AML Foods Limited in its financial statement for the company’s second quarter revealed that Hurricane Dorian-related losses amounted to $2.27 million at its Freeport location.
The chairman’s report, penned by AML Chairman Franklyn Butler, explains that the company suffered net losses in the second quarter, ending October 31, of $1.16 million compared to a loss of $0.10 million during the same period last year.
“These losses were partially offset by insurance proceeds of $1.25 million,” Butler notes in the report.
“Net operating profit before hurricane losses was $0.49 million and represents an increase of $0.54 million over the same quarter in the prior year. During the upcoming months, we anticipate additional insurance proceeds as our claims are finalized.”
According to Butler, despite the closure of Solomon’s Queens Highway location in Freeport due to the hurricane, sales for the quarter were flat at $38.71 million compared to the previous year.
“We have seen a rebound of both sales and gross margin dollars across most of our locations as we aim to increase margin dollars through our purchasing strategies,” Butler points out.
“Additionally, we are focused on our in stock levels which have proven to be a challenge in the past and has resulted in missed opportunities for increased revenues.”
Solomons, Butler notes in the report, is now focused on the holiday season boost and product diversity.
“As we approach the holiday season, we are keen on ensuring that we provide customers with the best shopping experience. We continue to review our product offerings to ensure that we deliver quality products at affordable prices.”
Despite the effects of Hurricane Dorian on the company, AML announced an ordinary dividend payment of $0.04 per share, payable on January 3rd, 2020 to shareholders on record as of December 27, 2019.