USA: Penford Corp posts Q2 hit by US$1.4m restructuring charge
The Penford Corporation reported a net income of US$0.1m, US$0.02/share, for its Q2 ended 28 February, versus a net loss of US$0.8m, US$0.11/share, in the previous year. This year's Q2 results include a pretax restructuring charge of US$1.4m, said the company, which decreased earnings by US$0.12 per share. This charge relates primarily to employee termination costs and costs associated with the closure of the Bellevue office as Penford relocates its corporate headquarters to Denver, in accordance with the strategic restructuring announced on 4 January 2002. The company also expects to incur incremental operating expenses as it opens the Denver office and hires new employees.
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
- Interview: Sir Kensington's on sale to Unilever
- Interview: "Disruptive" snack brand Hippeas
- Column: Why snacking is the new meal
- Nestle Q1 update: four things to learn
- Analysis: Post discusses rationale for Weetabix
- Tyson shops Sara Lee bakery, Kettle and Van's
- Unilever buys US condiments maker Sir Kensington's
- Nestle to cut UK confectionery jobs
- Icelandic to sell Saucy Fish Co. owner Seachill
- Tyson to buy burger-to-entree firm AdvancePierre