Financial Highlights
1. Revenues were $54.7M for the 4th quarter
2. Net loss was $2M or $.09 per share for the 4th quarter
3. Available Cash for the full year of 2009 was $28.7 million
FRZ had another rather sub-par quarter and continues to be hurt by litigation fees and a tough economy.
"Our fourth quarter results continued to be adversely impacted by general economic conditions and unfavorable weather patterns," commented Chairman of the Board, Chief Executive Officer and President Gilbert M. Cassagne. "However, we are continuing to pursue growth and efficiency opportunities and expect those efforts to contribute to our results in 2010."
FRZ completed an acquisition with an aggregate cost of approximately $1.1 million. The Company continues to evaluate acquisition opportunities as part of its ongoing acquisition strategy.
The company intends to commence an offering, subject to market and other conditions, of $300 million aggregate principal amount of senior secured notes in a private offering. Reddy Corp intends to use the proceeds of the offering to refinance its existing indebtedness and to pay estimated fees and expenses, with the balance retained for general corporate purposes, including funding future growth initiatives identified in the Company's strategic planning process and acquisitions. It will be interesting to see if this move works out
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