Premium Brands announces improved 1Q

- Last updated on GMT

Related tags: Nutrition, Business, Food

Premium Brands, a US producer and marketer of specialty branded
consumer food products and conventional processed meats, has
announced its financial results for the thirteen weeks ending in
March, with sales slightly up on the same period last year.

Premium Brands, a producer and marketer of specialty branded consumer food products and conventional processed meats, has announced its financial results for the thirteen weeks ending in March, with sales slightly up on the same period last year.

Sales for the quarter were up 3.2 per cent to $60.1 million (€65m) from $58.2million in 2001, while operating earnings increased by 165 per cent to $2.5 million from $1.0 million in 2001. This increase was largely due to improved efficiencies at the mainstream processed meats division's Vancouver plant, the turnaround of Goodlife Foods, and cost cutting and rationalisation initiatives in the Specialty Foods Division.

Sales from the company's specialty foods - new business initiative division, or Goodlife Foods, decreased to $2.6 million from $6.7 million in 2001 while its earnings from operations increased to $526,000 from a loss of $603,000 in 2001. Goodlife Foods' improved results reflect cost cutting initiatives undertaken during the fourth quarter of 2001 as it transitioned its business model from corporate to franchisee driven routes.

"Despite the first quarter generally being our weakest, our results provide a glimpse of our earnings capacity and positive momentum going forward,"​ said Fred Knoedler, chairman and CEO. "Our sales and operational initiatives are beginning to bear fruit as we return to normal operations after almost two years of restructuring,"​ added Knoedler.

Related topics: Processing & Packaging

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