Minneapolis-based International Multifoods has posted a second-quarter profit, compared to a year-earlier loss, despite a weak sales performance by its foodservice business.
The company, which makes Pillsbury baking mixes and Hungary Jack pancakes, reported net income of US$0.9m, or 5 cents a share, for the second quarter to 30 August, compared to a net loss of $28.1m, or $1.47 a share, a year earlier. The year-ago results included a $32.4m, or $1.66 a share, loss from discontinued operations, reported Dow Jones Business News.
The company’s results in the latest quarter included costs of $0.4m, or 2 cents a share, related to asset sales. Without this charge, and a $2.7m charge related to debt refinancing, the company would have earned $4m, or 21 cents a share.
International Multifoods’ sales slid to $208.4m from $210.1m a year earlier. Sales of US consumer goods were flat at $80.1m, while sales of foodservice products fell 14% to $50m.