Michael Foods returns to profitability
May 14, 2012
by Eric Schroeder
MINNETONKA, MINN. — Net income at Michael Foods in the first quarter ended March 31 totaled $9,352,000, which compared with a loss of $435,000 in the same period a year ago. The earnings gain primarily reflected 2011 credit agreement refinancing-related costs of about $8.1 million. Earnings before interest, taxes, depreciation, amortization and other adjustments were $61,824,000, up 10% from EBITDA of $56,405,000 in the same period a year ago.
Net sales increased 7% to $444,826,000 from $417,101,000.
Based in Minnetonka, Michael Foods produces and distributes food products to the food service, retail and food ingredient markets. Its main products are eggs, refrigerated potato products, cheese and other dairy-case products.