Impairment charges lead to loss at Pinnacle Foods

by Staff
Share This:

PARSIPPANY, N.J. — Due to a non-cash impairment charge of $129 million Pinnacle Foods Finance L.L.C. recorded a loss of $46,914,000 during fiscal year 2011, ended Dec. 25. The results compare unfavorably to the previous year when the company had net earnings of $22,037,000.

Sales for the fiscal year were $2,469,562,000, a 1.3% increase compared with the previous year. The company said it experienced sales growth during the year in its Birds Eye Voila complete bagged meals, Birds Eye Steamfresh vegetables and Log Cabin syrups.

The impairment charge represents goodwill impairments on the company’s Breakfast, Private Label and Food Service business units.

During the fourth quarter of fiscal 2011, the company recorded a loss of $87,524,000, which compared with net earnings of $16,100,000 during the same period of the previous year. Sales for the quarter increased nearly 4% over the previous year to $686,482,000.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.