recording a net profit of $374k compared to $60k for the same period in the previous year and YTD net profit of $1.4m compared to a prior YTD net profit of $623k. Financial highlights include:

• EPS of $0.02 for the quarter compared to $0.00 for the prior year period and EPS of $0.09 YTD compared to $0.04 for prior YTD;
• Overall sales increased $7.1m or 29.9% for the quarter and $21.5m or 31.4% YTD;
• Increased gross margin dollars for the quarter of $2.2m or 30.9% and YTD of $6.5m or 32.4% reflecting increased sales as well as improvements in gross margin from 29.6% in 2011 to 29.8%;
• SG&A expenses increasing by $2.0m for the quarter over prior year reflecting increased store count but reducing as a % of sales from 28.6% to 28.3%, while YTD SG&A expenses increased by $5.7m reflecting increased store count but reducing as a % of sales from 28.4% to 28.0%;
• Reduction in cash balances for the quarter of $5.8m reflecting capital expenditures on store expansions of $4.3m and a reduction in capital expenditure and insurance related accounts payable of $1.2m.

“Our 3rd quarter, which traditionally is our weakest quarter, was one of transition for us as we immediately transferred our focus from opening Solomon’s Lucaya to the opening of Solomon’s Fresh Market Harbour Bay”, says Mr. Gavin Watchorn, President & CEO, AML Foods Limited. “We are pleased that our Company continues to report quarterly profits despite the challenging economic times and we are certain that as we now shift our entire focus to operations, our future results will be stronger.”

“Our Solomon’s Fresh Market Harbour Bay store opened in early December and has been very well received by the residents and guests of eastern New Providence. With this opening behind us, we are now fully focused on our daily operations and the many details that determine success or failure in the retail food industry. We fully expect our Q4 results to reflect this focus with increased sales and profits over 2011 levels”.

Dionisio D’Aguilar, Chairman, AML Foods Limited, added, “With our strong and growing presence in the market we are looking forward to recording continued sales and bottom line growth for our Company and shareholders in 2013. We will now shift our focus to growing our Franchise division, and as we await final approvals for the construction of our first Carl’s Jr. store, we will also commence a program of expansion and upgrades to our Dominos Pizza stores, to allow for enhanced customer service as well as dining options”.

Mr. D’Aguilar further noted, “2012 was a very exciting year for our Company – shareholders, customers and staff. We have achieved much this past year and have put in place the required platform for continued growth and sustainable earnings. Our expectations for AML Foods Limited have risen and we look forward with confidence to meeting those expectations.”

Based on the Company’s YTD results, the board of directors have approved an interim dividend payment of $0.02 per share, payable on January 31st, 2013 to ordinary shareholders on record as of January 25th, 2013.

About AML Foods Limited: AML Foods Limited was incorporated in 1989 in The Bahamas and is listed on the Bahamas International Securities Exchange. The Company and its subsidiaries are primarily engaged in the operations of retail and club stores offering dry and perishable food items and other consumer products, and the operation of a food franchise business. AML Foods Limited Food Distribution includes its retail division - Solomon’s Super Center Nassau, Solomon’s Fresh Market, and Solomon’s Freeport Neighborhood Stores – and its club division - Cost Right Nassau and Cost Right Freeport; the Company’s Franchise Division consists of eleven Domino’s Pizza locations in Nassau and Freeport. The Company expects to open its first Carl Jr. restaurant in Q1 2013. The registered office of the Company is at One Millars Court, off Shirley Street, Nassau, New Providence, Bahamas and the corporate office is at Town Centre Mall, Upper Level, Blue Hill Road, Nassau, New Providence, Bahamas, Tel: 242.677.7200.

About this report: This report may include “forward-looking statements.” While AML Foods Limited believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from AML Foods’ expectations include external economic conditions, changes in the marketplace, changes in interest rates and operating costs and other unforeseen events or conditions that affect the Group’s performance.

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