USA: Eagle Family Foods management announces its first quarter 2001 earnings
Eagle Family Foods, Inc. (the "Company") announced today that its earnings before interest, taxes, depreciation and amortization (EBITDA) and net loss for the quarter ended September 30, 2000 will be approximately $9.8 million and ($2.0) million, respectively, compared to $3.0 million and ($6.1) million, respectively, for the quarter ended October 2, 1999. This quarter is the first quarter of the Company's 2001 fiscal year.Net sales for the quarter were $51.2 million, a 7.2% decline as compared to the $55.2 million recorded in the first quarter of fiscal 2000. Excluding sales of the Company's lemonade liquid concentrate, ReaLemonade, which was discontinued from retail in July 2000, net sales for the first quarter of fiscal year 2001 were $51.0 million compared to $51.4 million in the first quarter of fiscal year 2000.The overall improvement in the financial performance is primarily due to the reduced investment in marketing support for the discontinued ReaLemonade retail product as well as the higher cost of goods in the prior year quarter because of a $4.8 million write-off of ReaLemonade inventory.The Company manufactures and markets a portfolio of leading dry-grocery food products with widely recognized and established brands, including Eagle Brand Sweetened Condensed Milk, ReaLemon and ReaLime Juices from Concentrate and Cremora Non-dairy Creamer.The press release contains "forward-looking statements" within the meaning of the federal securities laws. It is important to note that these statements involve a number of risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those projected. Additional information concerning such matters is contained in the Company's Annual Report on Form 10-K for the year ended July 1, 2000 and other documents filed by the Company with the SEC, all of which are available from the SEC.
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