Monterey Gourmet posts loss in second quarter
August 07, 2008
by FoodBusinessNews.net Staff
SALINAS, CALIF. — Monterey Gourmet Foods sustained a loss of $173,000in the second quartered ended June 30. The loss compared with income of $464,000 during the same quarter of the previous year.
Revenue for the quarter was $23,909,000, down 25% from $24,529,000 during the same quarter of the previous year.
"Due to our commitment to innovation and quality, this quarter we delivered solid performance in a challenging food industry market," said Eric C. Eddings, president and chief executive officer. "This quarter, gross margins improved 28.9%, up from 24.2% in the first quarter of 2008. Our Sonoma Foods turnaround resulted in significant improvements sooner than anticipated, growing net revenues to $1.6 million for the two months it was in place, compared with $1.4 million last quarter. To drive ongoing growth, we are leveraging our equipment and technology investments to introduce new products and brands and further penetrate the fresh healthy gourmet segments."
For the six months ended June 30, Monterey Gourmet suffered a loss of $1,704,000, which compared with income of $762,000 during the same period of the previous year. Revenue for the quarter was $49,532,000, up slightly from $49,244,000 during the same period of the previous year.