TreeHouse Foods, the food company spun off from Dean Foods in June has announced a fall in profits for the second quarter ended 30 June 2005, with most of the reduction due to the costs of the spin off.
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Net income for the second quarter was $1.3m compared to $12.6m in the same period a year ago. For the six months, net income was $12.3m compared to $25.5m.
Net sales for the second quarter were almost unchanged at $180m, while sales for the six months rise to $351m, compared to $346m a year ago.
TreeHouse commenced operating as a separate, standalone company on June 27, 2005. The costs of the spin-off transaction are included in second quarter and year to date results. Spin-off transaction costs included in income from operations in the second quarter were $9.5m and for the year-to-date period were $9.6m.
“I am very pleased with TreeHouse’s position as we begin our course as a public company,” said Sam K. Reed, chairman and chief executive officer. “Completing the spin-off and establishing a public company was a tremendous accomplishment. Results for the second quarter show that the businesses are operating on a sound basis. Results for our powdered non-dairy creamer segment were particularly impressive as this business continues to grow. The pickle segment remains challenged.”
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