Tasty Baking income drops 8% in quarter
May 09, 2007
by FoodBusinessNews.net Staff
PHILADELPHIA — For the quarter ended March 31, Tasty Baking Co. posted net income of $876,000, equal to 11c per share on the common stock, down 8% from a net income of $954,000, or 12c per share, during the same quarter of 2006.
Net sales were $44,325,000 for the quarter, a 3% increase from $42,910,000 during the same quarter of the previous year.
"We are encouraged by the volume and net sales growth in the first quarter 2007," said David S. Marberger, executive vice president and chief financial officer. "We continue to improve our net sales price realization by better managing product returns and price promotion spending. In addition, we expect the increased marketing investment started towards the end of the first quarter to impact net sales favorably going forward."
Mr. Marberger also said industry commodity costs prevented the company from obtaining larger returns on the bottom line.