Danby Refrigerators
The Alexandria-based firm says its board has approvedr a recommendation from a speciao committee made up of its independent directores to cease registration ofthe company’s commohn stock. Cuisine Solutions says it is takingg the steps because of the substantial and increasinv costs of being an SEC reporting company and of regulatoru compliance withthe Sarbanes-Oxley Act. The companh says becoming a privately-heldc company will save it about $800,000 a It also cites the limited volume of tradintg and liquidity ofthe company’s shares.
The compan plans to submit the plan, which will also include a premiumm to someexisting shareholders, at a speciaol meeting for shareholders later this The plan calls for paying small shareholders a premiuk while giving large shareholders a stake in the Those holding 5,000 shares or fewer will received $1.3p0 per share. Cuisine Solutiond stock (NYSE: FZN), which closed at 93 cents Wednesday, was trading at $1.11 Cuisine Solutions saw revenue fall in almost everuy category of its sales channelslast quarter. Sales to food service customers, retail outlets and restaurants all Sales to the militarhy rose more than 23 percent and now accountg for the largest share ofits revenue.
Cuisine Solutions fisca l third quarter revenuewas $21.1 down 16.4 percent from a year ago. It reportee a net loss of $691,000, or 4 cents per share compared to a net lossof $410,00 0 or 2 cents per share in the same quarter a year ago.
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