USA: Performance Food sees Q2 net earnings up 107%
Richmond, Va.-based food producer Performance Food Group (PFG) has posted a new quarterly high in net sales and net earnings for its Q2 ended 29 June 2002. Sales for the Q2 2002 amounted to US$1.07bn, up 34% from US$794.8m in the year-earlier period. Net earnings increased 107% to US$22.3m compared with US$10.8m a year ago, and net earnings per share (EPS) for the quarter increased 68% to US$0.47 per share diluted on 36% more shares outstanding compared with US$0.28 per share diluted in the Q2 2001. PFG explained however that net EPS in the Q2 2001 reflected the adoption of the new accounting standards regarding amortisation of intangible assets, and would have been US$0.31 per share, diluted.
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