USA: Gardenburger announces fiscal second quarter 2001 results
Gardenburger, Inc. (OTC Bulletin Board: GBUR) said yesterday that its sales for the fiscal quarter ended March 31, 2001 were $12.7 million compared to sales of $14.4 million in the same quarter last year. "We announced in February at our Annual Shareholders meeting that Gardenburger would shift to a disciplined, profit-focused marketing approach," said Scott Wallace, President and Chief Executive Officer of Gardenburger, Inc. "In the short term, this change in strategy may mean lower sales due to the large percentage of our business done as a result of promotional spending in the burger segment and our need to rationalize marketing spending to levels that generate profitable sales. However, demand for meat alternative products continues to rise and Gardenburger is working hard to bring innovative new products to market quickly to capitalize on this opportunity. Sales of the recently introduced Gardenburger Chik'N Grill(TM) have exceeded expectations and we plan to introduce several additional new products this summer. Our veggie and soy burger businesses remain the backbone of our company and we plan to continue supporting this important segment. If we are successful in achieving our goals of combining a stable or growing profitable veggie burger business and our aggressive new product plans in the alternative forms segment, we should see improvement in both top and bottom line results going forward."
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