New Jersey-based food group B&G Foods has reported a fall in net income for the fourth quarter from US$5.0m last year to $1.7m in the final quarter of 2005. For the thirteen weeks to the end of December, 2005, adjusted EBITDA fell by 1.3% to $15.3m, the company said.
Net sales for the thirteen weeks rose by 6.6% to $102.7m from $96.4m in the closing quarter of 2004, while gross profit for the fourth quarter fell by 3.7% to $25.5m.
The company said during the 13-week period to the end of December 2005, operating income was negatively impacted by a restructuring charge of $0.3m relating to the closure of a manufacturing facility in Louisiana.
“In the fourth quarter, and throughout fiscal 2005, we continued to successfully execute our operational strategies while navigating a challenging cost environment,” said CEO David L. Wenner. “Our financial performance reflects our success in offsetting cost increases with selective price increases. We are looking forward to the contributions from our recently completed acquisitions, both of which complement our existing portfolio of brands, and we remain focused on effectively managing our business in 2006 and beyond.”
Net sales for full year rose by 1.8% to $379.3m from $372.8m. Gross profit for the year fell by 7.6% to $103.5m, while operating income rose by 2.7% to $55.0m. Net income available to common stockholders was $8.0m for the year against $9.3m for the year to 1 January 2005.
