Third quarter sales at Pinnacle Foods, Mountain Lakes, New Jersey, USA, declined one percent versus a year ago to $568 million, and net earnings in the quarter were $10 million, after giving effect to approximately $14 million of after-tax charges related to restructuring and refinancing.
Net sales in the company's North American retail businesses increased slightly in the quarter. In frozen food, the company registered sales growth for Birds Eye vegetables, and Van de Kamps and Mrs. Paul's seafood, while net sales of Aunt Jemima frozen breakfasts declined.
"We delivered solid results in an environment that continues to be challenging," commented CEO Bob Gamgort. "Our North America retail sales grew slightly in the quarter, and we held or grew market share on brands representing over 50% of our product contribution. In addition, during the quarter, we completed another refinancing, which further improved our liquidity profile and reduced our interest expense."
