Monterey Gourmet posts annual profit
February 19, 2008
by Eric Schroeder
SALINAS, CALIF. — Monterey Gourmet Foods, Inc. posted net income of $1,682,000, equal to 10c per share on the common stock, in the fiscal year ended Dec. 31, up from a loss of $3,112,000 in fiscal 2006. Fiscal 2007 marked Monterey’s first annual profit in three years. Net sales for the year totaled $100,527,000, up 7% from $94,297,000.
For the fourth quarter, Monterey posted net income of $641,000, or 4c per share, up from $514,000, or 3c per share, in the same period a year ago. Sales totaled $26,825,000, up narrowly from $26,648,000.
"We have made significant improvements to the business in 2007 that are reflected in our performance as compared to the previous three years of losses," said Eric Eddings, president and chief executive officer of Monterey Gourmet Foods. "We are better at controlling costs, managing our business and working as a cohesive team."
Mr. Eddings added that the company has made "great strides" in establishing its leadership role in product innovation, and has implemented price increases that are expected to improve gross profit percentages going forward.
"Our focus for 2008 will be to continue to grow our top-line revenue and profitability," he said.