Tasty Baking has announced continuing losses for its financial resultsduring the third quarter ending September 2003.
The company reported gross sales of $60.8 million dollars (€52 million),which in comparison to last years represents a 4 per cent decrease from2002's $63.7million. Similarly, the company reported net sales for the thirdquarter down 3 per cent from $40 million to $38.9 million. The company'sshares also declined from the same time last year. Net loss and diluted netloss per share for the third quarter were $1.4 million and $0.18respectively.
For the thirty-nine weeks period ending September 27, 2003, gross sales were$188.2 million, compared to $193.3 million from last year, a decline of 3per cent. Net sales were $120 million compared to $122.7 million in the sameperiod last year, also a decrease of 2 per cent. Tasty Baking's net lossyear-to-date was $0.6 million, or $0.20 per diluted share, in the sameperiod a year ago.
Charles P Pizzi, president and chief executive officer, said "Our primaryfocus since arriving at Tasty Baking Company has been to position thecompany for long-term growth. We are executing our transformation plans byincreasing our investment in the Tasty Bake brand, entering new markets withour direct store delivery system, delivering product innovation and buildingthe foundation for improved productivity and efficiency".
Pizzi Concluded: "There is a renewed energy throughout our organisation.We continue to have a sense of urgency as we execute our transformation planand we are confident that this strategy will positively impact the company'ssales and earnings beginning in 2004."
Tasty Baking Company was founded in 1914 and headquarters in Philadelphia,Pennsylvania is one the United States' leading bakers of snack cakes, pies,donuts and cookies- producing a range of over 100 products under the TastyBake brand name.