US ingredient company Penford Corporation this week reported a net loss of $0.6 million (€0.61m), or $0.08 per share, for the third quarter ended 31 May 2002, despite an increase in third quarter sales.
The company reported that nine-month sales increased two per cent to $170.3 million from $166.5 million for the same period in fiscal 2001. Growth of Penford's food products in North America, and the positive impact of the acquisition of Penford Australia in September 2000, offset nine-month sales volume declines from Penford's industrial products, the company added.
Thomas D. Malkoski, CEO of Penford, said:"Our industrial ingredients business had a much improved third quarter performance over a year ago aided by lower cost inputs such as natural gas and slightly stronger product demand from our customers.
This is the first quarter in two and a half years that our industrial group has shown year over year quarterly revenue growth."
He continued: "Our North American food ingredients group experienced lower demand for coating systems resulting in a revenue decrease for the quarter compared to a year ago, but is still nine per cent ahead of last year's nine-month results.
"Our pipeline of new initiatives in the coatings and protein product categories should continue to provide a platform for growth as the markets we currently serve improve. Our Australian operations contributed to improved quarterly earnings over the year-earlier period, largely the result of improved cost performance," Malkoski concluded.