B&G Foods, a manufacturer of shelf-stable foods, yesterday (27 April) announced a 3.2% increase in net sales for the first quarter ending 1 April. Sales rose to US$90m in the 13-week period. Gross profit was up 4.2% to $27.9m from $26.7m reported a year earlier.
Operating income for the period increased by 2.7% to $15.7m compared to $15.3m for the first quarter of 2005. During the quarter, EBITDA increased by 3% to $17m. The company reported a restructuring charge of $0.1m in the quarter related to the closure of its New Iberia, Louisiana, manufacturing facility.
Earnings per share of class A common stock totalled $0.16, while a loss of $0.05 per share of class B common stock was reported.
David Wenner, Chief Executive Officer of B&G Foods, stated: “Our first quarter performance was driven not only by top line gains but by our ability to maintain gross margin strength. We think our first quarter results testify to our success in implementing price and trade spending initiatives.
“While we cannot predict how oil and energy costs will impact the company going forward, we remain optimistic that an ongoing focus on these initiatives and our diverse portfolio of brands will help us steer the business through this very challenging operating environment.”
