Food company Monterey Gourmet Foods has announced increased sales and a move into profit for the quarter ended 30 June 2005.
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Net revenue for the quarter rose to $21.2m, compared with $15m the year before, while net income was $11,000, compared with a $543m loss the year before.
For the half net revenue rose to $38.8m, compared with $31.4m, while net income was $28,000, compared with $1.0m.
“Our strategy of diversifying our company’s product offerings is having a positive impact on our financial performance and we are pleased to report another quarter of improved results,” said president and CEO Jim Williams. “These improvements are the result of several factors: strong sales in our retail supermarket pasta/sauce category, strong growth with our largest club customer, reduced operating costs, and accretive earnings from our two acquisitions completed earlier this year. 50% of total revenues for the most recent quarter were driven by the four acquisitions we have completed during the past three years.”
“Our pasta business is showing improvement due largely to the success of our new whole wheat pasta line that is being enthusiastically received by the marketplace,” he said. Monterey’s branded retail pasta/sauce sales increased 31% in the second quarter 2005 compared to the second quarter 2004. Also, our Grilled Wraps and prepared entrees continue to grow in sales.”
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By GlobalData“We are making great progress towards bringing Monterey Gourmet Foods to the profitability level our shareholders expect,” he said. “Building on the positive momentum from our first and second quarters compared to last year, our focus is on continued incremental improvement that will lead to greater profitability in the coming quarters.”
