A Taste of Wellness for Savoury and Snacks
Givaudan
US company Technology Flavors & Fragrances reported a rise of 10 per cent in net sales for the second quarter ended 30 June 2002.
Net sales increased to $4,525,000 (€4,621,591), up from $4,126,000, for last year's comparable quarter. Net income for the second quarter of 2002 increased to $358,000, or $.03 per share, from $72,000, or $.01 per share, for last year's comparable quarter.
Operating costs decreased by $102,000, or 6 per cent, to $1,495,000 for the second quarter of 2002 due principally to reductions in personnel and other cost reductions implemented during the latter part of 2002.
Philip Rosner, TFF's chairman and chief executive officer, said: "Our sales and gross margins are moderately higher with a marked improvement in our net income. We believe that the combination of creating unique flavourings and fragrances for high growth markets, coupled with the major distribution channels of the large scale companies, increases our probability of success which could further boost sales and earnings during the second half of year 2002 and beyond."