US: Tasty Baking in the red after Q4 losses

By: just-food.com | 9 March 2009

Tasty Baking Co.'s fourth-quarter losses deepened the US bakery group's full-year profit deficit, the company has revealed.

An increase in pension costs and higher ingredients and packaging expenses contributed to a fourth-quarter loss of US$4.6m, down from a year-earlier profit of $100,000.

The maker of Tastykake said the fourth-quarter results included a $7.8m charge related to post-tax pension expenses. The company also recorded an after-tax gain of $4.8m related to changes in the retiree medical plan during the quarter.

For the full-year, ended 27 December, the company reported losses totalling $6.8m, down from a profit of $2.1m in the previous fiscal year.

Nevertheless, the group was able to report sales of $43.7m in the fourth-quarter, up 11.4%. Full-year sales were also up, rising to $281.2m from $272.3m.

Sectors: Bakery, Snacks

Companies: Tasty Baking Co.