B&G Foods posts income increases in quarter, year
March 07, 2008
by FoodBusinessNews.net Staff
PARSIPPANY, N.J. — For the year ended Dec. 29, B&G Foods, Inc. posted net income of $17,825,000, equal to 62c per share on the common stock, up 54% from $11,573,000, or 65c per share, in 2006. Sales for the year were $471,336,000, up 15% from $411,306,000 during the previous year.
The acquisition of the Cream of Wheat business contributed significantly to the increase in sales.
For the fourth quarter ended Dec. 29, the company posted income of $5,168,000, or 14c per share, up 80% from $2,869,000, or 16c per share, during the same quarter of the previous year. Net sales were $132,384,000, up 19% from $111,207,000 during the same quarter of the previous year.
"Our company had an outstanding quarter, setting company records in every metric, including net sales, net income and EBITDA," said David L. Wenner, chief executive officer. "These results — for the fourth quarter of 2007 and for all of fiscal 2007 — testify to our successful integration of the Cream of Wheat business and the stability of our base business in a challenging cost environment."