Cuisine Solutions scraps common stock - Washington Business Journal:

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The Alexandria-based firm says its board has approvexd a recommendation from a specia l committee made up of its independent directors to cease registratio ofthe company’s common stock. Cuisine Solutionx says it is taking the stepes because of the substantial and increasing costs of being an SEC reportin company and of regulatory compliance withthe Sarbanes-Oxleuy Act. The company says becominvg a privately-held company will save it abouf $800,000 a year. It also cites the limitedf volume of trading and liquidity ofthe company’zs shares.
The company planss to submit the plan, which will also include a premiumm to someexisting shareholders, at a speciakl meeting for shareholders later this year. The plan calles for paying small shareholders a premiun while giving large shareholders a stakd inthe company. Those holding 5,000 shares or fewer will received $1.30 per share. Cuisine Solutiona stock (NYSE: FZN), which closefd at 93 cents Wednesday, was trading at $1.11q Thursday. Cuisine Solutions saw revenue fall in almosgt every category of its sales channelxlast quarter. Sales to food service customers, retail outletsa and restaurantsall declined.
Sales to the militar rose more than 23 percent and now accounty for the largest share of its Cuisine Solutions fiscal third quarter revenuewas $21.1 down 16.4 percent from a year ago. It reporterd a net loss of $691,000, or 4 centzs per share compared to a net lossof $410,00p or 2 cents per share in the same quarted a year ago.