Pierre Foods net down narrowly in fiscal '07
May 30, 2007
by FoodBusinessNews.net Staff
CINCINNATI — Pierre Foods Inc., a manufacturer, marketer and distributor of processed food solutions, posted net income of $2,122,000 in the year ended March 3, down narrowly from $2,162,000 in fiscal 2006. Sales for the year were $487,843,000, up 13%.
In the fourth quarter ended March 3, Pierre Foods sustained a loss of $1,450,000, which compared with net income of $1,779,000 during the same quarter of 2006.Sales during the quarter were $156,037,000, a 43% increase from $109,265,000 during the same quarter of the previous year. The increase in sales was attributed to the acquisitions of Zartic and Clovervale and growth in most of the company’s end-market segments. Sales also were offset by decreased sales to two large restaurant chain customers and decreased net revenues as a result of declining commodity protein pricing.
Pierre attributed the loss in the fourth quarter to factors such as increased selling expenses, increased distribution and increased administrative expenses mostly due to the company’s acquisition of Zartic and Clovervale.