Lower selling and marketing expenses were not enough to stave off increased losses at Cuisine Solutions in its third quarter.
The frozen food manufacturer said third-quarter net sales from products were US$21.1m, down 16.4% on the year.
Net loss increased by 68.5% to $691,000 compared to the third quarter of fiscal year 2008 due to reduced gross margins on lower sales.
Net loss per share basic and diluted was $0.04 in the third quarter of fiscal 2009 as compared to a net loss per share basic and diluted of $0.02 in the third quarter of fiscal 2008.
Sales from services were $321,000 as a result of the company’s new acquisition- and fee-based training programmes.
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