USA: M&F Worldwide Corporation Reports Income for 2001 First Quarter
M&F Worldwide Corp. (NYSE: MFW), today reported results for the first quarter ended April 1, 2001. Sales for the first quarter were $25.0 million as compared to $22.7 million in the prior year quarter. Net income available to common stockholders for the first quarter amounted to $9.0 million or $0.47 per share as compared to $4.4 million or $0.21 per share for the prior year quarter. In February the Company completed a reversion of its salaried pension plan and realized $33.8 million in cash after paying an excise tax of $8.5 million. A net after excise tax gain of $11.0 million was recognized in the quarter and $7.6 million was recorded in the tax provision relating to this gain. The Company's net income available to stockholders excluding the impact of the pension reversion would have been $5.6 million or $0.29 per share as compared to $4.4 million or $0.21 per share for the prior year quarter.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- UK own-label firm Park Cakes sold in MBO
- Kraft Heinz cuts jobs in US, Canada
- Unilever 'lining up spreads sale'
- Immigration crackdown "risk" for US dairy industry
- Fonterra cuts earnings forecast