US: Overhill Farms books increase in H1 profits

By: just-food.com | 7 May 2010

US frozen food maker Overhill Farms has booked an increase in profits for the first six months of its fiscal year.

For the period ended 28 March, the company reported a 25% increase in profits to US$5.4m. The figure was boosted by improved efficiencies, favourable commodity prices and reduced interest costs.

Operating income increased 12% to reach $9.4m.

Revenues, however, declined to $106.7m for the first six months of fiscal 2010, down less than 0.2% from the prior year.

James Rudis, chairman and CEO, said the company is "seeing encouraging signs of improvement”.

“Our stepped-up sales efforts have led to new retail business from one of our existing customers, which should go into production late in the third quarter. In addition, we are in the final stages of preparing several product launches for both new and existing customers.”

For the second quarter, net income increased by 31.6% to $2.36m, while net revenues dropped 2.1% to $50.5m.

Sectors: Financials, Frozen