Tasty Baking suffers loss in '08
March 06, 2009
by Bakingbusiness Staff
PHILADELPHIA — Tasty Baking Co. suffered a loss of $6,806,000 in the fiscal year ended Dec. 27, 2008, bogged down by $5.2 million in accelerated depreciation related to its move to a new facility and $1.1 million in severance costs related to the move.
This compared with net income of $2,128,000, equal to 26c per share, in fiscal 2007. The company’s adjusted EBITDA, meanwhile, rose 34% in fiscal 2008 to $18,371,000 from $13,705,000. Sales were $173,966,000, up from $169,918,000. Route sales rose 2% in fiscal 2008, while non-route sales climbed 5%.
"We are pleased with the progress of the new bakery and the project remains on time and within budget," said Charles P. Pizzi, president and chief executive officer. "While the successful transition into the new facility is expected to yield significant financial and operational benefits, we remain focused on managing the current day-to-day needs of the business as well as the benefits we can generate now through our ongoing cost containment and efficiency improvement programs."