Tasty Baking Co. today (9 March) posted narrowing full-year losses as sales edged up on the year.
The US-based baker said losses decreased to US$3.4m in the 12-month period ended 26 December, down from losses of $6.8m in the comparable period of 2008.
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Net sales rose 3.8%, climbing to $180.6m. Adjusted EBITDA, however, dropped 16% to $15.4m.
Charles Pizzi, president and CEO, said: “Continuing to grow the top line in a profitable manner is a priority for us as we begin to leverage our new manufacturing facility, invest in the business, and develop new products to help keep the brand relevant and top-of-mind with consumers.”
He added that the facility was “on budget and ahead of our original schedule”, with four of seven production lines up and running at its new bakery.
In November, Tasty Baking began the transfer of all of its product lines to a manufacturing plant, located in the Philadelphia Navy Yard.
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By GlobalData“We still anticipate completing the transition of production in the spring of 2011,” Pizzi said.
For the fourth quarter, Tasty Baking lowered its losses to $5.1m from losses of $4.6m in the prior year.
Net sales increased 0.3% to reach $43.9, while adjusted EBITDA dropped to $1.5m from $9.4m in the comparable period of 2008.
