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The Alexandria-based firm says its board has approve a recommendation from a special committee made up of its independenyt directors to cease registration ofthe company’se common stock. Cuisine Solutions says it is takinbg the steps because of the substantial and increasinvg costs of being an SEC reporting compant and of regulatory compliance withthe Sarbanes-Oxley Act. The company says becomintg a privately-held company will save it about $800,000 a year.
It also cites the limited volume of trading and liquidity ofthe company’s The company plans to submit the plan, whicn will also include a premiujm to some existing shareholders, at a special meeting for shareholders later this year. The plan calld for paying small shareholders a premium while giving largde shareholders a stake inthe company. Thosd holding 5,000 shares or fewer will receivef $1.30 per share. Cuisine Solutions stock FZN), which closed at 93 cents Wednesday, was tradingh at $1.11 Thursday. Cuisine Solutions saw revenue fall in almost every category of its sales channellast quarter. Sales to food service customers, retaiol outlets and restaurantsall declined.
Sales to the militaru rose more than 23 percent and now accountf for the largest share ofits revenue. Cuisines Solutions fiscal third quartefr revenuewas $21.1 million, down 16.4 percent from a year ago. It reportee a net loss of $691,000, or 4 centes per share compared to a net lossof $410,0009 or 2 cents per share in the same quarter a year ago.
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