Food company B&G Foods has announced falls in income for the thirteen and twenty-six weeks ended 2 July 2005, because of higher fuel and commodity costs.
Net income for the quarter was $336,000, compared with $5.751m for the same period last year. For the half, net income was $3.294m, compared with $11.065m a year ago.
Sales for the quarter were $94.1m, compared with $93.7m a year ago. For the half sales were 184.2m, compared with $184.4m a year ago.
“We were disappointed that price increases for our products did not offset higher fuel and commodity costs to the degree that we had hoped during the second quarter,” David L Wenner, chief executive officer of B&G Foods. “We believe the recent closing of our manufacturing facility in Louisiana will help offset some of our cost increases, and we continue to look for additional cost-saving opportunities to enhance our operational and financial performance going forward.”