:. Food Industry News

Categories: Corporate Results

Tasty Baking Company Reports Second Quarter 2008 Results

Source: Tasty Baking Company
04/08/2008

Philadelphia, Pennsylvania, August 1, 2008 - Tasty Baking Company today reported net sales of $44.6 million for its second quarter ended June 28, 2008, a 1.8% increase from the $43.8 million reported for the second quarter last year. The company reported net income of $0.1 million in the second quarter of 2008 compared to $0.9 million in the second quarter of 2007. The results from the second quarter 2008 included $2.4 million, pre-tax, in higher ingredient and packaging costs, which drove a gross margin decline of 5.0 percentage points. In addition, net income in the second quarter of 2008 and 2007 included $0.8 million and $0.5 million, respectively, of accelerated after-tax depreciation expense due to a change in useful lives of assets at the Philadelphia bakery related to the company's plan to complete the move from its present Philadelphia facilities in 2010. EBITDA for the second quarter 2008 declined to $3.5 million versus $3.9 million in the second quarter 2007.

Daily News Alerts

Charles P. Pizzi, president and chief executive officer of Tasty Baking Company, said, “In the second quarter of 2008, increasing commodity costs continued to have a significant impact on our financial results. We were, however, able to mitigate this impact by focusing on cost containment, efficiency improvements, and product pricing actions.”

“Specifically, during the quarter we reduced selling, general, and administrative expenses by $1.0 million or 7.6% compared to the same period a year ago and continued to improve operational performance at each of our manufacturing facilities. In addition, in the second quarter of 2008 we raised list prices on donuts and pies and made changes to our promotional pricing strategy.”

Mr. Pizzi continued, “In terms of the new bakery project, construction is proceeding as planned and we remain within budget. This new facility will be a transformational event for the company and we continue to make good progress towards its successful completion. At the same time, we are mindful of balancing these efforts against the resource requirements of managing the day to day needs of the business."

Click on the icon below to view the full report





GO   View more articles on this subject


More Alerts from 04/08/2008


Email This Article To A Colleague     Print A Copy Of This Page
 
 
 
 
FLEXNEWS - Business News for the Food Industry

About Us | Contact Us | Terms & Conditions | Privacy Policy
 
Daily News Alerts
Related Items
George Weston Earnings Little Changed
France: Groupe Pasquier Opens New Plant
Saudi Almarai Seeks Share Swap in Farm Firm Takeover...
Lotus Bakeries Acquires Swedish Annas Pepparkakor
Continued Positive Results from Lantmännen
Glocken Bakery to Build Germany's Most Modern Mass-Production...
Canada Bread Reports Third Quarter Results
'Picasso of Pastry' Opens Production Facility in France
Tasty Baking Company Reports Third Quarter 2008 Results
USA: Court Approves Pierre Foods Disclosure Statement...

More in Food Industry News
Wal-Mart's Scott Retiring as CEO, Duke to Succeed
Nestle Says Gaining Share in UK Sweets Market
Istrabenz May Sell 95% Stake in Leading Slovenian Food...
Organic To Go Teams with Jamba, Inc.
Heinz Reports 5.8% Organic Sales Growth, and a 22.5%...
The J. M. Smucker Company Announces Second Quarter...
Mexico Dairy and Products Annual Report 2008
Russia: Synergy Continues to Realize its Export Development...
France: Unilever's Amora-Maille to Concentrate Industrial...
Japan Retail Food Sector Annual Report 2008

Top Headlines
Wal-Mart's Scott Retiring as CEO, Duke to Succeed
Nestle Says Gaining Share in UK Sweets Market
Istrabenz May Sell 95% Stake in Leading Slovenian Food...
Organic To Go Teams with Jamba, Inc.
Heinz Reports 5.8% Organic Sales Growth, and a 22.5%...
The J. M. Smucker Company Announces Second Quarter...
Mexico Dairy and Products Annual Report 2008
Russia: Synergy Continues to Realize its Export Development...
France: Unilever's Amora-Maille to Concentrate Industrial...
Japan Retail Food Sector Annual Report 2008
Codex Agrees Risk Analysis Principles for Nutrients
Over 1,000 Melamine Babies Still in China Hospitals...
Lotte Says no Plan to Buy InBev's South Korea Unit
India Cuts 2008/09 Coffee Output Estimate by 5.6 pct
Fonterra Revises Payout Forecast for 2008/09 Season
PepsiCo to Invest $3 Bln in Mexico
Australian Beverages Seen Quenching Brewers' M&A...
Sugar Weakens on Bleak Global Economic Outlook
Flavors Business and the Developing World to Fuel IFF's...
Ebro to Sell Sugar Unit to British Sugar
China Lays Out Plan for Dairy Industry Reforms by End...
Healthy Coffee Accelerates International Expansion...
Bonduelle Completes Purchase of Belgian Canned Vegetable...
Beverages Comprising a Rice Extract, Derivatives Thereof,...
Infant Nutrition With Protease Inhibitor
Process for the Separation and Sensory Evaluation of...


 


FLEXNEWS 2008 - All rights reserved
ISSN 1950-6228