Monterey Gourmet profit rises in quarter

by FoodBusinessNews.net Staff
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SALINAS, CALIF — For the quarter ended June 30, Monterey Gourmet Foods, Inc. posted net income of $464,000, equal to 3c per share on the common stock, a 218% jump compared with net income of $146,000, or 1c per share, during the same quarter of the previous year.

Revenue for the quarter was $24,529,000, up 6% compared with $23,081,000 during the same quarter of 2006. Brands that led to revenue growth included CIOB Naturals, Monterey Pasta’s refrigerated pasta and Casual Gourment.

"We continue to work toward meeting our goals regarding our talent improvement, our innovation and our ability to complete our objectives," said Eric Eddings, president and chief executive officer. "We are excited about our new product innovations and our new product category launches, which continue to be a major priority for our organization. With the launch of several new items, including Tuscan Bean Spreads, Edamame Spreads and Organic Cut and Filled Pastas, we believe we are better positioned for higher and more profitable sales growth in the future."

For the six months ended June 30, the company posted net income of $762,000, equal to 4c per share, up 210% from net income of $246,000, or 2c per share, during the same quarter of 2006.

Revenue for the six months was $49,244,000, up 8% compared with $45,559,000 during the same quarter of the previous year.

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