USA: Agrilink posts Q2 fiscal 2002 results
Rochester, NY-based Agrilink , an agricultural marketing cooperative, yesterday [Thursday] reported its Q2 fiscal 2002 results. These earnings are consolidated with those of its wholly-owned subsidiary, Agrilink Foods, Inc . Operating earnings from ongoing businesses for the quarter increased US$7.9m or 24.1% to US$40.7m from US$32.8m in the prior year. The results in the second quarter were, among other things, positively impacted by the company-wide focus to control costs and improve margins. Net sales, however, declined from ongoing businesses in the second quarter by US$32.8m or 10% compared to the prior year. US$8.4m of the decline was associated with a planned reduction in a co-pack agreement for canned vegetables in the Midwest. The remaining decrease in net sales was impacted by overall market declines in the frozen vegetable category and various competitive initiatives during the quarter.
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