Annie's earnings climb 18% in first quarter
July 25, 2012
by Eric Schroeder
BERKELEY, CALIF. — Progress in the company’s retail channels contributed to an 18% gain in earnings at natural and organic food company Annie’s, Inc. during the first quarter. Net income in the first quarter ended June 30 was $2,131,000, equal to 13c per share on the common stock, up from $1,812,000, or 12c per share, in the same period a year ago.
Adjusted income in the first quarter totaled $2,144,000, up from $1,998,000.
Net sales, meanwhile, rose 20% to $34,293,000 from $28,610,000.
“We are pleased with our strong growth and overall financial performance in our business,” said John Foraker, chief executive officer. “Consumption trends remain strong as more consumers seek healthy food options for their families. We are encouraged by the progress of our mainline initiative in grocery channels, as well as consumer reception to our new products. We are successfully executing our near-term plan, and remain confident in our long-term growth opportunities.”