Birds Eye sees net income soar, sales fall
Sep 26, 2003 12:00 PM, from staff and wire reportsBirds Eye Foods Inc, Rochester NY-based producer and marketer of frozen vegetables and a major processor of other food products, has reported its fiscal 2003 results.
Net income increased $14.0 million to $20.8 million, from $6.8 million in fiscal 2002, excluding a goodwill impairment charge in fiscal 2002.
Net sales for fiscal 2003 were about $878.3 million, a decline of $86.2 million, or 9%, compared with $964.5 million in fiscal 2002. Approximately $34.8 million, or 40%, of this decline resulted from the company's prior decision to exit two co-pack agreements, while $17.2 million, or 20%, resulted from Birds Eye's continuing efforts to rationalize certain product offerings.