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Penford Corp. (PENX) Posts Q3 Financial Results with Record Revenues in Both Segments
Penford Corp., developer of renewable ingredient systems for industrial and food applications, today reported its third quarter fiscal 2011 results, posting an increase in sales and a narrower loss. Penford operates through two segments: Industrial Ingredients and Food Ingredients.
Consolidated sales for the quarter ended May 31, 2011, increased 38 percent to $85.2 million compared to consolidated sales of $61.9 million in the year ago quarter. The company attributes the increase to improvements in ethanol volumes and pricing.
Consolidated income from operations for the third quarter increased to $2.5 million compared to an operating loss of $4.1 million in the third quarter of 2010.
The company achieved record quarterly sales of its Food Ingredients segment, up 19 percent to $23.6 million compared to the third quarter of the year prior. The unit reported a 10 percent increase in third quarter operating income to $5.5 million compared to $5.0 million for the comparable quarter of 2010.
The company’s Industrial Ingredients division reported a 47 percent increase in sales to a record $61.6 million compared to $42.0 million reported for the third quarter of 2010. The unit reported an operating loss of $0.7 million for the quarter compared to an operating loss of $6.8 million for the comparable quarter of 2010.
As of May 31, 2011, Penford reported cash flow from operations at $1.7 million, including a $4.4 million contribution to the company’s pension plans.
Outstanding bank debt on the company’s $60 million revolving credit facility was reported at $22.9 million.
For more information visit www.penx.com
