Agrilink Foods, the US manufacturer and marketer of frozen vegetables, reported operating earnings for fiscal 2002 up 23% to US$100.3m.
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The company said that results had been positively impacted by actions taken throughout the year to improve margins and lower fixed costs. Ongoing business operating earnings also benefited from the adoption of Statement of Financial Accounting Standard No. 142, which eliminated approximately $8.8m of non-cash amortisation expense, the company said.
Agrilink Foods’ interest expense for fiscal 2002 was $66.4m, approximately $13.4m lower than the prior year’s interest expense, driven in large part by lower interest rates.
Net sales for Agrilink Foods in fiscal 2002 were approximately $1.0bn, which represents a decline of $130.8m or 11%. Approximately one-third of this decline, or $47.3m, related to reductions associated with the planned termination of a co-pack agreement and with a one-time inventory purchase and sale in fiscal 2001. The remaining declines were attributable to the company’s decision to exit relationships with several non-branded customers and category declines in several of the businesses in which it competes.
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