US food company Gardenburger has reported net revenues of US$9.0m for the first fiscal quarter to 31 December 2002, compared to $10.8m for the year-ago period.
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The company’s first quarter net loss was $3.6m, compared with $1.2m in the year-ago period, and includes a $411,000 write-off of goodwill from a 1996 acquisition.
“We are disappointed with our sales results for the first quarter of fiscal 2003,” said Scott Wallace, chairman of the board, president and chief executive officer of Gardenburger. “We saw a softening in our food service sales which we are currently addressing. Additionally, we continue to see pressure in the competitive veggie burger segment of the grocery channel. On a positive note, our new product sell-in is going well for our new Herb Crusted Cutlet and Crispy Nugget products. We are also launching two additional products, Barbecued Chicken and Meatless Meatloaf, which should be on shelf this spring.”
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