US: Monterey posts increase in Q2 profit
Monterey Gourmet Foods today (4 August) posted an increase in second-quarter net income, boosted by investment in branding and innovation.
Net income for the quarter ended 30 June reached US$204,000 compared to a loss in the same quarter last year of $173,000.
Revenue however, was down from $21.6m in 2008 to $19.3m in the comparable quarter of 2009.
"During the quarter we continued to invest in branding and innovation resources to drive long-term growth," said Eric Eddings, president and CEO.
"For example, we began initiatives to better communicate the restaurant-quality attributes and value proposition of our branded products and strengthen our retail pasta programme. These investments advance our position as a leader in fresh, at-home solution categories. Our performance for the first half of 2009 demonstrates the effectiveness of our growth strategy and our operational excellence."
The company said it renewed its line of credit with the bank during the quarter, without any change to the covenants under the facility, and extended the term through to 30 June.
"We remain debt-free and well positioned to support growth initiatives," Monterey said.
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