US branded food maker International Multifoods has reported lower quarterly net income for fiscal 2004 but said it got off to a good start in the current fiscal year.

The company posted net earnings of US$2.7m, or 14 cents per diluted share, for the fourth quarter to 28 February, compared with net earnings of $7.9m, or 40 cents per share, in the year-ago period.

Net sales for the three months were $212m, down 2.6% from $217.6m in the prior year period.

For the full year, Multifoods reported net earnings of $17.5m, or 90 cents per share, compared with a net loss of $46m, or $2.37 per share, in fiscal 2003. Net sales for the 12 months to 28 February were $908m, down 3.3% year-on-year.

CEO Gary E Costley said results for the year were in line with its revised earnings expectations.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We remain focused on our strategic priorities of brand-building, product innovation and improving our operational efficiencies. We continue to see moderation in the competitive environment in the US retail baking products category and gradual improvement in some segments of the foodservice industry,” Costley said.

“We are off to a good start in fiscal 2005 with our businesses better positioned to capitalise on improving market conditions over the next year. We expect to continue this momentum into the pending merger with J.M. Smucker. We are confident in the benefits that the combination of Smucker and Multifoods will bring to our key stakeholders,” he added.