USA: Lincoln Snacks reports results for third quarter of fiscal year 2001
Third quarter fiscal 2001 sales were $8.6 million compared to $6.6 million or an increase of 30% versus the same period last year. This increase was attributable to higher branded sales resulting from stronger consumer demand and increased product distribution.
The Company reported third quarter net income of $99,000 or $.02 per share versus $265,000 or $.03 per diluted share in the same period of fiscal 2000. The decrease in earnings is due to increased consumer marketing programs and slotting fees for new distribution of branded products. Selling, general and administrative expenses increased $1.3 million or 62% from the same period last year due to increased variable selling and consumer marketing expenses related to increased branded sales.
Sales for the nine months ended March 31, 2001 were $29.9 million compared to $23.7 million or an increase of 26% versus the same period last year. The Company reported nine month net income of $2,053,000 or $.22 per diluted share versus $944,000 or $.12 per diluted share in the same period of fiscal 2000. Stronger sales of higher margin branded products resulted in the increase in sales and earnings. Selling, general and administrative expenses increased $3.1 million or 39% from the same period last year due to increased variable selling and consumer marketing expenses related to branded products.
Lincoln is one of the world's leading manufacturers and marketers of premium caramelized pre-popped popcorn. Its primary product lines are sold under the brand names of Poppycock®, Fiddle Faddle® and Screaming Yellow Zonkers®.
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