Flavours company reports dramatic drop in income
leading producer of flavours and fragrances, reported this week a
54 per cent drop in first-quarter...
New-York based International Flavors & Fragrances Inc., a leading producer of flavours and fragrances, reported this week a 54 per cent drop in first-quarter net income. The company partly attributed the figures to a company reorganisation and to the cost of acquiring Bush Boake Allen Inc. in November 2000. Net income was $20.3 million, or 21 cents a diluted share, compared with $43.8 million, or 42 cents a share, in the year-ago quarter. Results include special charges totalling $12.4 million, or eight cents a share, related to severance packages, consolidation of products and services and other reorganisation costs. Sales increased by 31 per cent to $483.6 million from $370 million. As of 4 p.m. Friday in New York Stock Exchange composite trading, IFF shares rose 82 cents to $23.53 each. Source:Wall Street Journal
