Private-label frozen foods maker Overhill Farms has posted a drop in half-yearly net income, hurt by a reduction in volume in the second quarter and “softness” in the airline industry.

For the six months ended 29 March, the US company reported net income of US$4.3m compared to $4.7m in the year-earlier period.

Revenues were also down, dropping to $106.9m, down 13.3% from the first six months of fiscal 2008.

James Rudis, chairman and CEO of Overhill Farms, said the results reflect a “difficult economy” and “do not represent the near-term outlook for the company”.

“After fairly sluggish January and February 2009 sales, we saw substantial upturns in our volumes and revenues that began in March 2009 and have since continued at satisfactory levels,” Rudis said on Friday (8 May). 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Based on orders we have received in the last two months, as well as our expectations for new business, we believe our volumes and revenues will normalise over the balance of the fiscal year.”

The company posted a drop in operating income to $8.4m or 7.9% of net revenues, compared to $10.1m for the year-earlier period.

For the second quarter, net revenues dropped to $51.6m from $66.4bn in the previous year. Net income fell to $1.8bn from $3.2m in the same period of 2008.