US snack cake maker Tasty Baking has reported a net profit for the third quarter of 2004, compared to a year-ago loss.
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The company reported net income of US$0.2m, or 3 cents per share, for the third quarter to 25 September, compared to a net loss of $1.4m, or 18 cents per share, for the year-ago period.
Net sales for the third quarter 2004 were $39.3m, compared to $38.9m in the same period last year, an increase of 0.9%. Net sales in the third quarter 2004 were impacted by increased price promotion spending and product returns.
“We continue to aggressively execute against our Strategic Transformation Plan. We enhanced our product lines with the introduction of Tastykake Sensables, our sugar-free snack cakes; Tasty Grahams, a new line of pudding pies in a graham cracker crust; and a seasonal Spice Kake Krimpet. Tastykake Sensables have contributed to sales, and we are pleased with the initial reception of Tasty Grahams and the Spice Kake Krimpet. We have exceeded our goal of delivering two new products every year by delivering new products each quarter in 2004,” said Charles P. Pizzi, president and chief executive officer of Tasty Baking.
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