US marketer of organic foods Horizon Organic has reported a first-quarter profit, compared to a year-earlier loss, helped by higher demand for organic foods.
The company reported net income of US$187,000, compared to a year-ago loss of $1.7m, reported Reuters.
Earnings from continuing operations were $995,000, compared to $845,000 a year earlier. The company’s first-quarter sales increased to $51.8m from $42.2m in the year-ago period.
Horizon Organic forecast a 2003 sales rise of between 20% and 25%, while earnings per share from continuing operations are expected to rise around 20%. The company has targeted earnings from continuing operations of between 7 and 8 cents a share for the second quarter.