US frozen food firm Overhill Farms posted a drop in net income for the first nine months of the year today (7 August) but said it has managed to control costs and improve productivity.
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For the period ended 28 June, net income dropped to US$6.9m compared to $7.9m a year earlier.
Revenues also decreased, dropping to $161.4m from $185.7m in 2008.
Operating income was $13.2m, or 8.2% of net revenues, compared to $16.3m, or 8.8% of net revenues, a year earlier.
James Rudis, chairman and CEO of Overhill Farms, said: “Due to the negative economic climate, many of our customers have experienced reduced sales and competitive pressure on prices. While the economy has clearly affected Overhill Farms’ revenues and will continue to do so in the near-term, we have been able to record strong profits by controlling costs and improving productivity wherever possible.”
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By GlobalDataRudis added that the outlook for the company remains positive, particularly in fiscal 2010 if, as it expects, economic conditions will begin to improve.
Overhill’s trade customers include HJ Heinz and Safeway.
