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May 26, 2006

US: Pierre Foods revenues and earnings up in full year

Pierre Foods has reported a slight increase in its net revenues for the fourth quarter. The manufacturer of processed food solutions said net revenues reached US$109.3m versus US$107.5m for its fourth quarter last year, an increase of 1.7%.

Pierre Foods has reported a slight increase in its net revenues for the fourth quarter. The manufacturer of processed food solutions said net revenues reached US$109.3m versus $107.5m for its fourth quarter last year, an increase of 1.7%.

For the full year fiscal net revenues were $431.6m versus $410.4m, an increase of 5.2%. The company said it had experienced strong growth in most of its end-market segments during the fourth quarter, as well as in fiscal 2006 overall.

The growth was partially offset by a significant decrease in sales to two large National Accounts customers during both fourth quarter and fiscal 2006. Sales to these National Accounts customers were impacted by promotional activity towards sandwiches that do not include the company’s products and to a lesser extent, higher gasoline prices, which impacted store traffic.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $15.7m for the fourth quarter, a 5.4% increase. On a pro forma basis, EBITDA increased to $54.7m for the full year, a 28.4% increase.

The company reported net income of $1.8m for the fourth quarter compared with a net loss of $0.4m during fourth quarter fiscal 2005.

For the full year, net income of $2.2m compared with a net loss of $8.6m last year.

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