Dakota Growers net rises sharply in Q3

by Eric Schroeder
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CARRINGTON, N.D. — Net income for Dakota Growers Pasta Co. Inc. soared to $6,177,000, equal to 61c per share on the common stock, in the third quarter ended April 30, up from $1,741,000, or 17c per share, in the same period a year ago. The gain reflected lower durum costs partially offset by lower average selling prices, pasta sales volume increases and lower interest expense.

Third-quarter net revenues fell 9% to $71,513,000 from $78,538,000.

Pasta-per-unit selling prices decreased 6% while pasta sales volume increased nearly 4%. Retail market revenues increased by $3,100,000, or 10%, thanks to an increase of 11% in volume offset by a 0.6% decline in average selling prices.

Food service revenues decreased by $3,400,000, or 18%, due to a 2.7% decrease in volume and a 16% decrease in average selling prices. Ingredient revenues decreased $1,100,000, or nearly 6%, due to a 6% decline in average selling prices slightly offset by a 0.4% increase in volume.

Marketing, general and administrative expenses increased 3.6% in the third quarter to $4,500,000.

For the fiscal year’s first nine months, Dakota Growers Pasta recorded net income of $11,498,000, or $1.10 per share, up sharply from $4,736,000, or 46c per share, in the same period a year ago. Net revenues totaled $230,726,000, up 18% from $195,330,000.

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