Acquisition boosts Pierre Foods' net income
January 11, 2007
by FoodBusinessNews.net Staff
CINCINNATI — Pierre Foods, Inc., a manufacturer of pre-cooked meat products and sandwiches, posted net income of $2,762,000 for the third quarter of fiscal 2007, which ended Dec. 2. For the same period during fiscal 2006, the company reported net income of $2,550,000. Sales for the third quarter were $127,137,000 compared with $115,453,000 for the previous year.
The company attributed the positive results in net income during the quarter to increased sales volume across most of the company’s end markets and an increase in volume related to the acquisition of Cloverdale Farms.
Year-to-date, Pierre Foods’ experienced a dramatic net income increase, going from $383,000 for the first nine months of fiscal 2006 to $3,572,000 for the same period during fiscal 2007. Sales for the period were $331,806,000 during fiscal 2007 compared with $322,368,000 for fiscal 2006.