Horizon Organic Holding, which markets America’s leading brand of organic foods, has reported sales of US$47.6m for the third quarter of 2002, up 22% from $39.0m a year ago.
The company earned US$723,000 from continuing operations in the third quarter of 2002, compared with $424,000 in the comparable 2001 period. For the first nine months of 2002, income from continuing operations rose to $2.2m, from $404,000 a year ago. Sales grew by 17% to $134.6m from $115.2m.
The results are in line with the company’s previous guidance and support its 2002 forecast of a 16-20% increase in sales with earnings from continuing operations rising to $0.33 to $0.36 per share.
Including discontinued operations, Horizon Organic reported total net income for the third quarter of $324,000 and a loss for the nine months of $1m. Discontinued operations encompass farms in Colorado, where a management agreement was terminated on September 30, and in Idaho, where the sale of the farm to an experienced dairy farmer is pending. In 2001 the company reported total net income of $592,000 for the quarter and $799,000 for the nine months.