Food manufacturer Synergy Brands has booked an increase in third-quarter profits, driven by growth in the Quality Foods brands.
For the three months to the end of September, net income increased 79% on last year to reach US$713,580.
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Operating profits edged up to reach $1.4m from $1.01m in the prior-year period, while consolidated revenues dropped 17% on last year to $21.6m.
Synergy Brands owns and operates Quality Food Brands (QFB), a Michigan-based manufacturer and distributor of packaged foods under the Paula Deen, Loretta, Country Value and Gourmet Select brands.
“These strong QFB results affirm our business strategy for the company as we move forward,” said Mair Faibish, CEO of Synergy Brands.
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For the nine month period, net income dropped to $920,705 from $1.3m last year. Revenues slid 12% to $67.3m.
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