Synergy Brands swung to a profit for the first nine months of the year, helped by increased sales from the company’s Michigan operations.
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For the nine months ended 30 September, the company recorded a profit of US$1.1m compared to a loss of $300,016 in the previous year.
Synergy Brands reported record revenues of $76.8m for the period, a 4% increase on the comparable period of 2008.
EBITDA increased by 38% to reach $3.8m.
“Management believes that its core-manufactured goods are gaining traction due to strong reorder cycles. In addition, the company is updating its packaging to accommodate the growing needs of the market place. The expanding manufacturing operation has allowed the company to develop production lines for multiple packaging requirements,” the company said.
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