Overhill Farms has reported a net loss for its fiscal third quarter on the back of falling sales but said it remains optimistic about its prospects.
The US frozen-food firm suffered a net loss of $331,971 for the three months to 3 July. In the same quarter last year, its net income was $930,333, or six cents per share. Net revenues were $39.7m, down from $43.4m for the same period last year, Overhill said on Friday (12 August).
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Chairman, president and CEO James Rudis attributed the dip to a number of factors, including lower orders due to the difficult economic climate and higher energy, commodities and freight prices.
He said: “While we are optimistic about the near-term and mid-term prospects for our business, this was a difficult quarter for the company and for the food industry.
“Consumers continue to be cautious in their spending, which impacts sales of all retailers, including our customers. The reduced volume from our retail and foodservice accounts also lessened our operating efficiencies and thus our gross margins.”
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