PFG continues its profitable performance
Aug 4, 2005 9:23 AM, from staff and wire reports
Performance Food Group (PFG) announced results for the second quarter and six months ended July 2, 2005. On June 28, 2005, the food distributor completed the sale of its fresh-cut segment to Chiquita Brands International Inc. All amounts pertaining to PFG’s fresh-cut segment are accounted for as discontinued operations.
Consolidated net sales from continuing operations in the second quarter increased to about $1.5 billion, a 13% gain compared with the prior-year period. Net earnings from continuing operations totaled approximately $12.2 million compared with about $9.7 million in the year-earlier period. Net earnings from discontinued operations totaled about $191.5 million, versus about $9.1 million in the year-earlier period.
For the first six months of 2005, consolidated net sales from continuing operations were about $2.9 billion, up 14% from approximately $2.5 billion in the year-earlier period. Net earnings from continuing operations in the same period rose 43% to about $16.9 million, compared with approximately $11.9 million in the prior year period. Net earnings from discontinued operations for the first six months were about $200.6 million versus $14.4 million in the year-earlier period.
