Northland Cranberries optimistic for 2001

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Related tags: Debt

US Northland Cranberries Inc. anticipates a smallprofit for the
fiscal year 2001 Chairman John Swendrowski said on Tuesday.
Speaking at the shareholders...

US Northland Cranberries Inc. anticipates a smallprofit for the fiscal year 2001 Chairman John Swendrowski said on Tuesday. Speaking at the shareholders annual meeting Swendrowski stated that the improvement from 2000 has been achieved through cost controls and a new marketing plan for its bottled juices. He added that the company is continuing debt restructuring negotiations with its lenders. Northland's bank group - led by Firstar Corp. - has given the cash-strapped company until Feb. 12 to defer overdue loan payments. The company experienced fiscal difficulties in 2000, in which the company posted a loss of $105 million - or $5.16 per share. Northland ran into financial difficulties after demand for cranberry juice slowed down while the nation's cranberry growers harvested a third consecutive annual record crop. Source: Journal Sentinel

Related topics: Market Trends

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