Vita Food Products has boosted sales in its seafood and speciality divisions for the second quarter and first-half periods of 2006.
VITA posted consolidated net sales of US$11.8m, for the second quarter compared with $10.2m in the same period last year, attributed in part to a 23.4% increase in Vita Seafood’s net sales.
The seafood units’ increase was said to be significantly due to major customers increasing their orders for salmon products.
In addition, Vita Specialty Foods had net sales of $6m compared to $5.4m for the prior year quarter, representing a 10.3% increase.
The manufacturer had a lower consolidated net income, of $15,000, or $0.00 per share for the quarter though, compared to net income of $51,000 or $0.01 per share in the second quarter of 2005.
The company’s Vita Seafood segment, which is primarily engaged in the processing and sale of herring products and cured and smoked salmon products, managed to cut net losses to $198,000, from $276,000 in 2005.
However, Vita Specialty Foods, which produces salad dressings, marinara sauces, cooking sauces, honey, posted net income down to $214,000, compared to net income of $327,000 in the second quarter of 2005. This decline was primarily attributable to a change in the product mix sold during the current period.
Vita Food Products chairman and member of the office of the chief executive, Steve Rubin, said: “We are pleased with the results of the Seafood segment which continued reporting improved results from the last year quarter and year to date results. The specialty foods segment’s performance lagged somewhat but is expected to show improved results in the third and fourth quarters. We continue to affirm our earlier guidance for 2006 of between $0.20 and $0.24 per share for 2006.”
For the six months period ending 30 June 2006, the company had a consolidated net income of $72,000 or $0.02 per share, compared to a net loss of $206,000, or $0.05 per share for the same period in 2005, an improvement of $278,000 or $0.07 per share.
Consolidated net sales for the six months were $24.6m, compared with $21.1m for the first half of the year, representing an increase of $3.6m or 16.9%.