USA: Tasty Baking Company presents at the Merrill Lynch Global Food & Beverage Conference
Tasty Baking Company (NYSE: TBC) today made a presentation at the Merrill Lynch Global Food & Beverage Conference at the Metropolitan Club in New York. During the presentation the Company indicated that, at the present time, gross sales for fiscal year 2000 are anticipated to increase approximately 9% to $247 million, compared with last year's reported $226 million. In addition, the Company indicated that it anticipates achieving its budgeted diluted earnings per share for the second half of fiscal year 2000, which would result in an estimated full year diluted earnings per share of $1.01, compared with $0.70 reported last year. Carl S. Watts, Chairman, President and Chief Executive Officer of Tasty Baking Company said, "The Company anticipates financial results for the balance of the year to be favorably impacted by several factors, including new product offerings, a solid national sales strategy, new markets, such as Wal-Mart Supercenters, and improved operating efficiencies." Mr. Watts continued, "In addition, the Company is expected to introduce a number of new initiatives in the next several months. The Company recently opened its first Thrift Store, and we expect to open three more by year-end, with another 20 next year. Continued new product introductions and efficiencies should also facilitate improved financial performance." Tasty Baking Company is one of the largest independent baking companies in the United States, and is the leading snack cake provider of the Mid-Atlantic region. The Company operates three bakeries in the Mid-Atlantic region, and distributes its products in 49 states under the Tastykake brand name. Except for historical information contained herein, the matters discussed are forward-looking statements (as such term is defined in the Securities Act of 1933, as amended) and because such statements include risks and uncertainties, actual results may differ materially from those forward-looking statements.
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