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Penford sees quarterly sales decrease due to divestiture
15 January 2010
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Penford Corp has reported that consolidated sales for the quarter ended November 30, 2009 were $67.1 million compared with $59.6 million a year ago.
Net income from continuing operations was $1.1 million, or $0.09 per diluted share, compared to net income of $0.6 million, or $0.05 per diluted share last year.
Revenue grew 20% with industrial starch sales comparable to prior year and biofuels increasing from a year ago.
Sales of liquid natural additive applications grew as the business added new end-markets and customers.
Domestic industrial starch demand remains below pre-recession levels.
The divestiture of the New Zealand business was completed during September 2009 with net proceeds totaling $4.8 million.
The sale of the Australian operating assets was completed on November 27, 2009.
The assets of the two Australian plants were sold to separate purchasers in two transactions.
Net income from continuing operations was $1.1 million, or $0.09 per diluted share, compared to net income of $0.6 million, or $0.05 per diluted share last year.
Revenue grew 20% with industrial starch sales comparable to prior year and biofuels increasing from a year ago.
Sales of liquid natural additive applications grew as the business added new end-markets and customers.
Domestic industrial starch demand remains below pre-recession levels.
The divestiture of the New Zealand business was completed during September 2009 with net proceeds totaling $4.8 million.
The sale of the Australian operating assets was completed on November 27, 2009.
The assets of the two Australian plants were sold to separate purchasers in two transactions.
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