Pierre Foods has reported third quarter net revenues of US$115.5m versus $112.0m for the same period a year ago. The company said it had experienced strong growth in most of its end-market segments but that growth was partially offset by decreased sales to a large national accounts customer during the third quarter and to two large national accounts customers during the year to date.
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“Sales to these customers were impacted, in part, by higher gasoline prices, which impact store traffic, coupled with promotional activity towards sandwiches that do not include our products,” a statement said.
Earnings before interest, taxes, depreciation and amortisation (“EBITDA”) increased to $17.4m in the quarter from $16.4m for the same period last year, a 6.1% increase. On a pro forma basis, EBITDA increased to $39.0m for the year-to-date, up 40.8%.
The company reported net income of $2.6m during the third quarter compared with net income of $1.8 million during the same period last year. The company said the increase in net income was had been helped by sales volume growth, higher margin product sales and the net impact of decreases in prices paid for raw material proteins and formulation mix.
The company said year to date net income was $0.4m, compared with a net loss of $8.2m in the same period in 2005.
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