Income for B&G Foods up significantly in quarter
July 29, 2009
by FoodBusinessNews.net Staff
PARSIPPANY, N.J. — For the second quarter ended July 4, B&G Foods, Inc. had a net income of $6,029,000, equal to 17c per share on the common stock, up 71% from $3,530,000, or 10c per share, during the same quarter of the previous year.
Net sales for the quarter were $122,899,000, up 3% from $119,184,000 during the same quarter of the previous year.
"Second-quarter results were a continuation of the strong improvement in our operating results seen in the first quarter with net pricing again more than compensating for cost increases," said David L. Wenner, president and chief executive officer. "Net sales increased despite a drag on sales from maple syrup and our decision to exit certain private label accounts — effects that should lessen in future quarters."
For the six months ended July 4, the company had net income of $11,942,000, or 33c per share, up 50% from $7,939,000, or 22c per share, during the same period of the previous year.
Sales for the six months were $241,537,000, up 3% from $235,526,000 during the same period of the previous year.